<SEC-DOCUMENT>0000833040-14-000008.txt : 20140502
<SEC-HEADER>0000833040-14-000008.hdr.sgml : 20140502
<ACCEPTANCE-DATETIME>20140502112829
ACCESSION NUMBER:		0000833040-14-000008
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20140228
FILED AS OF DATE:		20140502
DATE AS OF CHANGE:		20140502
EFFECTIVENESS DATE:		20140502

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-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05569
		FILM NUMBER:		14807799

	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
</SEC-HEADER>
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<TYPE>N-CSRS
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Courier New">UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>Washington, DC 20549</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Courier New">FORM N-CSRS</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Courier New">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Courier New">Investment Company Act file number </FONT><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Courier New">811-05569&nbsp;</FONT></U></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Courier New">Franklin Universal Trust</FONT></U></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Courier New">(Exact name of registrant as specified in charter)</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Courier New">One Franklin Parkway, San Mateo, CA 94403-1906</FONT></U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Courier New"><BR>(Address of principal executive offices)&nbsp;&nbsp; (Zip code)</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Courier New"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Courier New">Craig S. Tyle, One Franklin Parkway, San Mateo, CA&nbsp; 94403-1906</FONT></U></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Courier New">(Name and address of agent for service)</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Courier New">Registrant's telephone number, including area code: (</FONT><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Courier New">650) 312-2000</FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Courier New"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Courier New">Date of fiscal year end: _</FONT><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Courier New">8/31</FONT></U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Courier New">__&nbsp;</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Courier New"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Courier New">Date of reporting period: </FONT><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Courier New">&nbsp;2/28/14</FONT></U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Courier New">___&nbsp;</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Courier New">Item 1. Reports to Stockholders.</FONT></B></P>

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<FONT size=5 face="Sabon-Roman,Times New Roman,Times,serif">Contents</FONT></TD>
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	<TD align=left style="TEXT-INDENT:50.000000pt">
<B><FONT size=2 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">Semiannual Report</FONT></B></TD>
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&nbsp;</TD>
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<FONT size=2 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Financial Highlights and</FONT></TD>
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<FONT size=2 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Statement of Investments</FONT></TD>
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<FONT size=2 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">12</FONT></TD>
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<FONT size=2 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Franklin Universal Trust</FONT></TD>
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<FONT size=2 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">1</FONT></TD>
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<FONT size=2 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Financial Statements</FONT></TD>
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<FONT size=2 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">23</FONT></TD>
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<FONT size=2 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Performance Summary</FONT></TD>
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<FONT size=2 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">6</FONT></TD>
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<FONT size=2 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Notes to Financial Statements</FONT></TD>
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<FONT size=2 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">27</FONT></TD>
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<FONT size=2 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Annual Shareholders&#146; Meeting</FONT></TD>
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<FONT size=2 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">7</FONT></TD>
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<FONT size=2 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Shareholder Information</FONT></TD>
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<FONT size=2 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">36</FONT></TD>
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<FONT size=2 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Important Notice to Shareholders</FONT></TD>
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<FONT size=2 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">8</FONT></TD>
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<FONT size=2 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Dividend Reinvestment and</FONT></TD>
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<FONT size=2 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Cash Purchase Plan</FONT></TD>
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<FONT size=2 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">9</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">Semiannual 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&#146;s Goals and Main Investments: </FONT></B><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Franklin Universal Trust&#146;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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<I><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Performance data represent</FONT></I></TD>
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<I><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">past performance, which does</FONT></I></TD>
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<I><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">not guarantee future results.</FONT></I></TD>
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<I><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Investment return and principal</FONT></I></TD>
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<I><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">value will fluctuate, and you may</FONT></I></TD>
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<I><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">have a gain or loss when you sell</FONT></I></TD>
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<I><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">your shares. Current performance</FONT></I></TD>
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<I><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">may differ from figures shown.</FONT></I></TD>
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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">We are pleased to bring you Franklin Universal Trust&#146;s semiannual report for the period ended February 28, 2014.</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 six months under review, the Fund&#146;s cumulative total returns were +10.30% based on net asset value and +10.14% 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 +7.38% total return,</FONT><SUP><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">1, 2 </FONT></SUP><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">and utilities stocks, as measured by the Standard &amp; Poor&#146;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, generated a +10.71% total return for the same period.</FONT><SUP><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">1, 3</FONT></SUP></P>
<P style="text-align: left;">
<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 showed ongoing signs of recovery during the six-month period ended February 28, 2014, although abnormally cold weather negatively affected economic activity beginning in January. Solid consumer and business</FONT></P>
<P style="text-align: left;">
<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&#146;s 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">Semiannual 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>
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<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">spending, rising inventories, and increasing exports underpinned economic growth in the fourth quarter of 2013. Manufacturing activity expanded during the six-month period, although it slowed in early 2014, partly because of adverse weather. Retail sales rose for the period compared with the prior year&#146;s levels, with particularly strong performance toward year-end 2013. The unemployment rate declined to 6.7% in February from 7.2% in August.</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">Inflation remained well below the Federal Reserve Board&#146;s (Fed&#146;s) 2.0% target.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Long-term Treasury yields rose late in 2013 as the Federal Reserve Board (Fed) announced that it would reduce its bond purchases by &#36;10 billion a month beginning in January 2014 while keeping interest rates low. However, yields declined through period-end as investors shifted from emerging market assets to less risky assets because of concerns over emerging market growth prospects and the potential impact of the Fed&#146;s reductions to its asset purchase program. Despite soft economic data in February, the new Fed Chair, Janet Yellen, confirmed that the Fed would continue to reduce its asset purchases, although it would reconsider its plan if the outlook changed significantly.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">In October 2013, the federal government temporarily shut down after Congress reached a budget impasse. However, Congress passed a spending bill in January to fund the federal government though September 2014. Congress then approved suspension of the debt ceiling until March 2015.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The 10-year Treasury yield rose from 2.78% at the beginning of the period to a high of 3.04% at the end of 2013, mainly because of economic improvement and market certainty about the Fed&#146;s plans. However, some weakening economic data, possibly affected by bad weather, and increasing political tension in Ukraine contributed to a decline in the 10-year U.S. Treasury yield to 2.66% at period-end.</FONT></P>
<P style="text-align: left;">
<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>
<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">Performance of the Fund&#146;s primary asset classes was positive during the six months under review. Concerns earlier in the summer about higher interest rates led to a sell-off, but at the beginning of the period financial markets</FONT></P>
<P style="text-align: left;">
<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">Semiannual Report</FONT></P>
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<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">began to accept that the Fed&#146;s exit from quantitative easing and other supportive monetary policies would be gradual and based on economic data. Therefore, fears of a prolonged rise in interest rates abated, and equity and credit markets appreciated in value. After rising sharply in May and June, yields on the 10-year Treasury bond peaked in early September before declining near period-end. With the prospect of higher interest rates no longer a pressing concern, the high yield corporate bond market turned its focus to company credit fundamentals, which were generally solid. At the end of February, the par-weighted high yield default rate was well below the historical average. In addition to favorable fundamental trends, the high yield asset class continued to benefit from positive inflows, as investors sought income in a low interest rate environment. The combination of technical and fundamental factors enabled high yield corporate bonds, as measured by the CS High Yield Index, to return +7.38% as spreads tightened from 5.0 to 4.2 percentage points over Treasuries.</FONT><SUP><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">1, 2 </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 +10.71% for the period, as investors remained attracted to the combination of high relative dividend yields with a favorable, fundamental growth component.</FONT><SUP><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">1, 3</FONT></SUP></P>
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<B><FONT size=2 face="Sabon-Bold,Times New Roman,Times,serif">High Yield Corporate Bonds</FONT></B></P>
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<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The Fund benefited from an overweighted position in broadcasting and an underweighted position in retailing relative to the CS High Yield Index.</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">The broadcasting industry outperformed the index during the period under review as operational results remained sound with an improving advertising market being a key support for radio, outdoor advertising and television companies. Broadcasting also received important support from the high yield market as highly leveraged creditors were able to refinance and extend maturities, thus providing companies with more time until maturities and decreasing the risk of default. Retailing was hurt by weaker-than-expected sales during the holidays and the beginning of 2014, caused by severe winter weather as well as an intensely promotional, competitive environment, which drove the industry&#146;s underperformance for the six-month period.</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 hindered by an overweighted position in the wireless communications industry and a lack of exposure to the paper and forest products industry relative to the CS High Yield Index.</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">The broader wireless communications industry suffered from intensifying competitive pressures, as well as from debt-funded capital spending to fund network upgrades. The paper and forest products industry outperformed the broader index resulting from a rally in certain distressed issues following the merger of one of the distressed companies with a recently restructured competitor. A weaker Canadian dollar also benefited certain Canada-domiciled issuers.</FONT></P>
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<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Portfolio Breakdown</FONT></B></TD>
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&nbsp;</TD>
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<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2/28/14</FONT></TD>
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<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">% of Total</FONT></B></TD>
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<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Investments*</FONT></B></TD>
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&nbsp;</TD>
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<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">66.4</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>
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<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">27.7</FONT></TD>
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<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
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<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">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>
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<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">1.3</FONT></TD>
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<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
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<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">0.7</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>
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<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">0.2</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>
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<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Preferred Stocks</FONT></TD>
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<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>
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<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>
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<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Short-Term Investments &amp;</FONT></TD>
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<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Other Net Assets</FONT></TD>
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<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">1.8</FONT></TD>
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<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
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<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;">
<FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Semiannual 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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<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Based on Total Investments**</FONT></TD>
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<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">2/28/14 vs. 8/31/13</FONT></TD>
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<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Issuer</FONT></B></TD>
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<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">2/28/14</FONT></B></TD>
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<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">2.6</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>
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<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">2.5</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>
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	<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">1.8</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>
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<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">1.7</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>
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	<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">1.7</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>
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	<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>
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	<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">1.5</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>
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<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>
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<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">1.4</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>
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<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Spectra 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">1.3</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>
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<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Issuer</FONT></B></TD>
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<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">8/31/13</FONT></B></TD>
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<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>
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	<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>
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	<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>
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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">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>
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	<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="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">1.3</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">*Excludes money market funds.</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right colspan=2>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">**Percentage of total investments of the Fund. Total</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">investments of the Fund include long-term and short-</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">term investments and other net assets, excluding</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">long-term debt issued by the Fund.</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;">
<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">The Fund&#146;s utilities sector delivered strong absolute performance during the six-month period, in line with the S&amp;P 500 Utilities Index, but this performance lagged that of the S&amp;P 500 Index. An increase in consumer confidence and U.S. economic improvements benefited nearly all equity market sectors, while a continuance of relatively low interest rates helped maintain investor interest in high dividend-paying securities like utilities. Some of the top-performing utilities during the period benefited from expansion opportunities in natural gas and electricity transmission. Dominion Resources and Spectra Energy, an energy sector position, each has a significant presence in natural gas transmission, and increased North American gas development has improved the usage and opportunity of their pipelines. American Electric Power offered similar opportunity on the electricity side, where it is one of the largest U.S. operators of high voltage networks. These three companies outperformed the utilities market during the period. FirstEnergy announced a 35% reduction in its quarterly dividend payout in January, and its share price was negatively impacted. Overall, most of the Fund&#146;s utility holdings 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_s0414x6x1.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></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">Semiannual Report</FONT></P>
</DIV>

