<SEC-DOCUMENT>0000833040-14-000019.txt : 20141027
<SEC-HEADER>0000833040-14-000019.hdr.sgml : 20141027
<ACCEPTANCE-DATETIME>20141027123649
ACCESSION NUMBER:		0000833040-14-000019
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20140831
FILED AS OF DATE:		20141027
DATE AS OF CHANGE:		20141027
EFFECTIVENESS DATE:		20141027

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05569
		FILM NUMBER:		141174064

	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>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>n-csr_fut83114dccommentssk1d.htm
<DESCRIPTION>FUT NCSR PE:8-31-14
<TEXT>

<HTML>
<HEAD>
   <TITLE>n-csr_fut83114dccommentssk1d.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<A name="page_1"></A>

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

<a name="_bclHeader1"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new">UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>Washington, DC 20549</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new">FORM N-CSR</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new"></FONT>&nbsp;</P>

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new">Investment Company Act file number: </FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new">811-05569</FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="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="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="FONT-SIZE: 10pt" lang=EN-US face="courier new">(Exact name of registrant as specified in charter)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="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="FONT-SIZE: 10pt" lang=EN-US face="courier new">ONE FRANKLIN PARKWAY, SAN MATEO, CA 94403-1906</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new"><BR>(Address of principal executive offices) (Zip code)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="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="FONT-SIZE: 10pt" lang=EN-US face="courier new">CRAIG S. TYLE, ONE FRANKLIN PARKWAY, SAN MATEO, CA 94403-1906</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new"><BR>(Name and address of agent for service)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new">Registrant's telephone number, including area code: </FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new">&nbsp;(650) 312-2000</FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new">Date of fiscal year end:&nbsp; </FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new">8/31</FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new">Date of reporting period: </FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new">8/31/14</FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new">Item 1. Reports to Stockholders.</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new"></FONT>&nbsp;</P>

<a name="_bclFooter1"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<!--$$/page=--><A name="page_2"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<IMG border=0 src="fut_a1014x1x1.jpg"> <BR></DIV>

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


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

<!--$$/page=-->
<A name="page_4"></A><BR>

<a name="_bclPageBorder4"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=85%></TD>
     <TD width=14%></TD></TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=5 face="Times New Roman,Times,serif">Contents</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="ArialNarrow-Bold,Arial,Helvetica,sans-serif">Annual Report</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Franklin Universal Trust</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">1</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Performance Summary</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">5</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Annual Shareholders&#146; Meeting</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">6</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Important Notice to Shareholders</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">7</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Dividend Reinvestment and</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Cash Purchase Plan</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">8</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Financial Highlights and</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Statement of Investments</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">10</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Financial Statements</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">20</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Notes to Financial Statements</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">24</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Report of Independent Registered</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Public Accounting Firm</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">30</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Tax Information</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">31</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Board Members and Officers</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">32</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Shareholder Information</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">37</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=6 face="Times New Roman,Times,serif">Annual Report</FONT></P>
<P style="text-align: left;">
<FONT size=5 face="Times New Roman,Times,serif">Franklin Universal Trust</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times,serif">Dear Shareholder:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times,serif">This annual report for Franklin Universal Trust covers the fiscal year ended August 31, 2014.</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="ArialNarrow-Bold,Arial,Helvetica,sans-serif">Your Fund&#146;s Goals and Main Investments</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times,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>
<P style="text-align: left;">
<B><FONT size=3 face="ArialNarrow-Bold,Arial,Helvetica,sans-serif">Performance Overview</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times,serif">For the 12 months under review, the Fund&#146;s cumulative total returns were +16.13% based on net asset value and +16.71% based on market price, as shown in the Performance Summary on page 5. 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 +10.46% total return,</FONT><SUP><FONT size=2 face="Times New Roman,Times,serif">1 </FONT></SUP><FONT size=2 face="Times New Roman,Times,serif">and utilities stocks, as measured by the Standard &amp; Poor&#146;s</FONT><SUP><FONT size=2 face="Times New Roman,Times,serif">&#174; </FONT></SUP><FONT size=2 face="Times New Roman,Times,serif">(S&amp;P</FONT><SUP><FONT size=2 face="Times New Roman,Times,serif">&#174;</FONT></SUP><FONT size=2 face="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="Times New Roman,Times,serif">&#174; </FONT></SUP><FONT size=2 face="Times New Roman,Times,serif">Index, posted a total return of +20.70% for the same period.</FONT><SUP><FONT size=2 face="Times New Roman,Times,serif">2,3</FONT></SUP></P>
<P style="text-align: left;">
<I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Performance data represent past performance, which does not guarantee future results. Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown.</FONT></I></P>
<P style="text-align: left;">
<B><FONT size=3 face="ArialNarrow-Bold,Arial,Helvetica,sans-serif">Economic and Market Overview</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times,serif">The U.S. economy continued to show signs of recovery during the 12-month period ended August 31, 2014, underpinned by consumer and business spending and rising inventories. Economic activity rebounded strongly in the second quarter of 2014 after severe weather conditions and a slowdown in health care spending led to a contraction in the first quarter. Manufacturing activity expanded during the period under review,</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1. Copyright &#169; 2014 CREDIT SUISSE GROUP AG and/or its affiliates. All rights reserved.</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">2. Source: &#169; 2014 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">losses arising from any use of this information.</FONT><BR>
<FONT size=1 face="Arial Narrow,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</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">of S&amp;P Dow Jones Indices in any form is prohibited except with the prior written permission of S&amp;P. S&amp;P does</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">any errors or omissions, regardless of the cause or for the results obtained from the use of such information.</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">S&amp;P DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO,</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">event shall S&amp;P be liable for any direct, indirect, special or consequential damages, costs, expenses, legal fees</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">or losses (including lost income or lost profit and opportunity costs) in connection with subscriber&#146;s or others&#146; use</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">of S&amp;P index data.</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">The indexes are unmanaged and include reinvestment of any income or distributions. One cannot invest directly</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">in an index, and an index is not representative of the Fund&#146;s portfolio.</FONT><BR>
<BR>
<B><FONT size=1 face="ArialNarrow-Bold,Arial,Helvetica,sans-serif">The dollar value, number of shares or principal amount, and names of all portfolio holdings are listed in</FONT></B><BR>
<B><FONT size=1 face="ArialNarrow-Bold,Arial,Helvetica,sans-serif">the Fund&#146;s Statement of Investments (SOI). The SOI begins on page 11.</FONT></B></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Helvetica,sans-serif">franklintempleton.com Annual Report </FONT><FONT color="#808080" size=3 face="Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Helvetica,sans-serif">1</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_5"></A><BR>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times,serif">despite slowing in January. Except for a sharp rebound in March, retail sales rose at a modest pace that missed consensus expectations. In the housing market, home sales experienced some weather-related weakness early in 2014 but ticked up in May, and home prices remained higher than a year earlier. The unemployment rate declined to 6.1% in August 2014 from 7.2% in August 2013.</FONT><SUP><FONT size=2 face="Times New Roman,Times,serif">4 </FONT></SUP><FONT size=2 face="Times New Roman,Times,serif">Inflation, as measured by the Consumer Price Index, was subdued for the period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times,serif">U.S. economic growth trends were generally encouraging during the period, despite a contraction in gross domestic product in the first quarter of 2014. In January 2014, the U.S. Federal Reserve Board (Fed) began reducing its bond purchases $10 billion a month, based on largely positive economic and employment data in late 2013. Fed comments made in July and August 2014 indicated the central bank was committed to supporting the U.S. recovery, although policymakers were divided on when to raise key interest rates. Fed Chair Janet Yellen took the middle ground about the exact timing, saying rates could rise sooner than expected and at a brisker pace in the case of &#8220;faster convergence&#8221; toward the Fed&#8217;s labor and inflation goals, or rates could remain low if progress toward the Fed&#8217;s goals was slower than expected.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="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% on December 31, 2013, mainly because of an improved economic environment and market uncertainty about the Fed&#8217;s plans. However, the yield declined to 2.35% at period-end, as investors shifted to less risky assets following the crises in Ukraine and Iraq, growth concerns about emerging markets, record low bond yields in Europe and lower Treasury issuance.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>Investment Strategy</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="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=3 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>Manager&#8217;s Discussion</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times,serif">During the 12 months under review, the Fund&#8217;s primary asset classes, high yield corporate bonds and utility stocks, generated </FONT><FONT size=2 face="Times New Roman,Times,serif">double-digit returns. The yield on the 10-year Treasury declined, driven by some of the same themes that have been prevalent for the past several years, namely ongoing accommodative Fed policies and continued positive but subdued economic growth. These factors tended to support corporate credit quality, and companies took advantage of the low interest rate environment to refinance debt and lock in lower rates. The Fed&#8217;s policy of maintaining extremely low short-term interest rates through quantitative easing also pushed investors searching for higher returns into asset classes such as high yield corporate bonds. The resulting investment inflows led to an environment of generally positive technical factors for the asset class as well. The supportive technical factors reversed in July and early August, however, as large outflows caused valuations to decline from the post-recession highs of late June.</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="67%"></TD>

   <TD width="26%"></TD>

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

<TR vAlign=bottom>

   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Portfolio Breakdown</FONT></B></TD>

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

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>8/31/14</FONT></TD>

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

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

<TR vAlign=bottom>

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

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>% of Total</FONT></B></TD>

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

<TR vAlign=bottom>

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

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

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

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>64.4</FONT></TD>

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

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>28.9</FONT></TD>

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

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.8</FONT></TD>

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

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.4</FONT></TD>

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

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.8</FONT></TD>

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

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.2</FONT></TD>

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

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.1</FONT></TD>

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

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.1</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Short-Term Investments &amp; Other Net Assets</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2.3</FONT></TD>

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

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

<P style="TEXT-ALIGN: left"><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">*Percentage of total investments of the Fund. Total investments of the Fund include</FONT><BR><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">long-term and short-term investments and other net assets, excluding long-term</FONT><BR><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">debt issued by the Fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times,serif">Given the combination of generally supportive technical and fundamental factors, the average yield spread over Treasuries declined from 5.0 to 4.3 percentage points.</FONT><SUP><FONT size=2 face="Times New Roman,Times,serif">1 </FONT></SUP><FONT size=2 face="Times New Roman,Times,serif">Spread narrowing combined with the decline in Treasury yields and below-average default rate contributed to a +10.46% total return for high yield bonds in the CS High Yield Index.</FONT><SUP><FONT size=2 face="Times New Roman,Times,serif">1 </FONT></SUP><FONT size=2 face="Times New Roman,Times,serif">Utility stocks also benefited from declining interest rates over the period, as well as from investor appetite for investments offering relatively high dividend yields. Utility stocks, as measured by the S&amp;P 500 Utilities Index, returned +20.70% during the period based on robust demand and generally solid earnings.</FONT><SUP><FONT size=2 face="Times New Roman,Times,serif">2,3</FONT></SUP></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">4. Source: Bureau of Labor Statistics.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Helvetica,sans-serif>2 </FONT><FONT color=#808080 size=3 face=Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Helvetica,sans-serif>Annual Report franklintempleton.com</FONT></P></DIV>

