<SEC-DOCUMENT>0000833040-13-000029.txt : 20131105
<SEC-HEADER>0000833040-13-000029.hdr.sgml : 20131105
<ACCEPTANCE-DATETIME>20131105125005
ACCESSION NUMBER:		0000833040-13-000029
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20130831
FILED AS OF DATE:		20131105
DATE AS OF CHANGE:		20131105
EFFECTIVENESS DATE:		20131105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FRANKLIN UNIVERSAL TRUST
		CENTRAL INDEX KEY:			0000833040
		IRS NUMBER:				943077602
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05569
		FILM NUMBER:		131191681

	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
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<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">UNITED STATES</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">SECURITIES AND EXCHANGE COMMISSION</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Washington, DC 20549</FONT><BR>
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<B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">FORM N-CSR</FONT></B></P>
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<B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT</FONT></B><BR>
<B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">COMPANIES</FONT></B><BR>
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<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Investment Company Act file number: </FONT><U><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">811-05569</FONT></U><BR>
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<U><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">FRANKLIN UNIVERSAL TRUST</FONT></U><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(Exact name of registrant as specified in charter)</FONT><BR>
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<U><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">ONE FRANKLIN PARKWAY, SAN MATEO, CA 94403-1906</FONT></U><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(Address of principal executive offices) (Zip code)</FONT><BR>
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<U><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">CRAIG S. TYLE, ONE FRANKLIN PARKWAY, SAN MATEO, CA 94403-1906</FONT></U><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(Name and address of agent for service)</FONT></P>
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<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Registrant's telephone number, including area code: </FONT><U><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(650) 312-2000</FONT></U><BR>
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<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Date of fiscal year end: </FONT><U><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">8/31</FONT></U><BR>
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<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Date of reporting period: </FONT><U><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">8/31/13</FONT></U><BR>
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<B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">Item 1. Reports to Stockholders.</FONT></B></P>
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<FONT size=6 face="Sabon-RomanSC,Times New Roman,Times,serif">FRAN</FONT><FONT size=6 face="Sabon-RomanSC,Times New Roman,Times,serif">KLIN </FONT><FONT size=6 face="Sabon-RomanSC,Times New Roman,Times,serif">U</FONT><FONT size=6 face="Sabon-RomanSC,Times New Roman,Times,serif">NIVER</FONT><FONT size=6 face="Sabon-RomanSC,Times New Roman,Times,serif">SAL TRUST</FONT></P>
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   <TD align=left><FONT size=5 face="Sabon-Roman,Times New Roman,Times,serif">Contents</FONT></TD>

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   <TD style="TEXT-INDENT: 50.5pt" align=left><B><FONT size=2 face=TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif>Annual Report</FONT></B></TD>

   <TD style="TEXT-INDENT: 19.657pt" align=left><FONT size=2 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>Dividend Reinvestment and</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=2 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>Report of Independent</FONT></TD>

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   <TD align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>Franklin Universal Trust&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;1</FONT></TD>

   <TD style="TEXT-INDENT: 19.657pt" align=left><FONT size=2 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>Cash Purchase Plan</FONT></TD>

   <TD align=right><FONT size=2 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>9</FONT></TD>

   <TD align=center><FONT size=2 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>Registered Public</FONT></TD>

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   <TD align=left>&nbsp;</TD>

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   <TD align=center><FONT size=2 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>Accounting Firm</FONT></TD>

   <TD align=left><FONT size=2 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>36</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 19.657pt" align=left><FONT size=2 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif></FONT></TD>

   <TD align=left>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 50.5pt" align=left><FONT size=2 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>Performance Summary&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6</FONT></TD>

   <TD style="TEXT-INDENT: 0.006pt" align=left><FONT size=2 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif><FONT size=2 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights and</FONT></FONT></TD>

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   <TD style="TEXT-INDENT: 19.657pt" align=left><FONT size=2 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>Statement of Investments</FONT></TD>

   <TD align=right><FONT size=2 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>12</FONT></TD>

   <TD align=center><FONT size=2 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>Tax Information</FONT></TD>

   <TD align=left><FONT size=2 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>37</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 50.5pt" align=left><FONT size=2 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>Annual Shareholders&#8217; Meeting&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7</FONT></TD>

   <TD style="TEXT-INDENT: 0.01pt" align=left><FONT size=2 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif></FONT></TD>

   <TD align=left>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 19.657pt" align=left><FONT size=2 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>Financial Statements</FONT></TD>

   <TD align=right><FONT size=2 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>23</FONT></TD>

   <TD align=center><FONT size=2 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>Board Members and Officers</FONT></TD>

   <TD style="TEXT-INDENT: 0.011pt" align=left><FONT size=2 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>38</FONT></TD></TR>

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   <TD align=center>&nbsp;<FONT size=2 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>Important Notice to</FONT></TD>

   <TD style="TEXT-INDENT: 19.657pt" align=left><FONT size=2 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>Notes to Financial Statements</FONT></TD>

   <TD align=right><FONT size=2 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>27</FONT></TD>

   <TD align=center><FONT size=2 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>Shareholder Information</FONT></TD>

   <TD style="TEXT-INDENT: 0.005pt" align=left><FONT size=2 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>43</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 50.5pt" align=left><FONT size=2 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholders&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; 8</FONT></TD>

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<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Annual Report</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Your Fund&#8217;s Goals and Main Investments: </FONT></B><FONT size=2 face=TradeGothic-Light,Arial,Helvetica,sans-serif>Franklin Universal Trust&#8217;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.</FONT></P>

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   <TD bgColor=#e5e5e5 align=left><I><FONT size=1 face=TradeGothic-Light,Arial,Helvetica,sans-serif>Performance data represent</FONT></I></TD></TR>

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   <TD style="TEXT-INDENT: 0pt" bgColor=#e5e5e5 align=left><I><FONT size=1 face=TradeGothic-Light,Arial,Helvetica,sans-serif>past performance, which does</FONT></I></TD></TR>

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   <TD style="TEXT-INDENT: 0pt" bgColor=#e5e5e5 align=left><I><FONT size=1 face=TradeGothic-Light,Arial,Helvetica,sans-serif>not guarantee future results.</FONT></I></TD></TR>

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   <TD style="TEXT-INDENT: 0pt" bgColor=#e5e5e5 align=left><I><FONT size=1 face=TradeGothic-Light,Arial,Helvetica,sans-serif>Investment return and principal</FONT></I></TD></TR>

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   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e5e5e5 align=left><I><FONT size=1 face=TradeGothic-Light,Arial,Helvetica,sans-serif>value will fluctuate, and you may</FONT></I></TD></TR>

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   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e5e5e5 align=left><I><FONT size=1 face=TradeGothic-Light,Arial,Helvetica,sans-serif>have a gain or loss when you sell</FONT></I></TD></TR>

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   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e5e5e5 align=left><I><FONT size=1 face=TradeGothic-Light,Arial,Helvetica,sans-serif>your shares. Current performance</FONT></I></TD></TR>

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   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e5e5e5 align=left><I><FONT size=1 face=TradeGothic-Light,Arial,Helvetica,sans-serif>may differ from figures shown.</FONT></I></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Dear Shareholder:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">This annual report for Franklin Universal Trust covers the fiscal year ended August 31, 2013.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Performance Overview</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">For the 12 months under review, the Fund&#8217;s cumulative total returns were +8.04% based on net asset value and -2.45% based on market price, as shown in the Performance Summary on page 6. For comparison, the Credit Suisse (CS) High Yield Index, which is designed to mirror the investable universe of the U.S. dollar-denominated high yield debt market, produced a +7.50% total return, and utilities stocks, as measured by the Standard &amp; Poor&#8217;s</FONT><SUP><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">&#174; </FONT></SUP><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">(S&amp;P</FONT><SUP><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">&#174;</FONT></SUP><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">) 500 Utilities Index, which tracks all electric utility stocks in the broad S&amp;P 500</FONT><SUP><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">&#174; </FONT></SUP><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Index, posted a total return of +7.03% for the same period.</FONT><SUP><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">1</FONT></SUP></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>1. Source: &#169; 2013 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar</FONT><BR><FONT size=1 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or</FONT><BR><FONT size=1 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of</FONT><BR><FONT size=1 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>this information. STANDARD &amp; POOR&#8217;S</FONT><SUP><FONT size=1 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>&#174;</FONT></SUP><FONT size=1 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>, S&amp;P</FONT><SUP><FONT size=1 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>&#174; </FONT></SUP><FONT size=1 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>and S&amp;P 500</FONT><SUP><FONT size=1 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>&#174; </FONT></SUP><FONT size=1 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>are registered trademarks of Standard &amp; Poor&#8217;s Financial</FONT><BR><FONT size=1 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>Services LLC. The indexes are unmanaged and include reinvestment of any income or distributions. One cannot invest</FONT><BR><FONT size=1 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>directly in an index, and an index is not representative of the Fund&#8217;s portfolio.</FONT><BR><BR><B><FONT size=1 face=TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif>The dollar value, number of shares or principal amount, and names of all portfolio holdings are listed in the Fund&#8217;s</FONT></B><BR><B><FONT size=1 face=TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif>Statement of Investments (SOI). The SOI begins on page 13.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=TradeGothic-Light,Arial,Helvetica,sans-serif>Annual Report </FONT><FONT color=#808080 size=2 face=TradeGothic-Light,Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=TradeGothic-Light,Arial,Helvetica,sans-serif>1</FONT></P></DIV>

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<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Economic and Market Overview</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The U.S. economy, as measured by gross domestic product (GDP), grew during the 12-month period ended August 31, 2013. Despite a large decline in federal government spending during the fourth quarter of 2012, the pace of economic growth improved in the first quarter of 2013, supported by investment and consumer spending. This growth trend continued into the second quarter, but at an accelerated pace that exceeded expectations and reflected a surge in exports as well as strong consumer and real estate spending levels. These gains were partially offset by continued federal budget cuts. Accelerating home sales accompanied record-low mortgage rates, affordable housing prices, low inventories and a six-year low in U.S. foreclosures. Manufacturing, a mainstay of economic productivity, expanded during the period, and the unemployment rate fell to 7.3% in August 2013 from 8.1% a year earlier.</FONT><SUP><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">2</FONT></SUP></P>
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<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Early in the reporting period, the Federal Reserve Board (Fed) acknowledged the need for further policy accommodation and announced a third round of quantitative easing (QE3). QE3 consisted of additional &#36;40 billion monthly purchases of mortgage-backed securities until the labor market improves. The Fed also continued buying long-term Treasuries and selling short-term Treasuries in an effort to put downward pressure on long-term interest rates. In December, the Fed announced a 6.5% unemployment level as a guide to maintaining the historically low federal funds target rate.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">In the fourth quarter, economists, business leaders and market watchers were concerned about the U.S. &#147;fiscal cliff&#148; when, unless Congress acted, automatic income tax increases and federal budget cuts were scheduled to take effect in 2013. They feared these events could cause another U.S. recession. Not knowing whether Congress and the President would avert these measures after the U.S. election, many businesses delayed major investment and hiring decisions. Budgetary agreement between Congress and the President on January 1, 2013, preserved lower income tax rates for most U.S. households, but concerns remained about how the expired payroll tax cut, far-reaching federal spending cuts, and future federal debt ceiling negotiations could affect the U.S. economic recovery. Washington&#146;s lack of consensus on proposed expenditure reductions resulted in further across-the-board federal spending cuts starting in March.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">In May, Fed Chairman Ben Bernanke said the Fed could gradually wind down its monthly purchases of mortgage-backed securities and Treasuries, assuming continued U.S. economic improvement. He clarified in June that such action could begin in the near future. Many investors sold their fixed income instruments seeking to avoid an interest rate rise, and the 10-year U.S. Treasury note</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">2. Source: Bureau of Labor Statistics.</FONT></P>
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<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">2 </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
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<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">yield rose to 2.78% at fiscal year-end from 1.57% on August 31, 2012. During much of the 12-month period, investors sought higher bond yields and were willing to assume some additional risk. Below-investment-grade corporate bonds, as measured by the CS High Yield Index, delivered strong results and outperformed investment-grade fixed income markets, as measured by the Barclays U.S. Aggregate Index.</FONT></P>
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<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Investment Strategy</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">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.</FONT></P>
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     <TD width=8%></TD></TR>
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	<TD align=center>
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Portfolio Breakdown</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
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	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">8/31/13</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
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	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=center style="border-bottom:1px solid #000000;">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">% of Total</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=center style="border-bottom:1px solid #000000;">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Investments*</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Corporate Bonds</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">64.0</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Utilities Common Stocks</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">27.1</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Natural Resources Common Stocks</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">1.2</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Senior Floating Rate Interests</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">0.8</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Materials Common Stocks</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">0.2</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Convertible Preferred Stocks</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">0.1</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Preferred Stocks</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">0.1</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Transportation Common Stocks</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">0.1</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Short-Term Investments &amp;</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Other Net Assets</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">6.4</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">*Percentage of total investments of the Fund. Total investments of the Fund include long-term and short term investments and other net assets, excluding long-term debt issued by the Fund.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Manager&#146;s Discussion</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">During the 12 months under review, the Fund&#146;s primary asset classes, high yield corporate bonds and utility stocks, generated positive returns. The Fund&#146;s fiscal year began with the run-up to the U.S. presidential election and accompanying investor uncertainty over future fiscal policy and tax rates. Immediately after the election, market focus turned to the impending &#147;fiscal cliff.&#148; International factors, such as the ongoing European recession and concerns over a slowing Chinese economy, also weighed on U.S. markets. Although high yield corporate bonds and utility stocks initially sold off following the election, any weakness proved to be short-lived. Utility stocks rebounded when a tax deal was reached that was less onerous toward dividend income than the market had feared. High yield corporate bonds were buoyed by continued positive, albeit modest, economic growth, and by a seemingly insatiable investor appetite for income-producing investments. The robust high yield new-issue market enabled numerous companies to refinance their debt and extend maturities at lower interest rates. High yield corporate bonds and utility stocks enjoyed a largely uninterrupted run of positive performance from mid-November 2012 until the beginning of May 2013, when concerns about the Fed&#146;s exit strategy from the ongoing stimulus programs caused interest rates to rise rapidly. Both asset classes sold off in May and into June before the Fed calmed the markets by indicating that its tapering would be phased in, dependent on continuing good economic data, and therefore would not abruptly change policy. For the year under review, high yield corporate bonds, as measured by the CS High Yield Index, returned +7.50%.</FONT><SUP><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">1 </FONT></SUP><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Refinancing activity</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">3</FONT></P>
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<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Top 10 Holdings*</FONT></B></TD>
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&nbsp;</TD>
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<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Based on Total Investments**</FONT></TD>
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&nbsp;</TD>
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&nbsp;</TD>
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<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">8/31/13 vs. 8/31/12</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
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<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Issuer</FONT></B></TD>
	<TD bgcolor="#666666" align=right style="border-bottom:1px solid #000000;">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">8/31/13</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Duke Energy Corp.</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">2.4</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Dominion Resources Inc.</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">2.3</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">The Southern Co.</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">1.8</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Sempra Energy</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">1.7</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">NextEra Energy Inc.</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">1.6</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">CenterPoint Energy Inc.</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">1.5</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Pinnacle West Capital Corp.</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">1.5</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Alliant Energy Corp.</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">1.4</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Edison International</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">1.4</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">American Electric Power Co. Inc.</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">1.3</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
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	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Issuer</FONT></B></TD>
	<TD bgcolor="#666666" align=right style="border-bottom:1px solid #000000;">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">8/31/12</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
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<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Duke Energy Corp.</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">2.6</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Dominion Resources Inc.</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">2.3</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">The Southern Co.</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">2.1</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Pinnacle West Capital Corp.</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">1.6</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">CenterPoint Energy Inc.</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">1.5</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Entergy Corp.</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">1.5</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">NextEra Energy Inc.</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">1.5</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Sempra Energy</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">1.4</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Edison International</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">1.4</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">American Electric Power Co. Inc.</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">1.4</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">*Excludes money market funds.</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">**Percentage of total investments of the Fund. Total</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">investments of the Fund include long-term and short</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">term investments and other net assets, excluding</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">long-term debt issued by the Fund.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">combined with ongoing economic growth helped keep the high yield default rate well below historical average levels, which supported increasing valuations in the form of lower yields and spreads over Treasuries in the high yield market. The index&#146;s average yield fell from 6.8% at the beginning of the year to 5.3% in April before increasing to end the year at 6.4%.</FONT><SUP><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">3 </FONT></SUP><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The spread over Treasuries fell from 6.1 to 5.0 percentage points for the 12-month period, reflecting strong investor demand and expectations for a continued below-average default rate.</FONT><SUP><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">3 </FONT></SUP><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Utility stocks, as measured by the S&amp;P 500 Utilities Index, returned +7.03% for the fiscal year, having given up double-digit gains achieved through April when interest rates began rising in May and June.</FONT><SUP><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">1</FONT></SUP></P>
<P style="text-align: left;">
<B><FONT size=2 face="Sabon-Bold,Times New Roman,Times,serif">High Yield Corporate Bonds</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The Fund benefited from its overweighted position in the broadcasting industry and its underweighted position in the paper and forest products industry.</FONT><SUP><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">4 </FONT></SUP><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Growth in paid advertising, as well as sector consolidation, buoyed the broadcasting industry. In addition, bonds of Clear Channel, one of the sector&#146;s largest issuers, rallied as the company was able to refinance debt to extend maturities.</FONT><SUP><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">5 </FONT></SUP><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Bonds of paper and forest products companies trailed the index, as the industry suffered from overcapacity owing to reduced demand related to the continuing move to a more digital world.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The Fund&#146;s performance in the high yield asset class was impeded by an overweighting in utilities and an underweighting in the financials sector.</FONT><SUP><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">6 </FONT></SUP><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Utilities companies suffered because low natural gas prices pressured electricity prices. Financials outperformed the index as the sector&#146;s credit quality improved, with credit losses near cyclical lows leading to faster-than-expected debt reduction.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Sabon-Bold,Times New Roman,Times,serif">Utility Stocks</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Although the utilities sector delivered positive performance during the period, it significantly underperformed the general equity market. Most of the sector&#146;s underperformance took place during the second half of the period in conjunction with a rise in long-term interest rates. Utilities stocks remained highly correlated to interest rate movements, as the sector pays out a relatively high percentage of its earnings in the form of dividends. Regulated utilities continued to display positive fundamentals, with the possibility for growth related to necessary investment on aging, existing infrastructure networks and continued demands from environmental regulations. Relatively low commodity prices</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">3. Source: Credit Suisse.</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">4. Broadcasting holdings are in media in the SOI. Paper and forest products holdings are in materials in the SOI.</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">5. Clear Channel comprises Clear Channel Communications and Clear Channel Worldwide Holdings in the SOI.</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">6. Financials holdings are in banks and diversified financials in the SOI.</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">4 </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
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<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">also benefited regulated utilities, helping offset the pricing impact customers would ordinarily feel from increased levels of capital investment. Thus, investments made by most regulated utilities during the period translated into positive earnings growth. Extended low commodity prices, however, weighed on the earnings capability of utilities that sell their electric output at wholesale price levels. Overall, however, the Fund continued to focus on regulated, dividend-paying utilities.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Thank you for your continued participation in Franklin Universal Trust. We look forward to serving your future investment needs.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Sincerely,</FONT></P>
<IMG src="fut_a1013x7x1.jpg" border=0>
<BR>
<P style="text-align: left;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">CFA</FONT><SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">&#174; </FONT></SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">is a trademark owned by CFA Institute.</FONT><BR>
<BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">The foregoing information reflects our analysis, opinions and portfolio holdings as of August 31, 2013, the end of</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">the reporting period. The way we implement our main investment strategies and the resulting portfolio holdings</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">may change depending on factors such as market and economic conditions. These opinions may not be relied</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">upon as investment advice or an offer for a particular security. The information is not a complete analysis of</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources consid-</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">ered reliable, but the investment manager makes no representation or warranty as to their completeness or</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">accuracy. Although historical performance is no guarantee of future results, these insights may help you under-</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">stand our investment management philosophy.</FONT></B></P>
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<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Performance Summary as of 8/31/13</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Your dividend income will vary depending on dividends or interest paid by securities in the Fund&#146;s portfolio, adjusted for operating expenses. Capital gain distributions are net profits realized from the sale of portfolio securities. Total return reflects reinvestment of the Fund&#146;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. The performance table does not reflect any taxes that a shareholder would pay on Fund dividends, capital gains distributions, if any, or any realized gains on the sale of Fund shares.</FONT></P>
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<TABLE border=0 cellspacing=0>
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<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Price and Distribution Information</FONT></B></TD>
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<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Symbol: FT</FONT></B></TD>
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&nbsp;</TD>
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<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Change</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
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&nbsp;</TD>
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<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">8/31/13</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
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<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">8/31/12</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
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<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net Asset Value (NAV)</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">+&#36;</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">0.14</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.61</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.47</FONT></TD>
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&nbsp;</TD>
</TR>
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	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:6.001007pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Market Price (NYSE)</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">-&#36;</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">0.62</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6.76</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.38</FONT></TD>
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&nbsp;</TD>
</TR>
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	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:6.001007pt">
<B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">Distributions (9/1/12&#150;8/31/13)</FONT></B></TD>
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&nbsp;</TD>
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&nbsp;</TD>
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<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Dividend Income</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">0.4560</FONT></TD>
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&nbsp;</TD>
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<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Performance</FONT></B></TD>
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<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">1-Year</FONT></B></TD>
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<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">5-Year</FONT></B></TD>
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<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">10-Year</FONT></B></TD>
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<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Cumulative Total Return</FONT><SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1</FONT></SUP></TD>
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	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
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&nbsp;</TD>
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</TR>
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<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Based on change in NAV</FONT><SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2</FONT></SUP></TD>
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<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">+</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">8.04</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">+</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">55.14</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">+</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">157.06</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:12.001007pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Based on change in market price</FONT><SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">3</FONT></SUP></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">-2.45</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">+</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">61.52</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">+</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">166.70</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:6.001007pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Average Annual Total Return</FONT><SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1</FONT></SUP></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:12.001007pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Based on change in NAV</FONT><SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2</FONT></SUP></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">+</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">8.04</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">+</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">9.18</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">+</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">9.90</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:12.001007pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Based on change in market price</FONT><SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">3</FONT></SUP></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">-2.45</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">+</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">10.06</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">+</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">10.31</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:6.001007pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Average Annual Total Return (9/3013)</FONT><SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">4</FONT></SUP></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:12.001007pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Based on change in NAV</FONT><SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2</FONT></SUP></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">+</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">8.16</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">+</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">12.26</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">+</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">9.65</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="TEXT-INDENT:12.001007pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Based on change in market price</FONT><SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">3</FONT></SUP></TD>
	<TD bgcolor="#e5e5e5" align=right>
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">-1.90</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">+</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">14.07</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">+</FONT></TD>
	<TD bgcolor="#e5e5e5" align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">10.08</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR>
	<TD colspan=10>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=9 style="TEXT-INDENT:0.001007pt">
<I><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Performance data represent past performance, which does not guarantee future results. Investment return and principal value</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=9>
<I><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown.</FONT></I></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Endnotes</FONT></B><BR>
<BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">All investments involve risks, including possible loss of principal. Bond prices generally move in the opposite direction of interest rates. As</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">prices of bonds in a fund adjust to a rise in interest rates, the fund&#146;s share price may decline. Investments in lower rated bonds include higher</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">risk of default and loss of principal. Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies,</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">particular industries or sectors, or general market conditions. In addition to having sensitivity to other factors, securities issued by utility com-</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">panies have historically been sensitive to interest rate changes. When interest rates fall, utility securities prices, and thus a utilities fund&#146;s share</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">price, tend to rise; when interest rates rise, their prices generally fall. The Fund is actively managed but there is no guarantee that the manager&#146;s</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">investment decisions will produce the desired results.</FONT></B><BR>
<BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">1. Total return calculations represent the cumulative and average annual changes in value of an investment over the periods indicated.</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">2. Assumes reinvestment of distributions based on net asset value.</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">3. Assumes reinvestment of distributions based on the dividend reinvestment and cash purchase plan.</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">4. In accordance with SEC rules, we provide standardized average annual total return information through the latest calendar quarter.</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">6 </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>