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<P style="text-align: left;">
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">The foregoing information reflects our analysis, opinions and portfolio holdings as of February 28, 2014, the end</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">of 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 upon</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">as investment advice or an offer for a particular security. The information is not a complete analysis of every aspect</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable,</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">but the investment manager makes no representation or warranty as to their completeness or accuracy. Although</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">historical performance is no guarantee of future results, these insights may help you understand our investment</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">management philosophy.</FONT></B><BR>
<BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">The indexes are unmanaged and include reinvestment of any income or distributions. One cannot invest directly in an</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">index, and an index is not representative of the Fund&#146;s portfolio.</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">1. Source: &#169; 2014 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.</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">2. CS High Yield Index. Copyright &#169; 2014 CREDIT SUISSE GROUP AG and/or its affiliates. All rights reserved.</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">3. S&amp;P Dow Jones Indices. Copyright &#169; 2014, S&amp;P Dow Jones Indices LLC. All rights reserved. Reproduction of S&amp;P</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">Dow Jones Indices in any form is prohibited except with the prior written permission of S&amp;P. S&amp;P does not guarantee</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omis-</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">sions, regardless of the cause or for the results obtained from the use of such information. S&amp;P DISCLAIMS ANY AND</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&amp;P be liable for any direct, indirect, special or con-</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">sequential damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs)</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">in connection with subscriber&#146;s or others&#146; use of S&amp;P index data.</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">4. Source: Bureau of Labor Statistics.</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">5. Broadcasting holdings are in media in the SOI.</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">6. Wireless communications holdings are in telecommunication services in the SOI.</FONT></P>
<P style="text-align: right;">
<FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Semiannual 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">5</FONT></P>
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<P style="text-align: left;">
<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Performance Summary as of 2/28/14</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 gain distributions, if any, or any realized gains on the sale of Fund shares.</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=29%></TD>
     <TD width=2%></TD>
     <TD width=10%></TD>
     <TD width=2%></TD>
     <TD width=2%></TD>
     <TD width=12%></TD>
     <TD width=2%></TD>
     <TD width=2%></TD>
     <TD width=13%></TD>
     <TD width=2%></TD>
     <TD width=2%></TD>
     <TD width=10%></TD>
     <TD width=2%></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">Price and Distribution Information</FONT></B></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>
	<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=13>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:6.000000pt">
<B><FONT color="#ffffff" size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Symbol: FT</FONT></B></TD>
	<TD bgcolor="#666666" align=right 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=right style="border-bottom:1px solid #000000;">
&nbsp;</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">Change</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=right style="border-bottom:1px solid #000000;">
&nbsp;</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">2/28/14</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=right style="border-bottom:1px solid #000000;">
&nbsp;</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:6.000000pt">
<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;">
&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;">
<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">0.55</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">8.16</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>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:6.000000pt">
<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;">
&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;">
<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">0.44</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">7.20</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>
</TR>
<TR valign="bottom">
	<TD bgcolor="#e5e5e5" align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:6.000000pt">
<B><FONT size=1 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">Distributions (9/1/13&#150;2/28/14)</FONT></B></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>
	<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="TEXT-INDENT:6.000000pt">
<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">0.2355</FONT></TD>
	<TD bgcolor="#e5e5e5" align=left>
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=right>
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=left>
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=left>
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=right>
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=left>
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=left>
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=right>
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=left>
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=13>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=13>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Performance</FONT></B><B><SUP><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">1</FONT></SUP></B></TD>
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&nbsp;</TD>
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&nbsp;</TD>
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&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
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&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
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&nbsp;</TD>
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&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
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<TR valign="bottom">
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=right style="border-bottom:1px solid #000000;">
&nbsp;</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">6-Month</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=right style="border-bottom:1px solid #000000;">
&nbsp;</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">1-Year</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=right style="border-bottom:1px solid #000000;">
&nbsp;</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">5-Year</FONT></B></TD>
	<TD bgcolor="#666666" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#666666" align=right style="border-bottom:1px solid #000000;">
&nbsp;</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">10-Year</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:6.000000pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Cumulative Total Return</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;">
&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>
	<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:10.886703pt">
<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">3</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">10.30</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">11.21</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">158.51</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">141.49</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:10.886703pt">
<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">4</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">10.14</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">3.44</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">163.35</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">152.28</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:6.000000pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Average Annual Total Return</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;">
&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>
	<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:10.886703pt">
<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">3</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">10.30</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">11.21</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">20.92</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">9.22</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:10.886703pt">
<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">4</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">10.14</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">3.44</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">21.37</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">9.70</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:6.000000pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Average Annual total Return (3/31/14)</FONT><SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">5</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>
	<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:10.886703pt">
<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">3</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;">
<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">10.05</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">20.66</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">9.31</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="TEXT-INDENT:10.886703pt">
<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">4</FONT></SUP></TD>
	<TD bgcolor="#e5e5e5" align=right>
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=left>
&nbsp;</TD>
	<TD bgcolor="#e5e5e5" align=left>
&nbsp;</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">1.71</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">22.00</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">9.71</FONT></TD>
	<TD bgcolor="#e5e5e5" 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;">
<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</FONT></I><BR>
<I><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from</FONT></I><BR>
<I><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">figures shown.</FONT></I><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</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">companies have historically been sensitive to interest rate changes. When interest rates fall, utility securities prices, and thus a utilities fund&#146;s</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">share price, tend to rise; when interest rates rise, their prices generally fall. The Fund is actively managed but there is no guarantee that the</FONT></B><BR>
<B><FONT size=1 face="TradeGothic-BoldCondTwenty,Arial,Helvetica,sans-serif">manager&#146;s investment decisions will produce the desired results.</FONT></B><BR>
<BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">1. The Fund has a fee waiver associated with its investments in a Franklin Templeton money fund, contractually guaranteed through at least its</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">current fiscal year-end. Fund investment results reflect the fee waiver, to the extent applicable; without this reduction, the results would have</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">been lower.</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">2. Total return calculations represent the cumulative and average annual changes in value of an investment over the periods indicated. Six-month</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">return has not been annualized.</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">3. Assumes reinvestment of distributions based on net asset value.</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">4. 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">5. 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">Semiannual Report</FONT></P>
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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 21, 2014</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 21, 2014. At the meeting, the holders of 20,093,292 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:1.960327pt">
<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">19,724,285</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">98.16</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">369,007</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1.84</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">19,746,211</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">98.27</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">347,082</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1.73</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">19,786,289</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">98.47</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">307,003</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1.53</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">Gregory E. Johnson</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">19,737,039</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">98.23</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">356,253</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1.77</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">19,729,605</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">98.19</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">363,687</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1.81</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">19,772,293</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">98.40</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">320,999</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1.60</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">19,728,151</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">98.18</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">365,141</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1.82</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">19,755,035</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">98.32</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">338,257</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1.68</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">19,770,273</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">98.39</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">323,019</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1.61</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">Semiannual 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">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">Semiannual Report</FONT></P>
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<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="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="TradeGothic-Light,Arial,Helvetica,sans-serif">Semiannual 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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<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=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</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">Semiannual Report</FONT></P>
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<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">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">Semiannual 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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   <TD colSpan=3 align=left><FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></TD>

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   <TD align=left><B><FONT size=3 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Financial Highlights</FONT></B></TD>

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

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

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

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

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<TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 colSpan=4 align=left><B><FONT color=#ffffff size=1 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Six Months Ended</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 align=right>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 align=left>&nbsp;</TD>

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<TR vAlign=bottom>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 colSpan=4 align=left><B><FONT color=#ffffff size=1 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>February 28, 2014</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 colSpan=7 align=center><B><FONT color=#ffffff size=1 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Year Ended August 31,</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 align=left>&nbsp;</TD>

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<TR vAlign=bottom>

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

   <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>2011</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>2010</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>2009</FONT></B></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" align=left><B><FONT size=1 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Per share operating performance</FONT></B></TD>

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

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

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

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

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>(for a share outstanding throughout the period)</FONT></TD>

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

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Net asset value, beginning of period</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><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>7.61</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>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>7.47</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>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>6.87</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>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>6.57</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>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>5.85</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>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>6.96</FONT></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.999pt" align=left><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>0.25</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>0.43</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 style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>0.54</FONT></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>0.17</FONT></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>0.61</FONT></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>0.31</FONT></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>0.71</FONT></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>(1.00</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><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Total from investment operations</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>0.79</FONT></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>0.60</FONT></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1.06</FONT></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>0.76</FONT></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1.18</FONT></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>(0.65</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><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Less distributions from net investment income</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>(0.24</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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>(0.46</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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>(0.46</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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>(0.46</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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>(0.46</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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>(0.46</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><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Net asset value, end of period</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><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>8.16</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>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>7.61</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>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>7.47</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>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>6.87</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>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>6.57</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>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>5.85</FONT></TD>

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Market value, end of period</FONT><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>b</FONT></SUP></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><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>7.20</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>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>6.76</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>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>7.38</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>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>6.33</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>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>6.23</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>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>5.08</FONT></TD>

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

<TR>

   <TD colSpan=19>&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><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>c</FONT></SUP></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>10.14</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>(2.45</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=19>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><B><FONT size=1 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Ratios to average net assets</FONT></B><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>d</FONT></SUP></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>

   <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>2.00</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>e</FONT></SUP></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>e,f</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>6.23</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>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=19>&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>

   <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 period (000&#8217;s)</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>204,950</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>$</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>$</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>$</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>$</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>$</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>8.53</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>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 period (000&#8217;s)</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>4,416</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.04pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>share during the period</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>2.39</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>$</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>$</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>$</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>$</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>$</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=19>&nbsp;</TD></TR>

<TR>

   <TD colSpan=19>&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>

   <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>

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   <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>Total return is not annualized for periods less than one year.</FONT></TD>

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   <TD align=left><SUP><FONT size=1 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>d</FONT></SUP><FONT size=1 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>Ratios are annualized for periods less than one year.</FONT></TD>

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   <TD align=left><SUP><FONT size=1 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>e</FONT></SUP><FONT size=1 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>Benefit of expense reduction rounds to less than 0.01%.</FONT></TD>

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   <TD colSpan=6 align=left><SUP><FONT size=1 face=TradeGothic-CondEighteen,Arial,Helvetica,sans-serif>f</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>

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<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>Semiannual Report</FONT></P></DIV>

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   <TD align=left><FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><B><FONT size=3 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Statement of Investments, February 28, 2014 (unaudited)</FONT></B></TD>

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   <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=right><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>

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   <TD style="TEXT-INDENT: 13pt" align=left><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Common Stocks 39.7%</FONT></B></TD>

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   <TD style="TEXT-INDENT: 13pt" align=left><B><FONT size=1 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Energy 1.7%</FONT></B></TD>