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

<!--$$/page=-->
<A name="page_6"></A><BR>

<a name="_bclPageBorder6"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: left;">
<FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">High Yield Corporate Bonds</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times,serif">The Fund benefited from an overweighted position in the energy sector and an underweighted position in retailing relative to the CS High Yield Index. Commodity prices generally supported the energy sector, as severely cold winter weather at the beginning of 2014 enabled a rally in natural gas prices while oil prices remained robust. The industry also benefited from operational and cost efficiencies as companies began development drilling in many shale oil fields. Ongoing mergers and acquisitions activity also supported the sector. Retailing underperformed as industry-wide lower store traffic since last fall and the resultant increase in promotional activity led many retailers to underperform expectations. In this environment, several of the more highly indebted, stressed retailers declined considerably in value.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="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</FONT><SUP><FONT size=2 face="Times New Roman,Times,serif">5 </FONT></SUP><FONT size=2 face="Times New Roman,Times,serif">and an underweighted position in the telecommunication services industry relative to the CS High Yield Index. The wireless communications industry was weighed down by the performance of its largest issuer, Sprint, after the company announced that it would not pursue the acquisition of rival T-Mobile. Investors had hoped the acquisition would boost profitability and lessen competition, but government regulators expressed concerns about the impact the proposed merger could have on competition in the industry. The telecommunication services industry benefited from consolidation, as potential synergies from mergers could help offset ongoing fundamental business declines.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Utility Stocks</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times,serif">The Fund&#146;s utilities sector delivered strong absolute performance during the period, in line with the S&amp;P 500 Utilities Index, but this performance slightly lagged that of the S&amp;P 500 Index. The sector, which historically has had a high correlation to long-term fixed income markets, continued to benefit from benign inflationary expectations, which helped keep long-term interest rates low. Regulated utilities continued to perform well from a fundamental perspective, as this component of the utilities sector experienced growth opportunities through infrastructure investment. Edison International and American Electric Power, two U.S. electric utility companies that benefited from strong infrastructure need in their service territories,</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=64%></TD>
     <TD width=29%></TD>
     <TD width=5%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Top 10 Holdings*</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">Based on Total Investments**</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">8/31/14 vs. 8/31/13</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Issuer</FONT></B></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">8/31/14</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">Dominion Resources Inc.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">2.6</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">Duke Energy Corp.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">2.5</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">Sempra Energy</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">2.0</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">NextEra Energy Inc.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">1.8</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">The Southern Co.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">1.8</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">Edison International</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">1.6</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">CenterPoint Energy Inc.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">1.6</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">American Electric Power Co. Inc.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">1.5</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">Pinnacle West Capital Corp.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">1.5</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">Entergy Corp.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">1.4</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Issuer</FONT></B></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">8/31/13</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">Duke Energy Corp.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">2.4</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">Dominion Resources Inc.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">2.3</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">The Southern Co.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">1.8</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">Sempra Energy</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">1.7</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">NextEra Energy Inc.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">1.6</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">CenterPoint Energy Inc.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">1.5</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">Pinnacle West Capital Corp.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">1.5</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">Alliant Energy Corp.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">1.4</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">Edison International</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">1.4</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">American Electric Power Co. Inc.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">1.3</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">*Excludes money market funds.</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">**Percentage of total investments of the Fund. Total investments of the Fund</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">include long-term and short-term investments and other net assets, excluding</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">long-term debt issued by the Fund.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times,serif">outperformed the utilities market during the period. Utilities companies that relied on market fundamentals through the sale of their own electricity and natural gas benefited from improved pricing for those commodities during the period, which was driven by improved supply and demand fundamentals and harsh winter weather conditions in North America. FirstEnergy underperformed its sector peers and was negatively impacted by a 35% dividend reduction during the period. Overall, the Fund&#146;s utilities positions continued to focus on regulated, dividend-paying companies.</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">5. Wireless communication holdings are in telecommunication services in the SOI.</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Helvetica,sans-serif">franklintempleton.com Annual Report </FONT><FONT color="#808080" size=3 face="Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Helvetica,sans-serif">3</FONT></P>
</DIV>

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

<!--$$/page=-->
<A name="page_7"></A><BR>

<a name="_bclPageBorder7"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: left;">
<FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="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="Times New Roman,Times,serif">Sincerely,</FONT></P>
<IMG src="fut_a1014x6x1.jpg" border=0>
<BR>
<P style="text-align: left;">
<I><FONT size=2 face="ArialNarrow-Italic,Arial,Helvetica,sans-serif">The foregoing information reflects our analysis, opinions and portfolio</FONT></I><BR>
<I><FONT size=2 face="ArialNarrow-Italic,Arial,Helvetica,sans-serif">holdings as of August 31, 2014, the end of the reporting period. The</FONT></I><BR>
<I><FONT size=2 face="ArialNarrow-Italic,Arial,Helvetica,sans-serif">way we implement our main investment strategies and the resulting</FONT></I><BR>
<I><FONT size=2 face="ArialNarrow-Italic,Arial,Helvetica,sans-serif">portfolio holdings may change depending on factors such as market</FONT></I><BR>
<I><FONT size=2 face="ArialNarrow-Italic,Arial,Helvetica,sans-serif">and economic conditions. These opinions may not be relied upon as</FONT></I><BR>
<I><FONT size=2 face="ArialNarrow-Italic,Arial,Helvetica,sans-serif">investment advice or an offer for a particular security. The information</FONT></I><BR>
<I><FONT size=2 face="ArialNarrow-Italic,Arial,Helvetica,sans-serif">is not a complete analysis of every aspect of any market, country,</FONT></I><BR>
<I><FONT size=2 face="ArialNarrow-Italic,Arial,Helvetica,sans-serif">industry, security or the Fund. Statements of fact are from sources</FONT></I><BR>
<I><FONT size=2 face="ArialNarrow-Italic,Arial,Helvetica,sans-serif">considered reliable, but the investment manager makes no repre-</FONT></I><BR>
<I><FONT size=2 face="ArialNarrow-Italic,Arial,Helvetica,sans-serif">sentation or warranty as to their completeness or accuracy. Although</FONT></I><BR>
<I><FONT size=2 face="ArialNarrow-Italic,Arial,Helvetica,sans-serif">historical performance is no guarantee of future results, these insights</FONT></I><BR>
<I><FONT size=2 face="ArialNarrow-Italic,Arial,Helvetica,sans-serif">may help you understand our investment management philosophy.</FONT></I></P>
<P style="text-align: left;">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">CFA</FONT><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">&#174; </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">is a trademark owned by CFA Institute.</FONT><BR>
<BR>
<FONT size=1 face="Arial,Helvetica,sans-serif">4 </FONT><FONT color="#808080" size=3 face="Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Helvetica,sans-serif">Annual Report franklintempleton.com</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_8"></A><BR>

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

<P style="TEXT-ALIGN: right"><FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=5 face="Times New Roman,Times,serif">Performance Summary as of August 31, 2014</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times,serif">Your dividend income will vary depending on dividends or interest paid by securities in the Fund&#8217;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&#8217;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="30%"></TD>

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

   <TD width="25%"></TD>

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

   <TD width="20%"></TD>

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

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=3 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>Share Prices</FONT></B></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8/31/14</FONT></B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8/31/13</FONT></B></TD>

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net Asset Value (NAV)</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8.34</FONT></TD>

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.73</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>7.39</FONT></TD>

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.63</FONT></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="53%"></TD>

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

   <TD width="40%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=3 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>Distributions</FONT></B></TD>

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

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

<TR vAlign=bottom>

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

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

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Dividend</FONT></B></TD></TR>

<TR vAlign=bottom>

   <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><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Income</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>9/1/13&#8211;8/31/14</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.4725</FONT></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

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

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

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

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

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

   <TD width="11%"></TD>

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="16%" align=left><B><FONT size=3 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>Performance</FONT></B><B><SUP><FONT size=3 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>1</FONT></SUP></B></TD>

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

   <TD width="2%" align=left>&nbsp;</TD>

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

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="11%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD width="30%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cumulative</FONT></B></TD>

   <TD width="2%" align=center>&nbsp;</TD>

   <TD width="28%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Average Annual</FONT></B></TD>

   <TD width="3%" align=center>&nbsp;</TD>

   <TD width="18%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Average Annual</FONT></B></TD>

   <TD width="2%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 29.575pt" width="30%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total Return</FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2</FONT></SUP></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 25.129pt" width="28%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total Return</FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2</FONT></SUP></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total Return (9/30/14)</FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></SUP></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 12.247pt" width="14%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Based</FONT></B></TD>

   <TD width="2%" align=center>&nbsp;</TD>

   <TD width="14%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Based on</FONT></B></TD>

   <TD width="2%" align=center>&nbsp;</TD>

   <TD style="TEXT-INDENT: 7.807pt" width="11%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Based</FONT></B></TD>

   <TD width="2%" align=center>&nbsp;</TD>

   <TD width="15%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Based on</FONT></B></TD>

   <TD width="3%" align=center>&nbsp;</TD>

   <TD style="TEXT-INDENT: 7.815pt" width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Based</FONT></B></TD>

   <TD width="2%" align=center>&nbsp;</TD>

   <TD width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Based on</FONT></B></TD>

   <TD width="2%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7.743pt" width="14%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>on NAV</FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4</FONT></SUP></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Market Price</FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5</FONT></SUP></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3.303pt" width="11%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>on NAV</FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4</FONT></SUP></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Market Price</FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5</FONT></SUP></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3.317pt" width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>on NAV</FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4</FONT></SUP></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Market Price</FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5</FONT></SUP></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>1-Year</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif><FONT size=1 face=Arial>+</FONT>16.13</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>%</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif><FONT size=1 face=Arial>+</FONT>16.71</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>%</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif><FONT size=1 face=Arial>+</FONT>16.13</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>%</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif><FONT size=1 face=Arial>+</FONT>16.71</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>%</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif><FONT size=1 face=Arial>+</FONT>10.53</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>%</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif><FONT size=1 face=Arial>+</FONT>9.74</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>%</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>5-Year</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>+95.35</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>%</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>+104.64</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>%</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>+14.33</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>%</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>+15.40</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>%</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>+12.50</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>%</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>+12.58</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>%</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>10-Year</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>+146.72</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>%</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>+168.88</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>%</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>+9.45</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>%</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>+10.40</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>%</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>+8.91</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>%</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>+9.66</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>%</FONT></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Performance data represent past performance, which does not guarantee future results. Investment return and principal value will</FONT></I><BR><I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown.</FONT></I></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=ArialNarrow-Bold,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 prices of bonds in</FONT></B><BR><B><FONT size=1 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>a fund adjust to a rise in interest rates, the Fund&#8217;s share price may decline. Investments in lower rated bonds include higher risk of default and loss of principal.</FONT></B><BR><B><FONT size=1 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies, particular industries or sectors, or general market</FONT></B><BR><B><FONT size=1 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>conditions. In addition to having sensitivity to other factors, securities issued by utility companies have historically been sensitive to interest rate changes.</FONT></B><BR><B><FONT size=1 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>When interest rates fall, utility securities prices, and thus a utilities fund&#8217;s share price, tend to rise; when interest rates rise, their prices generally fall. The Fund</FONT></B><BR><B><FONT size=1 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>is actively managed but there is no guarantee that the manager&#8217;s investment decisions will produce the desired results.</FONT></B><BR><BR><FONT size=1 face="Arial Narrow,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 current fiscal year-end.</FONT><BR><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Fund investment results reflect the fee waiver, to the extent applicable; without this reduction, the results would have been lower.</FONT><BR><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">2. Total return calculations represent the cumulative and average annual changes in value of an investment over the periods indicated.</FONT><BR><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">3. In accordance with SEC rules, we provide standardized average annual total return information through the latest calendar quarter.</FONT><BR><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">4. Assumes reinvestment of distributions based on net asset value.</FONT><BR><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">5. Assumes reinvestment of distributions based on the dividend reinvestment and cash purchase plan.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Helvetica,sans-serif>franklintempleton.com Annual Report </FONT><FONT color=#808080 size=3 face=Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Helvetica,sans-serif>5</FONT></P></DIV>

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

<!--$$/page=-->
<A name="page_9"></A><BR>

<a name="_bclPageBorder9"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: left;">
<FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
<P style="text-align: left;">
<FONT size=5 face="Times New Roman,Times,serif">Annual Shareholders&#146; Meeting</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="ArialNarrow-Bold,Arial,Helvetica,sans-serif">March 21, 2014</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="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=26%></TD>
     <TD width=24%></TD>
     <TD width=16%></TD>
     <TD width=2%></TD>
     <TD width=17%></TD>
     <TD width=9%></TD>
     <TD width=2%></TD></TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=2 face="Times New Roman,Times,serif">The results of the voting at the meeting are as follows:</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>
&nbsp;</TD>
	<TD align=right>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Shares</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">% of</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Shares</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">% of</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Nominees</FONT></B></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">For</FONT></B></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Voted</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Withheld</FONT></B></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Voted</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">Harris J. Ashton</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">19,724,285</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">98.16</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">369,007</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">1.84</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">Sam Ginn</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">19,746,211</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">98.27</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">347,082</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">1.73</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">Edith E. Holiday</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">19,786,289</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">98.47</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">307,003</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">1.53</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">Gregory E. Johnson</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">19,737,039</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">98.23</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">356,253</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">1.77</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">Rupert H. Johnson, Jr.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">19,729,605</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">98.19</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">363,687</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">1.81</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">J. Michael Luttig</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">19,772,293</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">98.40</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">320,999</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">1.60</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">Frank A. Olson</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">19,728,151</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">98.18</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">365,141</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">1.82</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">Larry D. Thompson</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">19,755,035</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">98.32</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">338,257</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">1.68</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">John B. Wilson</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">19,770,273</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">98.39</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">323,019</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">1.61</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Helvetica,sans-serif">6 </FONT><FONT color="#808080" size=3 face="Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Helvetica,sans-serif">Annual Report franklintempleton.com</FONT></P>
</DIV>