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<P style="text-align: left;">
<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Annual Shareholders&#146; Meeting</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">March 22, 2013</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">An annual shareholders&#146; meeting of Franklin Universal Trust (Fund) was held on March 22, 2013. At the meeting, the holders of 21,279,092 shares of the Fund&#146;s common stock were represented in person or by proxy, constituting a quorum. The following persons were elected by the shareholders to serve as Trustees of the Fund.</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=13%></TD>
     <TD width=9%></TD>
     <TD width=3%></TD>
     <TD width=9%></TD>
     <TD width=6%></TD>
     <TD width=3%></TD></TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The results of the voting at the meeting are as follows:</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=center style="border-bottom:1px solid #000000;">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Shares</FONT></B></TD>
	<TD bgcolor="#666666" align=right style="border-bottom:1px solid #000000;">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">% of</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=center style="border-bottom:1px solid #000000;">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Shares</FONT></B></TD>
	<TD bgcolor="#666666" align=right style="border-bottom:1px solid #000000;">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">% of</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#666666" align=left style="TEXT-INDENT:6.000000pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Nominees</FONT></B></TD>
	<TD bgcolor="#666666" align=center>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">For</FONT></B></TD>
	<TD bgcolor="#666666" align=right>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Voted</FONT></B></TD>
	<TD bgcolor="#666666" align=left>
&nbsp;</TD>
	<TD bgcolor="#666666" align=center>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Withheld</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="TEXT-INDENT:1.958679pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Voted</FONT></B></TD>
	<TD bgcolor="#666666" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:6.000000pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Harris J. Ashton</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">20,732,642</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">97.43</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">546,450</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2.57</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:6.000000pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Sam Ginn</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">20,743,188</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">97.48</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">535,904</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2.52</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:6.000000pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Edith E. Holiday</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">20,783,136</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">97.67</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">495,956</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2.33</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:6.000000pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Charles B. Johnson</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">20,702,600</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">97.29</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">576,492</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2.71</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:6.000000pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Rupert H. Johnson, Jr.</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">20,747,058</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">97.50</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">532,035</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2.50</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:6.000000pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">J. Michael Luttig</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">20,719,817</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">97.37</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">559,275</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2.63</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:6.000000pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Frank A. Olson</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">20,728,151</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">97.41</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">550,941</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2.59</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:6.000000pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Larry D. Thompson</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">20,777,560</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">97.64</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">501,532</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2.36</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:6.000000pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">John B. Wilson</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">20,796,143</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">97.73</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">482,949</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2.27</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">7</FONT></P>
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<P style="text-align: left;">
<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Important Notice to Shareholders</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Franklin Universal Trust Refinances Senior Fixed Rate Notes</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">On August 28, 2013, the Fund refinanced its 5.87% senior fixed rate notes due August 28, 2013, which had an outstanding principal balance of &#36;42 million. The Fund issued new 2.87% senior fixed rate notes due August 28, 2018, in the principal amount of &#36;60 million, in a private placement. The proceeds of the new notes were used to retire the 5.87% senior fixed rate notes and for general fund purposes. As a result of the refinancing, the Fund currently has &#36;60 million in notes outstanding.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Share Repurchase Program</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The Fund&#146;s Board previously authorized an open-market share repurchase program, pursuant to which the Fund may purchase Fund shares, from time to time, up to 10% of the Fund&#146;s common shares in open-market transactions, at the discretion of management. This authorization remains in effect.</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">8 </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
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<P style="text-align: left;">
<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Dividend Reinvestment and Cash Purchase Plan</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The Fund&#146;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. BNY Mellon Investment Servicing (US) Inc. (Plan Agent), P.O. Box 43006, Providence, RI 02940-3006, acts as your Plan Agent in administering the Plan. The complete Terms and Conditions of the Dividend Reinvestment and Cash Purchase Plan are contained in the Fund&#146;s Dividend Reinvestment and Cash Purchase Plan Brochure. Participants may contact the Plan Agent at the address above to obtain a copy of the Brochure.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">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.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">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&#146;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.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The Plan permits you on a voluntary basis to submit in cash payments of not less than &#36;100 each up to a total of &#36;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 BNY Mellon Investment Servicing (US) Inc. and sent to Investment Services, P.O. Box 43006, Providence, RI 02940-3006, Attn: Franklin Universal Trust.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">9</FONT></P>
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<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">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.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">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. </FONT><I><FONT size=2 face="Sabon-Italic,Times New Roman,Times,serif">Under no circumstances will interest be paid on your funds held by the Plan Agent. </FONT></I><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Accordingly, you should send any voluntary cash payments you wish to make shortly before an investment date but in sufficient time to ensure that your payment will reach the Plan Agent not less than two business days before an investment date. Payments received less than two business days before an investment date will be invested during the next month or, if there are more than 30 days until the next investment date, will be returned to you. You may obtain a refund of any cash payment by written notice, if the Plan Agent receives the written notice not less than 48 hours before an investment date.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">There is no direct charge to participants for reinvesting dividends and capital gain distributions, since the Plan Agent&#146;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 &#36;5.00 service fee from each of your voluntary cash payments.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">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.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">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.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">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.</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">10 </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
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<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">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.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">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.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">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 your nominee will participate in the Plan on your behalf.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The Fund or the Plan Agent may amend or terminate the Plan. You will receive written notice at least 90 days before the effective date of termination or of any amendment. In the case of termination, you will receive written notice at least 90 days before the record date of any dividend or capital gain distribution by the Fund.</FONT></P>
<P style="text-align: right;">
<FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">11</FONT></P>
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<TABLE border=0 cellspacing=0>
<TR>
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     <TD width=7%></TD>
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     <TD width=2%></TD>
     <TD width=7%></TD>
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     <TD width=7%></TD>
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     <TD width=7%></TD>
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<TR valign="bottom">
	<TD align=left>
<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></TD>
	<TD align=right>
&nbsp;</TD>
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<TR>
	<TD colspan=16>
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</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Financial Highlights</FONT></B></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
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<TR>
	<TD colspan=16>
&nbsp;</TD>
</TR>
<TR valign="bottom">
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&nbsp;</TD>
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&nbsp;</TD>
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	<TD bgcolor="#666666" align=right colspan=7 style="border-bottom:1px solid #000000;">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Year Ended August 31,</FONT></B></TD>
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&nbsp;</TD>
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<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">2013</FONT></B></TD>
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<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">2012</FONT></B></TD>
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<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">2011</FONT></B></TD>
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<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">2010</FONT></B></TD>
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<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">2009</FONT></B></TD>
	<TD bgcolor="#666666" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.002548pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Per share operating performance</FONT></B></TD>
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<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(for a share outstanding throughout the year)</FONT></TD>
	<TD align=right>
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&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.002548pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net asset value, beginning of year</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.47</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6.87</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6.57</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">5.85</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6.96</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Income from investment operations:</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net investment income</FONT><SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">a</FONT></SUP></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">0.43</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">0.45</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">0.45</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">0.47</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">0.35</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net realized and unrealized gains (losses)</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">0.17</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">0.61</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">0.31</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">0.71</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(1.00</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Total from investment operations</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">0.60</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1.06</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">0.76</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1.18</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(0.65</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Less distributions from net investment income</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(0.46</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(0.46</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(0.46</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(0.46</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(0.46</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net asset value, end of year</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.61</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.47</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6.87</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6.57</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">5.85</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Market value, end of year</FONT><SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b</FONT></SUP></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6.76</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.38</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6.33</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6.23</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">5.08</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=16>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Total return (based on market value per share)</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(2.45</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">)%</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">24.47</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">9.01</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">32.53</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(7.85</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">)%</FONT></TD>
</TR>
<TR>
	<TD colspan=16>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Ratios to average net assets</FONT></B></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Expenses</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2.34</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2.46</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2.51</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2.63</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">4.89</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT><SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c,d</FONT></SUP></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net investment income</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">5.58</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6.20</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6.41</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.36</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6.98</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR>
	<TD colspan=16>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Supplemental data</FONT></B></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net assets, end of year (000&#146;s)</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">191,223</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">187,729</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">172,758</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">165,075</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">147,066</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Portfolio turnover rate</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">21.95</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">19.40</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">41.60</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">38.23</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">24.78</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Total debt outstanding at end of year (000&#146;s)</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">60,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">42,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">42,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">42,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">42,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Asset coverage per &#36;1,000 of debt</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">4,187</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">5,470</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">5,113</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">4,930</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">4,502</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Average amount of senior fixed rate Notes per share during the year</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1.68</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1.67</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1.67</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1.67</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1.80</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=16>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=16>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">a</FONT></SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Based on average daily shares outstanding.</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Based on the last sale on the New York Stock Exchange.</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Benefit of expense reduction rounds to less than 0.01%.</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3>
<SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">d</FONT></SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Total expense ratio excluding Notes prepayment fees and issuance cost was 3.44%. See Note 3.</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">12 </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">The accompanying notes are an integral part of these financial statements. </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>



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<P style="text-align: left;">
<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Statement of Investments, August 31, 2013</FONT></B></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=53%></TD>
     <TD width=20%></TD>
     <TD width=12%></TD>
     <TD width=3%></TD>
     <TD width=9%></TD></TR>
<TR valign="bottom">
	<TD bgcolor="#666666" align=left>
&nbsp;</TD>
	<TD bgcolor="#666666" align=center>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Country</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="TEXT-INDENT:8.046814pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Shares</FONT></B></TD>
	<TD bgcolor="#666666" align=left>
&nbsp;</TD>
	<TD bgcolor="#666666" align=right>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Value</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Common Stocks and Other Equity Interests 37.5%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Energy 1.6%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Spectra Energy Corp.</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">92,350</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">3,057,709</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Materials 0.2%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">a,b </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">NewPage Corp., Litigation Trust</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,200,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#151;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">a </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">NewPage Holdings Inc.</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">4,800</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">420,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">420,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Transportation 0.1%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">a </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">CEVA Holdings LLC</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United Kingdom</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">179</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">130,087</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Utilities 35.6%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Alliant Energy Corp.</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">72,900</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">3,616,569</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">American Electric Power Co. Inc.</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">75,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">3,210,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">CenterPoint Energy Inc.</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">169,800</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">3,893,514</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Consolidated Edison Inc.</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">42,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2,361,660</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Dominion Resources Inc.</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">100,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">5,835,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Duke Energy Corp.</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">92,520</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6,069,312</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Edison International</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">75,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">3,441,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Entergy Corp.</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">50,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">3,161,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Exelon Corp.</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">55,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,676,950</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">FirstEnergy Corp.</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">60,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2,248,200</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Great Plains Energy Inc.</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">70,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,534,400</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">NextEra Energy Inc.</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">50,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">4,018,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">NV Energy Inc.</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">80,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,876,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">PG&amp;E Corp.</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">50,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2,068,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Pinnacle West Capital Corp.</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">70,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">3,798,900</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">PPL Corp.</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">80,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2,456,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Public Service Enterprise Group Inc.</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">45,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,458,900</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Sempra Energy</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">50,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">4,221,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">The Southern Co.</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">108,500</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">4,515,770</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">UIL Holdings Corp.</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">40,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,510,400</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Westar Energy Inc.</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">60,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,866,600</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Wisconsin Energy Corp.</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">40,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,641,600</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Xcel Energy Inc.</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">60,000</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,675,200</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">68,155,225</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Total Common Stocks and Other Equity Interests</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">(Cost &#36;44,094,883)</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">71,763,021</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Convertible Preferred Stocks 0.2%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Transportation 0.2%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">a </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">CEVA Holdings LLC, cvt. pfd., A-1</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United Kingdom</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">4,800</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">a </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">CEVA Holdings LLC, cvt. pfd., A-2</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United Kingdom</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">388</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">281,597</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Total Convertible Preferred Stocks (Cost &#36;587,093)</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">286,397</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Preferred Stocks (Cost &#36;290,000) 0.2%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Diversified Financials 0.2%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">GMAC Capital Trust I, 8.125%, pfd.</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">11,600</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">307,516</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">13</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>


<!--$$/page=--><A name="page_17"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Statement of Investments, August 31, 2013 </FONT></B><I><FONT size=2 face=TradeGothic-Light,Arial,Helvetica,sans-serif>(continued)</FONT></I></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="2%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#666666 align=left>&nbsp;</TD>

   <TD bgColor=#666666 align=left>&nbsp;</TD>

   <TD bgColor=#666666 align=center><B><FONT color=#ffffff size=1 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Country</FONT></B></TD>

   <TD bgColor=#666666 align=center><B><FONT color=#ffffff size=1 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Principal Amount*</FONT></B></TD>

   <TD bgColor=#666666 align=left>&nbsp;</TD>

   <TD bgColor=#666666 align=right><B><FONT color=#ffffff size=1 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Value</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.297pt" align=left><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Corporate Bonds 84.1%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Automobiles &amp; Components 1.2%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.297pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>The Goodyear Tire &amp; Rubber Co., senior note, 6.50%, 3/01/21</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,100,000</FONT></TD>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,113,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.616pt" align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>c </FONT></SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>International Automotive Components Group SL, senior secured note,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>144A, 9.125%, 6/01/18</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,100,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,124,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>2,238,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.297pt" align=left><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Banks 1.5%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>CIT Group Inc., senior note,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>5.375%, 5/15/20</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>500,000</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>505,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>5.00%, 8/15/22</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,200,000</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,138,956</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>c </FONT></SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>144A, 6.625%, 4/01/18</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>300,000</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>325,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.298pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Royal Bank of Scotland Group PLC, sub. note, 6.125%, 12/15/22</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United Kingdom</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>900,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>871,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>2,841,331</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.297pt" align=left><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Capital Goods 3.0%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>c </FONT></SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Abengoa Finance SAU, senior note, 144A, 8.875%, 11/01/17</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Spain</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,500,000</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,429,687</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.297pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Case New Holland Inc., senior note, 7.875%, 12/01/17</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>800,000</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>924,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Meritor Inc., senior note, 10.625%, 3/15/18</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,200,000</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,308,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Navistar International Corp., senior note, 8.25%, 11/01/21</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>900,000</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>898,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Terex Corp., senior note, 6.00%, 5/15/21</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>500,000</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>506,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.616pt" align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>c </FONT></SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Zachry Holdings Inc., senior note, 144A, 7.50%, 2/01/20</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>600,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>618,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>5,684,812</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Commercial &amp; Professional Services 1.7%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.616pt" align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>c </FONT></SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>ADS Waste Escrow Corp., senior note, 144A, 8.25%, 10/01/20</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,500,000</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,590,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.616pt" align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>c </FONT></SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Algeco Scotsman Global Finance PLC, secured note, 144A, 8.50%,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>10/15/18</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United Kingdom</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,100,000</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,155,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>c,d </FONT></SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Igloo Holdings Corp., senior note, 144A, PIK, 8.25%, 12/15/17</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>500,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>513,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>3,258,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Consumer Durables &amp; Apparel 3.5%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.297pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Jarden Corp., senior sub. note, 7.50%, 5/01/17</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,300,000</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,452,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>KB Home, senior bond, 7.50%, 9/15/22</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,100,000</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,152,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.297pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>M/I Homes Inc., senior note, 8.625%, 11/15/18</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>900,000</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>965,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>c </FONT></SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>SIWF Merger Sub Inc./Springs Industries Inc., senior secured note, 144A,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>6.25%, 6/01/21</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>200,000</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>198,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Standard Pacific Corp., senior note, 6.25%, 12/15/21</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>600,000</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>602,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>c </FONT></SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Taylor Morrison Communities Inc./Monarch Communities Inc., senior note,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>144A,</FONT></TD>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif></FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>7.75%, 4/15/20</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>492,000</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>539,970</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>5.25%, 4/15/21</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>400,000</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>379,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Visant Corp., senior note, 10.00%, 10/01/17</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,500,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,406,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>6,695,720</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Consumer Services 3.4%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Caesars Entertainment Operating Co. Inc., first lien, 9.00%, 2/15/20</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>300,000</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>289,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>ClubCorp Club Operations Inc., senior note, 10.00%, 12/01/18</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,000,000</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,110,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>c,e </FONT></SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Fontainebleau Las Vegas, 144A, 11.00%, 6/15/15</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,600,000</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,008</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.297pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Harrah&#8217;s Operating Co. Inc., senior secured note, 11.25%, 6/01/17</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,500,000</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,548,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>c </FONT></SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Landry&#8217;s Inc., senior note, 144A, 9.375%, 5/01/20</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>700,000</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>749,875</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=TradeGothic-Light,Arial,Helvetica,sans-serif>14 </FONT><FONT color=#808080 size=2 face=TradeGothic-Light,Arial,Helvetica,sans-serif>| </FONT><FONT size=2 face=TradeGothic-Light,Arial,Helvetica,sans-serif>Annual Report</FONT></P></DIV>

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<P style="text-align: left;">
<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Statement of Investments, August 31, 2013 </FONT></B><I><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=57%></TD>
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     <TD width=16%></TD>
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&nbsp;</TD>
	<TD bgcolor="#666666" align=center>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Country</FONT></B></TD>
	<TD bgcolor="#666666" align=center>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Principal Amount*</FONT></B></TD>
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&nbsp;</TD>
	<TD bgcolor="#666666" align=right>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Value</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Corporate Bonds (continued)</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
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	<TD align=left style="TEXT-INDENT:3.681198pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Consumer Services (continued)</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
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<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">MGM Resorts International, senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.680191pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6.875%, 4/01/16</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,200,000</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,299,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.680191pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.50%, 6/01/16</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">884,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Pinnacle Entertainment Inc., senior sub. note, 7.75%, 4/01/22</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">208,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">PNK Finance Corp., senior note, 144A, 6.375%, 8/01/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">501,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6,591,883</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Diversified Financials 3.7%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Ally Financial Inc., senior note, 5.50%, 2/15/17</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">634,356</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">E*TRADE Financial Corp., senior note, 6.375%, 11/15/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">633,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">General Motors Financial Co. Inc., senior note, 144A, 3.25%, 5/15/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">385,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">GMAC Inc., sub. note, 8.00%, 12/31/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">228,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">International Lease Finance Corp.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.680191pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior note, 8.25%, 12/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">334,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.000000pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior secured note, 144A, 6.75%, 9/01/16</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,200,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,317,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.896805pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">f </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">JPMorgan Chase &amp; Co., junior sub. bond, 6.00% to 8/01/23, FRN</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.678955pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">thereafter, Perpetual</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">668,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Neuberger Berman Group LLC/Finance Corp., senior note, 144A, 5.875%,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.678955pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">3/15/22</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">515,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Nuveen Investments Inc., senior note, 144A, 9.50%, 10/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">900,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">888,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Provident Fund Associates LP/Finance Corp., senior note, 144A, 6.75%,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.678955pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6/15/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">406,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.672943pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">SLM Corp., senior note, 8.45%, 6/15/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">900,000</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,030,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7,041,106</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Energy 23.2%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Access Midstream Partner LP/ACMP Finance Corp., senior note, 6.125%,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.678955pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7/15/22</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">413,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.672943pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Antero Resources Finance Corp., senior note, 7.25%, 8/01/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">100,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">105,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.672943pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">BreitBurn Energy Partners LP/Finance Corp.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.671951pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior bond, 7.875%, 4/15/22</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">497,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.671951pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior note, 8.625%, 10/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">639,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.672943pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Calumet Specialty Products Partners LP/Finance Corp., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.671951pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">9.375%, 5/01/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">900,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">994,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.671951pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">9.625%, 8/01/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">100,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">110,375</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.672943pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Carrizo Oil &amp; Gas Inc., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.671951pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">8.625%, 10/15/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">874,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.671951pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.50%, 9/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">318,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.672943pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">CGG, senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.671951pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.75%, 5/15/17</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">France</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">618,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.671951pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6.50%, 6/01/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">France</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">610,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.664703pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Chaparral Energy Inc., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.663696pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">9.875%, 10/01/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">900,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.663696pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">8.25%, 9/01/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">209,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.663696pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.625%, 11/15/22</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">302,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.664703pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">CHC Helicopter SA, senior secured note, first lien, 9.25%, 10/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Canada</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,500,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,537,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.664703pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Chesapeake Energy Corp., senior note, 6.625%, 8/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,700,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,831,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.664703pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Clayton Williams Energy Inc., senior note, 7.75%, 4/01/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,025,000</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">15</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>