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   <TD style="TEXT-INDENT: 13pt" align=left><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 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>3,442,808</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 13pt" align=left><B><FONT size=1 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Materials 2.2%</FONT></B></TD>

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   <TD style="TEXT-INDENT: 13pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>BHP Billiton PLC, ADR</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>25,185</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,616,373</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 13pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Freeport-McMoRan Copper &amp; Gold Inc., B</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>80,380</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>2,621,995</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 13pt" align=left><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>2,400</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>222,000</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>4,460,368</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 13pt" align=left><B><FONT size=1 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Transportation 0.1%</FONT></B></TD>

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   <TD align=left><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 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>183,916</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 13pt" align=left><B><FONT size=1 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Utilities 35.7%</FONT></B></TD>

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   <TD style="TEXT-INDENT: 13pt" align=left><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>40,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>2,169,600</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 13pt" align=left><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>3,765,000</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 13pt" align=left><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>4,015,770</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 13pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>CMS 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>65,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,847,950</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 13pt" align=left><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>2,354,100</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 13pt" align=left><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>6,940,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>DTE Energy 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>25,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,794,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><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>6,557,818</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 13pt" align=left><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>3,927,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><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>3,191,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><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>1,672,550</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><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>1,846,800</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><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>1,838,900</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><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>4,569,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><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>2,203,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><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>3,895,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><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>2,583,200</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><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>1,649,700</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><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>4,723,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><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>4,594,975</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><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>1,548,800</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><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>2,053,200</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><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>1,758,400</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><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 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>1,817,400</FONT></TD></TR>

<TR vAlign=bottom>

   <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>73,318,413</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Total Common Stocks (Cost $49,434,636)</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=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>81,405,505</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><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 style="TEXT-INDENT: 13pt" align=left><B><FONT size=1 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 style="TEXT-INDENT: 9.318pt" align=left><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>7,950</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.318pt" align=left><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 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>398,120</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Total Convertible Preferred Stocks (Cost $587,092)</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=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>406,070</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Preferred Stocks (Cost $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 style="TEXT-INDENT: 13pt" align=left><B><FONT size=1 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 style="TEXT-INDENT: 13pt" align=left><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 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>314,940</FONT></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right"><FONT size=2 face=TradeGothic-Light,Arial,Helvetica,sans-serif>Semiannual 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>

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   <TD align=center><FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></TD>

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

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   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=right><B><FONT size=3 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Statement of Investments, February 28, 2014 (unaudited) </FONT></B><I><FONT size=2 face=TradeGothic-Light,Arial,Helvetica,sans-serif>(continued)</FONT></I></TD>

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

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   <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: 13pt" align=left><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Corporate Bonds 85.9%</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><B><FONT size=1 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: 13pt" 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>1,207,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.018pt" align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>b </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>1,162,563</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>2,369,813</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 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 style="TEXT-INDENT: 13pt" 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>542,500</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>1,265,369</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>b </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>339,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.001pt" 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>948,937</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>3,096,556</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Capital Goods 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>

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

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>b </FONT></SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Abengoa Finance SAU, 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>

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>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>1,695,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>7.75%, 2/01/20</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>150,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>163,500</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>1,270,500</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>943,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>b </FONT></SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Oshkosh Corp., senior note, 144A, 5.375%, 3/01/22</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>500,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>513,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.018pt" align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>b </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>642,000</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>5,228,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 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: 13pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>ADS Waste Holdings Inc., senior note, 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>1,635,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.018pt" align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>b </FONT></SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Algeco Scotsman Global Finance PLC, 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>

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>144A, 8.50%, 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>900,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>982,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>b </FONT></SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Darling Escrow Corp., senior note, 144A, 5.375%, 1/15/22</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>300,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>308,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>b,c </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>513,125</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>3,438,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><B><FONT size=1 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Consumer Durables &amp; Apparel 3.1%</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=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>KB Home,</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 style="TEXT-INDENT: 22.998pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>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>1,197,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>senior note, 7.00%, 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>300,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>322,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD 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>977,625</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>308,250</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>700,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>748,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>b </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>144<FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>A,</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></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>544,890</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>397,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>5.625%, 3/01/24</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>200,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Toll Brothers Finance Corp., senior bond, 5.625%, 1/15/24</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>621,000</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>1,000,000</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>972,500</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD align=left>&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>6,289,515</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>Semiannual Report</FONT></P></DIV>

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

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<TR>
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<TR valign="bottom">
	<TD align=center>
<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Statement of Investments, February 28, 2014 (unaudited) </FONT></B><I><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I></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>
	<TD colspan=5>
&nbsp;</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:13.000000pt">
<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:13.000000pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Consumer Services 3.3%</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:13.000000pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Caesars Entertainment Operating Co. 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:22.998993pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">first lien, 9.00%, 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">300,000</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">293,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.998993pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior secured note, 11.25%, 6/01/17</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">1,500,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,535,625</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">ClubCorp Club Operations Inc., senior note, 10.00%, 12/01/18</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">674,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">748,982</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2 style="TEXT-INDENT:4.402802pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b,d </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Fontainebleau Las Vegas, senior secured note, first lien, 144A, 11.00%,</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:18.997757pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6/15/15</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">4,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Landry&#146;s Inc., senior note, 144A, 9.375%, 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">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:13.000000pt">
<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:22.998993pt">
<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>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,323,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.998993pt">
<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">896,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2 style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Paris Las Vegas Holding LLC, senior secured note, first lien, 144A, 8.00%,</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:18.997757pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">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">300,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">320,625</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:12.991745pt">
<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">219,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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">525,000</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">6,859,982</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Diversified Financials 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>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<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">658,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<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">800,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">872,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">General Motors Financial Co. Inc., senior note, 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">411,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<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">239,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.318802pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">e </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">JPMorgan Chase &amp; Co., junior sub. bond, 6.00% to 8/01/23,</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:18.997757pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">FRN 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">900,000</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 colspan=2 style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.997757pt">
<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">700,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">738,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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">965,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">SLM 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:22.998993pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">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>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,068,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.998993pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">5.50%, 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">800,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">849,105</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.998993pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">4.875%, 6/17/19</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">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">310,532</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">7,013,137</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Energy 23.1%</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 colspan=2 style="TEXT-INDENT:13.000000pt">
<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>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.997757pt">
<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">436,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:12.991745pt">
<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:22.990753pt">
<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">700,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">766,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.990753pt">
<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">652,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:12.991745pt">
<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:22.990753pt">
<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">999,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.990753pt">
<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">114,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:12.991745pt">
<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:22.990753pt">
<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">866,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.990753pt">
<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">331,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:12.991745pt">
<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:22.990753pt">
<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">615,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.990753pt">
<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">619,500</FONT></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">Semiannual 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, February 28, 2014 (unaudited) </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:3.981003pt">
<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:3.981003pt">
<B><FONT size=1 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:3.981003pt">
<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:13.979996pt">
<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>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">916,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.979996pt">
<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">220,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.979996pt">
<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">327,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.981003pt">
<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">1,350,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,474,031</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.981003pt">
<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">1,950,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.981003pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Clayton Williams 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:13.979996pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">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">1,060,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.000000pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">144A, 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">100,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">106,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.982010pt">
<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:13.981003pt">
<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>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">522,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.981003pt">
<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">327,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.981003pt">
<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">319,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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">1,055,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.981003pt">
<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:9.978760pt">
<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">1,199,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.981003pt">
<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">1,321,374</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.981003pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Energy Transfer Equity LP,</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:13.979996pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior bond, 5.875%, 1/15/24</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">203,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.979996pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">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">1,721,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.981003pt">
<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">1,426,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.981003pt">
<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">868,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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:9.978760pt">
<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">1,368,266</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.981003pt">
<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">1,200,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,242,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.981003pt">
<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:13.979996pt">
<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">1,057,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.979996pt">
<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">409,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.000000pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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">206,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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:9.978760pt">
<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">1,329,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.981003pt">
<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:13.979996pt">
<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">782,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.979996pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">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">207,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.981003pt">
<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:13.979996pt">
<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">1,095,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.979996pt">
<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">761,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.981003pt">
<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:13.979996pt">
<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">367,063</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.979996pt">
<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">631,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.981003pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Midstates Petroleum Co. Inc./LLC, senior note, 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">700,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">743,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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">700,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">745,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.981003pt">
<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:13.979996pt">
<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">216,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.979996pt">
<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">434,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.979996pt">
<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">218,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.000000pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">144A, 6.875%, 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">400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">436,000</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">Semiannual Report</FONT></P>
</DIV>

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<TR valign="bottom">
	<TD align=center>
<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Statement of Investments, February 28, 2014 (unaudited) </FONT></B><I><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I></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>
	<TD colspan=5>
&nbsp;</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:13.000000pt">
<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:13.000000pt">
<B><FONT size=1 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:13.000000pt">
<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:22.998993pt">
<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>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">719,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.998993pt">
<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">755,562</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<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">1,200,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,323,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<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">773,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<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:22.998993pt">
<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">470,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">527,575</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.998993pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">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">400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">428,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<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">1,120,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<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:22.998993pt">
<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>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">707,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.998993pt">
<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">400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">401,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<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">1,000,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,080,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.599396pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b,f </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:18.997757pt">
<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">1,194,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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:22.998993pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">first lien, 144A, 6.25%, 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">200,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">207,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.998993pt">
<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">1,030,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.998993pt">
<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">493,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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">1,562,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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">900,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">945,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<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">1,200,000</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">1,305,000</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">47,242,121</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Food, Beverage &amp; Tobacco 2.6%</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:13.000000pt">
<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">500,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">491,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<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">1,668,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Dole Food Co. Inc., senior secured note, 144A, 7.25%, 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">800,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">813,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">JBS USA LLC/Finance 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:22.998993pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">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">330,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.998993pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">7.25%, 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">700,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">743,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Post Holdings 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:22.998993pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6.75%, 12/01/21</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">100,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">107,375</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.998993pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">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">800,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">875,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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">309,562</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">5,337,937</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Health Care Equipment &amp; Services 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>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<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:22.998993pt">
<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">992,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.998993pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior sub. note, 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">105,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<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:22.998993pt">
<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">1,085,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.998993pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">6.00%, 10/15/21</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">100,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">104,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<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:22.998993pt">
<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">1,004,400</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.998993pt">
<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">400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">437,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:19.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior note, 144A, 6.875%, 2/01/22</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">213,125</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:23.000000pt">
<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">636,750</FONT></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">Semiannual 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>