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

<!--$$/page=-->
<A name="page_10"></A><BR>

<a name="_bclPageBorder10"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: left;">
<FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
<P style="text-align: left;">
<FONT size=5 face="Times New Roman,Times,serif">Important Notice to Shareholders</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="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="Arial,Helvetica,sans-serif">franklintempleton.com Annual Report </FONT><FONT color="#808080" size=3 face="Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Helvetica,sans-serif">7</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_11"></A><BR>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=5 face="Times New Roman,Times,serif">Dividend Reinvestment and Cash Purchase Plan</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times,serif">The Fund&#8217;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&#8217;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="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="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&#8217;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="Times New Roman,Times,serif">The Plan permits you on a voluntary basis to submit in cash payments of not less than $100 each up to a total of $5,000 per month to purchase additional shares of the Fund. It is entirely up to you whether you wish to buy additional shares with voluntary cash payments, and you do not have to send in the same </FONT><FONT size=2 face="Times New Roman,Times,serif">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="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="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="TimesNewRomanPS-ItalicMT,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="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="Times New Roman,Times,serif">There is no direct charge to participants for reinvesting dividends and capital gain distributions, since the Plan Agent&#8217;s fees are paid by the Fund. However, when shares are purchased in the open market, each participant will pay a pro rata portion of any brokerage commissions incurred. The Plan Agent will deduct a $5.00 service fee from each of your voluntary cash payments.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="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=1 face=Arial,Helvetica,sans-serif>8 </FONT><FONT color=#808080 size=3 face=Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Helvetica,sans-serif>Annual Report franklintempleton.com</FONT></P></DIV>

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

<!--$$/page=-->
<A name="page_12"></A><BR>

<a name="_bclPageBorder12"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: left;">
<FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Times New Roman,Times,serif">DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="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="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="Times New Roman,Times,serif">As long as you participate in the Plan, the Plan Agent will hold the shares it has acquired for you in safekeeping, in its name or in the name of its nominee. This convenience provides added protection against loss, theft or inadvertent destruction of certificates. However, you may request that a certificate representing your Plan shares be issued to you.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="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="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="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: left;">
<FONT size=1 face="Arial,Helvetica,sans-serif">franklintempleton.com Annual Report </FONT><FONT color="#808080" size=3 face="Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Helvetica,sans-serif">9</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_13"></A><BR>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="37%"></TD>

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

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

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

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

   <TD width="7%"></TD>

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

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

   <TD width="7%"></TD>

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

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

   <TD width="7%"></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" align=left><B><FONT size=3 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>Financial Highlights</FONT></B></TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD align=left>&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>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=7 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Year Ended August 31,</FONT></B></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 vAlign=bottom>

   <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><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2014</FONT></B></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><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2013</FONT></B></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><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2012</FONT></B></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><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B></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><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.006pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Per share operating performance</FONT></B></TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.006pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>(for a share outstanding throughout the year)</FONT></TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.006pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net asset value, beginning of year</FONT></TD>

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Income from investment operations:</FONT></TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD align=right><FONT size=1 face=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=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=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=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=Arial,Helvetica,sans-serif>0.47</FONT></TD>

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp; 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=Arial,Helvetica,sans-serif>0.73</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=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=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=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=Arial,Helvetica,sans-serif>0.71</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" align=left><FONT size=1 face=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=Arial,Helvetica,sans-serif>1.20</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=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=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=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=Arial,Helvetica,sans-serif>1.18</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" align=left><FONT size=1 face=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=Arial,Helvetica,sans-serif>(0.47</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8.34</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=Arial,Helvetica,sans-serif>$</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Market value, end of year</FONT><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>7.39</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=Arial,Helvetica,sans-serif>$</FONT></TD>

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

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

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

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

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

<TR>

   <TD colSpan=16>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Total return (based on market value per share)</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>16.71</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(2.45</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>24.47</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>9.01</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>32.53</FONT></TD>

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

<TR>

   <TD colSpan=16>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ratios to average net assets</FONT></B></TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Expenses</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.97</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2.34</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2.46</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2.51</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2.63</FONT></TD>

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

<TR vAlign=bottom>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5.76</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5.58</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>6.20</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>6.41</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>7.36</FONT></TD>

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

<TR>

   <TD colSpan=16>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Supplemental data</FONT></B></TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net assets, end of year (000&#8217;s)</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>209,674</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>191,223</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>187,729</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>172,758</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>165,075</FONT></TD>

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

<TR vAlign=bottom>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>18.25</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>21.95</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>19.40</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>41.60</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>38.23</FONT></TD>

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Total debt outstanding at end of year (000&#8217;s)</FONT></TD>

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

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

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

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>42,000</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>42,000</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>42,000</FONT></TD>

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Asset coverage per $1,000 of debt</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4,495</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4,187</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5,470</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5,113</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4,930</FONT></TD>

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Average amount of senior fixed rate Notes per share during the</FONT></TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.447pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>year</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.68</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.67</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.67</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.67</FONT></TD>

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

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

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">a</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Based on average daily shares outstanding.</FONT><BR><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Based on the last sale on the New York Stock Exchange.</FONT><BR><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Benefit of waiver and payments by affiliates and expense reduction rounds to less than 0.01%.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Helvetica,sans-serif>10 </FONT><FONT color=#808080 size=3 face=Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Helvetica,sans-serif>Annual Report | The accompanying notes are an integral part of these financial statements. franklintempleton.com</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_14"></A><BR>

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

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

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

   <TD width="20%"></TD>

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

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

   <TD width="11%"></TD></TR>

<TR vAlign=bottom>

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

   <TD colSpan=4 align=right><FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=3 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>Statement of Investments, August 31, 2014</FONT></B></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="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Common Stocks 41.4%</FONT></B></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: 8.001pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Energy 1.8%</FONT></B></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: 8.001pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Spectra Energy Corp.</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>92,350</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,847,301</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Materials 2.3%</FONT></B></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: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>BHP Billiton PLC, ADR</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>25,185</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,598,744</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Freeport-McMoRan Inc., B</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>80,380</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,923,420</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>NewPage Holdings Inc.</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,400</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=Arial,Helvetica,sans-serif>224,400</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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4,746,564</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Transportation 0.1%</FONT></B></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><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp; a</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>CEVA Holdings LLC</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>179</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=Arial,Helvetica,sans-serif>215,316</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Utilities 37.2%</FONT></B></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: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Alliant Energy Corp.</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>40,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,339,600</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>American Electric Power Co. Inc.</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>75,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4,027,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CenterPoint Energy Inc.</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>169,800</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4,217,832</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CMS Energy Corp.</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>65,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,985,100</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Consolidated Edison Inc.</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>42,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,431,380</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Dominion Resources Inc.</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>7,022,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>DTE Energy Co.</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>25,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,956,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Duke Energy Corp.</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>92,520</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>6,845,555</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Edison International</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>75,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4,435,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Entergy Corp.</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>50,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,870,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Exelon Corp.</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>55,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,838,100</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>FirstEnergy Corp.</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,054,400</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Great Plains Energy Inc.</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>70,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,796,900</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>NextEra Energy Inc.</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>50,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4,922,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>PG&amp;E Corp.</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>50,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,324,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Pinnacle West Capital Corp.</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>70,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,986,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>PPL Corp.</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>80,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,770,400</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Public Service Enterprise Group Inc.</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>45,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,682,550</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Sempra Energy</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>50,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5,298,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>The Southern Co.</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>108,500</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4,817,400</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>UIL Holdings Corp.</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>40,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,490,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Westar Energy Inc.</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,215,800</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Wisconsin Energy Corp.</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>40,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,813,200</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Xcel Energy Inc.</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>60,000</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=Arial,Helvetica,sans-serif>1,923,000</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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>78,064,467</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total Common Stocks (Cost $49,353,891)</FONT></B></TD>

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

   <TD 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=Arial,Helvetica,sans-serif>86,873,648</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Convertible Preferred Stocks 0.2%</FONT></B></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: 8pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Transportation 0.2%</FONT></B></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><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; a</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>CEVA Holdings LLC, cvt. pfd., A-1</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>9,300</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; a</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>CEVA Holdings LLC, cvt. pfd., A-2</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>388</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=Arial,Helvetica,sans-serif>466,092</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total Convertible Preferred Stocks (Cost $587,093)</FONT></B></TD>

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

   <TD 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=Arial,Helvetica,sans-serif>475,392</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><B><FONT size=2 face=Arial-BoldMT,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=right>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Diversified Financials 0.2%</FONT></B></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: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>GMAC Capital Trust I, 8.125%, pfd.</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>11,600</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=Arial,Helvetica,sans-serif>311,808</FONT></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Helvetica,sans-serif>franklintempleton.com Annual Report </FONT><FONT color=#808080 size=3 face=Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Helvetica,sans-serif>11</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_15"></A><BR>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR><FONT size=1 face="Times New Roman,Times,serif">STATEMENT OF INVESTMENTS</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="59%"></TD>

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

   <TD width="11%"></TD>

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

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

<TR vAlign=bottom>

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

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

   <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Principal</FONT></B></TD>

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

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

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Country</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount*</FONT></B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Value</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Corporate Bonds 82.9%</FONT></B></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: 3.891pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Automobiles &amp; Components 1.1%</FONT></B></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: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>The Goodyear Tire &amp; Rubber Co., senior note, 6.50%, 3/01/21</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,185,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>International Automotive Components Group SA, senior secured note, 144A,</FONT></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=Arial,Helvetica,sans-serif>&nbsp; 9.125%, 6/01/18</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,100,000</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=Arial,Helvetica,sans-serif>1,175,625</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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,360,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Banks 3.1%</FONT></B></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: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CIT Group Inc., senior note,</FONT></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: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>5.375%, 5/15/20</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>543,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>5.00%, 8/15/22</FONT></TD>

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>335,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.291pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>c</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Citigroup Inc., M, junior sub. bond, 6.30% to 5/15/24, FRN thereafter, Perpetual</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,124,053</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.291pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>c</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>JPMorgan Chase &amp; Co., junior sub. bond,</FONT></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: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>5.00% to 7/30/19, FRN thereafter, Perpetual</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>798,591</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>6.00% to 8/01/23, FRN thereafter, Perpetual</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>927,450</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Royal Bank of Scotland Group PLC, sub. note,</FONT></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: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>6.125%, 12/15/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>986,062</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>5.125%, 5/28/24</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>400,000</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=Arial,Helvetica,sans-serif>409,000</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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>6,394,406</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Capital Goods 2.1%</FONT></B></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><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Abengoa Finance SAU, senior note, 144A,</FONT></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: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>8.875%, 11/01/17</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,675,313</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>7.75%, 2/01/20</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>150,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>164,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Navistar International Corp., senior note, 8.25%, 11/01/21</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>937,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Oshkosh Corp., senior note, 5.375%, 3/01/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>513,373</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>TransDigm Inc.,</FONT></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: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior sub. bond, 144A, 6.50%, 7/15/24</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>205,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior sub. note, 144A, 6.00%, 7/15/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>203,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Zachry Holdings Inc., senior note, 144A, 7.50%, 2/01/20</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>600,000</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=Arial,Helvetica,sans-serif>634,500</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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4,333,561</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Commercial &amp; Professional Services 1.4%</FONT></B></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: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>ADS Waste Holdings Inc., senior note, 8.25%, 10/01/20</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,605,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Algeco Scotsman Global Finance PLC, senior secured note, first lien, 144A,</FONT></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=Arial,Helvetica,sans-serif>&nbsp;&nbsp; 8.50%, 10/15/18</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>728,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>United Rentals North America Inc., senior bond, 5.75%, 11/15/24</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>600,000</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=Arial,Helvetica,sans-serif>630,000</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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,963,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consumer Durables &amp; Apparel 2.9%</FONT></B></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: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>KB Home,</FONT></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: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior bond, 7.50%, 9/15/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,201,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior note, 4.75%, 5/15/19</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>200,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior note, 7.00%, 12/15/21</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>324,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>M/I Homes Inc., senior note, 8.625%, 11/15/18</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>211,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Springs Industries Inc., secured note, 6.25%, 6/01/21</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>101,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Standard Pacific Corp., senior note, 6.25%, 12/15/21</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>745,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Taylor Morrison Communities Inc./Monarch Communities Inc., senior note, 144A,</FONT></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: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>7.75%, 4/15/20</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>535,050</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>5.25%, 4/15/21</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>406,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>5.625%, 3/01/24</FONT></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Toll Brothers Finance Corp., senior bond, 5.625%, 1/15/24</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>747,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Visant Corp., senior note, 10.00%, 10/01/17</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>900,000</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=Arial,Helvetica,sans-serif>839,250</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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>6,012,175</FONT></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Helvetica,sans-serif>12 </FONT><FONT color=#808080 size=3 face=Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Helvetica,sans-serif>Annual Report franklintempleton.com</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_16"></A><BR>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR><FONT size=1 face="Times New Roman,Times,serif">STATEMENT OF INVESTMENTS</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="59%"></TD>