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<P style="text-align: left;">
<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Statement of Investments, August 31, 2013 </FONT></B><I><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=57%></TD>
     <TD width=14%></TD>
     <TD width=15%></TD>
     <TD width=2%></TD>
     <TD width=9%></TD></TR>
<TR valign="bottom">
	<TD bgcolor="#666666" align=left>
&nbsp;</TD>
	<TD bgcolor="#666666" align=center>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Country</FONT></B></TD>
	<TD bgcolor="#666666" align=center>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Principal Amount*</FONT></B></TD>
	<TD bgcolor="#666666" align=left>
&nbsp;</TD>
	<TD bgcolor="#666666" align=right>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Value</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Corporate Bonds (continued)</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Energy (continued)</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">CONSOL Energy Inc., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.680191pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">8.00%, 4/01/17</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">530,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.680191pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">8.25%, 4/01/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">319,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.680191pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6.375%, 3/01/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">304,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Drill Rigs Holdings Inc., secured note, 144A, 6.50%, 10/01/17</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,025,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Eagle Rock Energy Partners LP/Finance Corp., senior note, 8.375%,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.678955pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6/01/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,100,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,111,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">El Paso Corp., senior bond, 6.50%, 9/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,200,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,269,547</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Energy Transfer Equity LP, senior note, 7.50%, 10/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,500,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,642,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Energy XXI Gulf Coast Inc., senior note, 9.25%, 12/15/17</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,300,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,452,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Enterprise Products Operating LLC, junior sub. note, 7.034% to 1/15/18,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.678955pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">FRN thereafter, 1/15/68</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,200,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,339,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">EPL Oil &amp; Gas Inc., senior note, 8.25%, 2/15/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">846,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Expro Finance Luxembourg, senior secured note, 144A, 8.50%,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.678955pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">12/15/16</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United Kingdom</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,307,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,378,885</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Goodrich Petroleum Corp., senior note, 8.875%, 3/15/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,035,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Halcon Resources Corp., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.680191pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">9.75%, 7/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,037,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.680191pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">8.875%, 5/15/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">403,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.000000pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">144A, 9.25%, 2/15/22</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">200,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Kinder Morgan Finance Co. LLC, senior secured note, 144A, 6.00%,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.678955pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1/15/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,200,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,305,720</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Kodiak Oil &amp; Gas Corp., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.680191pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">8.125%, 12/01/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">770,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.000000pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">144A, 5.50%, 1/15/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">199,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">LBC Tank Terminal Holding Netherlands BV, senior bond, 144A, 6.875%,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.678955pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">5/15/23</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Belgium</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">410,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Linn Energy LLC/Finance Corp., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.680191pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">8.625%, 4/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,010,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.680191pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.75%, 2/01/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">682,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Martin Midstream Partners LP/Martin Midstream Finance Corp., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.680191pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">8.875%, 4/01/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">350,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">371,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.680191pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.25%, 2/15/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">600,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Midstates Petroleum Co. Inc./LLC, senior note, 144A, 9.25%, 6/01/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">477,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Oasis Petroleum Inc., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.680191pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.25%, 2/01/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">213,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.680191pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6.50%, 11/01/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">422,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.680191pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6.875%, 1/15/23</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">211,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Offshore Group Investment Ltd.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.680191pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior bond, first lien, 7.125%, 4/01/23</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">677,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.680191pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior secured note, first lien, 7.50%, 11/01/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">729,313</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">PBF Holding Co. LLC, first lien, 8.25%, 2/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,100,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,130,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Penn Virginia Corp., senior note, 8.50%, 5/01/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">703,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.681198pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Penn Virginia Resource Partners LP/Finance Corp. II, senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.680191pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">8.375%, 6/01/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">627,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.000000pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">144A, 6.50%, 5/15/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">283,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.682205pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Plains Exploration &amp; Production Co., senior note, 6.875%, 2/15/23</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,063,989</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">16 </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>



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<P style="text-align: left;">
<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Statement of Investments, August 31, 2013 </FONT></B><I><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=58%></TD>
     <TD width=13%></TD>
     <TD width=15%></TD>
     <TD width=2%></TD>
     <TD width=9%></TD></TR>
<TR valign="bottom">
	<TD bgcolor="#666666" align=left>
&nbsp;</TD>
	<TD bgcolor="#666666" align=center>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Country</FONT></B></TD>
	<TD bgcolor="#666666" align=center>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Principal Amount*</FONT></B></TD>
	<TD bgcolor="#666666" align=left>
&nbsp;</TD>
	<TD bgcolor="#666666" align=right>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Value</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:7.997604pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Corporate Bonds (continued)</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:7.997604pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Energy (continued)</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:7.997604pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">QEP Resources Inc., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.996597pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">5.375%, 10/01/22</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">672,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.996597pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">5.25%, 5/01/23</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">282,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:7.997604pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">QR Energy LP/QRE Finance, senior note, 9.25%, 8/01/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">814,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c,g </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Quicksilver Resources Inc., secured note, second lien, 144A, FRN, 7.00%,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.995361pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6/21/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,200,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,152,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.316406pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Sabine Pass Liquefaction LLC,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.996597pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">secured note, 144A, 5.625%, 2/01/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">960,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.996597pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior secured note, 144A, 5.625%, 4/15/23</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">466,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.316406pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Samson Investment Co., senior note, 144A, 9.75%, 2/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,470,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.316406pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Sanchez Energy Corp., senior note, 144A, 7.75%, 6/15/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">592,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:7.997604pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">W&amp;T Offshore Inc., senior note, 8.50%, 6/15/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,100,000</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,171,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">44,349,579</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:7.997604pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Food &amp; Staples Retailing 0.4%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:7.997604pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Rite Aid Corp., senior secured note, 8.00%, 8/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">779,625</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:7.997604pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Food, Beverage &amp; Tobacco 2.2%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.316406pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Barry Callebaut Services SA, senior note, 144A, 5.50%, 6/15/23</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Belgium</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">202,084</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:7.997604pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Constellation Brands Inc., senior note, 4.25%, 5/01/23</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">276,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:7.997604pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Del Monte Corp., senior note, 7.625%, 2/15/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,600,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,672,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:7.997604pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">JBS USA LLC/Finance Inc., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.996597pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">11.625%, 5/01/14</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,052,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:14.316406pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">144A, 8.25%, 2/01/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">319,875</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.316406pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Post Holdings Inc., senior note, 144A, 7.375%, 2/15/22</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">318,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.316406pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Sun Merger Sub Inc., senior note, 144A, 5.875%, 8/01/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">300,188</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">4,140,647</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:7.997604pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Health Care Equipment &amp; Services 4.2%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:7.997604pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Alere Inc.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.996597pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior note, 7.25%, 7/01/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">900,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">976,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:14.316406pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior sub. note, 144A, 6.50%, 6/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">100,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">100,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:7.998611pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.996353pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.75%, 2/15/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,075,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:7.998611pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">CHS/Community Health Systems Inc.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.997604pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior note, 8.00%, 11/15/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">900,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">949,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.997604pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior note, 7.125%, 7/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">202,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.997604pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior secured note, 5.125%, 8/15/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">615,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:7.998611pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">DaVita HealthCare Partners Inc., senior note, 5.75%, 8/15/22</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">497,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:7.998611pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">ExamWorks Group Inc., senior note, 9.00%, 7/15/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">649,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:7.998611pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">HCA Inc.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.997604pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior note, 6.50%, 2/15/16</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,522,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.997604pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior note, 5.875%, 5/01/23</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">782,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.997604pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior secured note, 5.875%, 3/15/22</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">621,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7,991,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:7.997604pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Materials 10.6%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:7.997604pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">ArcelorMittal, senior note, 6.00%, 3/01/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Luxembourg</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">394,764</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.316406pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Ardagh Packaging Finance PLC, senior note, 144A, 9.125%, 10/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Luxembourg</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">535,000</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">17</FONT></P>
</DIV>

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<P style="text-align: left;">
<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Statement of Investments, August 31, 2013 </FONT></B><I><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=2%></TD>
     <TD width=2%></TD>
     <TD width=53%></TD>
     <TD width=14%></TD>
     <TD width=14%></TD>
     <TD width=2%></TD>
     <TD width=9%></TD></TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD bgcolor="#666666" align=left>
&nbsp;</TD>
	<TD bgcolor="#666666" align=center>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Country</FONT></B></TD>
	<TD bgcolor="#666666" align=center>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Principal Amount*</FONT></B></TD>
	<TD bgcolor="#666666" align=left>
&nbsp;</TD>
	<TD bgcolor="#666666" align=right>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Value</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:8.297394pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Corporate Bonds (continued)</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:8.297394pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Materials (continued)</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Ardagh Packaging Finance PLC/Ardagh MP Holdings USA Inc.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">secured note, 144A, 4.875%, 11/15/22</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Luxembourg</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">193,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior note, 144A, 7.00%, 11/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Luxembourg</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">196,125</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Ashland Inc., senior note, 144A, 4.75%, 8/15/22</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">468,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Barminco Finance Pty. Ltd., senior note, 144A, 9.00%, 6/01/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Australia</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">621,688</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">BlueScope Steel Ltd./BlueScope Steel Finance, senior note, 144A,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:14.295151pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.125%, 5/01/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Australia</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,421,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Cemex SAB de CV, senior secured note, 144A, 9.00%, 1/11/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Mexico</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,500,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,604,062</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Eldorado Gold Corp., senior note, 144A, 6.125%, 12/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Canada</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">672,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Euramax International Inc., senior secured note, 9.50%, 4/01/16</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">385,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Exopack Holding Corp., senior note, 10.00%, 6/01/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">850,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">FMG Resources (August 2006) Pty. Ltd., senior note, 144A,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.00%, 11/01/15</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Australia</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">411,666</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6.875%, 2/01/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Australia</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,028,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">8.25%, 11/01/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Australia</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">321,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Ineos Finance PLC, senior secured note, 144A, 7.50%, 5/01/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United Kingdom</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">860,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Ineos Group Holdings SA, senior note, 144A, 6.125%, 8/15/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Switzerland</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">291,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=center>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c,h </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Inmet Mining Corp., senior note, 144A,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">8.75%, 6/01/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Canada</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,050,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.50%, 6/01/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Canada</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">100,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">101,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Murray Energy Corp., senior secured note, 144A, 8.625%, 6/15/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">498,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Novelis Inc., senior note, 8.75%, 12/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Canada</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">655,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:8.289139pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Olin Corp., senior bond, 5.50%, 8/15/22</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,403,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Orion Engineered Carbons Bondco GmbH, senior secured note, first lien,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:14.295151pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">144A, 9.625%, 6/15/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Germany</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">776,125</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=center>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c,d </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Orion Engineered Carbons Finance &amp; Co. SCA, senior note, 144A, PIK,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:14.295151pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">9.25%, 8/01/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Germany</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">205,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Perstorp Holding AB, first lien, 144A, 8.75%, 5/15/17</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Sweden</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,027,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Rain CII Carbon LLC/Corp., second lien, 144A, 8.25%, 1/15/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">301,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Reynolds Group Issuer Inc./LLC/SA,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">first lien, 5.75%, 10/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">498,125</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior note, 8.50%, 5/15/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,040,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior note, 9.00%, 4/15/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">207,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior note, 9.875%, 8/15/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">100,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">106,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior note, 8.25%, 2/15/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">694,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Sealed Air Corp., senior note, 144A,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">8.125%, 9/15/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">446,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6.50%, 12/01/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">213,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">8.375%, 9/15/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">340,875</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">U.S. Coatings Acquisition Inc./Flash Dutch 2 BV, senior note, 144A,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:14.295151pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.375%, 5/01/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">516,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">20,336,680</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:8.297394pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Media 6.8%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Cablevision Systems Corp., senior note, 8.625%, 9/15/17</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">799,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Clear Channel Communications Inc., senior note, 9.00%, 3/01/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,900,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,814,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Clear Channel Worldwide Holdings Inc.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior note, 6.50%, 11/15/22</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">501,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior sub. note, 7.625%, 3/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">705,250</FONT></TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">18</FONT></TD>
	<TD align=left>
<FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">|</FONT></TD>
	<TD align=left style="TEXT-INDENT:9.083893pt">
<FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
</DIV>

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<P style="text-align: left;">
<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Statement of Investments, August 31, 2013 </FONT></B><I><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=16%></TD>
     <TD width=12%></TD>
     <TD width=4%></TD>
     <TD width=12%></TD></TR>
<TR valign="bottom">
	<TD bgcolor="#666666" align=left>
&nbsp;</TD>
	<TD bgcolor="#666666" align=center>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Country</FONT></B></TD>
	<TD bgcolor="#666666" align=center colspan=2>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Principal Amount*</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="TEXT-INDENT:7.641052pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Value</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Corporate Bonds (continued)</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Media (continued)</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">CSC Holdings LLC, senior note, 6.75%, 11/15/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">740,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">DISH DBS Corp., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.125%, 2/01/16</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,500,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,642,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6.75%, 6/01/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">733,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Gannett Co. Inc., senior note, 144A, 5.125%, 7/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">597,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Media General Inc., senior secured note, 11.75%, 2/15/17</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">442,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.316391pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">d </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Radio One Inc., senior sub. note, PIK, 12.50%, 5/24/16</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,117,676</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,137,235</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Univision Communications Inc.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior secured bond, 144A, 6.75%, 9/15/22</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">312,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior secured note, 144A, 6.875%, 5/15/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,060,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior secured note, 144A, 7.875%, 11/01/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">217,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">UPCB Finance III Ltd., senior secured note, 144A, 6.625%, 7/01/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Netherlands</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,050,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">WMG Acquisition Corp., secured note, 144A, 6.00%, 1/15/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,190,000</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,225,700</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">12,979,185</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Pharmaceuticals, Biotechnology &amp; Life Sciences 2.5%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">inVentiv Health Inc.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior note, 144A, 10.00%, 8/15/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">495,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior secured note, 144A, 9.00%, 1/15/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">410,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c,d </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Jaguar Holding Co. I, senior note, 144A, PIK, 9.375%, 10/15/17</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">532,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Jaguar Holding Co. II/Merger Sub Inc., senior note, 144A, 9.50%,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:14.295151pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">12/01/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">454,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Par Pharmaceutical Cos. Inc., senior note, 144A, 7.375%, 10/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,456,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">VPI Escrow Corp., senior note, 144A, 6.375%, 10/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,100,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,123,375</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">VPII Escrow Corp., senior note, 144A, 7.50%, 7/15/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">322,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">4,793,375</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Retailing 1.2%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Academy Ltd./Finance Corp., senior note, 144A, 9.25%, 8/01/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">894,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">American Builders &amp; Contractors Supply Co. Inc., senior note, 144A,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:14.295151pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">5.625%, 4/15/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">900,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">875,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">New Look Bondco I PLC, secured note, 144A, 8.375%, 5/14/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United Kingdom</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">597,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2,367,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Semiconductors &amp; Semiconductor Equipment 0.9%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Freescale Semiconductor Inc.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior note, 8.05%, 2/01/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">838,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior note, 10.75%, 8/01/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">504,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">559,440</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:14.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior secured note, 144A, 9.25%, 4/15/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">325,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,722,940</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Software &amp; Services 3.6%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">BMC Software Finance Inc., senior note, 144A, 8.125%, 7/15/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">407,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Ceridian Corp.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">secured note, 144A, 8.875%, 7/15/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">452,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior note, 144A, 11.00%, 3/15/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">694,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Equinix Inc., senior bond, 5.375%, 4/01/23</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,100,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,053,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">First Data Corp.,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior bond, 12.625%, 1/15/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">900,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">977,625</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:14.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior note, 144A, 11.25%, 1/15/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">206,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:14.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior secured bond, 144A, 8.25%, 1/15/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">822,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=center colspan=2>
<FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">19</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
</DIV>

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<P style="text-align: left;">
<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Statement of Investments, August 31, 2013 </FONT></B><I><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=56%></TD>
     <TD width=16%></TD>
     <TD width=15%></TD>
     <TD width=2%></TD>
     <TD width=9%></TD></TR>
<TR valign="bottom">
	<TD bgcolor="#666666" align=left>
&nbsp;</TD>
	<TD bgcolor="#666666" align=center>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Country</FONT></B></TD>
	<TD bgcolor="#666666" align=center>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Principal Amount*</FONT></B></TD>
	<TD bgcolor="#666666" align=left>
&nbsp;</TD>
	<TD bgcolor="#666666" align=right>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Value</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Corporate Bonds (continued)</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Software &amp; Services (continued)</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Sitel LLC/Finance Corp., senior secured note, 144A, 11.00%, 8/01/17</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">213,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Sterling International Inc., senior note, 11.00%, 10/01/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">416,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">West Corp., senior note, 7.875%, 1/15/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,500,000</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,616,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6,857,625</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Technology Hardware &amp; Equipment 0.6%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">CDW LLC/Finance Corp., senior note, 8.50%, 4/01/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">441,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c,d </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">CommScope Holdings Inc., senior note, 144A, PIK, 6.625%, 6/01/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">199,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">CommScope Inc., senior note, 144A, 8.25%, 1/15/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">547,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,188,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Telecommunication Services 6.8%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Cricket Communications Inc., senior note, 7.75%, 10/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,500,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,710,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Crown Castle International Corp., senior bond,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.125%, 11/01/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">100,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">108,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">5.25%, 1/15/23</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">190,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Digicel Group Ltd., senior note, 144A, 8.25%, 9/30/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Bermuda</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">900,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">955,687</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Digicel Ltd., senior note, 144A, 6.00%, 4/15/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Bermuda</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">482,813</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">eAccess Ltd., senior note, 144A, 8.25%, 4/01/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Japan</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">768,687</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Frontier Communications Corp., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">8.50%, 4/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">878,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">9.25%, 7/01/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">228,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">8.75%, 4/15/22</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">761,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Intelsat Jackson Holdings SA, senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.25%, 10/15/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Luxembourg</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">214,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.50%, 4/01/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Luxembourg</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,500,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,627,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:14.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">144A, 6.625%, 12/15/22</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Luxembourg</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">499,063</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Lynx II Corp., senior bond, 144A, 6.375%, 4/15/23</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United Kingdom</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">299,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Sprint Nextel Corp., senior note, 144A,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">9.00%, 11/15/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2,340,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.00%, 3/01/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">432,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Wind Acquisition Finance SA, senior secured note, 144A, 11.75%,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:14.295151pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7/15/17</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Italy</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,500,000</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,575,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">13,069,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Transportation 1.2%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">CEVA Group PLC, senior note, first lien, 144A, 4.00%, 5/01/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United Kingdom</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">501,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Hertz Corp., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.50%, 10/15/18</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">651,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6.75%, 4/15/19</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,071,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2,223,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.297394pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Utilities 1.9%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Calpine Corp., senior secured note, 144A,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.875%, 7/31/20</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">434,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">470,890</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.50%, 2/15/21</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">902,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">960,630</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.296387pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.875%, 1/15/23</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">452,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">487,030</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.616196pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">InterGen NV, secured bond, 144A, 7.00%, 6/30/23</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Netherlands</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">794,500</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">20 </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>


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<P style="TEXT-ALIGN: left"><FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Statement of Investments, August 31, 2013 </FONT></B><I><FONT size=2 face=TradeGothic-Light,Arial,Helvetica,sans-serif>(continued)</FONT></I></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="54%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="15%"></TD>

   <TD width="1%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#666666 align=left>&nbsp;</TD>

   <TD bgColor=#666666 align=left>&nbsp;</TD>

   <TD bgColor=#666666 align=center><B><FONT color=#ffffff size=1 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Country</FONT></B></TD>

   <TD bgColor=#666666 align=center><B><FONT color=#ffffff size=1 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Principal Amount*</FONT></B></TD>

   <TD bgColor=#666666 align=left>&nbsp;</TD>

   <TD bgColor=#666666 align=center><B><FONT color=#ffffff size=1 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Value</FONT></B></TD>

   <TD bgColor=#666666 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.806pt" align=left><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Corporate Bonds (continued)</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Utilities (continued)</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>c </FONT></SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12.804pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Holdings Finance Inc., senior secured note, 144A, 11.50%, 10/01/20</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,400,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>981,750</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>3,694,800</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Total Corporate Bonds (Cost $155,308,822)</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>160,845,558</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=2 face=TradeGothic,Arial,Helvetica,sans-serif>g,i </FONT></SUP><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Senior Floating Rate Interests 1.0%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Capital Goods 0.2%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Navistar Inc., Tranche B Term Loan, 5.75%, 8/17/17</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>345,513</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>349,724</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.806pt" align=left><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Household &amp; Personal Products 0.5%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Sun Products Corp., Tranche B Term Loan, 5.50%, 3/23/20</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>997,500</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>967,575</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Utilities 0.3%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Texas Competitive Electric Holdings Co. LLC, 2017 Term Loan,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>4.685% - 4.766%, 10/10/17</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>954,192</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>648,553</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.806pt" align=left><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Total Senior Floating Rate Interests (Cost $2,157,398)</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,965,852</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Total Investments before Short Term Investments</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>(Cost $202,438,196)</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>235,168,344</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD bgColor=#666666 align=center><B><FONT color=#ffffff size=1 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Shares</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.806pt" align=left><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Short Term Investments 11.0%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Money Market Funds (Cost $9,557,613) 5.0%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>a,j </FONT></SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Institutional Fiduciary Trust Money Market Portfolio</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>9,557,613</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>9,557,613</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD bgColor=#666666 align=center><B><FONT color=#ffffff size=1 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Principal Amount*</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Repurchase Agreements (Cost $11,483,798) 6.0%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>k </FONT></SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Joint Repurchase Agreement, 0.035%, 9/03/13</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>(Maturity Value $11,483,842)</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>11,483,798</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>11,483,798</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.803pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>BNP Paribas Securities Corp. (Maturity Value $1,852,459)</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.803pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Credit Suisse Securities (USA) LLC (Maturity Value $2,315,602)</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.803pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Deutsche Bank Securities Inc. (Maturity Value $3,147,835)</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>HSBC Securities (USA) Inc. (Maturity Value $2,083,973)</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Merrill Lynch, Pierce, Fenner &amp; Smith Inc. (Maturity Value $1,389,315)</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.803pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Morgan Stanley &amp; Co. LLC (Maturity Value $694,658)</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Collateralized by U.S. Government Agency Securities, 0.00% - 5.50%,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>9/12/13 - 6/13/18; U.S. Government Agency Securities, Strip,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>6/01/17; </FONT><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>l</FONT></SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>U.S. Treasury Bills <FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>, 9/12/13 - 6/26/14; U.S. Treasury</FONT></FONT></TD>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif></FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Bonds, 7.25% - 10.625%, 8/15/15 - 5/15/18; U.S. Treasury Notes,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 32.849pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>0.125% - 5.125%, 8/31/13 - 3/31/18; and U.S. Treasury Notes,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Index Linked, 0.50% - 2.625%, 1/15/14 - 7/15/17</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 32.849pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>(valued at $11,713,748)</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Total Investments (Cost $223,479,607) 134.0%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>256,209,755</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Notes Payable (31.4)%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>(60,000,000</FONT></TD>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Other Assets, less Liabilities (2.6)%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>(4,986,736</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Net Assets 100.0%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.031pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>191,223,019</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>See Abbreviations on page 35.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=TradeGothic-Light,Arial,Helvetica,sans-serif>Annual Report </FONT><FONT color=#808080 size=2 face=TradeGothic-Light,Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=TradeGothic-Light,Arial,Helvetica,sans-serif>21</FONT></P></DIV>