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

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   <TD width="9%"></TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</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>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=right><B><FONT size=3 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Statement of Investments, February 28, 2014 (unaudited) </FONT></B><I><FONT size=2 face=TradeGothic-Light,Arial,Helvetica,sans-serif>(continued)</FONT></I></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>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</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: 22pt" 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></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 22pt" align=left><B><FONT size=1 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Health Care Equipment &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>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 22pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>DaVita HealthCare Partners Inc., senior note, 5.75%, 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>500,000</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>531,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 22pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>ExamWorks Group Inc., senior note, 9.00%, 7/15/19</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>884,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCA Inc.,</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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; senior note, 6.50%, 2/15/16</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 align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,527,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 31.998pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>senior note, 5.875%, 5/01/23</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>848,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 31.998pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>senior secured note, 5.875%, 3/15/22</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>600,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>657,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 22pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Tenet Healthcare Corp., senior note, 8.125%, 4/01/22</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>1,000,000</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>1,122,500</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD align=left>&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>10,149,775</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 22pt" align=left><B><FONT size=1 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>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 22pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>ArcelorMittal, senior note, 6.00%, 3/01/21</FONT></TD>

   <TD align=left>&nbsp;</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>900,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>973,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b </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=left>&nbsp;</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>557,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b </FONT></SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Ardagh Packaging Finance PLC/Ardagh MP Holdings USA 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144<FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>A,</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></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/31/19</FONT></TD>

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

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Ireland</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>208,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/15/20</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>88,235</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>91,985</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/31/21</FONT></TD>

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

   <TD align=center><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Ireland</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>207,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.018pt" align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>b </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=left>&nbsp;</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>800,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>758,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b </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>

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 5/01/18</FONT></TD>

   <TD align=left>&nbsp;</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>1,491,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.018pt" align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>b </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=left>&nbsp;</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>1,638,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b </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=left>&nbsp;</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>987,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euramax International Inc., senior secured note, 9.50%, 4/01/16</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>100,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>101,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b </FONT></SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Exopack Holding Corp., senior note, 144A, 10.00%, 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>800,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>876,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.018pt" align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>b </FONT></SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>First Quantum Minerals 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>

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/15/20</FONT></TD>

   <TD align=left>&nbsp;</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>631,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>653,085</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/15/21</FONT></TD>

   <TD align=left>&nbsp;</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>631,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>654,663</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b </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>

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/01/15</FONT></TD>

   <TD align=left>&nbsp;</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>200,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>207,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp; 6.875%, 2/01/18</FONT></TD>

   <TD align=left>&nbsp;</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>1,056,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 11/01/19</FONT></TD>

   <TD align=left>&nbsp;</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>331,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.018pt" align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>b </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=left>&nbsp;</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>800,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>880,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.018pt" align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>b </FONT></SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Ineos Group Holdings SA, 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>

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 8/15/18</FONT></TD>

   <TD align=left>&nbsp;</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>312,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp; 5.875%, 2/15/19</FONT></TD>

   <TD align=left>&nbsp;</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>200,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>206,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 22pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Novelis Inc., senior note, 8.75%, 12/15/20</FONT></TD>

   <TD align=left>&nbsp;</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>791,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; Olin Corp., senior bond, 5.50%, 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>1,600,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,644,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;b </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>

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp; 144A, 9.625%, 6/15/18</FONT></TD>

   <TD align=left>&nbsp;</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>766,938</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;b,c </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>

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;9.25%, 8/01/19</FONT></TD>

   <TD align=left>&nbsp;</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>208,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.018pt" align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>b </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=left>&nbsp;</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>1,075,474</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.018pt" align=left><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>b </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=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>517,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 22pt" align=left><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>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 31.998pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>first lien, 5.75%, 10/15/20</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>525,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; senior note, 8.50%, 5/15/18</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>1,000,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,055,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; senior note, 9.00%, 4/15/19</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>216,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 31.998pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>senior note, 9.875%, 8/15/19</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>100,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>113,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;senior note, 8.25%, 2/15/21</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>700,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>768,250</FONT></TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=1 face=TradeGothic-Light,Arial,Helvetica,sans-serif>18 </FONT><FONT color=#808080 size=2 face=TradeGothic-Light,Arial,Helvetica,sans-serif>| </FONT><FONT size=2 face=TradeGothic-Light,Arial,Helvetica,sans-serif>Semiannual Report</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></TABLE></DIV>

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	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Statement of Investments, February 28, 2014 (unaudited) </FONT></B><I><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I></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>
	<TD colspan=5>
&nbsp;</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:13.000000pt">
<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:13.000000pt">
<B><FONT size=1 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 style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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 style="TEXT-INDENT:22.998993pt">
<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>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">450,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.998993pt">
<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">400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">444,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.998993pt">
<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">347,625</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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 style="TEXT-INDENT:18.997757pt">
<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">542,500</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">21,659,520</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Media 7.4%</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:13.000000pt">
<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">836,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital 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:18.997757pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior bond, 144A, 5.625%, 2/15/24</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">103,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">CCO Holdings LLC/CCO Holdings Capital Corp., senior bond, 5.25%,</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:18.997757pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">9/30/22</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">800,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">802,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:12.991745pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Clear Channel Communications Inc., senior secured bond, 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 style="TEXT-INDENT:18.989502pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">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">1,999,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:12.991745pt">
<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 style="TEXT-INDENT:22.990753pt">
<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">535,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.990753pt">
<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">761,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:12.991745pt">
<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=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">792,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:12.991745pt">
<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:22.990753pt">
<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">1,653,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.990753pt">
<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">785,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Gannett Co. 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:22.998993pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior bond, 144A, 6.375%, 10/15/23</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">900,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">951,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.998993pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">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">621,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">The Nielsen Co. (Luxembourg) Sarl, senior note, 144A, 5.50%,</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:18.997757pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">10/01/21</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">421,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Radio One Inc., senior sub. note, 144A, 9.25%, 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">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:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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:22.998993pt">
<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">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 style="TEXT-INDENT:22.998993pt">
<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">1,077,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.998993pt">
<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">222,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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">1,100,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,181,125</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">VTR Finance BV, senior secured note, 144A, 6.875%, 1/15/24</FONT></TD>
	<TD align=center>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Chile</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">308,037</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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">1,249,500</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">15,170,912</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Pharmaceuticals, Biotechnology &amp; Life Sciences 2.6%</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:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">inVentiv Health Inc., 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">428,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b,c </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">600,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">634,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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:18.997757pt">
<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">450,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:12.991745pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Par Pharmaceutical Cos. Inc., senior note, 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">1,600,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,740,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Salix Pharmaceuticals Ltd., senior 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">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>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: right;">
<FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Semiannual 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></P>
</DIV>

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<TR valign="bottom">
	<TD align=center>
<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Statement of Investments, February 28, 2014 (unaudited) </FONT></B><I><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I></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>
	<TD colspan=5>
&nbsp;</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:13.000000pt">
<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:13.000000pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Pharmaceuticals, Biotechnology &amp; Life Sciences (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:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Valeant Pharmaceuticals International 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:22.998993pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">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>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">343,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.998993pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">5.625%, 12/01/21</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">212,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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 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">1,207,250</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">5,230,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<B><FONT size=1 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:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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">880,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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:18.997757pt">
<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">927,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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">645,000</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">2,452,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Semiconductors &amp; Semiconductor Equipment 0.8%</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:13.000000pt">
<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:22.998993pt">
<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">882,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.998993pt">
<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">588,420</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:19.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior secured note, 144A, 6.00%, 1/15/22</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 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">212,750</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">1,683,170</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Software &amp; Services 3.2%</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:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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">700,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">739,375</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<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">1,300,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,326,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<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:22.998993pt">
<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">1,080,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:19.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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">228,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:19.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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">900,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">981,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.001007pt">
<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">500,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">525,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.001007pt">
<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">1,600,000</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">1,728,000</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">6,607,875</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Technology Hardware &amp; Equipment 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:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Alcatel-Lucent USA Inc., senior note, 144A, 6.75%, 11/15/20</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">1,284,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Blackboard Inc., senior note, 144A, 7.75%, 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">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=center>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b,c </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">CommScope Holdings Co. Inc., senior note, 144A, PIK, 6.625%,</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:18.997757pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">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">400,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">425,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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">364,000</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">398,580</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">2,523,580</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Telecommunication Services 8.5%</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:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Altice Financing SA, secured note, 144A, 6.50%, 1/15/22</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">700,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">730,188</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">CenturyLink Inc., senior bond, 6.75%, 12/01/23</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">319,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<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">1,706,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<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:22.998993pt">
<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">107,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.998993pt">
<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">206,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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">953,073</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.018997pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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">501,250</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">Semiannual 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, February 28, 2014 (unaudited) </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=1%></TD>
     <TD width=10%></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=left style="TEXT-INDENT:12.692871pt">
<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:3.981003pt">
<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:3.981003pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Telecommunication 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>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">767,375</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.981003pt">
<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:13.979996pt">
<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">928,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.979996pt">
<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">237,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.979996pt">
<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">805,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.981003pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Intelsat Jackson Holdings 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 style="TEXT-INDENT:13.979996pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior bond, 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">528,125</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.979996pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior note, 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">218,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.979996pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior note, 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">1,661,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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">318,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Millicom International Cellular SA, senior note, 144A, 6.625%,</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:9.978760pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">10/15/21</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">900,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">939,937</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Sprint 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:13.979996pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior bond, 144A, 7.125%, 6/15/24</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">210,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.979996pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior note, 144A, 7.875%, 9/15/23</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">555,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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:13.979996pt">
<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">2,455,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.979996pt">
<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">500,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">580,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.981003pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">T-Mobile 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 style="TEXT-INDENT:13.979996pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior bond, 6.50%, 1/15/24</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">212,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.979996pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior note, 6.542%, 4/28/20</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">869,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.979996pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">senior note, 6.125%, 1/15/22</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">100,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">106,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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:9.978760pt">
<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">1,590,000</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">17,505,698</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.981003pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Transportation 1.3%</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:3.981003pt">
<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:13.979996pt">
<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">643,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.979996pt">
<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>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,076,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Stena AB, senior bond, 144A, 7.00%, 2/01/24</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">500,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">516,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Stena International SA, secured bond, 144A, 5.75%, 3/01/24</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">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">506,563</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">2,742,563</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.981003pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Utilities 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>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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:13.979996pt">
<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">388,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">435,530</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.979996pt">
<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">822,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">910,365</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.979996pt">
<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">408,000</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">461,040</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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">846,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">b </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>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.978760pt">
<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=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 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">889,500</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">3,542,935</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.981003pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Total Corporate Bonds (Cost &#36;164,647,693)</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">176,144,714</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">Semiannual 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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<TR>
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     <TD width=14%></TD>
     <TD width=15%></TD>
     <TD width=1%></TD>
     <TD width=10%></TD>
     <TD width=2%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</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>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=3 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Statement of Investments, February 28, 2014 (unaudited) </FONT></B><I><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I></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=6>
&nbsp;</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=left style="TEXT-INDENT:12.697296pt">
<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 align=left style="TEXT-INDENT:5.899200pt">
<SUP><FONT size=2 face="TradeGothic,Arial,Helvetica,sans-serif">f,g</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>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<B><FONT size=1 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>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Navistar Inc., Tranche B Term Loan, 5.75%, 8/17/17</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">345,513</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.002258pt">
<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">351,055</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<B><FONT size=1 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>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<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=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">992,500</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">952,180</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<B><FONT size=1 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>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Texas Competitive Electric Holdings Co. LLC, 2017 Term Loan, 4.74%,</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 style="TEXT-INDENT:18.997757pt">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">10/10/17</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">954,192</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">667,457</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Total Senior Floating Rate Interests (Cost &#36;2,166,015)</FONT></B></TD>
	<TD align=left>
&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;">
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">1,970,692</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=6>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD bgcolor="#666666" align=left style="TEXT-INDENT:19.653137pt">
<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 align=left style="TEXT-INDENT:13.000000pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Escrow and Litigation Trusts (Cost &#36;&#151;) 0.0%</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 style="TEXT-INDENT:4.702606pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">a,h </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 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:13.000000pt">
<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>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:19.000000pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">(Cost &#36;217,125,436)</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">260,241,921</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Short Term Investments (Cost &#36;1,518,070) 0.7%</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 align=left style="TEXT-INDENT:13.000000pt">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Money Market Funds 0.7%</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 align=left style="TEXT-INDENT:6.193695pt">
<SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">a,i </FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Institutional Fiduciary Trust Money Market Portfolio</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">1,518,070</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">1,518,070</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Total Investments (Cost &#36;218,643,506) 127.7%</FONT></B></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">261,759,991</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Notes Payable (29.3)%</FONT></B></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 style="TEXT-INDENT:13.000000pt">
<B><FONT size=2 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Other Assets, less Liabilities 1.6%</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">3,190,397</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<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 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">204,950,388</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=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">See Abbreviations on page 35.</FONT><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 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 February 28,</FONT><BR>
<FONT size=1 face="TradeGothic-CondEighteen,Arial,Helvetica,sans-serif">2014, the aggregate value of these securities was &#36;72,660,614, representing 35.45% of net assets.</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">Income may be received in additional securities and/or cash.</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">See Note 9 regarding defaulted securities.</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">Perpetual security with no stated maturity date.</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">The coupon rate shown represents the rate at period end.</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">See Note 1(b) regarding senior floating rate interests.</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">Security has been deemed illiquid because it may not be able to be sold within seven days. At February 28, 2014, the value of this security was &#36;-.</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 8 regarding investments in the Institutional Fiduciary Trust Money Market Portfolio.</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">Semiannual Report</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_26"></A><BR>