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

   <TD width="11%"></TD>

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

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

<TR vAlign=bottom>

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

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

   <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Principal</FONT></B></TD>

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

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

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Country</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount*</FONT></B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Value</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Corporate Bonds </FONT></B><FONT size=1 face=Arial,Helvetica,sans-serif>(continued)</FONT></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: 7.995pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consumer Services 2.8%</FONT></B></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: 4.108pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>24 Hour Holdings III LLC, senior note, 144A, 8.00%, 6/01/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>682,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Caesars Entertainment Operating Co. Inc., senior secured note,</FONT></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: 21pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>11.25%, 6/01/17</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,241,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>first lien, 9.00%, 2/15/20</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>242,063</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b,d</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Fontainebleau Las Vegas, senior secured note, first lien, 144A, 11.00%, 6/15/15</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>20,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.108pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Landry&#8217;s Inc., senior note, 144A, 9.375%, 5/01/20</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>972,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>MGM Resorts International, senior note,</FONT></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: 21pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>6.875%, 4/01/16</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,293,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>7.50%, 6/01/16</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>872,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Pinnacle Entertainment Inc., senior note, 6.375%, 8/01/21</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>500,000</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=Arial,Helvetica,sans-serif>521,250</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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5,844,063</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Diversified Financials 2.9%</FONT></B></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: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Ally Financial Inc., senior note, 5.50%, 2/15/17</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>641,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>E*TRADE Financial Corp., senior note, 6.375%, 11/15/19</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>862,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>General Motors Financial Co. Inc., senior note, 3.25%, 5/15/18</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>404,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>GMAC Inc., sub. note, 8.00%, 12/31/18</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>234,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.108pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=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=right>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>3/15/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>754,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.108pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Nuveen Investments Inc., senior note, 144A, 9.50%, 10/15/20</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,055,106</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>SLM Corp., senior note,</FONT></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: 21pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>8.45%, 6/15/18</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,049,580</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>5.50%, 1/15/19</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>852,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>4.875%, 6/17/19</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>300,000</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=Arial,Helvetica,sans-serif>314,700</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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>6,167,636</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Energy 23.1%</FONT></B></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: 8pt" align=left><FONT size=1 face=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=right>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>7/15/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>218,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>BreitBurn Energy Partners LP/BreitBurn Finance Corp.,</FONT></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: 21pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior bond, 7.875%, 4/15/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>745,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior note, 8.625%, 10/15/20</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>645,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=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=right>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>8.625%, 10/15/18</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>840,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>7.50%, 9/15/20</FONT></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CGG SA, senior note,</FONT></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: 21pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>7.75%, 5/15/17</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>203,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>206,045</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>6.50%, 6/01/21</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>558,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>144A, 6.875%, 1/15/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>570,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Chaparral Energy Inc., senior note,</FONT></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: 21pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>9.875%, 10/01/20</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>894,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>8.25%, 9/01/21</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>216,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>7.625%, 11/15/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>323,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CHC Helicopter SA, senior secured note, first lien, 9.25%, 10/15/20</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,350,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,475,719</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Chesapeake Energy Corp., senior note,</FONT></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: 21pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>6.625%, 8/15/20</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,967,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>4.875%, 4/15/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>315,360</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Clayton Williams Energy Inc., senior note, 7.75%, 4/01/19</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,272,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.108pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Compressco Partners LP/Finance Corp., senior note, 144A, 7.25%, 8/15/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>303,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CONSOL Energy Inc., senior note,</FONT></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: 21pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>8.25%, 4/01/20</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>320,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 21pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>6.375%, 3/01/21</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>319,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>144A, 5.875%, 4/15/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>839,000</FONT></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Helvetica,sans-serif>franklintempleton.com Annual Report </FONT><FONT color=#808080 size=3 face=Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Helvetica,sans-serif>13</FONT></P></DIV>

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

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

<a name="_bclPageBorder17"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: left;">
<FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR>
<FONT size=1 face="Times New Roman,Times,serif">STATEMENT OF INVESTMENTS</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=59%></TD>
     <TD width=15%></TD>
     <TD width=11%></TD>
     <TD width=2%></TD>
     <TD width=10%></TD></TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Principal</FONT></B></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Country</FONT></B></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Amount*</FONT></B></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Value</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.000000pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Corporate Bonds </FONT></B><FONT size=1 face="Arial,Helvetica,sans-serif">(continued)</FONT></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 style="TEXT-INDENT:7.995895pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Energy </FONT></B><FONT size=1 face="Arial,Helvetica,sans-serif">(continued)</FONT></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 style="TEXT-INDENT:4.108002pt">
<SUP><FONT size=1 face="Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,Helvetica,sans-serif">Drill Rigs Holdings Inc., secured note, 144A, 6.50%, 10/01/17</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,100,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,138,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">El Paso Corp., senior bond, 6.50%, 9/15/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,200,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,403,520</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Energy Transfer Equity LP,</FONT></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 style="TEXT-INDENT:21.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">senior bond, 5.875%, 1/15/24</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">212,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">senior note, 7.50%, 10/15/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,500,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,743,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Energy XXI Gulf Coast Inc., senior note, 9.25%, 12/15/17</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,300,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,384,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.108002pt">
<SUP><FONT size=1 face="Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,Helvetica,sans-serif">EnQuest PLC, senior note, 144A, 7.00%, 4/15/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United Kingdom</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">604,125</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">EPL Oil &amp; Gas Inc., senior note, 8.25%, 2/15/18</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">852,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.108002pt">
<SUP><FONT size=1 face="Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,Helvetica,sans-serif">Expro Finance Luxembourg, senior secured note, 144A, 8.50%, 12/15/16</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United Kingdom</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,307,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,362,547</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Goodrich Petroleum Corp., senior note, 8.875%, 3/15/19</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,200,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,266,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Halcon Resources Corp., senior note,</FONT></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 style="TEXT-INDENT:21.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">9.75%, 7/15/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,082,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">8.875%, 5/15/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">423,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">9.25%, 2/15/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">215,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.108002pt">
<SUP><FONT size=1 face="Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,Helvetica,sans-serif">Kinder Morgan Finance Co. LLC, senior secured note, 144A, 6.00%, 1/15/18</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,200,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,342,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.000000pt">
<FONT size=1 face="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=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">8.125%, 12/01/19</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">773,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">5.50%, 1/15/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">212,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.000000pt">
<FONT size=1 face="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=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">8.625%, 4/15/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,072,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">7.75%, 2/01/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">749,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.000000pt">
<FONT size=1 face="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=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">7.25%, 2/15/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,035,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.108002pt">
<SUP><FONT size=1 face="Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,Helvetica,sans-serif">Memorial Resource Development Corp., senior note, 144A, 5.875%, 7/01/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">508,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Midstates Petroleum Co. Inc./LLC, senior note, 9.25%, 6/01/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">761,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.108002pt">
<SUP><FONT size=1 face="Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,Helvetica,sans-serif">Murray Energy Corp., senior secured note, 144A, 8.625%, 6/15/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">745,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Oasis Petroleum Inc., senior note,</FONT></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 style="TEXT-INDENT:21.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">7.25%, 2/01/19</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">211,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">6.50%, 11/01/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">429,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">6.875%, 3/15/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">439,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">6.875%, 1/15/23</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">219,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.108002pt">
<SUP><FONT size=1 face="Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,Helvetica,sans-serif">Ocean Rig UDW Inc., senior note, 144A, 7.25%, 4/01/19</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">400,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Offshore Group Investment Ltd.,</FONT></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 style="TEXT-INDENT:21.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">senior bond, first lien, 7.125%, 4/01/23</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">698,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">senior secured note, first lien, 7.50%, 11/01/19</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">717,938</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">PBF Holding Co. LLC, first lien, 8.25%, 2/15/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,200,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,299,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Penn Virginia Corp., senior note, 8.50%, 5/01/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">773,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp.,</FONT></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 style="TEXT-INDENT:13.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">senior note,</FONT></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 style="TEXT-INDENT:21.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">8.375%, 6/01/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">390,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">435,825</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">6.50%, 5/15/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">433,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Plains Exploration &amp; Production Co., senior note, 6.875%, 2/15/23</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">648,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">754,110</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">QEP Resources Inc., senior note,</FONT></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 style="TEXT-INDENT:21.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">5.375%, 10/01/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">720,125</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:21.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">5.25%, 5/01/23</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">407,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">QR Energy LP/QRE Finance Corp. LLC, senior note, 9.25%, 8/01/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,147,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<SUP><FONT size=1 face="Arial,Helvetica,sans-serif">b,e</FONT></SUP><FONT size=1 face="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=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">6/21/19</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,200,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,155,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.108002pt">
<SUP><FONT size=1 face="Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,Helvetica,sans-serif">Regency Energy Partners LP/Regency Energy Finance Corp., senior note, 144A,</FONT></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 style="TEXT-INDENT:13.000000pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">8.375%, 6/01/19</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,100,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,188,000</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Helvetica,sans-serif">14 </FONT><FONT color="#808080" size=3 face="Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Helvetica,sans-serif">Annual Report franklintempleton.com</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_18"></A><BR>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,Times,serif">STATEMENT OF INVESTMENTS</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="57%"></TD>

   <TD width="17%"></TD>

   <TD width="11%"></TD>

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

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

<TR vAlign=bottom>

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

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

   <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Principal</FONT></B></TD>

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

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

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Country</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount*</FONT></B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Value</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Corporate Bonds </FONT></B><FONT size=1 face=Arial,Helvetica,sans-serif>(continued)</FONT></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: 3.887pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Energy </FONT></B><FONT size=1 face=Arial,Helvetica,sans-serif>(continued)</FONT></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: 3.887pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Sabine Pass Liquefaction LLC, first lien,</FONT></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: 16.887pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>5.625%, 2/01/21</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,060,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.887pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>5.625%, 4/15/23</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>522,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>144A, 6.25%, 3/15/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>217,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Samson Investment Co., senior note, 9.75%, 2/15/20</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,435,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Sanchez Energy Corp., senior note,</FONT></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: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>7.75%, 6/15/21</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,003,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>144A, 6.125%, 1/15/23</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>207,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>W&amp;T Offshore Inc., senior note, 8.50%, 6/15/19</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,200,000</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=Arial,Helvetica,sans-serif>1,290,000</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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>48,405,564</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Food, Beverage &amp; Tobacco 2.7%</FONT></B></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: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Constellation Brands Inc., senior note, 4.25%, 5/01/23</FONT></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Del Monte Corp., senior note, 7.625%, 2/15/19</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,072,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,108,180</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Dole Food Co. Inc., senior secured note, 144A, 7.25%, 5/01/19</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>807,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>JBS USA LLC/Finance Inc.,</FONT></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: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior bond, 144A, 5.875%, 7/15/24</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>603,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior note, 144A, 8.25%, 2/01/20</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>324,450</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior note, 144A, 7.25%, 6/01/21</FONT></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Post Holdings Inc., senior note,</FONT></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: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>7.375%, 2/15/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>842,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>144A, 6.75%, 12/01/21</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>510,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>144A, 6.00%, 12/15/22</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100,000</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=Arial,Helvetica,sans-serif>98,625</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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5,550,880</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Health Care Equipment &amp; Services 5.2%</FONT></B></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: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Alere Inc.,</FONT></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: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior note, 7.25%, 7/01/18</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>954,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior sub. note, 6.50%, 6/15/20</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>101,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>AmSurg Corp., senior note, 144A, 5.625%, 7/15/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>205,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=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=right>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>7.75%, 2/15/19</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,061,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>6.00%, 10/15/21</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>105,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CHS/Community Health Systems Inc.,</FONT></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: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior note, 8.00%, 11/15/19</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>981,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior note, 7.125%, 7/15/20</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>433,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>senior note, 144A, 6.875%, 2/01/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>213,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior secured note, 5.125%, 8/15/18</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>625,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>DaVita HealthCare Partners Inc.,</FONT></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: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior bond, 5.125%, 7/15/24</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>406,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior note, 5.75%, 8/15/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>535,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>ExamWorks Group Inc., senior note, 9.00%, 7/15/19</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>868,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>HCA Inc.,</FONT></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: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior note, 6.50%, 2/15/16</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,489,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior note, 5.875%, 5/01/23</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>854,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior secured note, 5.875%, 3/15/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>654,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Tenet Healthcare Corp., senior note,</FONT></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: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>8.125%, 4/01/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,153,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>144A, 5.00%, 3/01/19</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>300,000</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=Arial,Helvetica,sans-serif>304,500</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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>10,946,750</FONT></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Helvetica,sans-serif>franklintempleton.com Annual Report </FONT><FONT color=#808080 size=3 face=Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Helvetica,sans-serif>15</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_19"></A><BR>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR><FONT size=1 face="Times New Roman,Times,serif">STATEMENT OF INVESTMENTS</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="60%"></TD>