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<P style="text-align: left;">
<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT><BR>
<BR>
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Statement of Investments, August 31, 2013 </FONT></B><I><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I><BR>
<BR>
<SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">*</FONT></SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">The principal amount is stated in U.S. dollars unless otherwise indicated.</FONT><BR>
<SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">a</FONT></SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Non-income producing.</FONT><BR>
<SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Security has been deemed illiquid because it may not be able to be sold within seven days. At August 31, 2013, the value of this security was &#36;-.</FONT><BR>
<SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">a public offering registered under the Securities Act of 1933. These securities have been deemed liquid under guidelines approved by the Fund&#146;s Board of Trustees. At August 31,</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">2013, the aggregate value of these securities was &#36;64,937,958, representing 33.96% of net assets.</FONT><BR>
<SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">d</FONT></SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Income may be received in additional securities and/or cash.</FONT><BR>
<SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">e</FONT></SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">See Note 9 regarding defaulted securities.</FONT><BR>
<SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">f</FONT></SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Perpetual security with no stated maturity date.</FONT><BR>
<SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">g</FONT></SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">The coupon rate shown represents the rate at period end.</FONT><BR>
<SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">h</FONT></SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">At August 31, 2013, pursuant to the Fund&#146;s policies and the requirements of applicable securities law, the Fund may be restricted from trading this security for a limited or</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">extended period of time due to ownership limits and/or potential possession of material non-public information.</FONT><BR>
<SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">i</FONT></SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">See Note 1(c) regarding senior floating rate interests.</FONT><BR>
<SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">j</FONT></SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">See Note 8 regarding investments in the Institutional Fiduciary Trust Money Market Portfolio.</FONT><BR>
<SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">k</FONT></SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">See Note 1(b) regarding joint repurchase agreement.</FONT><BR>
<SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">l</FONT></SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">The security is traded on a discount basis with no stated coupon rate.</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">22 </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">The accompanying notes are an integral part of these financial statements. </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
</DIV>

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<TABLE border=0 cellspacing=0>
<TR>
     <TD width=65%></TD>
     <TD width=2%></TD>
     <TD width=28%></TD>
     <TD width=2%></TD></TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Financial Statements</FONT></B></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Statement of Assets and Liabilities</FONT></B></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">August 31, 2013</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Assets:</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.041763pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Investments in securities:</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.082504pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Cost - Unaffiliated issuers</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">202,438,196</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.082504pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Cost - Sweep Money Fund (Note 8)</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">9,557,613</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.079910pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Cost - Repurchase agreements</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">11,483,798</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.079910pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Total cost of investments</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">223,479,607</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.079910pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Value - Unaffiliated issuers</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">235,168,344</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.079910pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Value - Sweep Money Fund (Note 8)</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">9,557,613</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.079910pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Value - Repurchase agreements</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">11,483,798</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.079910pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Total value of investments</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">256,209,755</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.039154pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Cash</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">19</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.039154pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Receivables from dividends and interest</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">3,662,399</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.040405pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Notes issuance costs (Note 3)</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">101,377</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Total assets</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">259,973,550</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001358pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Liabilities:</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.042114pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Payables:</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.082855pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Investment securities purchased</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7,473,197</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.082855pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Management fees</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">149,810</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.082855pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Transfer agent fees</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">32,299</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.082855pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Distributions to shareholders</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">955,012</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.082855pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Accrued interest (Note 3)</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">14,350</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.042114pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Senior fixed rate Notes (Note 3)</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">60,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.040405pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Accrued expenses and other liabilities</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">125,863</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Total liabilities</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">68,750,531</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net assets, at value</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">191,223,019</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net assets consist of:</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.040756pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Paid-in capital</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">172,984,952</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.040756pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Undistributed net investment income</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">914,109</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.040756pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net unrealized appreciation (depreciation)</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">32,730,148</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.040405pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Accumulated net realized gain (loss)</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(15,406,190</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net assets, at value</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">191,223,019</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.040405pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Shares outstanding</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">25,131,894</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.040405pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net asset value per share</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.61</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: center;">
<FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">The accompanying notes are an integral part of these financial statements. </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">23</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>



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<a name="_bclPageBorder27"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=68%></TD>
     <TD width=2%></TD>
     <TD width=28%></TD></TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Financial Statements </FONT></B><I><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Statement of Operations</FONT></B></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">for the year ended August 31, 2013</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Investment income:</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.041763pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Dividends</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2,901,275</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.040405pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Interest</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">12,504,438</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Total investment income</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">15,405,713</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.005356pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Expenses:</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.046112pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Management fees (Note 4a)</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,772,072</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.046112pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Interest expense (Note 3)</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2,479,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.046112pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Transfer agent fees</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">66,192</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.046112pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Custodian fees (Note 5)</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2,614</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.046112pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Reports to shareholders</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">41,892</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.046112pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Professional fees</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">57,431</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.046112pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Trustees&#146; fees and expenses</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">15,399</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.046112pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Amortization of Notes issuance costs (Note 3)</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">61,713</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.040405pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Other</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">60,286</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Total expenses</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">4,557,349</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:35.277008pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net investment income</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">10,848,364</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Realized and unrealized gains (losses):</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.040756pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net realized gain (loss) from investments</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">3,400,837</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.040405pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net change in unrealized appreciation (depreciation) on investments</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">705,274</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net realized and unrealized gain (loss)</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">4,106,111</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001007pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net increase (decrease) in net assets resulting from operations</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">14,954,475</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">24 </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">The accompanying notes are an integral part of these financial statements. </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
</DIV>

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<a name="_bclPageBorder28"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=56%></TD>
     <TD width=2%></TD>
     <TD width=21%></TD>
     <TD width=2%></TD>
     <TD width=2%></TD>
     <TD width=11%></TD>
     <TD width=2%></TD></TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.009598pt">
<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.009598pt">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Financial Statements </FONT></B><I><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.009598pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Statements of Changes in Net Assets</FONT></B></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD bgcolor="#666666" align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=right colspan=4 style="border-bottom:1px solid #000000;">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Year Ended August 31,</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD bgcolor="#666666" align=right>
&nbsp;</TD>
	<TD bgcolor="#666666" align=right>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">2013</FONT></B></TD>
	<TD bgcolor="#666666" align=left>
&nbsp;</TD>
	<TD bgcolor="#666666" align=right>
&nbsp;</TD>
	<TD bgcolor="#666666" align=right>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">2012</FONT></B></TD>
	<TD bgcolor="#666666" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.014893pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Increase (decrease) in net assets:</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.055649pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Operations:</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.096405pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net investment income</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">10,848,364</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">11,198,033</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.091095pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net realized gain (loss) from investments</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">3,400,837</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">343,505</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.088501pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net change in unrealized appreciation (depreciation) on investments</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">705,274</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">14,889,630</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:30.243240pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net increase (decrease) in net assets resulting from operations</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">14,954,475</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">26,431,168</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.048996pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Distributions to shareholders from net investment income</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(11,460,144</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">)</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(11,460,144</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:30.244492pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net increase (decrease) in net assets</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">3,494,331</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">14,971,024</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net assets:</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.048996pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Beginning of year</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">187,728,688</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">172,757,664</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.048996pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">End of year</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">191,223,019</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">187,728,688</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Undistributed net investment income included in net assets:</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.048996pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">End of year</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">914,109</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,482,086</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: center;">
<FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">The accompanying notes are an integral part of these financial statements. </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">25</FONT></P>
</DIV>

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<TABLE border=0 cellspacing=0>
<TR>
     <TD width=82%></TD>
     <TD width=2%></TD>
     <TD width=12%></TD>
     <TD width=2%></TD></TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.003601pt">
<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.003601pt">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Financial Statements </FONT></B><I><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.003601pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Statement of Cash Flows</FONT></B></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.003601pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">for the year ended August 31, 2013</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.003601pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Cash flow from operating activities:</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.044357pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Dividends, interest and other income received</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">14,988,825</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.044357pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Operating expenses paid</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(1,991,629</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.044357pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Interest expense paid</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(2,465,400</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.044357pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Purchases of long-term investments</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(51,784,181</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.044357pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Sales and maturities of long-term investments</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">51,425,636</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.042999pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net purchases of short-term investments</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(16,672,211</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:47.850006pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Cash provided &#150; operating activities</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(6,498,960</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Cash flow used from financing activities:</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.040756pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Notes maturity</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(42,000,000</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.040756pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Notes issuance</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">60,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.040756pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Payment of Notes issuance costs</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(40,877</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.042999pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Distributions to shareholders</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(11,460,144</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:47.850006pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Cash used &#150; financing activities</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6,498,979</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.040756pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net increase (decrease) in cash</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">19</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.042999pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Cash at beginning of year</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#151;</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.042999pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Cash at end of year</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">19</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.002258pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Reconciliation of Net Increase (Decrease) in Net Assets resulting from Operating Activities to Net Cash</FONT></B></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.002258pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Provided by Operating Activities</FONT></B></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.002258pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">for the year ended August 31, 2013</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.002258pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net increase (decrease) in net assets resulting from operating activities</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">14,954,475</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.001755pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Adjustments to reconcile net increase (decrease) in net assets resulting from operating activities to net cash provided</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">by operating activities:</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:15.124496pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Amortization of Notes issuance costs</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">61,713</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:15.124496pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net amortization income</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(247,628</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:15.124496pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Other investment transactions</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(61,963</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:15.124496pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Increase in dividends and interest receivable</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(107,297</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:15.124496pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Increase in payables to affiliates, accrued expenses, and other liabilities</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">38,607</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:15.124496pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Increase in cost of investments</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(20,431,593</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:15.121902pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Increase in unrealized appreciation on investments</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(705,274</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.003601pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net cash provided by operating activities</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(6,498,960</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">26 </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">The accompanying notes are an integral part of these financial statements. </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
</DIV>