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

<DIV align=left>

<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 style="TEXT-INDENT: 0.001pt" align=left><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 style="TEXT-INDENT: 0.001pt" align=left><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 style="TEXT-INDENT: 0.001pt" align=left><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 style="TEXT-INDENT: 0.001pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>February 28, 2014 (unaudited)</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 style="TEXT-INDENT: 0.001pt" align=left><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 style="TEXT-INDENT: 5.041pt" align=left><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 style="TEXT-INDENT: 10.082pt" align=left><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>$</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>217,125,436</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.079pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Cost - Sweep Money Fund (Note 8)</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,518,070</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.079pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Total cost of investments</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><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>218,643,506</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.079pt" align=left><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>$</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>260,241,921</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.079pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Value - Sweep Money Fund (Note 8)</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,518,070</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.079pt" align=left><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>261,759,991</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.039pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Receivables:</FONT></TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.079pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Investment securities sold</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>859,589</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.079pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Dividends and interest</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>3,861,719</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.04pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Notes issuance costs (Note 3)</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>114,837</FONT></TD>

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>266,596,136</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><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 style="TEXT-INDENT: 5.042pt" align=left><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 style="TEXT-INDENT: 10.082pt" align=left><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>415,132</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.082pt" align=left><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>164,476</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.082pt" align=left><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>50,644</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.082pt" align=left><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>992,710</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.082pt" align=left><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>9,567</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.042pt" align=left><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 style="TEXT-INDENT: 5.04pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Accrued expenses and other liabilities</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>13,219</FONT></TD>

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>61,645,748</FONT></TD>

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, at value</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><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>204,950,388</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&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 style="TEXT-INDENT: 5.04pt" align=left><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>$</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 style="TEXT-INDENT: 5.04pt" align=left><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>1,112,363</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.04pt" align=left><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>43,116,485</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.04pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Accumulated net realized gain (loss)</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>(12,263,412</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><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, at value</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><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>204,950,388</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.04pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Shares outstanding</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>25,131,894</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.04pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Net asset value per share</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><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>8.16</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: center"><FONT size=2 face=TradeGothic-Light,Arial,Helvetica,sans-serif>Semiannual 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>

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

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<TR>

   <TD width="66%"></TD>

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

   <TD width="28%"></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" align=left><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 style="TEXT-INDENT: 0.002pt" align=left><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 style="TEXT-INDENT: 0.002pt" align=left><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>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>for the six months ended February 28, 2014 (unaudited)</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 style="TEXT-INDENT: 0.002pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Investment income:</FONT></TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.043pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Dividends</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,686,489</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.041pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Interest</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>6,395,955</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 30.238pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Total investment income</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>8,082,444</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Expenses:</FONT></TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.043pt" align=left><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>967,422</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.043pt" align=left><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>856,217</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.043pt" align=left><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>32,438</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.043pt" align=left><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>1,687</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.043pt" align=left><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>20,602</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.043pt" align=left><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>31,104</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.043pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Trustees&#8217; fees and expenses</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>10,267</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.043pt" align=left><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>11,921</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.041pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Other</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>33,982</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 30.237pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Total expenses</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,965,640</FONT></TD>

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reductions (Note 5)</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>(11</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 style="TEXT-INDENT: 35.278pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Net expenses</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,965,629</FONT></TD>

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>6,116,815</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.04pt" align=left><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>3,142,778</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.041pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Net change in unrealized appreciation (depreciation) on investments</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>10,386,337</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Net realized and unrealized gain (loss)</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>13,529,115</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Net increase (decrease) in net assets resulting from operations</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><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>19,645,930</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-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>Semiannual Report</FONT></P></DIV>

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<TR>

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

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

   <TD width="22%"></TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" align=left><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 style="TEXT-INDENT: 0.002pt" align=left><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 style="TEXT-INDENT: 0.002pt" align=left><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Statements of Changes in Net Assets</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&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>&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>

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

<TR>

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

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 align=right><B><FONT color=#ffffff size=1 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Six Months Ended</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 align=right><B><FONT color=#ffffff size=1 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>February 28, 2014</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 10.978pt" bgColor=#666666 align=left><B><FONT color=#ffffff size=1 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Year Ended</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#666666 align=left>&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>(unaudited)</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>August 31, 2013</FONT></B></TD>

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

<TR vAlign=bottom>

   <TD align=left><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 style="TEXT-INDENT: 5.04pt" align=left><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 style="TEXT-INDENT: 10.081pt" align=left><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>$</FONT></TD>

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>6,116,815</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>10,848,364</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.084pt" align=left><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>3,142,778</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.081pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Net change in unrealized appreciation (depreciation) on investments.</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>10,386,337</FONT></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>705,274</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 30.244pt" align=left><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>19,645,930</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>14,954,475</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.041pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Distributions to shareholders from net investment income</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>(5,918,561</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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>(11,460,144</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 style="TEXT-INDENT: 30.237pt" align=left><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>13,727,369</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" 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 style="TEXT-INDENT: 5.041pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Beginning of period</FONT></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>187,728,688</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.041pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>End of period</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><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>204,950,388</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>$</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>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><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 style="TEXT-INDENT: 5.041pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>End of period</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><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>1,112,363</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>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>914,109</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: center"><FONT size=2 face=TradeGothic-Light,Arial,Helvetica,sans-serif>Semiannual 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>

<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="83%"></TD>

   <TD width="3%"></TD>

   <TD width="9%"></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT size=6 face="Sabon-Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></TD>

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

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

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

<TR>

   <TD colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><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=left>&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 style="TEXT-INDENT: 0.001pt" align=left><B><FONT size=2 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Statement of Cash Flows</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: 0.001pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>for the six months ended February 28, 2014</FONT></TD>

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

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

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

<TR>

   <TD colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Cash flow from operating activities:</FONT></TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.042pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Dividends, interest and other income received</FONT></TD>

   <TD style="TEXT-INDENT: 0.013pt" 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>7,936,005</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.042pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Operating expenses paid</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>(1,116,378</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.042pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Interest expense paid</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>(861,000</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.042pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Purchases of long-term investments</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>(40,135,399</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.042pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Sales and maturities of long-term investments</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>20,620,314</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.04pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Net sales of short-term investments</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>19,523,341</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 30.237pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Cash provided - operating activities</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>5,966,883</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Cash flow used from financing activities:</FONT></TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.042pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Payment of Notes issuance costs</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>(86,039</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.04pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Distributions to shareholders</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>(5,880,863</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><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash used - financing activities</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>(5,966,902</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 style="TEXT-INDENT: 5.042pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Net increase (decrease) in cash</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>(19</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.04pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Cash at beginning of period</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>19</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.04pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Cash at end of period</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.004pt" 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>&#8212;</FONT></TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=TradeGothic-BoldTwo,Arial,Helvetica,sans-serif>Provided by Operating Activities</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><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>for the six months ended February 28, 2014</FONT></TD>

   <TD align=left>&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><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Net increase (decrease) in net assets resulting from operating activities</FONT></TD>

   <TD style="TEXT-INDENT: 0.009pt" 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>19,645,930</FONT></TD>