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

   <TD width="11%"></TD>

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

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

<TR vAlign=bottom>

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

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

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Principal</FONT></B></TD>

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

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

<TR vAlign=bottom>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Corporate Bonds </FONT></B><FONT size=1 face=Arial,Helvetica,sans-serif>(continued)</FONT></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: 3.887pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Materials 10.1%</FONT></B></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: 3.887pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>ArcelorMittal, senior note, 6.00%, 3/01/21</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>972,648</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Ardagh Packaging Finance PLC, senior note, 144A, 9.125%, 10/15/20</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>551,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Ardagh Packaging Finance PLC/Ardagh MP Holdings USA Inc., senior note, 144A,</FONT></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: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>6.25%, 1/31/19</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>202,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>7.00%, 11/15/20</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>90,441</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>6.75%, 1/31/21</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>205,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>6.00%, 6/30/21</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>499,063</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Barminco Finance Pty. Ltd., senior note, 144A, 9.00%, 6/01/18</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>728,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>BlueScope Steel Ltd./BlueScope Steel Finance, senior note, 144A, 7.125%,</FONT></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=Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 5/01/18</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,498,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Cemex Finance LLC, senior secured note, 144A, 6.00%, 4/01/24</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>625,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Cemex SAB de CV, senior secured note, 144A, 9.00%, 1/11/18</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,602,187</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Constellium NV, senior note, 144A, 5.75%, 5/15/24</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,355,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Eldorado Gold Corp., senior note, 144A, 6.125%, 12/15/20</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,037,500</FONT></TD></TR>

<TR vAlign=bottom>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>6.75%, 2/15/20</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>631,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>657,818</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>7.00%, 2/15/21</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>631,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>665,705</FONT></TD></TR>

<TR vAlign=bottom>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>6.875%, 2/01/18</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,054,060</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>8.25%, 11/01/19</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>329,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Ineos Finance PLC, senior secured note, 144A, 7.50%, 5/01/20</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>866,500</FONT></TD></TR>

<TR vAlign=bottom>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>6.125%, 8/15/18</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>310,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>5.875%, 2/15/19</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>205,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Novelis Inc., senior note, 8.75%, 12/15/20</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>777,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Olin Corp., senior bond, 5.50%, 8/15/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,688,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Polymer Group Inc., senior note, 144A, 6.875%, 6/01/19</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>300,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>304,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Rain CII Carbon LLC/CII Carbon Corp., second lien, 144A, 8.25%, 1/15/21</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>500,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>527,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Reynolds Group Issuer Inc./LLC/SA,</FONT></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: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>first lien, 5.75%, 10/15/20</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>500,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>525,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior note, 8.50%, 5/15/18</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,047,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior note, 9.00%, 4/15/19</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>200,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>211,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior note, 9.875%, 8/15/19</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>111,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior note, 8.25%, 2/15/21</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>700,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>767,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Sealed Air Corp., senior note, 144A,</FONT></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: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>8.125%, 9/15/19</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>400,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>439,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>6.50%, 12/01/20</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>400,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>442,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>8.375%, 9/15/21</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>300,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>339,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>U.S. Coatings Acquisition Inc./Flash Dutch 2 BV, senior note, 144A, 7.375%,</FONT></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=Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp; 5/01/21</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>500,000</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=Arial,Helvetica,sans-serif>547,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>21,185,797</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Media 8.1%</FONT></B></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: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Cablevision Systems Corp., senior note, 8.625%, 9/15/17</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>700,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>799,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CCO Holdings LLC/CCO Holdings Capital Corp., senior bond, 5.25%, 9/30/22</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>800,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>815,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Clear Channel Communications Inc., senior secured bond, first lien, 9.00%,</FONT></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=Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp; 3/01/21</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,300,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,353,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Clear Channel Worldwide Holdings Inc.,</FONT></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: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior note, 6.50%, 11/15/22</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>500,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>537,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior sub. note, 7.625%, 3/15/20</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>700,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>752,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CSC Holdings LLC, senior note,</FONT></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: 16.891pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>6.75%, 11/15/21</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>700,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>772,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>144A, 5.25%, 6/01/24</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>200,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>198,500</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Helvetica,sans-serif>16 </FONT><FONT color=#808080 size=3 face=Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Helvetica,sans-serif>Annual Report franklintempleton.com</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_20"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,Times,serif">STATEMENT OF INVESTMENTS</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="59%"></TD>

   <TD width="15%"></TD>

   <TD width="11%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Principal</FONT></B></TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Country</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount*</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Value</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.781pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Corporate Bonds </FONT></B><FONT size=1 face=Arial,Helvetica,sans-serif>(continued)</FONT></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: 6.777pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Media </FONT></B><FONT size=1 face=Arial,Helvetica,sans-serif>(continued)</FONT></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: 6.777pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>DISH DBS Corp., senior note,</FONT></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: 19.777pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>7.125%, 2/01/16</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,000,000</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,070,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 19.777pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>6.75%, 6/01/21</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>700,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>784,840</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.777pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Gannett Co. Inc.,</FONT></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><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>senior bond, 144A, 6.375%, 10/15/23</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>900,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>958,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior note, 5.125%, 7/15/20</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>800,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>822,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>The Nielsen Co. (Luxembourg) S.A.R.L., senior note, 144A, 5.50%, 10/01/21</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>400,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>415,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Nielsen Finance LLC/Co., senior note, 144A, 5.00%, 4/15/22</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>500,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>507,187</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Radio One Inc., senior sub. note, 144A, 9.25%, 2/15/20</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>400,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>418,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Sirius XM Radio Inc., senior bond, 144A, 6.00%, 7/15/24</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>800,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>834,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Univision Communications Inc.,</FONT></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: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior secured bond, 144A, 6.75%, 9/15/22</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>358,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>394,695</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior secured note, 144A, 6.875%, 5/15/19</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,062,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior secured note, 144A, 7.875%, 11/01/20</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>200,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>219,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>UPCB Finance III Ltd., senior secured note, 144A, 6.625%, 7/01/20</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>Netherlands</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,100,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,168,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Virgin Media Finance PLC, senior bond, 144A, 6.375%, 4/15/23</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United Kingdom</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>300,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>321,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Virgin Media Secured Finance PLC, senior secured bond, first lien, 144A, 5.50%,</FONT></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: 11.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>1/15/25</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United Kingdom</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>800,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>825,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>VTR Finance BV, senior secured note, 144A, 6.875%, 1/15/24</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>Chile</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>600,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>645,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>WMG Acquisition Corp.,</FONT></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: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>secured note, 144A, 6.00%, 1/15/21</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,190,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,243,550</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior note, 144A, 5.625%, 4/15/22</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100,000</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=Arial,Helvetica,sans-serif>102,750</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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>17,022,022</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.781pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Pharmaceuticals, Biotechnology &amp; Life Sciences 2.5%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>inVentiv Health Inc., senior secured note, 144A, 9.00%, 1/15/18</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>300,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>315,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b,f</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Jaguar Holding Co. I, senior note, 144A, PIK, 9.375%, 10/15/17</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,100,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,134,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Jaguar Holding Co. II/Merger Sub Inc., senior note, 144A, 9.50%, 12/01/19</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>400,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>436,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Par Pharmaceutical Cos. Inc., senior note, 7.375%, 10/15/20</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,600,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,704,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=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=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>7.50%, 7/15/21</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>300,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>328,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>5.625%, 12/01/21</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>200,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>203,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>VPI Escrow Corp., senior note, 144A, 6.375%, 10/15/20</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,100,000</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=Arial,Helvetica,sans-serif>1,155,000</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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5,276,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.781pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Retailing 0.7%</FONT></B></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: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>American Builders &amp; Contractors Supply Co. Inc., senior note, 144A, 5.625%,</FONT></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: 11.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>4/15/21</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>900,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>918,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>New Look Bondco I PLC, secured note, 144A, 8.375%, 5/14/18</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United Kingdom</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>600,000</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=Arial,Helvetica,sans-serif>639,750</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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,557,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.781pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Software &amp; Services 2.5%</FONT></B></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: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>BMC Software Finance Inc., senior note, 144A, 8.125%, 7/15/21</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,100,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,116,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Equinix Inc., senior bond, 5.375%, 4/01/23</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,300,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,332,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>First Data Corp.,</FONT></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: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior bond, 12.625%, 1/15/21</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>900,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,102,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior note, 11.25%, 1/15/21</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>136,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>158,440</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>senior secured bond, 144A, 8.25%, 1/15/21</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>900,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>985,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Sterling International Inc., senior note, 11.00%, 10/01/19</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>500,000</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=Arial,Helvetica,sans-serif>535,000</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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5,230,440</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Helvetica,sans-serif>franklintempleton.com Annual Report </FONT><FONT color=#808080 size=3 face=Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Helvetica,sans-serif>17</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_21"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR><FONT size=1 face="Times New Roman,Times,serif">STATEMENT OF INVESTMENTS</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="60%"></TD>

   <TD width="14%"></TD>

   <TD width="11%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Principal</FONT></B></TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Country</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount*</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Value</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.781pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Corporate Bonds </FONT></B><FONT size=1 face=Arial,Helvetica,sans-serif>(continued)</FONT></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: 6.777pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Technology Hardware &amp; Equipment 1.0%</FONT></B></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: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Alcatel-Lucent USA Inc., senior note, 144A, 6.75%, 11/15/20</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>France</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,200,000</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,275,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Blackboard Inc., senior note, 144A, 7.75%, 11/15/19</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>400,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>411,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b,f</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>CommScope Holdings Co. Inc., senior note, 144A, PIK, 6.625%, 6/01/20</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>400,000</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=Arial,Helvetica,sans-serif>429,000</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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,115,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.781pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Telecommunication Services 7.1%</FONT></B></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: 6.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>CenturyLink Inc., senior bond, 6.75%, 12/01/23</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>300,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>333,187</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Digicel Group Ltd., senior note, 144A, 8.25%, 9/30/20</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>Bermuda</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>900,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>974,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Digicel Ltd., senior note, 144A, 6.00%, 4/15/21</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>Bermuda</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>500,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>516,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>eAccess Ltd., senior note, 144A, 8.25%, 4/01/18</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>Japan</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>700,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>752,937</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Frontier Communications Corp., senior note,</FONT></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: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>8.50%, 4/15/20</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>800,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>934,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>9.25%, 7/01/21</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>200,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>237,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>8.75%, 4/15/22</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>700,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>819,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Intelsat Jackson Holdings SA,</FONT></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: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior bond, 6.625%, 12/15/22</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>Luxembourg</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>500,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>525,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior note, 7.25%, 10/15/20</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>Luxembourg</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>200,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>214,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior note, 7.50%, 4/01/21</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>Luxembourg</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,500,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,629,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Millicom International Cellular SA, senior note, 144A, 6.625%, 10/15/21</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>Luxembourg</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>900,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>982,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Sprint Corp.,</FONT></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: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior bond, 144A, 7.125%, 6/15/24</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>200,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>204,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior note, 144A, 7.875%, 9/15/23</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>500,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>537,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Sprint Nextel Corp., senior note, 144A,</FONT></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: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>9.00%, 11/15/18</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,382,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>7.00%, 3/01/20</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>500,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>560,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>T-Mobile USA Inc.,</FONT></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: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior bond, 6.50%, 1/15/24</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>200,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>208,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior note, 6.542%, 4/28/20</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>800,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>843,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior note, 6.125%, 1/15/22</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>104,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Wind Acquisition Finance SA, senior secured note, 144A,</FONT></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: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>7.375%, 4/23/21</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>Italy</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,700,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,802,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>first lien, 4.75%, 7/15/20</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>Italy</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>300,000</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=Arial,Helvetica,sans-serif>302,438</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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>14,863,062</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.781pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Transportation 1.6%</FONT></B></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: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Florida East Coast Holdings Corp.,</FONT></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: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>secured note, first lien, 144A, 6.75%, 5/01/19</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>400,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>423,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior note, 144A, 9.75%, 5/01/20</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>200,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>212,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Hertz Corp., senior note,</FONT></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: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>7.50%, 10/15/18</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>600,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>627,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>6.75%, 4/15/19</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,053,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Stena AB, senior bond, 144A, 7.00%, 2/01/24</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>Sweden</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>500,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>531,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Stena International SA, secured bond, 144A, 5.75%, 3/01/24</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>Sweden</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>500,000</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=Arial,Helvetica,sans-serif>514,375</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=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,362,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.781pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Utilities 2.0%</FONT></B></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: 6.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Calpine Corp.,</FONT></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: 19.781pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>senior bond, 5.75%, 1/15/25</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,300,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,314,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>&nbsp; b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>senior secured note, 144A, 7.875%, 1/15/23</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>408,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>454,920</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>InterGen NV, secured bond, 144A, 7.00%, 6/30/23</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>Netherlands</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,020,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.889pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>NGL Energy Partners LP/NGL Energy Finance Corp., senior note, 144A, 5.125%,</FONT></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=Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 7/15/19</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>200,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>203,000</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Helvetica,sans-serif>18 </FONT><FONT color=#808080 size=3 face=Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Helvetica,sans-serif>Annual Report</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Helvetica,sans-serif>franklintempleton.com</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_22"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR><FONT size=1 face="Times New Roman,Times,serif">STATEMENT OF INVESTMENTS</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="58%"></TD>