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<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Notes to Financial Statements</FONT></B></P>
<P style="text-align: left;">
<B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">1. O</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">RGANIZATION AND </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">S</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">IGNIFICANT </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">A</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">CCOUNTING </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">P</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">OLICIES</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust (Fund) is registered under the Investment Company Act of 1940, as amended, (1940 Act) as a closed-end investment company.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The following summarizes the Fund&#146;s significant accounting policies.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Sabon-Bold,Times New Roman,Times,serif">a. Financial Instrument Valuation</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The Fund&#146;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. Senior fixed rate notes are carried at cost. Under procedures approved by the Fund&#146;s Board of Trustees (the Board), the Fund&#146;s administrator, investment manager and other affiliates have formed the Valuation and Liquidity Oversight Committee (VLOC). The VLOC provides administration and oversight of the Fund&#146;s valuation policies and procedures, which are approved annually by the Board. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">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 the NYSE, whichever is earlier. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at the close of the NYSE 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. Investments in open-end mutual funds are valued at the closing net asset value.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Debt securities generally trade in the OTC market rather than on a securities exchange. The Fund&#146;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 the close of the NYSE on the date that the values of the foreign debt securities are determined. Repurchase agreements are valued at cost, which approximates market value.</FONT></P>
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<FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">27</FONT></P>
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<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Notes to Financial Statements </FONT></B><I><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>
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<B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">1.</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">O</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">RGANIZATION AND </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">S</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">IGNIFICANT </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">A</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">CCOUNTING </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">P</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">OLICIES </FONT></B><I><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I>	</TD>
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<B><FONT size=2 face="Sabon-Bold,Times New Roman,Times,serif">a.</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<B><FONT size=2 face="Sabon-Bold,Times New Roman,Times,serif">Financial Instrument Valuation </FONT></B><I><FONT size=1 face="Sabon-Italic,Times New Roman,Times,serif">(continued)</FONT></I>	</TD>
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<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">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 VLOC convenes on a regular basis to review such financial instruments and considers a number of factors, including significant unobservable valuation inputs, when arriving at fair value. The VLOC primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, 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. The VLOC employs various methods for calibrating these valuation approaches including a regular review of key inputs and assumptions, transactional back-testing or disposition analysis, and reviews of any related market activity.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Trading in securities on foreign securities stock exchanges and OTC markets may be completed before the daily close of business on the NYSE. Occasionally, events occur between the time at which trading in a foreign security is completed and the close of the NYSE that might call into question the reliability of the value of a portfolio security held by the Fund. As a result, differences may arise between the value of the Fund&#146;s portfolio securities as determined at the foreign market close and the latest indications of value at the close of the NYSE. In order to minimize the potential for these differences, the VLOC monitors price movements following the close of trading in foreign stock markets through a series of country specific market proxies (such as baskets of American Depositary Receipts, futures contracts and exchange traded funds). These price movements are measured against established trigger thresholds for each specific market proxy to assist in determining if an event has occurred that may call into question the reliability of the values of the foreign securities held by the Fund. If such an event occurs, the securities may be valued using fair value procedures, which may include the use of independent pricing services.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">In addition, certain foreign markets may be open on days that the NYSE is closed, which could result in differences between the value of the Fund&#146;s portfolio securities on the last business day and the last calendar day of the reporting period. Any significant security valuation changes due to an open foreign market are adjusted and reflected by the Fund for financial reporting purposes.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Sabon-Bold,Times New Roman,Times,serif">b. Joint Repurchase Agreement</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The Fund enters into a joint repurchase agreement whereby its uninvested cash balance is deposited into a joint cash account with other funds managed by the investment manager or an affiliate of the investment manager and is used to invest in one or more repurchase agreements. The value and face amount of the joint repurchase agreement are allocated to the funds based</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">28 </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
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<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Notes to Financial Statements </FONT></B><I><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>
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<B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">1.</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">O</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">RGANIZATION AND </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">S</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">IGNIFICANT </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">A</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">CCOUNTING </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">P</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">OLICIES </FONT></B><I><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I>	</TD>
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	<TD nowrap valign=top width="2%">
<B><FONT size=2 face="Sabon-Bold,Times New Roman,Times,serif">b.</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<B><FONT size=2 face="Sabon-Bold,Times New Roman,Times,serif">Joint Repurchase Agreement </FONT></B><I><FONT size=1 face="Sabon-Italic,Times New Roman,Times,serif">(continued)</FONT></I>	</TD>
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<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">on their pro-rata interest. A repurchase agreement is accounted for as a loan by the Fund to the seller, collateralized by securities which are delivered to the Fund&#146;s custodian. The market value, including accrued interest, of the initial collateralization is required to be at least 102% of the dollar amount invested by the funds, with the value of the underlying securities marked to market daily to maintain coverage of at least 100%. Repurchase agreements are subject to the terms of Master Repurchase Agreements (MRAs) with approved counterparties (sellers). The MRAs contain various provisions, including but not limited to events of default and maintenance of collateral for repurchase agreements. In the event of default by either the seller or the Fund, certain MRAs may permit the non-defaulting party to net and close-out all transactions, if any, traded under such agreements. The Fund may sell securities it holds as collateral and apply the proceeds towards the repurchase price and any other amounts owed by the seller to the Fund in the event of default by the seller. This could involve costs or delays in addition to a loss on the securities if their value falls below the repurchase price owed by the seller. The joint repurchase agreement held by the Fund at year end, as indicated in the Statement of Investments, had been entered into on August 30, 2013.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Sabon-Bold,Times New Roman,Times,serif">c. Senior Floating Rate Interests</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">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 London InterBank Offered Rate (LIBOR). 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.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Senior secured corporate loans in which the Fund invests are generally readily marketable, but may be subject to certain restrictions on resale.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Sabon-Bold,Times New Roman,Times,serif">d. Income and Deferred Taxes</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">It is the Fund&#146;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.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The Fund may be subject to foreign taxation related to income received, capital gains on the sale of securities and certain foreign currency transactions in the foreign jurisdictions in which it invests. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests. When a capital gain tax is determined to apply the Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">29</FONT></P>
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<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Notes to Financial Statements </FONT></B><I><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>
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<B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">1.</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">O</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">RGANIZATION AND </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">S</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">IGNIFICANT </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">A</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">CCOUNTING </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">P</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">OLICIES </FONT></B><I><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I>	</TD>
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	<TD nowrap valign=top width="2%">
<B><FONT size=2 face="Sabon-Bold,Times New Roman,Times,serif">d.</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<B><FONT size=2 face="Sabon-Bold,Times New Roman,Times,serif">Income and Deferred Taxes </FONT></B><I><FONT size=1 face="Sabon-Italic,Times New Roman,Times,serif">(continued)</FONT></I>	</TD>
</TR>
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<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The Fund recognizes the tax benefits of uncertain tax positions only when the position is &#147;more likely than not&#148; to be sustained upon examination by the tax authorities based on the technical merits of the tax position. As of August 31, 2013, and for all open tax years, the Fund has determined that no liability for unrecognized tax benefits is required in the Fund&#146;s financial statements related to uncertain tax positions taken on a tax return (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction statute of limitation.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Sabon-Bold,Times New Roman,Times,serif">e. Security Transactions, Investment Income, Expenses and Distributions</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Security transactions are accounted for on trade date. Realized gains and losses on security transactions are determined on a specific identification basis. Interest income and estimated expenses are accrued daily. Amortization of premium and accretion of discount on debt securities are included in interest income. Facility fees are recognized as income over the expected term of the loan. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized as soon as the Fund is notified of the ex-dividend date. Distributions to shareholders are recorded on the ex-dividend date and are determined according to income tax regulations (tax basis). Distributable earnings determined on a tax basis may differ from earnings recorded in accordance with accounting principles generally accepted in the United States of America. These differences may be permanent or temporary. Permanent differences are reclassified among capital accounts to reflect their tax character. These reclassifications have no impact on net assets or the results of operations. Temporary differences are not reclassified, as they may reverse in subsequent periods.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Sabon-Bold,Times New Roman,Times,serif">f. Accounting Estimates</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America 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.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Sabon-Bold,Times New Roman,Times,serif">g. Guarantees and Indemnifications</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Under the Fund&#146;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&#146;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.</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">30 </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
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<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Notes to Financial Statements </FONT></B><I><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>
<P style="text-align: left;">
<B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">2. S</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">HARES OF </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">B</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">ENEFICIAL </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">I</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">NTEREST</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">At August 31, 2013, there were an unlimited number of shares authorized (&#36;0.01 par value). During the years ended August 31, 2013 and August 31, 2012, there were no shares issued; all reinvested distributions were satisfied with previously issued shares purchased in the open market.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The Fund&#146;s Board of Trustees previously authorized an open-market share repurchase program pursuant to which the Fund may purchase, from time to time, Fund shares in open-market transactions, at the discretion of management. This authorization remains in effect. During the years ended August 31, 2013 and August 31, 2012, there were no shares repurchased.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">3. S</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">ENIOR </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">F</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">IXED </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">R</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">ATE </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">N</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">OTES</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">During the year ended August 31, 2013, the Fund had &#36;42 million five-year senior fixed rate notes outstanding, bearing interest at 5.87% per year. Total interest expensed by the Fund, in association with the notes, was &#36;2,465,400 and the Fund amortized &#36;61,554 of notes issuance costs. The issuance costs of &#36;427,946 incurred by the Fund were deferred and amortized on an interest method basis over the term of the notes. During the year ended August 31, 2009, the Fund made early partial prepayments of &#36;23 million and incurred make whole premiums in the amount of &#36;1,701,222. Prior to these prepayments, the balance of the notes was &#36;65 million. In connection with these prepayments, the Fund expensed &#36;145,034 of previously incurred notes issuance costs. On August 28, 2013, the notes matured and were paid in full.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">On August 28, 2013, the Fund issued &#36;60 million principal amount of a new class of five-year senior fixed rate notes (Notes). The Notes bear interest, payable semi-annually, at a rate of 2.87% per year, to maturity on August 28, 2018. The Notes are general unsecured obligations of the Fund and rank senior to trust shares and all existing or future unsecured indebtedness of the Fund. For the year ended August 31, 2013, total interest expensed by the Fund on the Notes was &#36;14,350. The Fund is required to maintain on a monthly basis a specified discounted asset value for its portfolio in compliance with guidelines established in the Notes Agreement, and is required under the 1940 Act to maintain asset coverage for the Notes of at least 300%. The Fund has met these requirements during the year ended August 31, 2013. The issuance costs of &#36;101,536 incurred by the Fund are deferred and amortized on an interest method basis over the term of the Notes. For the year ended August 31, 2013, the Fund amortized &#36;159 of Notes issuance costs. Subject to certain restrictions and make whole premiums, the Fund may prepay the Notes at any time. At August 31, 2013, if the Notes were fully prepaid, the make whole premium related to the current balance of the Notes would have been approximately &#36;2,191,000.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The Fund employs an income-based approach to determine the fair value of the Notes, which uses the Notes&#146; current credit rating, remaining time to maturity, stated coupon rates, the current yield of a comparable asset, and a liquidity premium. At August 31, 2013, the estimated fair value of the Notes was approximately &#36;60,952,000.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">31</FONT></P>
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<P style="text-align: left;">
<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Notes to Financial Statements </FONT></B><I><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>
<P style="text-align: left;">
<B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">4. T</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">RANSACTIONS WITH </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">A</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">FFILIATES</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Resources, Inc. is the holding company for various subsidiaries that together are referred to as Franklin Templeton Investments. Certain officers and trustees of the Fund are also officers and/or directors of the following subsidiaries:</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=65%></TD>
     <TD width=34%></TD></TR>
<TR valign="bottom">
	<TD bgcolor="#666666" align=left>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Subsidiary</FONT></B></TD>
	<TD bgcolor="#666666" align=left>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Affiliation</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Franklin Advisers, Inc. (Advisers)</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Investment manager</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Franklin Templeton Services, LLC (FT Services)</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.001282pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Administrative manager</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<B><FONT size=2 face="Sabon-Bold,Times New Roman,Times,serif">a. Management Fees</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The Fund pays an investment management fee to Advisers of 0.75% per year of the average weekly managed assets. Managed assets are defined as the Fund&#146;s gross asset value minus the sum of accrued liabilities, other than the principal amount of the Notes.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Sabon-Bold,Times New Roman,Times,serif">b. Administrative Fees</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Under an agreement with Advisers, FT Services provides administrative services to the Fund. The fee is paid by Advisers based on the Fund&#146;s average daily net assets, and is not an additional expense of the Fund.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">5. E</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">XPENSE </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">O</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">FFSET </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">A</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">RRANGEMENT</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The Fund has entered into an arrangement with its custodian whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the Fund&#146;s custodian expenses. During the year ended August 31, 2013, there were no credits earned.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">6. I</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">NCOME </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">T</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">AXES</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">For tax purposes, capital losses may be carried over to offset future capital gains. Capital loss carry-forwards with no expiration, if any, must be fully utilized before those losses with expiration dates.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">At August 31, 2013, capital loss carryforwards were as follows:</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=66%></TD>
     <TD width=4%></TD>
     <TD width=28%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Capital loss carryforwards subject to expiration:</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.040756pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2014</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">4,643,995</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.040756pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2017</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,679,183</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.039398pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2018</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">9,083,012</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:15.118301pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Total capital loss carryforwards</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">15,406,190</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">During the year ended August 31, 2013, the Fund utilized &#36;3,357,034 of capital loss carryforwards.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">On August 31, 2013, the Fund had expired capital loss carryforwards of &#36;631,895, which were reclassified to paid-in capital.</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">32 </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
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<P style="text-align: left;">
<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Notes to Financial Statements </FONT></B><I><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>
<P style="text-align: left;">
<B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">6. I</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">NCOME </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">T</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">AXES </FONT></B><I><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The tax character of distributions paid during the years ended August 31, 2013 and 2012, was as follows:</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=50%></TD>
     <TD width=4%></TD>
     <TD width=23%></TD>
     <TD width=4%></TD>
     <TD width=17%></TD></TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD bgcolor="#666666" align=right>
&nbsp;</TD>
	<TD bgcolor="#666666" align=center>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">2013</FONT></B></TD>
	<TD bgcolor="#666666" align=right>
&nbsp;</TD>
	<TD bgcolor="#666666" align=center>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">2012</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Distributions paid from ordinary income</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">11,460,144</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">11,460,144</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">At August 31, 2013, the cost of investments, net unrealized appreciation (depreciation), and undistributed ordinary income for income tax purposes were as follows:</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=69%></TD>
     <TD width=9%></TD>
     <TD width=16%></TD>
     <TD width=4%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Cost of investments</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.006470pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">223,498,809</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Unrealized appreciation</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">36,966,887</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Unrealized depreciation</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(4,255,941</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Net unrealized appreciation (depreciation)</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.006165pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">32,710,946</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Distributable earnings &#150; undistributed ordinary income</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.019714pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,968,568</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">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, payments-in-kind, and bond discounts and premiums.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">7. I</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">NVESTMENT </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">T</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">RANSACTIONS</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Purchases and sales of investments (excluding short term securities) for the year ended August 31, 2013, aggregated &#36;58,762,378 and &#36;50,993,930, respectively.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">8. I</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">NVESTMENTS IN </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">I</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">NSTITUTIONAL </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">F</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">IDUCIARY </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">T</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">RUST </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">M</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">ONEY </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">M</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">ARKET </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">P</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">ORTFOLIO</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The Fund invests in the Institutional Fiduciary Trust Money Market Portfolio (Sweep Money Fund), an open-end investment company managed by Advisers. Management fees paid by the Fund are reduced on assets invested in the Sweep Money Fund, in an amount not to exceed the management and administrative fees paid by the Sweep Money Fund.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">9. C</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">REDIT </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">R</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">ISK AND </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">D</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">EFAULTED </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">S</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">ECURITIES</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">At August 31, 2013, the Fund had 61.83% of its portfolio invested in high yield securities, senior secured floating rate notes, or other securities rated below investment grade. 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.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">33</FONT></P>
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<P style="text-align: left;">
<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Notes to Financial Statements </FONT></B><I><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>
<P style="text-align: left;">
<B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">9. C</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">REDIT </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">R</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">ISK AND </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">D</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">EFAULTED </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">S</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">ECURITIES </FONT></B><I><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The Fund held a defaulted security and/or other securities for which the income has been deemed uncollectible. At August 31, 2013, the value of this security represents less than 0.05% of the Fund&#146;s portfolio. The Fund discontinues accruing income on securities for which income has been deemed uncollectible and provides an estimate for losses on interest receivable. The security has been identified on the accompanying Statement of Investments.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">10. F</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">AIR </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">V</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">ALUE </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">M</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">EASUREMENTS</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund&#146;s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund&#146;s financial instruments and are summarized in the following fair value hierarchy:</FONT></P>
<UL>
<LI>
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Level 1 &#150; quoted prices in active markets for identical financial instruments</FONT></LI>
<LI>
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Level 2 &#150; other significant observable inputs (including quoted prices for similar financial</FONT> <FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">instruments, interest rates, prepayment speed, credit risk, etc.)</FONT></LI>
<LI>
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Level 3 &#150; significant unobservable inputs (including the Fund&#146;s own assumptions in</FONT> <FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">determining the fair value of financial instruments)</FONT></LI>
</UL>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The inputs or methodology used for valuing financial instruments are not an indication of the risk associated with investing in those financial instruments.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">For movements between the levels within the fair value hierarchy, the Fund has adopted a policy of recognizing the transfers as of the date of the underlying event which caused the movement.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">A summary of inputs used as of August 31, 2013, in valuing the Fund&#146;s assets carried at fair value, is as follows:</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=37%></TD>
     <TD width=5%></TD>
     <TD width=12%></TD>
     <TD width=2%></TD>
     <TD width=14%></TD>
     <TD width=5%></TD>
     <TD width=6%></TD>
     <TD width=2%></TD>
     <TD width=12%></TD></TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD bgcolor="#666666" align=left>
&nbsp;</TD>
	<TD bgcolor="#666666" align=center>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Level 1</FONT></B></TD>
	<TD bgcolor="#666666" align=left>
&nbsp;</TD>
	<TD bgcolor="#666666" align=center>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Level 2</FONT></B></TD>
	<TD bgcolor="#666666" align=left>
&nbsp;</TD>
	<TD bgcolor="#666666" align=left>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Level 3</FONT></B></TD>
	<TD bgcolor="#666666" align=left>
&nbsp;</TD>
	<TD bgcolor="#666666" align=center>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Total</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Assets:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Investments in Securities:</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.993256pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Equity Investments:</FONT><SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">a</FONT></SUP></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:24.002106pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Materials</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#151;</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">420,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.001923pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#151;</FONT><SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b</FONT></SUP></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">420,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:23.997711pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Transportation</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#151;</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">416,484</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.000336pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#151;</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">416,484</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:23.997711pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Other Equity Investments</FONT><SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">c</FONT></SUP></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">71,520,450</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#151;</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.008820pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#151;</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">71,520,450</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.002258pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Corporate Bonds</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#151;</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">160,845,558</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#151;</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">160,845,558</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.002258pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Senior Floating Rate Interests</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#151;</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,965,852</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.009125pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#151;</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,965,852</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.002106pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Short Term Investments</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">9,557,613</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">11,483,798</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.012665pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#151;</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">21,041,411</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:24.002106pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Total Investments in Securities</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.007050pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">81,078,063</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.006500pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">175,131,692</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.014038pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#151;</FONT><SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b</FONT></SUP></TD>
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.443420pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">256,209,755</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">a</FONT></SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Includes common,preferred and convertible preferred stocks as well as other equity investments.</FONT><BR>
<SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Includes security determined to have no value at August 31, 2013.</FONT><BR>
<SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">For detailed categories, see the accompanying Statement of Investments.</FONT><BR>
<BR>
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented</FONT><BR>
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">when there are significant Level 3 investments at the end of the period.</FONT><BR>
<BR>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">34 </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
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<P style="text-align: left;">
<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Notes to Financial Statements </FONT></B><I><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>
<P style="text-align: left;">
<B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">11. N</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">EW </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">A</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">CCOUNTING </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">P</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">RONOUNCEMENTS</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. The amendments in the ASU enhance disclosures about offsetting of financial assets and liabilities to enable investors to understand the effect of these arrangements on a fund&#146;s financial position. In January 2013, FASB issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. The amendments in ASU No. 2013-01 clarify the intended scope of disclosures required by ASU No. 2011-11. These ASUs are effective for interim and annual reporting periods beginning on or after January 1, 2013. The Fund believes the adoption of these ASUs will not have a material impact on its financial statements.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">In June 2013, FASB issued Accounting Standards Update (ASU) No. 2013-08, Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements. The ASU modifies the criteria used in defining an investment company under U.S. Generally Accepted Accounting Principles and also sets forth certain measurement and disclosure requirements. Under the ASU, an entity that is registered under the 1940 Act automatically qualifies as an investment company. The ASU is effective for interim and annual reporting periods beginning after December 15, 2013. The Fund is currently reviewing the requirements and believes the adoption of this ASU will not have a material impact on its financial statements.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">12. S</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">UBSEQUENT </FONT></B><B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">E</FONT></B><B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">VENTS</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The Fund has evaluated subsequent events through the issuance of the financial statements and determined that no events have occurred that require disclosure.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">A</FONT></B><B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">BBREVIATIONS</FONT></B><BR>
<BR>
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Selected Portfolio</FONT></B><BR>
<BR>
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">FRN </FONT></B><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">- Floating Rate Note</FONT><BR>
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">PIK </FONT></B><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">- Payment-In-Kind</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">35</FONT></P>
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<P style="text-align: left;">
<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Report of Independent Registered Public Accounting Firm</FONT></B></P>
<P style="text-align: left;">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">To the Board of Trustees and Shareholders of Franklin Universal Trust</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">In our opinion, the accompanying statement of assets and liabilities, including the statement of investments, and the related statements of operations, of changes in net assets and of cash flows and the financial highlights present fairly, in all material respects, the financial position of Franklin Universal Trust (the &#147;Fund&#148;) at August 31, 2013, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as &#147;financial statements&#148;) are the responsibility of the Fund&#146;s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2013 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">PricewaterhouseCoopers LLP</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">San Francisco, California</FONT><BR>
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">October 18, 2013</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">36 </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
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<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Tax Information (unaudited)</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Under Section 854(b)(1)(A) of the Internal Revenue Code (Code), the Fund hereby reports 24.93% of the ordinary income dividends as income qualifying for the dividends received deduction for the fiscal year ended August 31, 2013.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Under Section 854(b)(1)(B) of the Code, the Fund hereby reports the maximum amount allowable but no less than &#36;2,857,485 as qualified dividends for purposes of the maximum rate under Section 1(h)(11) of the Code for the fiscal year ended August 31, 2013. Distributions, including qualified dividend income, paid during calendar year 2013 will be reported to shareholders on Form 1099-DIV by mid-February 2014. Shareholders are advised to check with their tax advisors for information on the treatment of these amounts on their individual income tax returns.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Under Section 871(k)(1)(C) of the Code, the Fund hereby reports the maximum amount allowable but no less than &#36;7,291,256 as interest related dividends for purposes of the tax imposed under Section 871(a)(1)(A) of the Code for the fiscal year ended August 31, 2013.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">37</FONT></P>
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<P style="text-align: left;">
<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Board Members and Officers</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The name, year of birth and address of the officers and board members, as well as their affiliations, positions held with the Trust, principal occupations during at least the past five years and number of portfolios overseen in the Franklin Templeton Investments fund complex are shown below. Generally, each board member serves until that person&#146;s successor is elected and qualified.</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=22%></TD>
     <TD width=11%></TD>
     <TD width=14%></TD>
     <TD width=24%></TD>
     <TD width=27%></TD></TR>
<TR valign="bottom">
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Independent Board Members</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.007050pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Number of Portfolios in</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:4.000000pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Name, Year of Birth</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Length of</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Fund Complex Overseen</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Other Directorships Held</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#666666" align=left style="TEXT-INDENT:4.000000pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">and Address</FONT></B></TD>
	<TD bgcolor="#666666" align=left>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Position</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="TEXT-INDENT:0.004471pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Time Served</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="TEXT-INDENT:0.010986pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">by Board Member*</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="TEXT-INDENT:0.010376pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">During at Least the Past 5 Years</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.001343pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Harris J. Ashton (1932)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.570602pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Trustee</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.003433pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Since 1988</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.142029pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">141</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.259583pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Bar-S Foods (meat packing company)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.001343pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.259583pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(1981-2010).</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.001343pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="TEXT-INDENT:4.001343pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:4.001343pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Director of various companies; and </FONT><B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">formerly, </FONT></B><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Director, RBC Holdings, Inc. (bank holding company) (until 2002); and President, Chief Executive</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:4.000000pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Officer and Chairman of the Board, General Host Corporation (nursery and craft centers) (until 1998).</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.000000pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Sam Ginn (1937)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Trustee</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.002075pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Since 2007</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.140686pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">114</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">ICO Global Communications</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.000000pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(Holdings) Limited (satellite company)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.000000pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(2006-2010), Chevron Corporation</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(global energy company) (1989-2009),</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Hewlett-Packard Company (technology</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">company) (1996-2002), Safeway, Inc.</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(grocery retailer) (1991-1998) and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">TransAmerica Corporation (insurance</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">company) (1989-1999).</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="TEXT-INDENT:4.000000pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:4.000000pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Private investor; Chairman, First Responder Network Authority (FirstNet) (interoperable wireless broadband network) (August 2012); and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:4.000000pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">formerly, </FONT></B><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Chairman of the Board, Vodafone AirTouch, PLC (wireless company) (1999-2000); Chairman of the Board and Chief Executive</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:4.000000pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Officer, AirTouch Communications (cellular communications) (1993-1998) and Pacific Telesis Group (telephone holding company)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:4.000000pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(1988-1994).</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.000000pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Edith E. Holiday (1952)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Trustee</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.002075pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Since 2004</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.140686pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">141</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Hess Corporation (exploration and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.000000pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">refining of oil and gas), H.J. Heinz</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.000000pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Company (processed foods and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">allied products) (1994-2013), RTI</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">International Metals, Inc. (manu-</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">facture and distribution of titanium),</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Canadian National Railway (railroad)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">and White Mountains Insurance</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Group, Ltd. (holding company).</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="TEXT-INDENT:4.000000pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:4.000000pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Director or Trustee of various companies and trusts; and </FONT><B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">formerly, </FONT></B><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Assistant to the President of the United States and Secretary of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:4.000000pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Cabinet (1990-1993); General Counsel to the United States Treasury Department (1989-1990); and Counselor to the Secretary and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:4.000000pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Assistant Secretary for Public Affairs and Public Liaison &#150; United States Treasury Department (1988-1989).</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">38 </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
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<TABLE border=0 cellspacing=0>
<TR>
     <TD width=22%></TD>
     <TD width=12%></TD>
     <TD width=14%></TD>
     <TD width=21%></TD>
     <TD width=28%></TD></TR>
<TR valign="bottom">
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.007050pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Number of Portfolios in</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.008255pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Name, Year of Birth</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Length of</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Fund Complex Overseen</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Other Directorships Held</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#666666" align=left style="TEXT-INDENT:0.008255pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">and Address</FONT></B></TD>
	<TD bgcolor="#666666" align=left>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Position</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="TEXT-INDENT:0.004471pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Time Served</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="TEXT-INDENT:0.010986pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">by Board Member*</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="TEXT-INDENT:0.010376pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">During at Least the Past 5 Years</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.008255pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">J. Michael Luttig (1954)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Trustee</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.002075pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Since 2009</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.140686pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">141</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Boeing Capital Corporation (aircraft</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">financing) (2006-2013).</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="TEXT-INDENT:0.008255pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Executive Vice President, General Counsel and member of Executive Council, The Boeing Company (aerospace company); and </FONT><B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">formerly,</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Federal Appeals Court Judge, U.S. Court of Appeals for the Fourth Circuit (1991-2006).</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.009598pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Frank A. Olson (1932)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.570602pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Trustee</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.003433pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Since 2005</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.142029pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">141</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.259583pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Hess Corporation (exploration and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.009598pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.259583pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">refining of oil and gas) (1998-2013).</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.009598pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="TEXT-INDENT:0.009598pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.009598pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Chairman Emeritus, The Hertz Corporation (car rental) (since 2000) (Chairman of the Board (1980-2000) and Chief Executive Officer</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(1977-1999)); and </FONT><B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">formerly, </FONT></B><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Chairman of the Board, President and Chief Executive Officer, UAL Corporation (airlines) (until 1987).</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.008255pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Larry D. Thompson (1945)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Trustee</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.002075pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Since 2007</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.140686pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">141</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Cbeyond, Inc. (business commu-</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">nications provider) (2010-2012),</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">The Southern Company (energy</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">company) (2010-2012) and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">The Washington Post Company</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(education and media organization).</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="TEXT-INDENT:0.008255pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Executive Vice President &#150; Government Affairs, General Counsel and Corporate Secretary, PepsiCo, Inc. (consumer products) (July 2012);</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">and </FONT><B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">formerly, </FONT></B><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">John A. Sibley Professor of Corporate and Business Law, University of Georgia School of Law (2011-2012); Senior Vice</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">President &#150; Government Affairs, General Counsel and Secretary, PepsiCo, Inc. (2004-2011); Senior Fellow of The Brookings Institution</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(2003-2004); Visiting Professor, University of Georgia School of Law (2004); and Deputy Attorney General, U.S. Department of Justice</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(2001-2003).</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.008255pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">John B. Wilson (1959)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Lead</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Trustee since</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.140808pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">114</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">None</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Independent</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">2006 and since</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Trustee</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">2008</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3>
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">President, Staples Europe (office supplies) (October 2012); President and Founder, Hyannis Port Capital, Inc. (real estate and private equity</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">investing); serves on private and non-profit boards; and </FONT><B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">formerly, </FONT></B><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Chief Operating Officer and Executive Vice President, Gap, Inc. (retail)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(1996-2000); Chief Financial Officer and Executive Vice President &#150; Finance and Strategy, Staples, Inc. (1992-1996); Senior Vice President &#150;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Corporate Planning, Northwest Airlines, Inc. (airlines) (1990-1992); and Vice President and Partner, Bain &amp; Company (consulting firm)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(1986-1990).</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: right;">
<FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">39</FONT></P>
</DIV>

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<TABLE border=0 cellspacing=0>
<TR>
     <TD width=24%></TD>
     <TD width=12%></TD>
     <TD width=14%></TD>
     <TD width=22%></TD>
     <TD width=26%></TD></TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Interested Board Members and Officers</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
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&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.007050pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Number of Portfolios in</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:4.000000pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Name, Year of Birth</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Length of</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Fund Complex Overseen</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Other Directorships Held</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#666666" align=left style="TEXT-INDENT:4.000000pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">and Address</FONT></B></TD>
	<TD bgcolor="#666666" align=left>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Position</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="TEXT-INDENT:0.004471pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Time Served</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="TEXT-INDENT:0.010986pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">by Board Member*</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="TEXT-INDENT:0.010376pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">During at Least the Past 5 Years</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.000000pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">**Gregory E. Johnson (1961)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Trustee</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.002075pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Since June 2013</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.140381pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">151</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">None</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.000000pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.000000pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="TEXT-INDENT:4.000000pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:4.000000pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Chairman of the Board, Member &#150; Office of the Chairman, Director, President and Chief Executive Officer, Franklin Resources, Inc.; officer</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:4.000000pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">and/or director or trustee, as the case may be, of some of the other subsidiaries of Franklin Resources, Inc. and of 44 of the investment</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:4.000000pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">companies in Franklin Templeton Investments; and Chairman, Investment Company Institute.</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.000000pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">**Rupert H. Johnson, Jr. (1940)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Chairman of</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Chairman of the</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.140808pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">141</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">None</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.000000pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">the Board,</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Board since June</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.000000pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Trustee and</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">2013, Trustee and</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Senior Vice</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Senior Vice</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">President</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">President since</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">1988</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="TEXT-INDENT:3.991745pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:3.991745pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Vice Chairman, Member &#150; Office of the Chairman and Director, Franklin Resources, Inc.; Director, Franklin Advisers, Inc.; Senior Vice</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:3.991745pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">President, Franklin Advisory Services, LLC; and officer and/or director or trustee, as the case may be, of some of the other subsidiaries</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:4.000000pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">of Franklin Resources, Inc. and of 41 of the investment companies in Franklin Templeton Investments.</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.001343pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Alison E. Baur (1964)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.570602pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Vice President</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.003876pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Since 2012</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.142456pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.259583pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.001343pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.001343pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="TEXT-INDENT:4.001343pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:4.001343pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Deputy General Counsel, Franklin Templeton Investments; and officer of some of the other subsidiaries of Franklin Resources, Inc. and of 46</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:4.000000pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">of the investment companies in Franklin Templeton Investments.</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.000000pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Laura F. Fergerson (1962)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Chief</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Since 2009</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.138611pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.000000pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Executive</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.000000pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Officer &#150;</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Finance and</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Administration</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="TEXT-INDENT:4.000000pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:4.000000pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Senior Vice President, Franklin Templeton Services, LLC; and officer of 46 of the investment companies in Franklin Templeton Investments.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.000000pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Gaston Gardey (1967)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Treasurer,</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Since 2009</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.138611pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.000000pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Chief Financial</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.000000pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Officer and</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Chief</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Accounting</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Officer</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="TEXT-INDENT:4.000000pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:4.000000pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Director, Fund Accounting, Franklin Templeton Investments; and officer of 27 of the investment companies in Franklin Templeton Investments.</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">40 </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>