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

<TR vAlign=bottom>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.04pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>by operating activities:</FONT></TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.122pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Amortization of Notes issuance costs</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>11,921</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.122pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Net amortization income</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>(17,033</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.122pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Other investment transactions</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>69,914</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.122pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Increase in dividends and interest receivable</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>(199,320</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.122pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Decrease in payables to affiliates, accrued expenses, and other liabilities</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>(23,670</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.122pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Increase in cost of investments</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>(3,134,522</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.119pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Increase in unrealized appreciation on investments</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>(10,386,337</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 style="TEXT-INDENT: 0.001pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Net cash provided by operating activities</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>5,966,883</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-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>Semiannual 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">Notes to Financial Statements (unaudited)</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. The Fund calculates the net asset value (NAV) per share at the close of the New York Stock Exchange (NYSE), generally at 4p.m. Eastern time (NYSE close) on each day the NYSE is open for trading. 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 as of the NYSE close, whichever is earlier. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at the NYSE close 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</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Semiannual 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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<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 (unaudited) </FONT></B><I><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<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>
</TR>
<TR>
	<TD nowrap valign=top width="2%">
<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>
</TR>
</TABLE>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">at the foreign exchange rate in effect at the NYSE close on the date that the values of the foreign debt securities are determined.</FONT></P>
<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 NYSE close. In addition, trading in certain foreign markets may not take place on every NYSE business day. 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">Also, when the last day of the reporting period is a non-business day, certain foreign markets may be open on those 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;">
<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">Semiannual 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 (unaudited) </FONT></B><I><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<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>
</TR>
<TR>
	<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">Senior Floating Rate Interests</FONT></B>	</TD>
</TR>
</TABLE>
<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">c. 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="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 February 28, 2014, 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">d. 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</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Semiannual 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 (unaudited) </FONT></B><I><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<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>
</TR>
<TR>
	<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">Security Transactions, Investment Income, Expenses and Distributions </FONT></B><I><FONT size=1 face="Sabon-Italic,Times New Roman,Times,serif">(continued)</FONT></I>	</TD>
</TR>
</TABLE>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">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">e. 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">f. 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;">
<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 February 28, 2014, there were an unlimited number of shares authorized (&#36;0.01 par value). During the periods ended February 28, 2014 and August 31, 2013, 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 Board 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 periods ended February 28, 2014 and August 31, 2013, 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. 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,</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">Semiannual 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 (unaudited) </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">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><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 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 period ended February 28, 2014, total interest expensed by the Fund on the Notes was &#36;856,217. 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 period ended February 28, 2014. The issuance costs of &#36;126,916 incurred by the Fund are deferred and amortized on an interest method basis over the term of the Notes. For the period ended February 28, 2014, the Fund amortized &#36;11,921 of Notes issuance costs. Subject to certain restrictions and make whole premiums, the Fund may prepay the Notes at any time. At February 28, 2014, if the Notes were fully prepaid, the make whole premium related to the current balance of the Notes would have been approximately &#36;2,700,000.</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 February 28, 2014, the estimated fair value of the Notes was approximately &#36;61,100,000. The inputs used in determining the fair value of the Notes represent Level 3 in the fair value hierarchy. See Note 10 regarding fair value measurements for additional information about fair value hierarchy and Level 3 inputs.</FONT></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;">
<FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Semiannual 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 (unaudited) </FONT></B><I><FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<B><FONT size=2 face="TradeGothic-Bold,Arial,Helvetica,sans-serif">4.</FONT></B>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<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 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><I><FONT size=1 face="TradeGothic-Light,Arial,Helvetica,sans-serif">(continued)</FONT></I>	</TD>
</TR>
<TR>
	<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">Administrative Fees</FONT></B>	</TD>
</TR>
</TABLE>
<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 period ended February 28, 2014, the custodian fees were reduced as noted in the Statement of Operations.</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 carryforwards 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">At February 28, 2014, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows:</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=62%></TD>
     <TD width=16%></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">218,678,687</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">45,511,283</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">(2,429,979</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">43,081,304</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;">
<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">Semiannual 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 (unaudited) </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">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 period ended February 28, 2014, aggregated &#36;33,077,334 and &#36;21,479,903, 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 February 28, 2014, the Fund had 67.27% 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="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 February 28, 2014, 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="TradeGothic-Light,Arial,Helvetica,sans-serif">Semiannual 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 (unaudited) </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>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><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 input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level.</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 February 28, 2014, in valuing the Fund&#8217;s assets carried at fair value, is as follows:</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="35%"></TD>

   <TD width="3%"></TD>

   <TD width="16%"></TD>

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

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

   <TD width="5%"></TD>

   <TD width="6%"></TD>

   <TD width="3%"></TD>

   <TD width="14%"></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>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=right>&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=right>&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=right>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities:</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.993pt" align=left><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=right>&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=right>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 23.997pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Materials</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>4,238,368</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>222,000</FONT></TD>

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

   <TD style="TEXT-INDENT: 0pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>4,460,368</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 23.997pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Transportation</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>589,986</FONT></TD>

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

   <TD style="TEXT-INDENT: 0.004pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>589,986</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 23.997pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Other Equity Investments</FONT><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>b</FONT></SUP></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>77,076,161</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

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

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>77,076,161</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.992pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Corporate Bonds</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>176,144,714</FONT></TD>

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

   <TD align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>176,144,714</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.992pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Senior Floating Rate Interests</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,970,692</FONT></TD>

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

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,970,692</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.992pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Escrow and Litigation Trusts</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

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

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&#8212;</FONT><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>c</FONT></SUP></TD>

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

   <TD align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&#8212;</FONT><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>c</FONT></SUP></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.997pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Short Term Investments</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,518,070</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>&#8212;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.006pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>1,518,070</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 29.997pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>Total Investments in Securities</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><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>82,832,599</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.011pt" 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>178,927,392</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.017pt" align=left><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>&#8212;</FONT><SUP><FONT size=1 face=TradeGothic,Arial,Helvetica,sans-serif>c</FONT></SUP></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><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>261,759,991</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.</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>For detailed categories, see the accompanying Statement of Investments.</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>Includes security determined to have no value at February 28, 2014.</FONT></P>

<P style="TEXT-ALIGN: left"><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 when there are significant Level 3 investments at the end of the period.</FONT></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 June 2013, the Financial Accounting Standards Board 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. Management has reviewed the requirements and believes the adoption of this ASU will not have a material impact on the financial statements.</FONT></P>