   <TD width="14%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="11%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Principal</FONT></B></TD>

   <TD align=center>&nbsp;</TD>

   <TD align=center>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Country</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount*</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Value</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Corporate Bonds </FONT></B><FONT size=1 face=Arial,Helvetica,sans-serif>(continued)</FONT></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: 7.995pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Utilities </FONT></B><FONT size=1 face=Arial,Helvetica,sans-serif>(continued)</FONT></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: 4.108pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>NRG Yield Operating LLC, senior bond, 144A, 5.375%, 8/15/24</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>600,000</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>622,500</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b,d</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric Holdings</FONT></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=Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;Finance Inc., senior secured note, 144A, 11.50%, 10/01/14</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>700,000</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=Arial,Helvetica,sans-serif>612,500</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4,227,545</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total Corporate Bonds (Cost $164,923,684)</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD 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=Arial,Helvetica,sans-serif>173,820,776</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=2 face=Arial,Helvetica,sans-serif>e,g</FONT></SUP><B><FONT size=2 face=Arial-BoldMT,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=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Capital Goods 0.2%</FONT></B></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: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Navistar Inc., Tranche B Term Loan, 5.75%, 8/17/17</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>345,513</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=Arial,Helvetica,sans-serif>348,893</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Household &amp; Personal Products 0.4%</FONT></B></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: 8pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Sun Products Corp., Tranche B Term Loan, 5.50%, 3/23/20</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>977,678</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=Arial,Helvetica,sans-serif>941,829</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Utilities 0.4%</FONT></B></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: 4.108pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>d</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Texas Competitive Electric Holdings Co. LLC, 2017 Term Loan, 6.75%, 10/10/17</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>954,192</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=Arial,Helvetica,sans-serif>740,096</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total Senior Floating Rate Interests (Cost $2,156,672)</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD 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=Arial,Helvetica,sans-serif>2,030,818</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Shares</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: 8pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Litigation Trusts (Cost $&#8212;) 0.0%</FONT></B></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=Arial,Helvetica,sans-serif>a,h</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>NewPage Corp., Litigation Trust</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,200,000</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=Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><B><FONT size=2 face=Arial-BoldMT,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=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $217,311,340)</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD 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=Arial,Helvetica,sans-serif>263,512,442</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short Term Investments (Cost $3,411,799) 1.6%</FONT></B></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: 8pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Money Market Funds 1.6%</FONT></B></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: 1.508pt" align=left><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>a,i</FONT></SUP><FONT size=1 face=Arial,Helvetica,sans-serif>Institutional Fiduciary Trust Money Market Portfolio</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,411,799</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=Arial,Helvetica,sans-serif>3,411,799</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total Investments (Cost $220,723,139) 127.3%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>266,924,241</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notes Payable (28.6)%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(60,000,000</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other Assets, less Liabilities 1.3%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD 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=Arial,Helvetica,sans-serif>2,750,110</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net Assets 100.0%</FONT></B></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>209,674,351</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="Arial Narrow,Arial,Helvetica,sans-serif">See Abbreviations on page 29.</FONT><BR><BR><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">*</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">The principal amount is stated in U.S. dollars unless otherwise indicated.</FONT><BR><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">a</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Non-income producing.</FONT><BR><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,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</FONT><BR><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">buyers or in a public offering registered under the Securities Act of 1933. These securities have been deemed liquid under guidelines approved by the Fund&#8217;s Board of</FONT><BR><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Trustees. At August 31, 2014, the aggregate value of these securities was $72,003,967, representing 34.34% of net assets.</FONT><BR><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Perpetual security with no stated maturity date.</FONT><BR><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">d</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">See Note 8 regarding defaulted securities.</FONT><BR><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">e</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">The coupon rate shown represents the rate at period end.</FONT><BR><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">f </FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Income may be received in additional securities and/or cash.</FONT><BR><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">g</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">See Note 1(b) regarding senior floating rate interests.</FONT><BR><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">h</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Security has been deemed illiquid because it may not be able to be sold within seven days.</FONT><BR><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">i</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">See Note 4(c) regarding investments in the Institutional Fiduciary Trust Money Market Portfolio.</FONT><BR><BR><FONT size=1 face=Arial,Helvetica,sans-serif>franklintempleton.com The accompanying notes are an integral part of these financial statements. | Annual Report </FONT><FONT color=#808080 size=3 face=Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Helvetica,sans-serif>19</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_23"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="56%"></TD>

   <TD width="2%"></TD>

   <TD width="37%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><B><FONT size=3 face=ArialNarrow-Bold,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 vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><B><FONT size=2 face=Arial-BoldMT,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=Arial,Helvetica,sans-serif>August 31, 2014</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=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: 4.449pt" align=left><FONT size=1 face=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: 8.897pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Cost - Unaffiliated issuers</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>217,311,340</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.899pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Cost - Sweep Money Fund (Note 4c)</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=Arial,Helvetica,sans-serif>3,411,799</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.755pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Total cost of investments</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>220,723,139</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.899pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Value - Unaffiliated issuers</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>263,512,442</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.899pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Value - Sweep Money Fund (Note 4c)</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=Arial,Helvetica,sans-serif>3,411,799</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.755pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Total value of investments</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>266,924,241</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.451pt" align=left><FONT size=1 face=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: 8.899pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Investment securities sold</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>205,545</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.899pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Dividends and interest</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,724,192</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.45pt" align=left><FONT size=1 face=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=Arial,Helvetica,sans-serif>102,780</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>&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=Arial,Helvetica,sans-serif>270,956,758</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=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: 4.447pt" align=left><FONT size=1 face=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: 8.896pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Management fees</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>166,477</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.751pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Transfer agent fees</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>44,216</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.896pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Distributions to shareholders</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>992,710</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.456pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Accrued interest (Note 3)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>14,350</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.447pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Senior fixed rate Notes (Note 3)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>60,000,000</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.009pt" align=left><FONT size=1 face=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=Arial,Helvetica,sans-serif>64,654</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>&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=Arial,Helvetica,sans-serif>61,282,407</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=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=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>209,674,351</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=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: 4.449pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Paid-in capital</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>172,984,952</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Undistributed net investment income</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>763,234</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net unrealized appreciation (depreciation)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>46,201,102</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.009pt" align=left><FONT size=1 face=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=Arial,Helvetica,sans-serif>(10,274,937</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=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=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>209,674,351</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.45pt" align=left><FONT size=1 face=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=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: 4.45pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net asset value per share</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8.34</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=Arial,Helvetica,sans-serif>20 </FONT><FONT color=#808080 size=3 face=Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Helvetica,sans-serif>Annual Report | The accompanying notes are an integral part of these financial statements. franklintempleton.com</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_24"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,Times,serif">FINANCIAL STATEMENTS</FONT></P>

<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><B><FONT size=2 face=Arial-BoldMT,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: 0.001pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>for the year ended August 31, 2014</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=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: 4.449pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Dividends</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,233,946</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.45pt" align=left><FONT size=1 face=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=Arial,Helvetica,sans-serif>12,464,476</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26.552pt" align=left><FONT size=1 face=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=Arial,Helvetica,sans-serif>15,698,422</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=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: 4.447pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Management fees (Note 4a)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,974,426</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.447pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Interest expense (Note 3)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,722,000</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.304pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Transfer agent fees</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>58,913</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.447pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Custodian fees (Note 5)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,965</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.447pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Reports to shareholders</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>44,350</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.447pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Professional fees</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>53,474</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.304pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Trustees&#8217; fees and expenses</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>21,752</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.008pt" align=left><FONT size=1 face=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=Arial,Helvetica,sans-serif>23,978</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.45pt" align=left><FONT size=1 face=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=Arial,Helvetica,sans-serif>103,368</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26.554pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Total expenses</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4,005,226</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26.698pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Expense reductions (Note 5)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(17</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26.696pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Expenses waived/paid by affiliates (Note 4c)</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=Arial,Helvetica,sans-serif>(2,661</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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=Arial,Helvetica,sans-serif>4,002,548</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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=Arial,Helvetica,sans-serif>11,695,874</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=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: 4.45pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net realized gain (loss) from investments</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5,159,324</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.45pt" align=left><FONT size=1 face=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=Arial,Helvetica,sans-serif>13,470,954</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=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=Arial,Helvetica,sans-serif>18,630,278</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=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=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>30,326,152</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=Arial,Helvetica,sans-serif>franklintempleton.com The accompanying notes are an integral part of these financial statements. | Annual Report </FONT><FONT color=#808080 size=3 face=Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Helvetica,sans-serif>21</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_25"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,Times,serif">FINANCIAL STATEMENTS</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="2%"></TD>

   <TD width="22%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="11%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Statements of Changes in Net Assets</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></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" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Year Ended August 31,</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2014</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2013</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=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: 4.447pt" align=left><FONT size=1 face=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: 8.895pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net investment income</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>11,695,874</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>10,848,364</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.895pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net realized gain (loss) from investments</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5,159,324</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,400,837</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.901pt" align=left><FONT size=1 face=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=Arial,Helvetica,sans-serif>13,470,954</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=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: 26.701pt" align=left><FONT size=1 face=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=Arial,Helvetica,sans-serif>30,326,152</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>14,954,475</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.452pt" align=left><FONT size=1 face=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=Arial,Helvetica,sans-serif>(11,874,820</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=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=Arial,Helvetica,sans-serif>(11,460,144</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26.7pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net increase (decrease) in net assets</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>18,451,332</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,494,331</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.004pt" align=left><FONT size=1 face=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: 4.452pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Beginning of year</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=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=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: 4.452pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>End of year</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>209,674,351</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=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=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: 0.004pt" align=left><FONT size=1 face=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: 4.452pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>End of year</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>763,234</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=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=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: left"><FONT size=1 face=Arial,Helvetica,sans-serif>22 </FONT><FONT color=#808080 size=3 face=Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Helvetica,sans-serif>Annual Report | The accompanying notes are an integral part of these financial statements. franklintempleton.com</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="100%"></TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=1 face="Times New Roman,Times,serif">FINANCIAL STATEMENTS</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Statement of Cash Flows</FONT></B><BR><FONT size=1 face=Arial,Helvetica,sans-serif>for the year ended August 31, 2014</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="58%"></TD>

   <TD width="2%"></TD>

   <TD width="35%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Cash flow from operating activities:</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.447pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Dividends, interest and other income received</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>15,781,645</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.447pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Operating expenses paid</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(2,228,536</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.447pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Interest expense paid</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1,722,000</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.447pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Purchases of long-term investments</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(64,260,532</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.447pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Sales and maturities of long-term investments</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>46,722,953</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net sales of 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=Arial,Helvetica,sans-serif>17,629,612</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 44pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Cash provided &#8211; operating activities</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=Arial,Helvetica,sans-serif>11,923,142</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Cash flow used from financing activities:</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.888pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Payment of Notes issuance costs</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(86,039</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.889pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Distributions to shareholders</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=Arial,Helvetica,sans-serif>(11,837,122</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash used &#8211; financing activities</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=Arial,Helvetica,sans-serif>(11,923,161</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.45pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net increase (decrease) in cash</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(19</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.889pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Cash at beginning of year</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=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: 4.449pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Cash at end of year</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="83%"></TD>