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<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=23%></TD>
     <TD width=11%></TD>
     <TD width=14%></TD>
     <TD width=20%></TD>
     <TD width=28%></TD></TR>
<TR valign="bottom">
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.007050pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Number of Portfolios in</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.008255pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Name, Year of Birth</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Length of</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Fund Complex Overseen</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Other Directorships Held</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#666666" align=left style="TEXT-INDENT:0.008255pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">and Address</FONT></B></TD>
	<TD bgcolor="#666666" align=left>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Position</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="TEXT-INDENT:0.004471pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Time Served</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="TEXT-INDENT:0.010986pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">by Board Member*</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="TEXT-INDENT:0.010376pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">During at Least the Past 5 Years</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.008255pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Aliya S. Gordon (1973)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Vice President</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.002533pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Since 2009</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.141113pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="TEXT-INDENT:0.008255pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Senior Associate General Counsel, Franklin Templeton Investments; officer of 46 of the investment companies in Franklin Templeton</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Investments; and </FONT><B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">formerly, </FONT></B><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Litigation Associate, Steefel, Levitt &amp; Weiss, LLP (2000-2004).</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.008255pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Steven J. Gray (1955)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Vice President</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.002533pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Since 2009</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.141113pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="TEXT-INDENT:0.008255pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Senior Associate General Counsel, Franklin Templeton Investments; Vice President, Franklin Templeton Distributors, Inc.; and officer of 46 of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">the investment companies in Franklin Templeton Investments.</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.008255pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Selena L. Holmes (1965)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Vice President</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Since 2012</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.138611pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">100 Fountain Parkway</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">&#150; AML</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">St. Petersburg, FL 33716-1205</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Compliance</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="TEXT-INDENT:0.008255pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Director, Global Compliance Monitoring; and officer of 46 of the investment companies in Franklin Templeton Investments.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.008255pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Edward B. Jamieson (1948)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">President and</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">President since</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.140808pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Chief</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">1993 and Chief</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Executive</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Executive Officer &#150;</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Officer &#150;</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Investment</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Investment</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Management</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Management</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">since 2002</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3>
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">President, Chief Investment Officer and Director, Franklin Advisers, Inc.; Executive Vice President, Franklin Templeton Institutional, LLC;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">and officer and/or trustee, as the case may be, of some of the other subsidiaries of Franklin Resources, Inc. and of 10 of the investment</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">companies in Franklin Templeton Investments.</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.009598pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Kimberly H. Novotny (1972)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.570602pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Vice President</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.002991pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Since March 2013</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.141174pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.259583pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.009598pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">300 S.E. 2nd Street</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.009598pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Fort Lauderdale, FL 33301-1923</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="TEXT-INDENT:0.009598pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.009598pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Senior Corporate Counsel, Franklin Templeton Investments; Vice President, Secretary and Trust Officer, Fiduciary Trust International of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.009598pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">South; Vice President, Templeton Investment Counsel, LLC; Assistant Secretary, Franklin Resources, Inc.; and officer of 46 of the investment</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">companies in Franklin Templeton Investments.</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.008255pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Robert C. Rosselot (1960)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Chief</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Since March 2013</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.139923pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">300 S.E. 2nd Street</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Compliance</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Fort Lauderdale, FL 33301-1923</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Officer</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="TEXT-INDENT:0.008255pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Director, Global Compliance, Franklin Templeton Investments; officer of 46 of the investment companies in Franklin Templeton Investments;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">and </FONT><B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">formerly, </FONT></B><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Senior Associate General Counsel, Franklin Templeton Investments (2007-2013); and Secretary and Vice President, Templeton</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.008255pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Group of Funds (2004-2013).</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: right;">
<FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">41</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>