<P style="TEXT-ALIGN: left"><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>Semiannual 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 (unaudited) </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">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">ADR </FONT></B><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">- American Depositary Receipt</FONT><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">Semiannual 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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<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">Board Review of Investment Management Agreement</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">At a meeting held February 25, 2014, the Board of Trustees (Board), including a majority of non-interested or independent Trustees, approved renewal of the investment management agreement for Franklin Universal Trust (Fund). In reaching this decision, the Board took into account information furnished throughout the year at regular Board meetings, as well as information prepared specifically in connection with the annual renewal review process. Information furnished and discussed throughout the year included investment performance reports on the Fund, information on its share price discount to net asset value, and other related financial information, as well as periodic reports on expenses, legal and compliance matters, pricing, brokerage commissions and execution and other services provided by the Investment Manager (Manager) and its affiliates. Information furnished specifically in connection with the renewal process included a report prepared by Lipper, Inc. (Lipper), an independent organization, as well as additional material, including a Fund profitability analysis prepared by management. The Lipper reports compared the Fund&#146;s investment performance and expenses with those of other funds deemed comparable to the Fund as selected by Lipper. The Fund profitability analysis discussed the profitability to Franklin Templeton Investments from its overall U.S. fund operations, as well as on an individual fund-by-fund basis. Additional material accompanying such profitability analysis included information on a fund-by-fund basis listing portfolio managers and other accounts they manage, as well as information on management fees charged by the Manager and its affiliates to U.S. funds and other accounts, including management&#146;s explanation of differences where relevant. Such material also included a memorandum prepared by management describing project initiatives and capital investments relating to the services provided to the Fund by the Franklin Templeton Investments organization, as well as a memorandum relating to economies of scale.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">In considering such materials, the independent Trustees received assistance and advice from and met separately with independent counsel. In approving continuance of the investment management agreement for the Fund, the Board, including a majority of independent Trustees, determined that the existing management fee structure was fair and reasonable and that continuance of the investment management agreement was in the best interests of the Fund and its shareholders. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board&#146;s decision.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Sabon-Bold,Times New Roman,Times,serif">NATURE, EXTENT AND QUALITY OF SERVICE. </FONT></B><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The Board was satisfied with the nature and quality of the overall services provided by the Manager and its affiliates to the Fund and its shareholders. In addition to investment performance and expenses discussed later, the Board&#146;s opinion was based, in part, upon periodic reports furnished it showing that the investment policies and restrictions for the Fund were consistently complied with as well as other reports periodically furnished the Board covering matters such as the compliance of portfolio managers and other management personnel with the code of ethics adopted throughout the Franklin Templeton fund complex, the adherence to fair value pricing procedures established by the Board, and the accuracy</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">Semiannual 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">Shareholder Information </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-BoldTwo,Arial,Helvetica,sans-serif">Board Review of Investment Management Agreement </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">of net asset value calculations. Favorable consideration was given to management&#146;s efforts and expenditures in establishing back-up systems and recovery procedures to function in the event of a natural disaster, it being noted by the Board that such systems and procedures had functioned well during the Florida hurricanes and blackouts experienced in previous years, and that those operations in the New York/New Jersey area ran smoothly during the period of the 2012 Hurricane Sandy. Among other factors taken into account by the Board were the manager&#146;s best execution trading policies, including a favorable report by an independent portfolio trading analytical firm, which also covered FOREX transactions. Consideration was also given to the experience of the Fund&#146;s portfolio management team, the number of accounts managed and general method of compensation. In this latter respect, the Board noted that a primary factor in management&#146;s determination of the level of a portfolio manager&#146;s bonus compensation was the relative investment performance of the funds he or she managed and that a portion of such bonus was required to be invested in a predesig-nated list of funds within such person&#146;s fund management area so as to be aligned with the interests of shareholders. Particular attention was given to management&#146;s conservative approach and diligent risk management procedures, including continuous monitoring of counterparty credit risk and attention given to derivatives and other complex instruments including expanded collateralization requirements. The Board also took into account, among other things, the strong financial position of the Manager&#146;s parent company and its commitment to the fund business as evidenced by its subsidization of money market funds.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Sabon-Bold,Times New Roman,Times,serif">INVESTMENT PERFORMANCE. </FONT></B><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The Board placed significant emphasis on the investment performance of the Fund in view of its importance to shareholders. Consideration was given to performance reports and discussions with portfolio managers at Board meetings during the year, as well as the Lipper report furnished for the agreement renewal. The Lipper report prepared for the Fund showed its investment performance in comparison with a performance universe consisting of the Fund and all leveraged closed-end high yield funds as selected by Lipper during 2013, as well as the previous 10 years ended December 31, 2013. Such report considered both income return and total return on a net asset value basis without regard to market discounts or premiums to accurately reflect investment performance. The Lipper report showed the Fund&#146;s income return to be in the lowest performing quintile of such performance universe for the one-year period and on an annualized basis for each of the previous three-, five- and 10-year periods, as well. The Lipper report showed the Fund&#146;s total return to be in the second-highest performing quintile of its performance universe in 2013, and on an annualized basis to be in the middle performing quintile of such universe for the previous three-year period, the second-lowest performing quintile of such universe for the previous five-year period, and the second-highest performing quintile of such universe for the previous 10-year period. In discussing such performance, management pointed out that the Fund&#146;s mandate to invest between 20 and 30 percent of its assets in utilities stocks differed from the Lipper performance universe, which included pure high yield funds, and that its relative performance within such universe reflected such difference. The Board believed this explanation</FONT></P>
<P style="text-align: left;">
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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">Shareholder Information </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-BoldTwo,Arial,Helvetica,sans-serif">Board Review of Investment Management Agreement </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">was reasonable and the Fund&#146;s performance to be acceptable in view of such mandate and the Fund&#146;s investment objective of high, current income consistent with preservation of capital. In doing so, the Board noted, as shown in the Lipper report, that the Fund&#146;s income return in 2013 and each of the previous annualized three-, five- and 10-year periods exceeded 6%, and its total return was nearly 11% in 2013 and exceeded 11%, 19%, and 9%, respectively, for the previous three-, five- and 10-year annualized periods.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Sabon-Bold,Times New Roman,Times,serif">COMPARATIVE EXPENSES. </FONT></B><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">Consideration was given to a comparative analysis of the management fee and total expense ratio of the Fund compared with a Lipper expense group consisting of the Fund and 11 other leveraged closed-end high, current yield funds as selected by Lipper. Lipper expense data is based upon information taken from each fund&#146;s most recent annual report, which reflects historical asset levels that may be quite different from those currently existing, particularly in a period of market volatility. While recognizing such inherent limitation and the fact that expense ratios generally increase as assets decline and decrease as assets grow, the Board believed the independent analysis conducted by Lipper to be an appropriate measure of comparative expenses. In reviewing comparative costs, Lipper provides information on the Fund&#146;s contractual investment management fee in comparison with the contractual investment management fee rate that would have been charged by other funds within its Lipper expense group assuming they were similar in size to the Fund, as well as the actual total expenses of the Fund in comparison with those of its Lipper expense group. The Lipper contractual investment management fee analysis considers administrative fees to be part of investment management fees. The Lipper report showed the Fund&#146;s contractual management fee rate to be below the median of its Lipper expense group and its actual total expense ratio to be 56 basis points above the median of such group. The Board believed the investment management fee and actual total expense ratio of the Fund, as shown in the Lipper report, to be acceptable, and noted that the Lipper report showed the Fund&#146;s total expense ratio excluding investment-related expenses and taxes to be the second lowest in the Lipper expense group.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Sabon-Bold,Times New Roman,Times,serif">MANAGEMENT PROFITABILITY. </FONT></B><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The Board also considered the level of profits realized by the Manager and its affiliates in connection with the operation of the Fund. In this respect, the Board reviewed the Fund profitability analysis that addresses the overall profitability of Franklin Templeton&#146;s U.S. fund business, as well as its profits in providing management and other services to each of the individual funds during the 12-month period ended September 30, 2013, being the most recent fiscal year-end for Franklin Resources, Inc., the Manager&#146;s parent. In reviewing the analysis, the Board recognized that allocation methodologies are inherently subjective and various allocation methodologies may be reasonable while producing different results. In this respect, the Board noted that while management continuously makes refinements to its methodologies in response to organizational and product related changes, the overall approach as defined by the primary drivers and activity measurements has remained consistent with that used in the Fund&#146;s</FONT></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">Semiannual 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">Shareholder Information </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-BoldTwo,Arial,Helvetica,sans-serif">Board Review of Investment Management Agreement </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">profitability report presentations from prior years. Additionally, the Fund&#146;s independent registered public accounting firm had been engaged by the Manager to periodically review the reasonableness of the allocation methodologies to be used solely by the Fund&#146;s Board in reference to the profitability analysis. In reviewing and discussing such analysis, management discussed with the Board its belief that costs incurred in establishing the infrastructure necessary for the type of fund operations conducted by the Manager and its affiliates may not be fully reflected in the expenses allocated to the Fund in determining its profitability, as well as the fact that the level of profits, to a certain extent, reflected operational cost savings and efficiencies initiated by management. In addition, the Board considered a third-party study comparing the profitability of the Manager&#146;s parent on an overall basis to other publicly held managers broken down to show profitability from management operations exclusive of distribution expenses, as well as profitability including distribution expenses. The Board also considered the extent to which the Manager and its affiliates might derive ancillary benefits from fund operations, including potential benefits resulting from allocation of fund brokerage and the use of commission dollars to pay for research. Based upon its consideration of all these factors, the Board determined that the level of profits realized by the Manager and its affiliates from providing services to the Fund was not excessive in view of the nature, quality and extent of services provided.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Sabon-Bold,Times New Roman,Times,serif">ECONOMIES OF SCALE. </FONT></B><FONT size=2 face="Sabon-Roman,Times New Roman,Times,serif">The Board also considered whether the Manager realizes economies of scale as the Fund grows larger and the extent to which any such benefit is shared with the Fund and its shareholders. The Board believed that a manager&#146;s ability to realize economies of scale and the sharing of such benefit is a more relevant consideration in the case of an open-end fund whose size increases as a result of the continuous sale of its shares. A closed-end investment company such as the Fund does not continuously offer shares, and growth following its initial public offering will primarily result from market appreciation, which benefits its shareholders. While believing economies of scale to be less of a factor in the context of a closed-end fund, the Board believes at some point an increase in size may lead to economies of scale that should be shared with the Fund and its shareholders and intends to monitor future growth of the Fund accordingly.</FONT></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;">
<FONT size=2 face="TradeGothic-Light,Arial,Helvetica,sans-serif">Semiannual 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>
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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">Shareholder Information </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-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-CSR for the year ended August 31, 2013. Additionally, the Fund expects to file, on or about April 29, 2014, such certifications with its Form N-CSRS for the six months ended February 28, 2014.</FONT></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">Semiannual Report</FONT></P>
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<BR>
<P style="text-align: left;">
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Semiannual Report</FONT></B><BR>
<FONT size=4 face="Sabon-RomanSC,Times New Roman,Times,serif">F</FONT><FONT size=3 face="Sabon-RomanSC,Times New Roman,Times,serif">RANKLIN </FONT><FONT size=4 face="Sabon-RomanSC,Times New Roman,Times,serif">U</FONT><FONT size=3 face="Sabon-RomanSC,Times New Roman,Times,serif">NIVER</FONT><FONT size=4 face="Sabon-RomanSC,Times New Roman,Times,serif">S</FONT><FONT size=3 face="Sabon-RomanSC,Times New Roman,Times,serif">AL </FONT><FONT size=4 face="Sabon-RomanSC,Times New Roman,Times,serif">TR</FONT><FONT size=3 face="Sabon-RomanSC,Times New Roman,Times,serif">UST</FONT><BR>
<BR>
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Investment Manager</FONT></B><BR>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Franklin Advisers, Inc.</FONT><BR>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">(800) DIAL BEN</FONT><SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#174;</FONT></SUP><FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">/342-5236</FONT><BR>
<BR>
<B><FONT size=1 face="TradeGothic-BoldTwo,Arial,Helvetica,sans-serif">Transfer Agent</FONT></B><BR>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">BNY Mellon Investment Servicing (US) Inc.</FONT><BR>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">P.O. Box 43006</FONT><BR>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">Providence, RI 02940-3006</FONT><BR>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">www.computershare.com/bnymfunds</FONT><BR>
<BR>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">To help ensure we provide you with quality service, all calls to and from our service areas are monitored and/or recorded.</FONT><BR>
<BR>
<FONT size=1 face="TradeGothic,Arial,Helvetica,sans-serif">&#169; 2014 Franklin Templeton Investments. All rights reserved. FUT S 04/14</FONT></P>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Item 2. Code of Ethics.&#160; </font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:27.0pt;text-indent:-27.0pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">(a) The
Registrant has adopted a code of ethics that applies to its principal executive
officers and principal financial and accounting officer.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">(c) N/A</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">(d) N/A</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:22.5pt;text-indent:-22.5pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">(f)
Pursuant to Item 12(a)(1), the Registrant is attaching as an exhibit a copy of
its code of ethics that applies to its principal executive officers and
principal financial and accounting officer.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Item 3. Audit Committee
Financial Expert.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">(a)(1) The Registrant has an
audit committee financial expert serving on its audit committee.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">(2) The audit committee
financial expert is John B. Wilson and he is &quot;independent&quot; as defined
under the relevant Securities and Exchange Commission Rules and Releases. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Item 4. </font></b><b><font face="courier new" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Principal Accountant Fees
and Services.&#160;&#160;&#160;&#160;&#160;&#160; N/A</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Item
5. Audit Committee of Listed Registrants.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;font-weight:normal;">Members of the Audit Committee are: </font><font face="courier new" lang=EN-US style="font-size:10.0pt;">Michael Luttig, Frank A. Olson</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">and
John B. Wilson.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Item
6. Schedule of Investments.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; N/A</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Item
7</font></b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">. </font><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Disclosure of Proxy Voting
Policies and Procedures for Closed-End Management Investment Companies. </font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">The board of trustees of the
Fund has delegated the authority to vote proxies related to the portfolio
securities held by the Fund to the Fund&#8217;s investment manager Franklin Advisers,
Inc. in accordance with the Proxy Voting Policies and Procedures (Policies)
adopted by the investment manager.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&#160; &nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">The
investment manager has delegated its administrative duties with respect to the
voting of proxies for equity securities to the Proxy Group within Franklin
Templeton Companies, LLC (Proxy Group), an affiliate and wholly owned
subsidiary of Franklin Resources, Inc. All proxies received by the Proxy Group
will be voted based upon the investment manager&#8217;s instructions and/or policies.
The investment manager votes proxies solely in the best interests of the Fund
and its shareholders.</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">To
assist it in analyzing proxies, the investment manager subscribes to
Institutional Shareholder Services, Inc. (ISS), an unaffiliated third-party
corporate governance research service that provides in-depth analyses of
shareholder meeting agendas, vote recommendations, vote execution services,
ballot reconciliation services, recordkeeping and vote disclosure services. In </font><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">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&#8217; and/or Glass Lewis&#8217; 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&#8217;s ultimate
decision. Rather, the investment manager exercises its independent judgment in
making voting decisions. 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&#8217;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>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">Where a
material conflict of interest has been identified, but the items on which the
investment manager&#8217;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)
&#8220;Other Business&#8221; 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&#8217;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="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">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 (&#8220;cash sweep arrangement&#8221;); or (3) when required
pursuant to the Fund&#8217;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 underlying fund's shares.</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">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&#8217;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 merits, and the investment manager will not support the position of the
company's management in any situation where it deems that the ratification of
management&#8217;s position would adversely affect the investment merits of owning
that company&#8217;s shares.</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">Investment
manager&#8217;s proxy voting policies and principles</font></b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;"> &nbsp; The investment </font><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">manager has adopted general proxy voting guidelines, which
are summarized below. These guidelines are not an exhaustive list of all the
issues that may arise and the investment manager cannot anticipate all future
situations. In all cases, each proxy will be considered based on the relevant
facts and circumstances.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">Board
of directors.</font></i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">
&nbsp; The investment manager supports an independent board of directors, and
prefers that key committees such as audit, nominating, and compensation
committees be comprised of independent directors. The investment manager will
generally vote against management efforts to classify a board and will
generally support proposals to declassify the board of directors. The
investment manager will consider withholding votes from directors who have
attended less than 75% of meetings without a valid reason. While generally in
favor of separating Chairman and CEO positions, the investment manager will
review this issue as well as proposals to restore or provide for cumulative
voting on a case-by-case basis, taking into consideration factors such as the
company&#8217;s corporate governance guidelines or provisions and performance. The
investment manager generally will support non-binding shareholder proposals to
require a majority vote standard for the election of directors; however, if
these proposals are binding, the investment manager will give careful review on
a case-by-case basis of the potential ramifications of such implementation.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">In the
event of a contested election, the investment manager will review a number of
factors in making a decision including management&#8217;s track record, the company&#8217;s
financial performance, qualifications of candidates on both slates, and the
strategic plan of the dissidents.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">Ratification
of auditors of portfolio companies.</font></i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;"> &nbsp; The investment manager will closely scrutinize
the independence, role and performance of auditors. On a case-by-case basis, the
investment manager will examine proposals relating to non-audit relationships
and non-audit fees. The investment manager will also consider, on a
case-by-case basis, proposals to rotate auditors, and will vote against the
ratification of auditors when there is clear and compelling evidence of a lack
of independence, accounting irregularities or negligence. The investment
manager may also consider whether the ratification of auditors has been
approved by an appropriate audit committee that meets applicable composition
and independence requirements.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">Management
and director compensation.</font></i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;"> &nbsp; A company&#8217;s equity-based compensation plan should be in alignment
with the shareholders&#8217; long-term interests. The investment manager believes
that executive compensation should be directly linked to the performance of the
company. The investment manager evaluates plans on a case-by-case basis by
considering several factors to determine whether the plan is fair and
reasonable, including the ISS quantitative model utilized to assess such plans
and/or the Glass Lewis evaluation of the plans. The investment manager will
generally oppose plans that have the potential to be excessively dilutive, and
will almost always oppose plans that are structured to allow the repricing of
underwater options, or plans that have an automatic share replenishment
&#8220;evergreen&#8221; feature. The investment manager will generally support employee
stock option plans in which the purchase price is at least 85% of fair market
value, and when potential dilution is 10% or less.</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">Severance
compensation arrangements will be reviewed on a case-by-case basis, although
the investment manager will generally oppose &#8220;golden parachutes&#8221; that are
considered to be excessive. The investment manager will normally support proposals
that require a percentage of directors&#8217; compensation to be in the form of
common stock, as it aligns their interests with those of shareholders.</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">The
investment manager will review non-binding say-on-pay proposals on a
case-by-case basis, and will generally vote in favor of such proposals unless
compensation is misaligned with performance and/or shareholders&#8217; interests, the
company has not provided reasonably clear disclosure regarding its compensation
practices, or there are concerns with the company&#8217;s remuneration practices.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">Anti-takeover
mechanisms and related issues.</font></i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;"> &nbsp; The investment manager generally opposes
anti-takeover measures since they tend to reduce shareholder rights. However,
as with all proxy issues, the investment manager conducts an independent review
of each anti-takeover proposal. On occasion, the investment manager may vote
with management when the research analyst has concluded that the proposal is
not onerous and would not harm the Fund or its shareholders&#8217; interests. The
investment manager generally supports proposals that require shareholder
rights&#8217; plans (&#8220;poison pills&#8221;) to be subject to a shareholder vote and will
closely evaluate such plans on a case-by-case basis to determine whether or not
they warrant support. In addition, the investment manager will generally vote
against any proposal to issue stock that has unequal or subordinate voting
rights. The investment manager generally opposes any supermajority voting
requirements as well as the payment of &#8220;greenmail.&#8221; The investment manager
generally supports &#8220;fair price&#8221; provisions and confidential voting. The
investment manager will review a company&#8217;s proposal to reincorporate to a
different state or country on a case-by-case basis taking into consideration
financial benefits such as tax treatment as well as comparing corporate
governance provisions and general business laws that may result from the change
in domicile.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">Changes
to capital structure.</font></i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;"> &nbsp; The investment manager realizes that a company's financing
decisions have a significant impact on its shareholders, particularly when they
involve the issuance of additional shares of common or preferred stock or the
assumption of additional debt. The investment manager will review, on a
case-by-case basis, proposals by companies to increase authorized shares and
the purpose for the increase. The investment manager will generally not vote in
favor of dual-class capital structures to increase the number of authorized
shares where that class of stock would have superior voting rights. The
investment manager will generally vote in favor of the issuance of preferred
stock in cases where the company specifies the voting, dividend, conversion and
other rights of such stock and the terms of the preferred stock issuance are
deemed reasonable. The investment manager will review proposals seeking
preemptive rights on a case-by-case basis.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">Mergers
and corporate restructuring.</font></i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;"> &nbsp; Mergers and acquisitions will be subject to
careful review by the research analyst to determine whether they would be beneficial
to shareholders. The investment manager will analyze various economic and
strategic factors in making the final decision on a merger or acquisition.
Corporate restructuring proposals are also subject to a thorough examination on
a case-by-case basis.</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">Environment,
social and governance issues.</font></i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;"> &nbsp; The investment manager will generally give
management discretion with regard to social, environmental and ethical issues,
although the investment manager may vote in favor of those that are believed to
have significant economic benefits or implications for the Fund and its
shareholders. The investment manager generally supports the right of
shareholders to call special meetings and act by written consent. However, the
investment manager will review such shareholder proposals on a case-by-case
basis in an effort to ensure that such proposals do not disrupt the course of
business or require a disproportionate or inappropriate use of company </font><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">resources. The investment manager will consider supporting
a shareholder proposal seeking disclosure and greater board oversight of
lobbying and corporate political contributions if the investment manager
believes that there is evidence of inadequate oversight by the company&#8217;s board,
if the company&#8217;s current disclosure is significantly deficient, or if the
disclosure is notably lacking in comparison to the company&#8217;s peers. The
investment manager will consider on a case-by-case basis any well-drafted and
reasonable proposals for proxy access considering such factors as the size of
the company, ownership thresholds and holding periods, responsiveness of
management, intentions of the shareholder proponent, company performance, and
shareholder base.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">Global
corporate governance.</font></i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;"> &nbsp; Many of the tenets discussed above are applied to the investment
manager's proxy voting decisions for international investments. However, the
investment manager must be flexible in these worldwide markets. Principles of
good corporate governance may vary by country, given the constraints of a
country&#8217;s laws and acceptable practices in the markets. As a result, it is on
occasion difficult to apply a consistent set of governance practices to all
issuers. As experienced money managers, the investment manager's analysts are
skilled in understanding the complexities of the regions in which they
specialize and are trained to analyze proxy issues germane to their regions.</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">The
investment manager will generally attempt to process every proxy it receives
for all domestic and foreign securities. However, there may be situations in
which the investment manager may be unable to vote a proxy, or may choose not
to vote a proxy, such as where: (i) the proxy ballot was not received from the
custodian bank; (ii) a meeting notice was received too late; (iii) there are
fees imposed upon the exercise of a vote and it is determined that such fees
outweigh the benefit of voting; (iv) there are legal encumbrances to voting,
including blocking restrictions in certain markets that preclude the ability to
dispose of a security if the investment manager votes a proxy or where the
investment manager is prohibited from voting by applicable law or other
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. In some foreign jurisdictions, even if
the investment manager uses reasonable efforts to vote a proxy on behalf of the
Fund, such vote or proxy may be rejected because of (a) operational or
procedural issues experienced by one or more third parties involved in voting
proxies in such jurisdictions; (b) changes in the process or agenda for the
meeting by the issuer for which the investment manager does not have sufficient
notice; and (c) the exercise by the issuer of its discretion to reject the vote
of the investment manager. 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>