   <TD width="2%"></TD>

   <TD width="11%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Reconciliation of Net Increase (Decrease) in Net Assets resulting from Operating Activities to Net Cash</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Provided by Operating Activities</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>for the year ended August 31, 2014</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=Arial,Helvetica,sans-serif>Net increase (decrease) in net assets resulting from operating activities</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>30,326,152</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.009pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Adjustments to reconcile net increase (decrease) in net assets resulting from operating activities to net cash provided by</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: 8.897pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>operating activities:</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: 12.905pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Amortization of Notes issuance costs</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>23,978</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.345pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net amortization income</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(7,435</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.345pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Other investment transactions</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>152,451</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.345pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Increase in dividends and interest receivable</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(61,793</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.345pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Increase in payables to affiliates, accrued expenses, and other liabilities</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>28,034</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.345pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Increase in cost of investments</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(5,067,291</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.347pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Increase in unrealized appreciation 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=Arial,Helvetica,sans-serif>(13,470,954</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net cash provided by operating activities</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>11,923,142</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=Arial,Helvetica,sans-serif>franklintempleton.com The accompanying notes are an integral part of these financial statements. | Annual Report </FONT><FONT color=#808080 size=3 face=Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Helvetica,sans-serif>23</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_27"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>Notes to Financial Statements</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1. Organization and Significant Accounting Policies</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="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 management investment company.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times,serif">The following summarizes the Fund&#8217;s significant accounting policies.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">a. Financial Instrument Valuation</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times,serif">The Fund&#8217;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 4 p.m. Eastern time (NYSE close) on each day the NYSE is open for trading. Senior fixed rate notes are carried at cost. Under compliance policies and procedures approved by the Fund&#8217;s Board of Trustees (the Board), the Fund&#8217;s administrator has responsibility for oversight of valuation, including leading the cross-functional Valuation and Liquidity Oversight Committee (VLOC). The VLOC provides administration and oversight of the Fund&#8217;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="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="Times New Roman,Times,serif">Debt securities generally trade in the OTC market rather than on a securities exchange. The Fund&#8217;s pricing services use multiple </FONT><FONT size=2 face="Times New Roman,Times,serif">valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Securities denominated in a foreign currency are converted into their U.S. dollar equivalent at the foreign exchange rate in effect at the 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="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="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&#8217;s portfolio securities as determined at the foreign</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Helvetica,sans-serif>24 </FONT><FONT color=#808080 size=3 face=Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Helvetica,sans-serif>Annual Report</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Helvetica,sans-serif>franklintempleton.com</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_28"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,Times,serif">NOTES TO FINANCIAL STATEMENTS</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times,serif">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="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&#8217;s portfolio securities on the last business day and the last calendar day of the reporting period. Any significant security valuation changes due to an open foreign market are adjusted and reflected by the Fund for financial reporting purposes.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">b. Senior Floating Rate Interests</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="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. 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="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">c. Income and Deferred Taxes</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times,serif">It is the Fund&#8217;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="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 </FONT><FONT size=2 face="Times New Roman,Times,serif">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="Times New Roman,Times,serif">The Fund recognizes the tax benefits of uncertain tax positions only when the position is &#8220;more likely than not&#8221; to be sustained upon examination by the tax authorities based on the technical merits of the tax position. As of August 31, 2014, and for all open tax years, the Fund has determined that no liability for unrecognized tax benefits is required in the Fund&#8217;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="TimesNewRomanPS-BoldMT,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="Times New Roman,Times,serif">Security transactions are accounted for on trade date. Realized gains and losses on security transactions are determined on a specific identification basis. Interest income and estimated expenses are accrued daily. Amortization of premium and accretion of discount on debt securities are included in interest income. Facility fees are recognized as income over the expected term of the loan. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized as soon as the Fund is notified of the ex-dividend date. Distributions to shareholders are recorded on the ex-dividend date and are determined according to income tax regulations (tax basis). Distributable earnings determined on a tax basis may differ from earnings recorded in accordance with accounting principles generally accepted in the United States of America. These differences may be permanent or temporary. Permanent differences are reclassified among capital accounts to reflect their tax character. These reclassifications have no impact on net assets or the results of operations. Temporary differences are not reclassified, as they may reverse in subsequent periods.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">e. Accounting Estimates</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="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"><FONT size=1 face=Arial,Helvetica,sans-serif>franklintempleton.com</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Helvetica,sans-serif>Annual Report</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#808080 size=3 face=Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Helvetica,sans-serif>25</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>

<!--$$/page=-->
<A name="page_29"></A><BR>

<a name="_bclPageBorder29"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: left;">
<FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Times New Roman,Times,serif">NOTES TO FINANCIAL STATEMENTS</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">1. Organization and Significant Accounting</FONT></B></P>
<P style="text-align: left;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Policies </FONT></B><FONT size=1 face="Arial,Helvetica,sans-serif">(continued)</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">f. Guarantees and Indemnifications</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="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="Arial-BoldMT,Arial,Helvetica,sans-serif">2. Shares of Beneficial Interest</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times,serif">At August 31, 2014, there were an unlimited number of shares authorized (&#36;0.01 par value). During the years ended August 31, 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="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 years ended August 31, 2014 and August 31, 2013, there were no shares repurchased.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">3. Senior Fixed Rate Notes</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times,serif">On August 28, 2013, the Fund issued &#36;60 million principal amount of a new class of five-year senior fixed rate notes (Notes). The Notes bear interest, payable semi-annually, at a rate of 2.87% per year, to maturity on August 28, 2018. The Notes are general unsecured obligations of the Fund and rank senior to trust shares and all existing or future unsecured indebtedness of the Fund. For the year ended August 31, 2014, total interest expensed by the Fund on the Notes was &#36;1,722,000. The Fund is required to maintain on a monthly basis a specified discounted asset value for its portfolio in compliance with guidelines established in the Notes Agreement, and is required under the 1940 Act to maintain asset coverage for the Notes of at least 300%. The Fund has met these requirements during the year ended August 31, 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 year ended August 31, 2014, the Fund amortized &#36;23,978 of Notes issuance costs. Subject to certain restrictions and make whole premiums, the Fund may prepay the Notes at any time. At August 31, 2014, if the Notes were fully prepaid, the make whole premium related to the current balance of the Notes would have been approximately &#36;2,500,000.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times,serif">The Fund employs an income-based approach to determine the fair value of the Notes, which uses the Notes&#146; current credit rating, remaining time to maturity, stated coupon rates, the current yield of a comparable asset, and a liquidity premium. At August 31, 2014, the estimated fair value of the Notes was approximately &#36;61,040,000. The inputs used in determining the fair value of the Notes represent Level 3 in the fair value hierarchy. See Note 9 regarding fair value measurements for additional information about fair value hierarchy and Level 3 inputs.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">4. Transactions with Affiliates</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="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=63%></TD>
     <TD width=36%></TD></TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Subsidiary</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.015991pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Affiliation</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">Franklin Advisers, Inc. (Advisers)</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.007996pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Investment manager</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">Franklin Templeton Services, LLC (FT Services)</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">Administrative manager</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Helvetica,sans-serif">26 </FONT><FONT color="#808080" size=3 face="Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Helvetica,sans-serif">Annual Report</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Helvetica,sans-serif">franklintempleton.com</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>

<!--$$/page=-->
<A name="page_30"></A><BR>

<a name="_bclPageBorder30"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: right;">
<FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR>
<FONT size=1 face="Times New Roman,Times,serif">NOTES TO FINANCIAL STATEMENTS</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">a. Management Fees</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times,serif">The Fund pays an investment management fee to Advisers of 0.75% per year of the average weekly managed assets. Managed assets are defined as the Fund&#146;s gross asset value minus the sum of accrued liabilities, other than the principal amount of the Notes.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">b. Administrative Fees</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="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="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">c. Investments in Institutional Fiduciary Trust Money Market Portfolio</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times,serif">The Fund invests in the Institutional Fiduciary Trust Money Market Portfolio (Sweep Money Fund), an affiliated open-end management investment company. Management fees paid by the Fund are waived on assets invested in the Sweep Money Fund, as noted on the Statement of Operations, in an amount not to exceed the management and administrative fees paid directly or indirectly by the Sweep Money Fund. Prior to September 1, 2013, the waiver was accounted for as a reduction to management fees.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">5. Expense Offset Arrangement</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times,serif">The Fund has entered into an arrangement with its custodian whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the Fund&#146;s custodian expenses. During the year ended August 31, 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="Arial-BoldMT,Arial,Helvetica,sans-serif">6. Income Taxes</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="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>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=77%></TD>
     <TD width=4%></TD>
     <TD width=18%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="Times New Roman,Times,serif">At August 31, 2014, capital loss carryforwards were as follows:</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="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:4.447998pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">2017</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">1,191,925</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.449203pt">
<FONT size=1 face="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="Arial,Helvetica,sans-serif">9,083,012</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.203094pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Total capital loss carryforwards</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">10,274,937</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times,serif">During the year ended August 31, 2014, the Fund utilized &#36;5,131,253 of capital loss carryforwards.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times,serif">The tax character of distributions paid during the years ended August 31, 2014 and 2013, was as follows:</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=51%></TD>
     <TD width=4%></TD>
     <TD width=26%></TD>
     <TD width=4%></TD>
     <TD width=14%></TD></TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">2014</FONT></B></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">2013</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">Distributions paid from ordinary income</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">11,874,820</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">11,460,144</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times,serif">At August 31, 2014, the cost of investments, net unrealized appreciation (depreciation), and undistributed ordinary income for income tax purposes were as follows:</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=68%></TD>
     <TD width=14%></TD>
     <TD width=13%></TD>
     <TD width=4%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">Cost of investments</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.095978pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">220,889,394</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="Arial,Helvetica,sans-serif">Unrealized appreciation</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.071991pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Helvetica,sans-serif">48,573,544</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="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="Arial,Helvetica,sans-serif">(2,538,697</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">Net unrealized appreciation (depreciation)</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.024017pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">46,034,847</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="Arial,Helvetica,sans-serif">Distributable earnings &#150; undistributed ordinary income</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">2,031,087</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="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 and bond discounts and premiums.</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Helvetica,sans-serif">franklintempleton.com Annual Report </FONT><FONT color="#808080" size=3 face="Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Helvetica,sans-serif">27</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_31"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR><FONT size=1 face="Times New Roman,Times,serif">NOTES TO FINANCIAL STATEMENTS</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7. Investment Transactions</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times,serif">Purchases and sales of investments (excluding short term securities) for the year ended August 31, 2014, aggregated $56,787,335 and $46,928,498, respectively.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8. Credit Risk and Defaulted Securities</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times,serif">At August 31, 2014, the Fund had 64.95% 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="Times New Roman,Times,serif">The Fund held defaulted securities and/or other securities for which the income has been deemed uncollectible. At August 31, 2014, the aggregate value of these securities was $1,372,596, representing 0.51% of the Fund&#8217;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 securities have been identified on the accompanying Statement of Investments.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9. Fair Value Measurements</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="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&#8217;s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund&#8217;s financial instruments and are summarized in the following fair value hierarchy:</FONT></P>

<UL>

<LI><FONT size=2 face="Times New Roman,Times,serif">Level 1 &#8211; quoted prices in active markets for identical financial instruments</FONT>

<LI><FONT size=2 face="Times New Roman,Times,serif">Level 2 &#8211; other significant observable inputs (including quoted prices for similar financial instruments, interest rates,</FONT> <FONT size=2 face="Times New Roman,Times,serif">prepayment speed, credit risk, etc.)</FONT>

<LI><FONT size=2 face="Times New Roman,Times,serif">Level 3 &#8211; significant unobservable inputs (including the Fund&#8217;s own assumptions in determining the fair value of financial</FONT> <FONT size=2 face="Times New Roman,Times,serif">instruments)</FONT> </LI></UL>

<P style="TEXT-ALIGN: left"><FONT size=2 face="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="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="Times New Roman,Times,serif">A summary of inputs used as of August 31, 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="2%"></TD>

   <TD width="22%"></TD>

   <TD width="2%"></TD>

   <TD width="11%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <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><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Level 1</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Level 2</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Level 3</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Assets:</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&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=Arial,Helvetica,sans-serif>&nbsp;&nbsp; Investments in Securities:</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&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: 15pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Equity Investments: </FONT><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>a</FONT></SUP></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&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: 20.998pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Materials</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4,522,164</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>224,400</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4,746,564</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.998pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Transportation</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>690,708</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>690,708</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.998pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Other Equity Investments</FONT><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>b</FONT></SUP></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>82,223,576</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>82,223,576</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.998pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Corporate Bonds</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>173,800,776</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>20,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>173,820,776</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.998pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Senior Floating Rate Interests</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,030,818</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,030,818</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.998pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Litigation Trusts</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>&#8212;</FONT><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>c</FONT></SUP></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>&#8212;</FONT><SUP><FONT size=1 face=Arial,Helvetica,sans-serif>c</FONT></SUP></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.998pt" align=left><FONT size=1 face=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=Arial,Helvetica,sans-serif>3,411,799</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=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=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=Arial,Helvetica,sans-serif>3,411,799</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 20.998pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Total Investments in Securities</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>90,157,539</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>176,746,702</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>20,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>266,924,241</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">a</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Includes common, preferred and convertible preferred stocks.</FONT><BR><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">For detailed categories, see the accompanying Statement of Investments.</FONT><BR><SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">c</FONT></SUP><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Includes security determined to have no value at August 31, 2014.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Helvetica,sans-serif>28 </FONT><FONT color=#808080 size=3 face=Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Helvetica,sans-serif>Annual Report franklintempleton.com</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>