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<TABLE border=0 cellspacing=0>
<TR>
     <TD width=23%></TD>
     <TD width=11%></TD>
     <TD width=15%></TD>
     <TD width=20%></TD>
     <TD width=28%></TD></TR>
<TR valign="bottom">
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.007050pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Number of Portfolios in</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Name, Year of Birth</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.000412pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Length of</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Fund Complex Overseen</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Other Directorships Held</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#666666" align=left>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">and Address</FONT></B></TD>
	<TD bgcolor="#666666" align=left>
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Position</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="TEXT-INDENT:0.004883pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Time Served</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="TEXT-INDENT:0.010986pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">by Board Member*</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="TEXT-INDENT:0.010376pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">During at Least the Past 5 Years</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001343pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Karen L. Skidmore (1952)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.570602pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Vice President</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.001755pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Since 2006</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.139954pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.259583pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001343pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.570602pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">and Secretary</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001343pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="TEXT-INDENT:0.001343pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.001343pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Senior Associate General Counsel, Franklin Templeton Investments; and officer of 46 of the investment companies in Franklin</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Templeton Investments.</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Craig S. Tyle (1960)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.569260pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Vice President</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.002945pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Since 2005</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.141113pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.258240pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3>
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">General Counsel and Executive Vice President, Franklin Resources, Inc.; officer of some of the other subsidiaries of Franklin Resources, Inc.</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">and of 46 of the investment companies in Franklin Templeton Investments; and </FONT><B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">formerly, </FONT></B><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Partner, Shearman &amp; Sterling, LLP (2004-2005);</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">and General Counsel, Investment Company Institute (ICI) (1997-2004).</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001343pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Lori A. Weber (1964)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.570602pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Vice President</FONT></TD>
	<TD align=left>
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Since 2011</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.137329pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.259583pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001343pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">300 S.E. 2nd Street</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001343pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Fort Lauderdale, FL 33301-1923</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="TEXT-INDENT:0.001343pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.001343pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Senior Associate General Counsel, Franklin Templeton Investments; Assistant Secretary, Franklin Resources, Inc.; Vice President and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.001343pt">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Secretary, Templeton Investment Counsel, LLC; Vice President, Fiduciary Trust International of the South; and officer of 46 of the investment</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">companies in Franklin Templeton Investments.</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">*We base the number of portfolios on each separate series of the U.S. registered investment companies within the Franklin Templeton Investments fund complex. These portfolios</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">have a common investment manager or affiliated investment managers.</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">**Gregory E. Johnson is considered to be an interested person of the Fund under the federal securities laws due to his position as an officer and director of Franklin Resources, Inc.</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">(Resources), which is the parent company of the Fund&#146;s investment manager. Rupert H. Johnson, Jr. is considered to be an interested person of the Fund under the federal securities</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">laws due to his position as officer and director and major shareholder of Resources.</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Note 1: Rupert H. Johnson, Jr. is the uncle of Gregory E. Johnson.</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Note 2: Officer information is current as of the date of this report. It is possible that after this date, information about officers may change.</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Note 3: Effective June 13, 2013, Charles B. Johnson ceased to be a trustee of the Fund.</FONT><BR>
<BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">The Sarbanes-Oxley Act of 2002 and Rules adopted by the Securities and Exchange Commission require the Fund to disclose whether the Fund&#146;s Audit Committee includes at</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">least one member who is an audit committee financial expert within the meaning of such Act and Rules. The Fund&#146;s Board has determined that there is at least one such finan-</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">cial expert on the Audit Committee and has designated John B. Wilson as its audit committee financial expert. The Board believes that Mr. Wilson qualifies as such an expert in</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">view of his extensive business background and experience, including service as chief financial officer of Staples, Inc. from 1992 to 1996. Mr. Wilson has been a Member and</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">Chairman of the Fund&#146;s Audit Committee since 2006. As a result of such background and experience, the Board believes that Mr. Wilson has acquired an understanding of gen-</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">erally accepted accounting principles and financial statements, the general application of such principles in connection with the accounting estimates, accruals and reserves,</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">and analyzing and evaluating financial statements that present a breadth and level of complexity of accounting issues generally comparable to those of the Fund, as well as an</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">understanding of internal controls and procedures for financial reporting and an understanding of audit committee functions. Mr. Wilson is an independent Board member as</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">that term is defined under the relevant Securities and Exchange Commission Rules and Releases or the listing standards applicable to the Fund.</FONT></B></P>
<P style="text-align: left;">
<FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">42 </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
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<P style="text-align: left;">
<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Shareholder Information</FONT></B></P>
<P style="text-align: left;">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Proxy Voting Policies and Procedures</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The Fund&#146;s investment manager has established Proxy Voting Policies and Procedures (Policies) that the Fund uses to determine how to vote proxies relating to portfolio securities. Shareholders may view the Fund&#146;s complete Policies online at franklintempleton.com. Alternatively, shareholders may request copies of the Policies free of charge by calling the Proxy Group collect at (954) 527-7678 or by sending a written request to: Franklin Templeton Companies, LLC, 300 S.E. 2nd Street, Fort Lauderdale, FL 33301, Attention: Proxy Group. Copies of the Fund&#146;s proxy voting records are also made available online at franklintempleton.com and posted on the U.S. Securities and Exchange Commission&#146;s website at sec.gov and reflect the most recent 12-month period ended June 30.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Quarterly Statement of Investments</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The Fund files a complete statement of investments with the U.S. Securities and Exchange Commission for the first and third quarters for each fiscal year on Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission&#146;s website at sec.gov. The filed form may also be viewed and copied at the Commission&#146;s Public Reference Room in Washington, DC. Information regarding the operations of the Public Reference Room may be obtained by calling (800) SEC-0330.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Certifications</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The Fund&#146;s Chief Executive Officer &#150; Finance and Administration is required by the New York Stock Exchange&#146;s Listing Standards to file annually with the Exchange a certification that she is not aware of any violation by the Fund of the Exchange&#146;s Corporate Governance Standards applicable to the Fund. The Fund has filed such certification.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">In addition, the Fund&#146;s Chief Executive Officer &#150; Finance and Administration and Chief Financial Officer and Chief Accounting Officer are required by the rules of the U.S. Securities and Exchange Commission to provide certain certifications with respect to the Fund&#146;s Form N-CSR and Form N-CSRS (which include the Fund&#146;s annual and semiannual reports to shareholders) that are filed semiannually with the Commission. The Fund has filed such certifications with its Form N-CSRS for the six months ended February 28, 2013. Additionally, the Fund expects to file, on or about October 30, 2013, such certifications with its Form N-CSR for the year ended August 31, 2013.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Annual Report </FONT><FONT color="#808080" size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">43</FONT></P>
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<P style="text-align: left;">
<B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">Item 2. Code of Ethics.</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.</FONT></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(c)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">N/A</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(d)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">N/A</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(f)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Pursuant to Item 12(a)(1), the Registrant is attaching as an</FONT>	</TD>
</TR>
</TABLE>
<P style="text-align: left;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">Item 3. Audit Committee Financial Expert.</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(2) The audit committee financial expert is John B. Wilson and he is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">Item 4. Principal Accountant Fees and Services.</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(a) Audit Fees</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the registrant&#146;s annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were &#36;41,578 for the fiscal year ended August 31, 2013 and &#36;42,148 for the fiscal year ended August 31, 2012.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(b) Audit-Related Fees</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of Item 4.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that are reasonably related to the performance of the audit of their financial statements.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(c) Tax Fees</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">There were no fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant&#146;s investment adviser and any entity controlling, controlled by or under</FONT></P>
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<P style="text-align: left;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">common control with the investment adviser that provides ongoing</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">services to the registrant for tax compliance, tax advice and tax</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">planning were &#36;3,100 for the fiscal year ended August 31, 2013 and</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">&#36;54,600 for the fiscal year ended August 31, 2012. The services for</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">which these fees were paid included technical tax consultation for</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">capital gain tax reporting to foreign governments, application of local</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">country tax laws to investments and licensing securities with local</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">country offices.</FONT><BR>
<BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(d) All Other Fees</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">The aggregate fees paid to the principal accountant for products and</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">services rendered by the principal accountant to the registrant, other</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">than the services reported in paragraphs (a)-(c) of Item 4 were &#36;0 for</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">the fiscal year ended August 31, 2013 and &#36;65 for the fiscal year ended</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">August 31, 2012. The services for which these fees were paid included</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">review of materials provided to the fund Board in connection with the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">investment management contract renewal process.</FONT><BR>
<BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">The aggregate fees paid to the principal accountant for products and</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">services rendered by the principal accountant to the registrant&#146;s</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">investment adviser and any entity controlling, controlled by or under</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">common control with the investment adviser that provides ongoing</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">services to the registrant, other than the services reported in</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">paragraphs (a)-(c) of Item 4 were &#36;0 for the fiscal year ended August</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">31, 2013 and &#36;152,385 for the fiscal year ended August 31, 2012. The</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">services for which these fees were paid included review of materials</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">provided to the fund Board in connection with the investment management</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">contract renewal process.</FONT><BR>
<BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(e) (1) The registrant&#146;s audit committee is directly responsible for</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">approving the services to be provided by the auditors, including:</FONT><BR>
<BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(i) pre-approval of all audit and audit related services;</FONT><BR>
<BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(ii) pre-approval of all non-audit related services to be</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">provided to the Fund by the auditors;</FONT><BR>
<BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(iii) pre-approval of all non-audit related services to be</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">provided to the registrant by the auditors to the registrant&#146;s</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">investment adviser or to any entity that controls, is controlled by or</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">is under common control with the registrant&#146;s investment adviser and</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">that provides ongoing services to the registrant where the non-audit</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">services relate directly to the operations or financial reporting of</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">the registrant; and</FONT><BR>
<BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(iv) establishment by the audit committee, if deemed necessary</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">or appropriate, as an alternative to committee pre-approval of services</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">to be provided by the auditors, as required by paragraphs (ii) and</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(iii) above, of policies and procedures to permit such services to be</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">pre-approved by other means, such as through establishment of</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">guidelines or by action of a designated member or members of the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">committee; provided the policies and procedures are detailed as to the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">particular service and the committee is informed of each service and</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">such policies and procedures do not include delegation of audit</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">committee responsibilities, as contemplated under the Securities</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Exchange Act of 1934, to management; subject, in the case of (ii)</FONT></P>
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<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">through (iv), to any waivers, exceptions or exemptions that may be</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">available under applicable law or rules.</FONT><BR>
<BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(e) (2) None of the services provided to the registrant described in</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">paragraphs (b)-(d) of Item 4 were approved by the audit committee</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of regulation S-X.</FONT><BR>
<BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(f) No disclosures are required by this Item 4(f).</FONT><BR>
<BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(g) The aggregate non-audit fees paid to the principal accountant for</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">services rendered by the principal accountant to the registrant and the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">registrant&#146;s investment adviser and any entity controlling, controlled</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">by or under common control with the investment adviser that provides</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">ongoing services to the registrant were &#36;3,100 for the fiscal year</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">ended August 31, 2013 and &#36;207,050 for the fiscal year ended August 31,</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">2012.</FONT><BR>
<BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(h) The registrant&#146;s audit committee of the board has considered</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">whether the provision of non-audit services that were rendered to the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">registrant&#146;s investment adviser (not including any sub-adviser whose</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">role is primarily portfolio management and is subcontracted with or</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">overseen by another investment adviser), and any entity controlling,</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">controlled by, or under common control with the investment adviser that</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">provides ongoing services to the registrant that were not pre-approved</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">compatible with maintaining the principal accountant&#146;s independence.</FONT><BR>
<BR>
<B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">Item 5. Audit Committee of Listed Registrants. </FONT></B><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Members of the Audit</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Committee are: J. Michael Luttig, Frank A. Olson and John B. Wilson.</FONT><BR>
<BR>
<B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">Item 6. Schedule of Investments. N/A</FONT></B><BR>
<BR>
<B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">Item 7</FONT></B><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">. </FONT><B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">Disclosure of Proxy Voting Policies and Procedures for Closed-</FONT></B><BR>
<B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">End Management Investment Companies.</FONT></B><BR>
<BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">The board of trustees of the Fund has delegated the authority to vote</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">proxies related to the portfolio securities held by the Fund to the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Fund's investment manager Franklin Advisers, Inc. in accordance with</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">the Proxy Voting Policies and Procedures (Policies) adopted by the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">investment manager.</FONT><BR>
<BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">The investment manager has delegated its administrative duties with</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">respect to the voting of proxies to the Proxy Group within Franklin</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Templeton Companies, LLC (Proxy Group), an affiliate and wholly owned</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">subsidiary of Franklin Resources, Inc. All proxies received by the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Proxy Group will be voted based upon the investment manager&#146;s</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">instructions and/or policies. The investment manager votes proxies</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">solely in the best interests of the Fund and its shareholders.</FONT><BR>
<BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">To assist it in analyzing proxies, the investment manager subscribes to</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Institutional Shareholder Services, Inc. (ISS), an unaffiliated third-</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">party corporate governance research service that provides in-depth</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">analyses of shareholder meeting agendas, vote recommendations, vote</FONT></P>
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<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">execution services, ballot reconciliation services, recordkeeping and vote disclosure services. In addition, the investment manager subscribes to Glass, Lewis &amp; Co., LLC (Glass Lewis), an unaffiliated third-party analytical research firm, to receive analyses and vote recommendations on the shareholder meetings of publicly held U.S. companies, as well as a limited subscription to its international research. Although ISS&#146; and/or Glass Lewis&#146; analyses are thoroughly reviewed and considered in making a final voting decision, the investment manager does not consider recommendations from ISS, Glass Lewis or any other third party to be determinative of the investment manager&#146;s ultimate decision. As a matter of policy, the officers, directors/trustees and employees of the investment manager and the Proxy Group will not be influenced by outside sources whose interests conflict with the interests of the Fund and its shareholders. Efforts are made to resolve all conflicts in the best interests of the investment manager&#146;s clients. Material conflicts of interest are identified by the Proxy Group based upon analyses of client, distributor, broker-dealer and vendor lists, information periodically gathered from directors and officers, and information derived from other sources, including public filings. In situations where a material conflict of interest is identified, the Proxy Group may defer to the voting recommendation of ISS, Glass Lewis or those of another independent third-party provider of proxy services; or send the proxy directly to the Fund's board or a committee of the board with the investment manager's recommendation regarding the vote for approval.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Where a material conflict of interest has been identified, but the items on which the investment manager&#146;s vote recommendations differ from Glass Lewis, ISS, or another independent third-party provider of proxy services relate specifically to (1) shareholder proposals regarding social or environmental issues, (2) &#147;Other Business&#148; without describing the matters that might be considered, or (3) items the investment manager wishes to vote in opposition to the recommendations of an issuer&#146;s management, the Proxy Group may defer to the vote recommendations of the investment manager rather than sending the proxy directly to the Fund's board or a board committee for approval.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">To avoid certain potential conflicts of interest, the investment manager will employ echo voting, if possible, in the following instances: (1) when the Fund invests in an underlying fund in reliance on any one of Sections 12(d) (1) (E), (F), or (G) of the 1940 Act, the rules thereunder, or pursuant to a SEC exemptive order thereunder; (2) when the Fund invests uninvested cash in affiliated money market funds pursuant to the rules under the 1940 Act or any exemptive orders thereunder (&#147;cash sweep arrangement&#148;); or (3) when required pursuant to the Fund&#146;s governing documents or applicable law. Echo voting means that the investment manager will vote the shares in the same proportion as the vote of all of the other holders of the Fund&#146;s shares.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">The recommendation of management on any issue is a factor that the investment manager considers in determining how proxies should be voted. However, the investment manager does not consider recommendations from management to be determinative of the investment manager&#146;s ultimate decision. As a matter of practice, the votes with respect to most issues are cast in accordance with the position of the company's management. Each issue, however, is considered on its own</FONT></P>
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<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">merits, and the investment manager will not support the position of the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">company's management in any situation where it deems that the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">ratification of management&#146;s position would adversely affect the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">investment merits of owning that company&#146;s shares.</FONT><BR>
<BR>
<B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">Investment manager&#146;s proxy voting policies and principles </FONT></B><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">The</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">investment manager has adopted general proxy voting guidelines, which</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">are summarized below. These guidelines are not an exhaustive list of</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">all the issues that may arise and the investment manager cannot</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">anticipate all future situations. In all cases, each proxy will be</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">considered based on the relevant facts and circumstances.</FONT><BR>
<BR>
<I><FONT size=2 face="CourierNewPS-ItalicMT,Courier New,Courier,monospace">Board of directors. </FONT></I><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">The investment manager supports an independent</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">board of directors, and prefers that key committees such as audit,</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">nominating, and compensation committees be comprised of independent</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">directors. The investment manager will generally vote against</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">management efforts to classify a board and will generally support</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">proposals to declassify the board of directors. The investment manager</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">will consider withholding votes from directors who have attended less</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">than 75% of meetings without a valid reason. While generally in favor</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">of separating Chairman and CEO positions, the investment manager will</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">review this issue as well as proposals to restore or provide for</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">cumulative voting on a case-by-case basis, taking into consideration</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">factors such as the company&#146;s corporate governance guidelines or</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">provisions and performance. The investment manager generally will</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">support non-binding shareholder proposals to require a majority vote</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">standard for the election of directors; however, if these proposals are</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">binding, the investment manager will give careful review on a case-by-</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">case basis of the potential ramifications of such implementation.</FONT><BR>
<BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">In the event of a contested election, the investment manager will</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">review a number of factors in making a decision including management&#146;s</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">track record, the company&#146;s financial performance, qualifications of</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">candidates on both slates, and the strategic plan of the dissidents.</FONT><BR>
<BR>
<I><FONT size=2 face="CourierNewPS-ItalicMT,Courier New,Courier,monospace">Ratification of auditors of portfolio companies. </FONT></I><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">The investment</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">manager will closely scrutinize the independence, role and performance</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">of auditors. On a case-by-case basis, the investment manager will</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">examine proposals relating to non-audit relationships and non-audit</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">fees. The investment manager will also consider, on a case-by-case</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">basis, proposals to rotate auditors, and will vote against the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">ratification of auditors when there is clear and compelling evidence of</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">a lack of independence, accounting irregularities or negligence. The</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">investment manager may also consider whether the ratification of</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">auditors has been approved by an appropriate audit committee that meets</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">applicable composition and independence requirements.</FONT><BR>
<BR>
<I><FONT size=2 face="CourierNewPS-ItalicMT,Courier New,Courier,monospace">Management and director compensation. </FONT></I><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">A company&#146;s equity-based</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">compensation plan should be in alignment with the shareholders&#146; long-</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">term interests. The investment manager believes that executive</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">compensation should be directly linked to the performance of the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">company. The investment manager evaluates plans on a case-by-case basis</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">by considering several factors to determine whether the plan is fair</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">and reasonable, including the ISS quantitative model utilized to assess</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">such plans and/or the Glass Lewis evaluation of the plans. The</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">investment manager will generally oppose plans that have the potential</FONT></P>
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<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">to be excessively dilutive, and will almost always oppose plans that</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">are structured to allow the repricing of underwater options, or plans</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">that have an automatic share replenishment &#147;evergreen&#148; feature. The</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">investment manager will generally support employee stock option plans</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">in which the purchase price is at least 85% of fair market value, and</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">when potential dilution is 10% or less.</FONT><BR>
<BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Severance compensation arrangements will be reviewed on a case-by-case</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">basis, although the investment manager will generally oppose &#147;golden</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">parachutes&#148; that are considered to be excessive. The investment manager</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">will normally support proposals that require a percentage of directors&#146;</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">compensation to be in the form of common stock, as it aligns their</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">interests with those of shareholders.</FONT><BR>
<BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">The investment manager will review non-binding say-on-pay proposals on</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">a case-by-case basis, and will generally vote in favor of such</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">proposals unless compensation is misaligned with performance and/or</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">shareholders&#146; interests, the company has not provided reasonably clear</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">disclosure regarding its compensation practices, or there are concerns</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">with the company&#146;s remuneration practices.</FONT><BR>
<BR>
<I><FONT size=2 face="CourierNewPS-ItalicMT,Courier New,Courier,monospace">Anti-takeover mechanisms and related issues. </FONT></I><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">The investment manager</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">generally opposes anti-takeover measures since they tend to reduce</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">shareholder rights. However, as with all proxy issues, the investment</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">manager conducts an independent review of each anti-takeover proposal.</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">On occasion, the investment manager may vote with management when the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">research analyst has concluded that the proposal is not onerous and</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">would not harm the Fund or its shareholders&#146; interests. The investment</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">manager generally supports proposals that require shareholder rights&#146;</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">plans (&#147;poison pills&#148;) to be subject to a shareholder vote and will</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">closely evaluate such plans on a case-by-case basis to determine</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">whether or not they warrant support. In addition, the investment</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">manager will generally vote against any proposal to issue stock that</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">has unequal or subordinate voting rights. The investment manager</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">generally opposes any supermajority voting requirements as well as the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">payment of &#147;greenmail.&#148; The investment manager generally supports &#147;fair</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">price&#148; provisions and confidential voting. The investment manager will</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">review a company&#146;s proposal to reincorporate to a different state or</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">country on a case-by-case basis taking into consideration financial</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">benefits such as tax treatment as well as comparing corporate</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">governance provisions and general business laws that may result from</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">the change in domicile.</FONT><BR>
<BR>
<I><FONT size=2 face="CourierNewPS-ItalicMT,Courier New,Courier,monospace">Changes to capital structure. </FONT></I><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">The investment manager realizes that a</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">company's financing decisions have a significant impact on its</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">shareholders, particularly when they involve the issuance of additional</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">shares of common or preferred stock or the assumption of additional</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">debt. The investment manager will review, on a case-by-case basis,</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">proposals by companies to increase authorized shares and the purpose</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">for the increase. The investment manager will generally not vote in</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">favor of dual-class capital structures to increase the number of</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">authorized shares where that class of stock would have superior voting</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">rights. The investment manager will generally vote in favor of the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">issuance of preferred stock in cases where the company specifies the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">voting, dividend, conversion and other rights of such stock and the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">terms of the preferred stock issuance are deemed reasonable. The</FONT></P>
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<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">investment manager will review proposals seeking preemptive rights on a</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">case-by-case basis.</FONT><BR>
<BR>
<I><FONT size=2 face="CourierNewPS-ItalicMT,Courier New,Courier,monospace">Mergers and corporate restructuring. </FONT></I><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Mergers and acquisitions will be</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">subject to careful review by the research analyst to determine whether</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">they would be beneficial to shareholders. The investment manager will</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">analyze various economic and strategic factors in making the final</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">decision on a merger or acquisition. Corporate restructuring proposals</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">are also subject to a thorough examination on a case-by-case basis.</FONT><BR>
<BR>
<I><FONT size=2 face="CourierNewPS-ItalicMT,Courier New,Courier,monospace">Environment, social and governance issues. </FONT></I><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">The investment manager</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">will generally give management discretion with regard to social,</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">environmental and ethical issues, although the investment manager may</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">vote in favor of those that are believed to have significant economic</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">benefits or implications for the Fund and its shareholders. The</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">investment manager generally supports the right of shareholders to call</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">special meetings and act by written consent. However, the investment</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">manager will review such shareholder proposals on a case-by-case basis</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">in an effort to ensure that such proposals do not disrupt the course of</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">business or waste company resources for the benefit of a small minority</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">of shareholders. The investment manager will consider supporting a</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">shareholder proposal seeking disclosure and greater board oversight of</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">lobbying and corporate political contributions if the investment</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">manager believes that there is evidence of inadequate oversight by the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">company&#146;s board, if the company&#146;s current disclosure is significantly</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">deficient, or if the disclosure is notably lacking in comparison to the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">company&#146;s peers. The investment manager will consider on a case-by-case</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">basis any well-drafted and reasonable proposals for proxy access</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">considering such factors as the size of the company, ownership</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">thresholds and holding periods, responsiveness of management,</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">intentions of the shareholder proponent, company performance, and</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">shareholder base.</FONT><BR>
<BR>
<I><FONT size=2 face="CourierNewPS-ItalicMT,Courier New,Courier,monospace">Global corporate governance. </FONT></I><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Many of the tenets discussed above are</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">applied to the investment manager's proxy voting decisions for</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">international investments. However, the investment manager must be</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">flexible in these worldwide markets. Principles of good corporate</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">governance may vary by country, given the constraints of a country&#146;s</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">laws and acceptable practices in the markets. As a result, it is on</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">occasion difficult to apply a consistent set of governance practices to</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">all issuers. As experienced money managers, the investment manager's</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">analysts are skilled in understanding the complexities of the regions</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">in which they specialize and are trained to analyze proxy issues</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">germane to their regions.</FONT><BR>
<BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">The investment manager will generally attempt to process every proxy it</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">receives for all domestic and foreign securities. However, there may be</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">situations in which the investment manager may be unable to vote a</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">proxy, or may choose not to vote a proxy, such as where: (i) the proxy</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">ballot was not received from the custodian bank; (ii) a meeting notice</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">was received too late; (iii) there are fees imposed upon the exercise</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">of a vote and it is determined that such fees outweigh the benefit of</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">voting; (iv) there are legal encumbrances to voting, including blocking</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">restrictions in certain markets that preclude the ability to dispose of</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">a security if the investment manager votes a proxy or where the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">investment manager is prohibited from voting by applicable law or other</FONT></P>
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<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">regulatory or market requirements, including but not limited to, effective Powers of Attorney; (v) the investment manager held shares on the record date but has sold them prior to the meeting date; (vi) proxy voting service is not offered by the custodian in the market; (vii) the investment manager believes it is not in the best interest of the Fund or its shareholders to vote the proxy for any other reason not enumerated herein; or (viii) a security is subject to a securities lending or similar program that has transferred legal title to the security to another person. The investment manager or its affiliates may, on behalf of one or more of the proprietary registered investment companies advised by the investment manager or its affiliates, determine to use its best efforts to recall any security on loan where the investment manager or its affiliates (a) learn of a vote on a material event that may affect a security on loan and (b) determine that it is in the best interests of such proprietary registered investment companies to recall the security for voting purposes.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Shareholders may view the complete Policies online at franklintempleton.com. Alternatively, shareholders may request copies of the Policies free of charge by calling the Proxy Group collect at (954) 527-7678 or by sending a written request to: Franklin Templeton Companies, LLC, 300 S.E. 2nd Street, Fort Lauderdale, FL 33301-1923, Attention: Proxy Group. Copies of the Fund&#146;s proxy voting records are available online at franklintempleton.com and posted on the SEC website at www.sec.gov. The proxy voting records are updated each year by August 31 to reflect the most recent 12-month period ended June 30.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">Item 8. Portfolio Managers of Closed-End Management Investment Companies.</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(a)(1) As of October 28, 2013, the portfolio managers of the Fund are as follows:</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">CHRISTOPHER J. MOLUMPHY CFA</FONT></B><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">, </FONT><I><FONT size=2 face="CourierNewPS-ItalicMT,Courier New,Courier,monospace">Director and </FONT></I><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Executive Vice President </FONT><I><FONT size=2 face="CourierNewPS-ItalicMT,Courier New,Courier,monospace">of Advisers</FONT></I></P>
<P style="text-align: left;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Mr. Molumphy has been a portfolio manager of the Fund since 1991. He has primary responsibility for the investments of the Fund. Mr. Molumphy has final authority over all aspects of the Fund's investment portfolio, including but not limited to, purchases and sales of individual securities, portfolio risk assessment, and the management of daily cash balances in accordance with anticipated management requirements. The degree to which he may perform these functions, and the nature of these functions, may change from time to time. He joined Franklin Templeton Investments in 1988.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">GLENN I. VOYLES CFA</FONT></B><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">, Vice President </FONT><I><FONT size=2 face="CourierNewPS-ItalicMT,Courier New,Courier,monospace">of Advisers</FONT></I></P>
<P style="text-align: left;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Mr. Voyles has been a manager of the Fund since 1999, providing research and advice on the purchases and sales of individual securities, and portfolio risk assessment for the global income component of the Fund. He joined Franklin Templeton Investments in 1993.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">CFA and Chartered Financial Analyst are trademarks owned by CFA Institute.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(a)(2) This section reflects information about the portfolio managers as of the fiscal year ended August 31, 2013.</FONT></P>
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<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">The following table shows the number of other accounts managed by each</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">portfolio manager and the total assets in the accounts managed within</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">each category:</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=14%></TD>
     <TD width=15%></TD>
     <TD width=15%></TD>
     <TD width=15%></TD>
     <TD width=15%></TD>
     <TD width=11%></TD>
     <TD width=12%></TD></TR>
<TR valign="bottom">
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Assets of</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Assets of</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Number of</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Other</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Other</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Other</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Registered</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Number of</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Pooled</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Assets of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Registered</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Investment</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Other</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Investment</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Other</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Investment</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Companies</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Pooled</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Vehicles</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Number</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Accounts</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Companies</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Managed</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Investment</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Managed</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">of Other</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Managed</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Managed</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(x &#36;1</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Vehicles</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(x &#36;1</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Accounts</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">(x &#36;1</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Name</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">million)</FONT></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Managed</FONT><SUP><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">1</FONT></SUP></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">million)</FONT><SUP><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">1</FONT></SUP></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Managed</FONT><SUP><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">1</FONT></SUP></TD>
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">million)</FONT><SUP><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">1</FONT></SUP></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Christopher</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">J. Molumphy</FONT></TD>
	<TD align=center style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">8</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">24,584.5</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">5</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">3,075.4</FONT></TD>
	<TD align=center style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">0</FONT></TD>
	<TD align=center style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">N/A</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Glenn I.</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Voyles</FONT></TD>
	<TD align=center style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">1</FONT></TD>
	<TD align=center style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">554.2</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">0</FONT></TD>
	<TD align=center style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">N/A</FONT></TD>
	<TD align=center style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">2</FONT></TD>
	<TD align=center style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">140.9</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=7>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">1. The various pooled investment vehicles and accounts listed are managed by a</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=7>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">team of investment professionals. Accordingly, the individual managers listed</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">would not be solely responsible for managing such listed amounts.</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Portfolio managers that provide investment services to the Fund may</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">also provide services to a variety of other investment products,</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">including other funds, institutional accounts and private accounts.</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">The advisory fees for some of such other products and accounts may be</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">different than that charged to the Fund and may include performance</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">based compensation (as noted, in the chart above, if any). This may</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">result in fees that are higher (or lower) than the advisory fees paid</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">by the Fund. As a matter of policy, each fund or account is managed</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">solely for the benefit of the beneficial owners thereof. As discussed</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">below, the separation of the trading execution function from the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">portfolio management function and the application of objectively based</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">trade allocation procedures help to mitigate potential conflicts of</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">interest that may arise as a result of the portfolio managers managing</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">accounts with different advisory fees.</FONT><BR>
<BR>
<I><FONT size=2 face="CourierNewPS-ItalicMT,Courier New,Courier,monospace">Conflicts. </FONT></I><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">The management of multiple funds, including the Fund, and</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">accounts may also give rise to potential conflicts of interest if the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">funds and other accounts have different objectives, benchmarks, time</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">horizons, and fees as the portfolio manager must allocate his or her</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">time and investment ideas across multiple funds and accounts. The</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">investment manager seeks to manage such competing interests for the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">time and attention of portfolio managers by having portfolio managers</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">focus on a particular investment discipline. Most other accounts</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">managed by a portfolio manager are managed using the same investment</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">strategies that are used in connection with the management of the Fund.</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Accordingly, portfolio holdings, position sizes, and industry and</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">sector exposures tend to be similar across similar portfolios, which</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">may minimize the potential for conflicts of interest. As noted above,</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">the separate management of the trade execution and valuation functions</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">from the portfolio management process also helps to reduce potential</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">conflicts of interest. However, securities selected for funds or</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">accounts other than the Fund may outperform the securities selected for</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">the Fund. Moreover, if a portfolio manager identifies a limited</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">investment opportunity that may be suitable for more than one fund or</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">other account, the Fund may not be able to take full advantage of that</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">opportunity due to an allocation of that opportunity across all</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">eligible funds and other accounts. The investment manager seeks to</FONT></P>
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<P style="text-align: left;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">manage such potential conflicts by using procedures intended to provide a fair allocation of buy and sell opportunities among funds and other accounts.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">The structure of a portfolio manager's compensation may give rise to potential conflicts of interest. A portfolio manager's base pay and bonus tend to increase with additional and more complex responsibilities that include increased assets under management. As such, there may be an indirect relationship between a portfolio manager's marketing or sales efforts and his or her bonus.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Finally, the management of personal accounts by a portfolio manager may give rise to potential conflicts of interest. While the funds and the manager have adopted a code of ethics which they believe contains provisions reasonably necessary to prevent a wide range of prohibited activities by portfolio managers and others with respect to their personal trading activities, there can be no assurance that the code of ethics addresses all individual conduct that could result in conflicts of interest.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">The manager and the Fund have adopted certain compliance procedures that are designed to address these, and other, types of conflicts. However, there is no guarantee that such procedures will detect each and every situation where a conflict arises.</FONT></P>
<P style="text-align: left;">
<I><FONT size=2 face="CourierNewPS-ItalicMT,Courier New,Courier,monospace">Compensation. </FONT></I><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">The investment manager seeks to maintain a compensation program that is competitively positioned to attract, retain and motivate top-quality investment professionals. Portfolio managers receive a base salary, a cash incentive bonus opportunity, an equity compensation opportunity, and a benefits package. Portfolio manager compensation is reviewed annually and the level of compensation is based on individual performance, the salary range for a portfolio manager&#146;s level of responsibility and Franklin Templeton guidelines. Portfolio managers are provided no financial incentive to favor one fund or account over another. Each portfolio manager&#146;s compensation consists of the following three elements:</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=19%></TD>
     <TD width=80%></TD></TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.009964pt">
<B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">Base salary</FONT></B></TD>
	<TD align=left>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Each portfolio manager is paid a base salary.</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">Annual bonus</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:5.985962pt">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Annual bonuses are structured to align the interests</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">of the portfolio manager with those of the Fund&#146;s shareholders. Each portfolio manager is eligible to receive an annual bonus. Bonuses generally are split between cash (50% to 65%) and restricted shares of Resources stock (17.5% to 25%) and mutual fund shares (17.5% to 25%). The deferred equity-based compensation is intended to build a vested interest of the portfolio manager in the financial performance of both Resources and mutual funds advised by the investment manager. The bonus plan is intended to provide a competitive level of annual bonus compensation that is tied to the portfolio manager achieving consistently strong investment performance, which aligns the financial incentives of the portfolio manager and Fund shareholders. The Chief Investment Officer of the investment manager and/or other officers of the investment manager, with responsibility for the Fund, have discretion in the granting of annual bonuses to portfolio managers in accordance with Franklin</FONT></P>
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<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Templeton guidelines. The following factors are generally used in</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">determining bonuses under the plan:</FONT><BR>
<BR>
<FONT size=2 face="SymbolMT,Arial,Helvetica,sans-serif">&#149; </FONT><I><FONT size=2 face="CourierNewPS-ItalicMT,Courier New,Courier,monospace">Investment performance. </FONT></I><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Primary consideration is given to the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">historic investment performance of all accounts managed by the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">portfolio manager over the 1, 3 and 5 preceding years measured</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">against risk benchmarks developed by the fixed income management</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">team. The pre-tax performance of each fund managed is measured</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">relative to a relevant peer group and/or applicable benchmark as</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">appropriate.</FONT><BR>
<BR>
<FONT size=2 face="SymbolMT,Arial,Helvetica,sans-serif">&#149; </FONT><I><FONT size=2 face="CourierNewPS-ItalicMT,Courier New,Courier,monospace">Non-investment performance. </FONT></I><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">The more qualitative contributions of</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">the portfolio manager to the investment manager&#146;s business and</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">the investment management team, including business knowledge,</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">productivity, customer service, creativity, and contribution to</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">team goals, are evaluated in determining the amount of any bonus</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">award.</FONT><BR>
<BR>
<FONT size=2 face="SymbolMT,Arial,Helvetica,sans-serif">&#149; </FONT><I><FONT size=2 face="CourierNewPS-ItalicMT,Courier New,Courier,monospace">Responsibilities. </FONT></I><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">The characteristics and complexity of funds</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">managed by the portfolio manager are factored in the investment</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">manager&#146;s appraisal.</FONT><BR>
<BR>
<B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">Additional long-term equity-based compensation </FONT></B><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Portfolio managers</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">may also be awarded restricted shares or units of Resources stock or</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">restricted shares or units of one or more mutual funds. Awards of</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">such deferred equity-based compensation typically vest over time, so</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">as to create incentives to retain key talent.</FONT><BR>
<BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Portfolio managers also participate in benefit plans and programs</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">available generally to all employees of the investment manager.</FONT><BR>
<BR>
<I><FONT size=2 face="CourierNewPS-ItalicMT,Courier New,Courier,monospace">Ownership of Fund shares. </FONT></I><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">The investment manager has a policy of</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">encouraging portfolio managers to invest in the funds they manage.</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Exceptions arise when, for example, a fund is closed to new investors</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">or when tax considerations or jurisdictional constraints cause such an</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">investment to be inappropriate for the portfolio manager. The following</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">is the dollar range of Fund shares beneficially owned by the portfolio</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">manager (such amounts may change from time to time):</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=53%></TD>
     <TD width=46%></TD></TR>
<TR valign="bottom">
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#a6a6a6" align=center style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Dollar Range of Fund</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#a6a6a6" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#a6a6a6" align=center style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Shares Beneficially</FONT></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#a6a6a6" align=center style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Portfolio Manager</FONT></TD>
	<TD bgcolor="#a6a6a6" align=center style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Owned</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Christopher J. Molumphy</FONT></TD>
	<TD align=center style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">None</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Glenn I. Voyles</FONT></TD>
	<TD align=center style="border-bottom:1px solid #000000;">
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">None</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">Item 9. Purchases of Equity Securities by Closed-End Management</FONT></B><BR>
<B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">Investment Company and Affiliated Purchasers. N/A</FONT></B><BR>
<BR>
<B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">Item 10. Submission of Matters to a Vote of Security Holders.</FONT></B><BR>
<BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">There have been no changes to the procedures by which shareholders may</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">recommend nominees to the Registrant's Board of Trustees that would</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">require disclosure herein.</FONT></P>
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<B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">Item 11. Controls and Procedures.</FONT></B><BR>
<BR>
<B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">(a) </FONT></B><B><U><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">Evaluation of Disclosure Controls and Procedures</FONT></U></B><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">. The Registrant</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">maintains disclosure controls and procedures that are designed to</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">ensure that information required to be disclosed in the Registrant&#146;s</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">filings under the Securities Exchange Act of 1934 and the Investment</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Company Act of 1940 is recorded, processed, summarized and reported</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">within the periods specified in the rules and forms of the Securities</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">and Exchange Commission. Such information is accumulated and</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">communicated to the Registrant&#146;s management, including its principal</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">executive officer and principal financial officer, as appropriate, to</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">allow timely decisions regarding required disclosure. The Registrant&#146;s</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">management, including the principal executive officer and the principal</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">financial officer, recognizes that any set of controls and procedures,</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">no matter how well designed and operated, can provide only reasonable</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">assurance of achieving the desired control objectives.</FONT><BR>
<BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Within 90 days prior to the filing date of this Shareholder Report on</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Form N-CSR, the Registrant had carried out an evaluation, under the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">supervision and with the participation of the Registrant&#146;s management,</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">including the Registrant&#146;s principal executive officer and the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Registrant&#146;s principal financial officer, of the effectiveness of the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">design and operation of the Registrant&#146;s disclosure controls and</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">procedures. Based on such evaluation, the Registrant&#146;s principal</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">executive officer and principal financial officer concluded that the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Registrant&#146;s disclosure controls and procedures are effective.</FONT><BR>
<BR>
<B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">(b) </FONT></B><B><U><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">Changes in Internal Controls</FONT></U></B><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">. There have been no changes in the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Registrant&#146;s internal controls or in other factors that could</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">materially affect the internal controls over financial reporting</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">subsequent to the date of their evaluation in connection with the</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">preparation of this Shareholder Report on Form N-CSR.</FONT><BR>
<BR>
<B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">Item 12. Exhibits.</FONT></B><BR>
<BR>
<B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">(a)(1) </FONT></B><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Code of Ethics</FONT><BR>
<BR>
<B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">(a) (2) </FONT></B><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Certifications pursuant to Section 302 of the Sarbanes-Oxley</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Act of 2002 of Laura F. Fergerson, Chief Executive Officer - Finance</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">and Administration, and Gaston Gardey, Chief Financial Officer and</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Chief Accounting Officer</FONT><BR>
<BR>
<B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">(b) </FONT></B><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">2002 of Laura F. Fergerson, Chief Executive Officer - Finance and</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Administration, and Gaston Gardey, Chief Financial Officer and Chief</FONT><BR>
<FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Accounting Officer</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">SIGNATURES</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face="CourierNewPS-BoldMT,Courier New,Courier,monospace">FRANKLIN UNIVERSAL TRUST</FONT></B></P>

<P style="TEXT-ALIGN: left">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By&nbsp; </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ LAURA F. FERGERSON</FONT></U><BR><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">&nbsp;Laura F. Fergerson</FONT><BR><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">&nbsp;Chief Executive Officer - Finance and</FONT><BR><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">&nbsp;Administration</FONT><BR><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Date: October 28, 2013</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Courier New"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Courier New"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By&nbsp; </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ LAURA F. FERGERSON</FONT></U><BR><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">&nbsp;Laura F. Fergerson</FONT><BR><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">&nbsp;Chief Executive Officer - Finance and</FONT><BR><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Administration</FONT><BR><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Date: October 28, 2013</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Courier New"></FONT><BR><BR><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">By </FONT><U><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">/s/GASTON GARDEY</FONT></U><BR><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">&nbsp;Gaston Gardey</FONT><BR><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">&nbsp;Chief Financial Officer and</FONT><BR><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">&nbsp;Chief Accounting Officer</FONT><BR><FONT size=2 face="CourierNewPSMT,Courier New,Courier,monospace">Date: October 28, 2013</FONT></P></DIV>

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<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>2
<FILENAME>ncsr_code1209amd1212.txt
<TEXT>

                                                               Exhibit 12(a)(1)



CODE OF ETHICS FOR PRINCIPAL EXECUTIVES & SENIOR FINANCIAL OFFICERS
------------------------------------------------------------------------------

PROCEDURES   Revised December 18, 2009
-------------------------------------------------------------------------------

                            FRANKLIN TEMPLETON FUNDS
                   CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND
                            SENIOR FINANCIAL OFFICERS

I.  Covered Officers and Purpose of the Code

     This  code of  ethics  (the  "Code")  applies  to the  Principal  Executive
Officers,  Principal  Financial  Officer and Principal  Accounting  Officer (the
"Covered  Officers,"  each of whom is set forth in Exhibit A) of each investment
company advised by a Franklin  Resources  subsidiary and that is registered with
the United States Securities & Exchange  Commission ("SEC")  (collectively,  "FT
Funds") for the purpose of promoting:

     o Honest and ethical conduct, including the ethical resolution of actual or
       apparent conflicts of  interest between personal and  professional
       relationships;

     o Full, fair, accurate, timely and understandable disclosure in reports and
       documents that a registrant files with, or submits to, the SEC and in
       other public communications made by or on behalf of the FT Funds;

     o Compliance with applicable laws and governmental rules and regulations;

     o The prompt internal reporting of violations of the Code to an appropriate
       person or persons identified in the Code; and

     o Accountability for adherence to the Code.