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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">Shareholders
may view the complete Policies online at franklintempleton.com. Alternatively,
shareholders may request copies of the Policies free of charge </font><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:both;">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&#8217;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>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:45.0pt;text-indent:-45.0pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:45.0pt;text-indent:-45.0pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Item 8. Portfolio Managers of Closed-End Management
Investment Companies.&#160;&#160; N/A</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:45.0pt;text-indent:-45.0pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Item 9. Purchases of Equity Securities by Closed-End
Management Investment Company and</font></b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;"> </font><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Affiliated
Purchasers.</font></b></p>

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<p style="margin:0in;margin-bottom:.0001pt;margin-left:9.0pt;text-indent:.5in;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">N/A</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:45.0pt;text-indent:-45.0pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:45.0pt;text-indent:-45.0pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Item
10</font></b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">. </font><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Submission of Matters to
a Vote of Security Holders. </font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">There have been no changes to the procedures by which
shareholders may recommend nominees to the Registrant's Board of Trustees that
would require disclosure herein.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Item 11. Controls and
Procedures.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">(a)</font></b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&#160; </font><b><u><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Evaluation of Disclosure Controls and
Procedures</font></u></b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">.&#160; The Registrant maintains disclosure controls and
procedures that are designed to ensure that information required to be
disclosed in the Registrant&#8217;s filings under the Securities Exchange Act of 1934
and the Investment Company Act of 1940 is recorded, processed, summarized and
reported within the periods specified in the rules and forms of the Securities
and Exchange Commission.&#160; Such information is accumulated and communicated to
the Registrant&#8217;s management, including its principal executive officer and
principal financial officer, as appropriate, to allow timely decisions
regarding required disclosure.&#160; The Registrant&#8217;s management, including the
principal executive officer and the principal financial officer, recognizes
that any set of controls and procedures, no matter how well designed and
operated, can provide only reasonable assurance of achieving the desired
control objectives.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Within 90 days prior to the
filing date of this Shareholder Report on Form N-CSR, the Registrant had
carried out an evaluation, under the supervision and with the participation of
the Registrant&#8217;s management, including the Registrant&#8217;s principal executive
officer and the Registrant&#8217;s principal financial officer, of the effectiveness
of the design and operation of the Registrant&#8217;s disclosure controls and
procedures.&#160; Based on such evaluation, the Registrant&#8217;s principal executive
officer and principal financial officer concluded that the Registrant&#8217;s
disclosure controls and procedures are effective.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">(b) </font></b><b><u><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Changes in Internal
Controls</font></u></b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">.&#160; There have been no
changes in the Registrant&#8217;s internal controls or in other factors that could
materially affect the internal controls over financial reporting subsequent to
the date of their evaluation in connection with the preparation of this
Shareholder Report on Form N-CSR.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>


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</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Item
12. Exhibits.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">(a) (1) Code of Ethics </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">(a) (2) Certifications
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Laura F.
Fergerson, Chief Executive Officer - Finance and Administration, and Gaston
Gardey, Chief Financial Officer and Chief Accounting Officer</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">(b) Certifications pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002 of Laura F. Fergerson, Chief Executive Officer -
Finance and Administration, and Gaston Gardey, Chief Financial Officer and
Chief Accounting Officer</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">SIGNATURES</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">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="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Franklin Universal Trust</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">By </font><u><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">/s/ LAURA F. FERGERSON</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160; Laura F. Fergerson</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160; Chief Executive Officer
- Finance and Administration</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Date&#160; April 25, 2014</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">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="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">By </font><u><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">/s/ LAURA F. FERGERSON</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160; Laura F. Fergerson</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160; Chief Executive Officer
- Finance and Administration</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Date&#160; April 25, 2014 </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">By </font><u><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">/s/ GASTON GARDEY</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160; Gaston Gardey</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160; Chief Financial Officer
and Chief Accounting Officer</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Date&#160; April 25, 2014</font></p>



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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">4/25/2014</font></p>

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

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

<p style="line-height:50%;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="line-height:50%;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></font></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="line-height:12.0pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&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;">I, Gaston Gardey, certify that:</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">4/25/2014</font></p>

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

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

<p style="line-height:50%;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="line-height:50%;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></font></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="line-height:12.0pt;margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&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;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;font-weight:normal;">&nbsp;</font></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;">&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
2/28/2014 (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; 4/25/2014</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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</DIV>
<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
2/28/2014 (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; 4/25/2014</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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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