     Each  Covered  Officer  will be  expected  to adhere to a high  standard of
business ethics and must be sensitive to situations that may give rise to actual
as well as apparent conflicts of interest.

II.  Other Policies and Procedures

     This  Code  shall be the sole  code of  ethics  adopted  by the  Funds  for
purposes  of  Section  406 of the  Sarbanes-Oxley  Act and the  rules  and forms
applicable to registered investment companies thereunder.

     Franklin  Resources,  Inc.  has  separately  adopted the CODE OF ETHICS AND
BUSINESS  CONDUCT  ("Business  Conduct"),  which is  applicable to all officers,
directors and employees of Franklin Resources, Inc., including Covered Officers.
It  summarizes  the values,  principles  and business  practices  that guide the
employee's business conduct and also provides a set of basic principles to guide
officers,  directors and employees  regarding the minimum  ethical  requirements
expected of them. It supplements  the values,  principles  and business  conduct
identified in the Code and other existing employee policies.

     Additionally, the Franklin Templeton Funds have separately adopted the CODE
OF ETHICS AND POLICY STATEMENT ON INSIDER TRADING governing personal  securities
trading and other related  matters.  The Code for Insider  Trading  provides for
separate  requirements  that  apply to the  Covered  Officers  and  others,  and
therefore is not part of this Code.

     Insofar as other  policies or procedures of Franklin  Resources,  Inc., the
Funds, the Funds' adviser,  principal  underwriter,  or other service  providers
govern or purport to govern the behavior or activities  of the Covered  Officers
who are  subject to this Code,  they are  superceded  by this Code to the extent
that they overlap or conflict with the  provisions  of this Code.  Please review
these other  documents or consult with the Legal  Department  if have  questions
regarding the applicability of these policies to you.

III. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of
Interest

     OVERVIEW.  A "conflict of interest" occurs when a Covered Officer's private
interest  interferes  with the  interests  of, or his or her  service to, the FT
Funds. For example, a conflict of interest would arise if a Covered Officer,  or
a member of his  family,  receives  improper  personal  benefits  as a result of
apposition with the FT Funds.

     Certain  conflicts  of  interest  arise  out of the  relationships  between
Covered  Officers  and the FT Funds and  already  are  subject  to  conflict  of
interest  provisions in the Investment Company Act of 1940 ("Investment  Company
Act") and the Investment  Advisers Act of 1940 ("Investment  Advisers Act"). For
example,  Covered Officers may not individually  engage in certain  transactions
(such as the purchase or sale of securities or other property) with the FT Funds
because of their status as "affiliated  persons" of the FT Funds.  The FT Funds'
and the investment  advisers' compliance programs and procedures are designed to
prevent, or identify and correct, violations of these provisions. This Code does
not, and is not intended to,  repeat or replace these  programs and  procedures,
and such conflicts fall outside of the parameters of this Code.

     Although  typically not  presenting an  opportunity  for improper  personal
benefit,  conflicts arise from, or as a result of, the contractual  relationship
between the FT Funds,  the  investment  advisers and the fund  administrator  of
which the Covered  Officers are also  officers or employees.  As a result,  this
Code  recognizes  that the Covered  Officers will, in the normal course of their
duties (whether formally for the FT Funds, for the adviser,  the  administrator,
or for all  three),  be  involved  in  establishing  policies  and  implementing
decisions that will have different effects on the adviser, administrator and the
FT Funds.  The  participation  of the  Covered  Officers in such  activities  is
inherent in the contractual  relationship between the FT Funds, the adviser, and
the administrator and is consistent with the performance by the Covered Officers
of their duties as officers of the FT Funds.  Thus,  if performed in  conformity
with the  provisions of the Investment  Company Act and the Investment  Advisers
Act, such activities will be deemed to have been handled ethically. In addition,
it is  recognized  by the FT Funds'  Boards  of  Directors  ("Boards")  that the
Covered  Officers  may  also be  officers  or  employees  of one or  more  other
investment companies covered by this or other codes.

     Other conflicts of interest are covered by the Code, even if such conflicts
of interest are not subject to provisions in the Investment  Company Act and the
Investment  Advisers Act. The following  list provides  examples of conflicts of
interest  under the Code,  but Covered  Officers  should keep in mind that these
examples  are not  exhaustive.  The  overarching  principle is that the personal
interest  of a Covered  Officer  should  not be  placed  improperly  before  the
interest of the FT Funds.

Each Covered Officer must:

     o Not use his or her personal influence  or  personal  relationships
       improperly to influence investment decisions orfinancial reporting by
       the FT Funds whereby the Covered Officer would benefit personally to the
       detriment of the FT Funds;

     o Not cause the FT Funds to take action, or fail to take  action, for the
       individual personal benefit of the Covered Officer rather than the
       benefit the FT Funds;

     o Not retaliate against any other Covered Officer or any employee of the FT
       Funds or their affiliated persons for reports of potential  violations
       that are made in good faith;

     o Report  at  least   annually  the  following  affiliations  or other
       relationships:/1

          o all directorships for public companies and all companies that are
            required to file reports with the SEC;
          o any direct or indirect  business relationship  with any independent
            directors of the FT Funds;
          o any direct or indirect  business relationship with any independent
            public  accounting  firm (which are not related to the routine
            issues related to the firm's service as the Covered Persons
            accountant); and
          o any direct or indirect interest in any transaction with any FT Fund
            that will benefit the officer (not including benefits derived from
            the advisory, sub-advisory, distribution or service agreements with
            affiliates of Franklin Resources).

     These reports will be reviewed by the Legal  Department for compliance with
the Code.

     There are some  conflict  of  interest  situations  that  should  always be
approved  in writing by Franklin  Resources  General  Counsel or Deputy  General
Counsel, if material. Examples of these include/2:

     o Service as a director on the board of any public or private Company;

     o The  receipt  of any gifts in excess  of $100 from any  person,  from any
       corporation or association

     o The receipt of any entertainment from any Company with which the FT Funds
       has current or prospective  business dealings unless such entertainment
       is business related, reasonable in cost, appropriate as to time and
       place, and not so frequent as to raise any question of  impropriety.
       Notwithstanding the foregoing, the Covered Officers must obtain prior
       approval from the Franklin Resources General Counsel for any
       entertainment  with a value in excess of $1000.

     o Any ownership  interest in, or any consulting or employment relationship
       with, any of the FT Fund's service providers, other than an investment
       adviser, principal underwriter, administrator or any affiliated person
       thereof;

     o A direct or  indirect  financial  interest  in  commissions,  transaction
       charges or spreads paid by the FT Funds for   effecting   portfolio
       transactions or for selling or redeeming shares  other than an interest
       arising from the Covered Officer's employment, such as compensation  or
       equity ownership.

     Franklin Resources General Counsel or Deputy General Counsel will provide a
report to the FT Funds  Audit  Committee  of any  approvals  granted at the next
regularly scheduled meeting.

IV. Disclosure and Compliance

     o Each Covered  Officer  should  familiarize  himself  with the  disclosure
       requirements generally applicable to the FT Funds;

     o Each Covered Officer should not knowingly misrepresent, or cause others
       to  misrepresent, facts about the FT Funds to others, whether within or
       outside the FT Funds, including to the FT Funds' directors and auditors,
       and to governmental regulators and self-regulatory organizations;

     o Each Covered Officer should, to the extent appropriate within his or her
       area of responsibility, consult with other officers and employees of the
       FT Funds, the FT Fund's adviser and the administrator with the goal of
       promoting full, fair, accurate, timely and understandable disclosure in
       the reports and documents the FT Funds file with, or submit to, the SEC
       and in other public communications made by the FT Funds; and

     o It is the  responsibility  of each Covered Officer to promote compliance
       with the standards and restrictions imposed by applicable laws, rules and
       regulations.

V. Reporting and Accountability

Each Covered Officer must:

     o Upon becoming a covered officer affirm in writing to the Board that he or
       she has received, read, and understands the Code (see Exhibit B);

     o Annually  thereafter  affirm to the Board that he has  complied  with the
       requirements of the Code; and

     o Notify  Franklin  Resources'  General  Counsel or Deputy General Counsel
       promptly if he or she knows of any violation of this Code. Failure to do
       so is itself is a violation of this Code.

     Franklin Resources' General Counsel and Deputy General Counsel  are
responsible for applying this Code to specific situations in which questions are
presented under  it and have  the  authority  to  interpret  this  Code in any
particular  situation./3 However, the Independent Directors of the respective FT
Funds will consider any  approvals or waivers/4  sought by any Chief  Executive
Officers of the Funds.

     The FT Funds will follow these  procedures in  investigating  and enforcing
this Code:

     o Franklin  Resources General Counsel or Deputy General Counsel will take
       all appropriate action to investigate any potential  violations reported
       to the Legal Department;

     o If,  after such  investigation,  the  General Counsel or Deputy General
       Counsel believes that no violation has occurred, The General Counsel is
       not required to take any further action;

     o Any matter that the General Counsel or Deputy General Counsel believes is
       a  violation  will  be  reported  to  the  Independent   Directors  of
       the appropriate FT Fund;

     o If the Independent Directors concur that a violation has occurred, it
       will inform and make a recommendation to the Board of the appropriate
       FT Fund or Funds, which will consider appropriate action, which may
       include review of, and appropriate modifications to, applicable policies
       and procedures; notification to appropriate personnel of the investment
       adviser or its board; or a recommendation to dismiss the Covered Officer;

     o The Independent Directors will be responsible for granting  waivers, as
       appropriate; and

     o Any changes to or waivers of this Code will, to the extent required, are
       disclosed as provided by SEC rules./5

VI. Other Policies and Procedures

     This Code shall be the sole code of ethics adopted by the FT Funds for
purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms
applicable to registered investment companies thereunder. Insofar as other
policies or procedures of the FT Funds, the FT Funds' advisers, principal
underwriter, or other service providers govern or purport to govern the behavior
or activities of the Covered Officers who are subject to this Code, they are
superseded by this Code to the extent that they overlap or conflict with the
provisions of this Code. The FT Code of Ethics and Policy Statement On Insider
Trading, adopted by the FT Funds, FT investment advisers and FT Fund's principal
underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of
Ethics and Business Conduct and more detailed policies and procedures set forth
in FT's Employee Handbook are separate requirements applying to the Covered
Officers and others, and are not part of this Code.

VII. Amendments

     Any  amendments to this Code,  other than  amendments to Exhibit A, must be
approved  or  ratified  by a majority  vote of the FT Funds'  Board  including a
majority of independent directors.

VIII. Confidentiality

     All reports and records  prepared or maintained  pursuant to this Code will
be considered  confidential  and shall be maintained and protected  accordingly.
Except as  otherwise  required by law or this Code,  such  matters  shall not be
disclosed to anyone other than the FT Funds' Board and their counsel.

IX. Internal Use

     The Code is intended  solely for the  internal use by the FT Funds and does
not  constitute an admission,  by or on behalf of any FT Funds,  as to any fact,
circumstance, or legal conclusion.

X. Disclosure on Form N-CSR

     Item 2 of Form N-CSR requires a registered management investment company to
disclose annually whether, as of the end of the period covered by the report, it
has  adopted  a code  of  ethics  that  applies  to the  registrant's  principal
executive officer,  principal financial officer, principal accounting officer or
controller, or persons performing similar functions, regardless of whether these
officers are employed by the registrant or a third party.  If the registrant has
not adopted such a code of ethics, it must explain why it has not done so.

     The  registrant  must also:  (1) file with the SEC a copy of the code as an
exhibit  to its  annual  report;  (2) post the text of the code on its  Internet
website and  disclose,  in its most recent  report on Form N-CSR,  its  Internet
address and the fact that it has posted the code on its Internet website; or (3)
undertake  in its most  recent  report on Form  N-CSR to  provide  to any person
without charge, upon request, a copy of the code and explain the manner in which
such  request may be made.  Disclosure  is also  required of  amendments  to, or
waivers  (including  implicit  waivers)  from,  a  provision  of the code in the
registrant's  annual report on Form N-CSR or on its website.  If the  registrant
intends to satisfy the requirement to disclose amendments and waivers by posting
such  information  on its website,  it will be required to disclose its Internet
address and this intention.

     The Legal Department shall be responsible for ensuring that:

     o a copy of the Code is filed  with the SEC as an exhibit to each Fund's
       annual report; and

     o any  amendments to, or waivers (including implicit waivers) from, a
       provision  of the Code is disclosed in the  registrant's annual report
       on Form N-CSR.

     In the event that the  foregoing  disclosure is omitted or is determined to
be incorrect, the Legal Department shall promptly file such information with the
SEC as an amendment to Form N-CSR.

     In such an event, the Fund Chief  Compliance  Officer shall review the Code
and propose such changes to the Code as are necessary or  appropriate to prevent
reoccurrences.



EXHIBIT A

                 Persons Covered by the Franklin Templeton Funds
                                 Code of Ethics
                                  December 2012

FRANKLIN GROUP OF FUNDS

Edward B. Jamieson        President and Chief Executive Officer - Investment
                          Management
Charles B. Johnson        President and Chief Executive Officer - Investment
                          Management
Rupert H. Johnson, Jr.    President and Chief Executive Officer - Investment
                          Management
William J. Lippman        President and Chief Executive Officer - Investment
                          Management
Christopher Molumphy      President and Chief Executive Officer - Investment
                          Management
Laura Fergerson           Chief Executive Officer - Finance and Administration
Gaston R. Gardey          Chief Financial Officer and Chief Accounting Officer


FRANKLIN MUTUAL SERIES FUNDS

Peter Langerman           Chief Executive Officer-Investment Management
Laura Fergerson           Chief Executive Officer - Finance and Administration
Robert G. Kubilis         Chief Financial Officer and Chief Accounting Officer


TEMPLETON GROUP OF FUNDS

Mark Mobius               President and Chief Executive Officer - Investment
                          Management
Christopher J. Molumphy   President and Chief Executive Officer - Investment
                          Management
Norman Boersma            President and Chief Executive Officer - Investment
                          Management
Donald F. Reed            President and Chief Executive Officer - Investment
                          Management
Laura Fergerson           Chief Executive Officer - Finance and Administration
Mark H. Otani             Chief Financial Officer and Chief Accounting Officer





                                    EXHIBIT B

                               ACKNOWLEDGMENT FORM
                                    DECEMBER

                    FRANKLIN TEMPLETON FUNDS CODE OF ETHICS
             FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

INSTRUCTIONS:
1. Complete all sections of this form.
2. Print the completed form, sign, and date.
3. Submit completed form to FT's General Counsel c/o Code of Ethics
   Administration within 10 days of becoming a Covered Officer and by February
   15th of each subsequent year.

INTER-OFFICE MAIL: Code of Ethics Administration, Global Compliance  SM-920/2
Fax: 		   (650) 312-5646
E-MAIL:            Preclear-Code of Ethics (internal address);
                   lpreclear@frk.com (external address)

------------------------------------------------------------------------------
COVERED OFFICER'S NAME:
------------------------------------------------------------------------------
TITLE:
------------------------------------------------------------------------------
DEPARTMENT:
------------------------------------------------------------------------------
LOCATION:
------------------------------------------------------------------------------
CERTIFICATION FOR YEAR ENDING:
------------------------------------------------------------------------------

TO: Franklin Resources General Counsel, Legal Department

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's
Code of Ethics for Principal Executive Officers and Senior Financial Officers
(the "Code"). I will comply fully with all provisions of the Code to the extent
they apply to me during the period of my employment. I further understand and
acknowledge that any violation of the Code may subject me to disciplinary
action, including termination of employment.




       ----------------------------       ----------------------
                Signature                     Date signed






-----------------------------

1. Reporting of these affiliations or other relationships shall be made by
completing the annual Directors and Officers Questionnaire and returning the
questionnaire to Franklin Resources Inc, General Counsel or Deputy General
Counsel.

2. Any activity or relationship that would present a conflict for a Covered
Officer may also present a conflict for the Covered Officer if a member of the
Covered Officer's immediate family engages in such an activity or has such a
relationship. The Cover Person should also obtain written approval by FT's
General Counsel in such situations.

3. Franklin Resources General Counsel and Deputy General Counsel are authorized
to consult, as appropriate, with members of the Audit Committee, counsel to the
FT Funds and counsel to the Independent Directors, and are encouraged to do so.

4. Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of
a material departure from a provision of the code of ethics" and "implicit
waiver," which must also be disclosed, as "the registrant's failure to take
action within a reasonable period of time regarding a material departure from
a provision of the code of ethics that has been made known to an executive
officer" of the registrant. See Part X.

5. See Part X.
</TEXT>
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<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>fut302certs.htm
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Exhibit
12 (a) (2)</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">I, Laura F. Fergerson, certify
that:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:50%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">1. I have reviewed this report on
Form N-CSR of </font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Franklin Universal Trust</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">;&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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; </font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&nbsp;</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">4.
The registrant's other certifying officer(s) 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:</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(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;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:50%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(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;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:50%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(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</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:50%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(d) Disclosed in this report any change in the registrant&#8217;s internal
control over financial reporting that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant&#8217;s internal control over financial
reporting; and&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">5.
The registrant's other certifying officer(s) 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):</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(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</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(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.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:50%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">10/28/2013</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:50%;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:50%;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:50%;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">S\LAURA F. FERGERSON</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Laura F. Fergerson</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Chief Executive Officer - Finance and Administration </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&nbsp;</font></p>









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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">I, Gaston Gardey, certify that:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:50%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">1. I have reviewed this report on
Form N-CSR of </font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Franklin Universal Trust</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">;&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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; </font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&nbsp;</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">4.
The registrant's other certifying officer(s) 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:</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(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;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:50%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(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;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:50%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(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</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:50%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(d) Disclosed in this report any change in the registrant&#8217;s internal
control over financial reporting that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant&#8217;s internal control over financial
reporting; and&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">5.
The registrant's other certifying officer(s) 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):</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(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</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(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.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:50%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">10/28/2013</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:50%;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:50%;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:50%;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">S\GASTON GARDEY</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Gaston Gardey</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Chief Financial Officer and Chief Accounting Officer </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;font-weight:normal;">Exhibit 12 (b)</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">AS ADOPTED
PURSUANT TO SECTION 906</font></b></p>

<h1 style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:12.0pt;">OF THE SARBANES-OXLEY ACT OF 2002</font></b></h1>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">I, Laura F. Fergerson, Chief Executive Officer of the </font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Franklin
Universal Trust</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> (the &#8220;Registrant&#8221;), certify, pursuant to 18 U.S.C. Section
1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
that, to my knowledge:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">1.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The periodic report on Form N-CSR of the Registrant for the period ended
8/31/2013 (the &#8220;Form N-CSR&#8221;) fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">2.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the
Registrant.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Dated:&#160; 10/28/2013</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; S\LAURA F.
FERGERSON</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Laura F.
Fergerson </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:2.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Chief Executive Officer - Finance
and Administration</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:2.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&nbsp;</font></p>









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<p style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CERTIFICATION PURSUANT TO 18 U.S.C.
SECTION 1350</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">AS ADOPTED
PURSUANT TO SECTION 906</font></b></p>

<h1 style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:12.0pt;">OF THE SARBANES-OXLEY ACT OF 2002</font></b></h1>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">I, Gaston Gardey, Chief Financial Officer of the </font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Franklin
Universal Trust</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> (the &#8220;Registrant&#8221;), certify, pursuant to 18 U.S.C. Section
1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that,
to my knowledge:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">1.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The periodic report on Form N-CSR of the Registrant for the period ended
8/31/2013 (the &#8220;Form N-CSR&#8221;) fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">2.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the
Registrant.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Dated:&#160; 10/28/2013</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; S\GASTON
GARDEY</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Gaston
Gardey </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:2.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Chief Financial Officer and Chief
Accounting Officer</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:2.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&nbsp;</font></p>









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<DOCUMENT>
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<DOCUMENT>
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<SEQUENCE>7
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