<!--$$/page=-->
<A name="page_32"></A><BR>

<a name="_bclPageBorder32"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: right;">
<FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR>
<FONT size=1 face="Times New Roman,Times,serif">NOTES TO FINANCIAL STATEMENTS</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="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 financial instruments at the end of the year.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">10. New Accounting Pronouncements</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times,serif">In June 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-08, Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements. The ASU modifies the criteria used in defining an investment company under U.S. Generally Accepted Accounting Principles and also sets forth certain measurement and disclosure requirements. Under the ASU, an entity that is registered under the 1940 Act automatically qualifies as an investment company. The ASU is effective for interim and annual reporting periods beginning after December 15, 2013. 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=2 face="Times New Roman,Times,serif">In June 2014, FASB issued ASU No. 2014-11, Transfers and Servicing (Topic 860), Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The ASU changes the accounting for certain repurchase agreements and expands disclosure requirements related to repurchase agreements, securities lending, repurchase-to-maturity and similar transactions. The ASU is effective for interim and annual reporting periods beginning after December 15, 2014. Management is currently evaluating the impact, if any, of applying this provision.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">11. Subsequent Events</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="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>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=15%></TD>
     <TD width=84%></TD></TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Abbreviations</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Selected Portfolio</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">ADR </FONT></B><FONT size=1 face="Arial,Helvetica,sans-serif">American Depositary Receipt</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">FRN</FONT></B></TD>
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">Floating Rate Note</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">PIK</FONT></B></TD>
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">Payment-In-Kind</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Helvetica,sans-serif">franklintempleton.com Annual Report </FONT><FONT color="#808080" size=3 face="Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Helvetica,sans-serif">29</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>

<!--$$/page=-->
<A name="page_33"></A><BR>

<a name="_bclPageBorder33"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: left;">
<FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="ArialNarrow-Bold,Arial,Helvetica,sans-serif">Report of Independent Registered Public Accounting Firm</FONT></B></P>
<P style="text-align: left;">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">To the Board of Trustees and Shareholders of Franklin Universal Trust</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times,serif">In our opinion, the accompanying statement of assets and liabilities, including the statement of investments, and the related statements of operations and of changes in net assets and of cash flows and the financial highlights present fairly, in all material respects, the financial position of Franklin Universal Trust (the &#147;Fund&#148;) at August 31, 2014, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as &#147;financial statements&#148;) are the responsibility of the Fund&#146;s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2014 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times,serif">PricewaterhouseCoopers LLP</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times,serif">San Francisco, California</FONT><BR>
<FONT size=2 face="Times New Roman,Times,serif">October 17, 2014</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Helvetica,sans-serif">30 </FONT><FONT color="#808080" size=3 face="Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Helvetica,sans-serif">Annual Report</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Helvetica,sans-serif">franklintempleton.com</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>

<!--$$/page=-->
<A name="page_34"></A><BR>

<a name="_bclPageBorder34"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: right;">
<FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="ArialNarrow-Bold,Arial,Helvetica,sans-serif">Tax Information (unaudited)</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times,serif">Under Section 854(b)(1)(A) of the Internal Revenue Code (Code), the Fund hereby reports 26.48% of the ordinary income dividends as income qualifying for the dividends received deduction for the fiscal year ended August 31, 2014.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times,serif">Under Section 854(b)(1)(B) of the Code, the Fund hereby reports the maximum amount allowable but no less than &#36;3,174,675 as qualified dividends for purposes of the maximum rate under Section 1(h)(11) of the Code for the fiscal year ended August 31, 2014. Distributions, including qualified dividend income, paid during calendar year 2014 will be reported to shareholders on Form 1099-DIV by mid-February 2015. Shareholders are advised to check with their tax advisors for information on the treatment of these amounts on their individual income tax returns.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times,serif">Under Section 871(k)(1)(C) of the Code, the Fund hereby reports the maximum amount allowable but no less than &#36;7,547,687 as interest related dividends for purposes of the tax imposed under Section 871(a)(1)(A) of the Code for the fiscal year ended August 31, 2014.</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Helvetica,sans-serif">franklintempleton.com Annual Report </FONT><FONT color="#808080" size=3 face="Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Helvetica,sans-serif">31</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>

<!--$$/page=-->
<A name="page_35"></A><BR>

<a name="_bclPageBorder35"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: left;">
<FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
<P style="text-align: left;">
<FONT size=5 face="Times New Roman,Times,serif">Board Members and Officers</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times,serif">The name, year of birth and address of the officers and board members, as well as their affiliations, positions held with the Trust, principal occupations during at least the past five years and number of portfolios overseen in the Franklin Templeton Investments fund complex are shown below. Generally, each board member serves until that person&#146;s successor is elected and qualified.</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=21%></TD>
     <TD width=13%></TD>
     <TD width=12%></TD>
     <TD width=23%></TD>
     <TD width=28%></TD></TR>
<TR valign="bottom">
	<TD align=left colspan=2 style="TEXT-INDENT:0.001999pt">
<B><FONT size=3 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Independent Board Members</FONT></B></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>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Number of Portfolios in</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001999pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Name, Year of Birth</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.001999pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Length of</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.012817pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Fund Complex Overseen</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.003174pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Other Directorships Held</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.001999pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">and Address</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Position</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.008408pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Time Served</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.011230pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">by Board Member*</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">During at Least the Past 5 Years</FONT></B></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Harris J. Ashton (1932)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.574005pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Trustee</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">Since 1988</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.132385pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">138</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.247528pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Bar-S Foods (meat packing company)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.247528pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">(1981-2010).</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5>
<FONT size=1 face="Arial,Helvetica,sans-serif">Director of various companies; and </FONT><B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">formerly, </FONT></B><FONT size=1 face="Arial,Helvetica,sans-serif">Director, RBC Holdings, Inc. (bank holding company) (until 2002); and President, Chief Executive</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.001999pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Officer and Chairman of the Board, General Host Corporation (nursery and craft centers) (until 1998).</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001999pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Mary C. Choksi (1950)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Trustee</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.005203pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Since October</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.143982pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">112</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Avis Budget Group Inc. (car rental),</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001999pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.001999pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">2014</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Omnicom Group Inc. (advertising and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001999pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">marketing communications services)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">and H.J. Heinz Company (processed</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">foods and allied products) (1988-2006).</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="TEXT-INDENT:0.001999pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.001999pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Founding Partner and Senior Managing Director, Strategic Investment Group (investment management group) (1987-present); director of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.001999pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">various companies; and </FONT><B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">formerly, </FONT></B><FONT size=1 face="Arial,Helvetica,sans-serif">Founding Partner and Managing Director, Emerging Markets Management LLC (investment management</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.001999pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">firm) (1987-2011); Loan Officer/Senior Loan Officer/Senior Pension Investment Officer, World Bank Group (international financial institution)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.001999pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">(1977-1987).</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001999pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Sam Ginn (1937)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Trustee</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.001999pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Since 2007</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.134399pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">112</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">ICO Global Communications</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001999pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">(Holdings) Limited (satellite company)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001999pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">(2006-2010), Chevron Corporation</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">(global energy company) (1989-2009),</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Hewlett-Packard Company (technology</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">company) (1996-2002), Safeway, Inc.</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">(grocery retailer) (1991-1998) and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">TransAmerica Corporation (insurance</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">company) (1989-1999).</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="TEXT-INDENT:0.001999pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.001999pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Private investor; Chairman, First Responder Network Authority (FirstNet) (interoperable wireless broadband network) (2012-present); and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.001999pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">formerly, </FONT></B><FONT size=1 face="Arial,Helvetica,sans-serif">Chairman of the Board, Vodafone AirTouch, PLC (wireless company) (1999-2000); Chairman of the Board and Chief Executive</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.001999pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Officer, AirTouch Communications (cellular communications) (1993-1998) and Pacific Telesis Group (telephone holding company) (1988-1994).</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001999pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Edith E. Holiday (1952)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Trustee</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.001999pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Since 2004</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.134399pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">138</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Hess Corporation (exploration and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001999pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">refining of oil and gas), H.J. Heinz</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001999pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Company (processed foods and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">allied products) (1994-2013), RTI</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">International Metals, Inc. (manufacture</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">and distribution of titanium), Canadian</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">National Railway (railroad) and White</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Mountains Insurance Group, Ltd.</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">(holding company).</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="TEXT-INDENT:0.001999pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.001999pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Director or Trustee of various companies and trusts; and </FONT><B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">formerly, </FONT></B><FONT size=1 face="Arial,Helvetica,sans-serif">Assistant to the President of the United States and Secretary of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.001999pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Cabinet (1990-1993); General Counsel to the United States Treasury Department (1989-1990); and Counselor to the Secretary and Assistant</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4 style="TEXT-INDENT:0.001999pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Secretary for Public Affairs and Public Liaison &#150; United States Treasury Department (1988-1989).</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="Arial,Helvetica,sans-serif">32 </FONT><FONT color="#808080" size=3 face="Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Helvetica,sans-serif">Annual Report franklintempleton.com</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>

<!--$$/page=-->
<A name="page_36"></A><BR>

<a name="_bclPageBorder36"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: right;">
<FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=21%></TD>
     <TD width=12%></TD>
     <TD width=15%></TD>
     <TD width=20%></TD>
     <TD width=29%></TD></TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="TEXT-INDENT:0.007996pt">
<B><FONT size=3 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Independent Board Members </FONT></B><FONT size=1 face="Arial,Helvetica,sans-serif">(continued)</FONT></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>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Number of Portfolios in</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.008591pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Name, Year of Birth</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.008591pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Length of</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.012817pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Fund Complex Overseen</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.003784pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Other Directorships Held</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.007996pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">and Address</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Position</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.014404pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Time Served</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.010620pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">by Board Member*</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">During at Least the Past 5 Years</FONT></B></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.007996pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">J. Michael Luttig (1954)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Trustee</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.007996pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Since 2009</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.133789pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">138</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Boeing Capital Corporation</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.007996pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">(aircraft financing) (2006-2013).</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.007996pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="TEXT-INDENT:0.007996pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.007996pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Executive Vice President, General Counsel and member of the Executive Council, The Boeing Company (aerospace company); and </FONT><B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">formerly,</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.007996pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Federal Appeals Court Judge, U.S. Court of Appeals for the Fourth Circuit (1991-2006).</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.007996pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Frank A. Olson (1932)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Trustee</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.007996pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Since 2005</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.133789pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">138</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.247131pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Hess Corporation (exploration and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.007996pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.247131pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">refining of oil and gas) (1998-2013).</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.007996pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="TEXT-INDENT:0.007996pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.007996pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Formerly, </FONT></B><FONT size=1 face="Arial,Helvetica,sans-serif">Chairman Of the Board, The Hertz Corporation (car rental) (1980-2000) and Chief Executive Officer (1977-1999); Chairman of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.007996pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Board, President and Chief Executive Officer, UAL Corporation (airlines) (1987-1991).</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Larry D. Thompson (1945)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.567993pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Trustee</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">Since 2007</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.125793pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">138</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Cbeyond, Inc. (business communi-</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">cations provider) (2010-2012), The</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Southern Company (energy company)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">(2010-2012) and Graham Holdings</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Company (</FONT><I><FONT size=1 face="Arial-ItalicMT,Arial,Helvetica,sans-serif">formerly, </FONT></I><FONT size=1 face="Arial,Helvetica,sans-serif">The Washington</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.241516pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Post Company) (education and media</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.241516pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">organization).</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5>
<FONT size=1 face="Arial,Helvetica,sans-serif">Executive Vice President &#150; Government Affairs, General Counsel and Corporate Secretary, PepsiCo, Inc. (consumer products) (2012-present);</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5>
<FONT size=1 face="Arial,Helvetica,sans-serif">and </FONT><B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">formerly, </FONT></B><FONT size=1 face="Arial,Helvetica,sans-serif">John A. Sibley Professor of Corporate and Business Law, University of Georgia School of Law (2011-2012); Senior Vice</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5>
<FONT size=1 face="Arial,Helvetica,sans-serif">President &#150; Government Affairs, General Counsel and Secretary, PepsiCo, Inc. (2004-2011); Senior Fellow of The Brookings Institution</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5>
<FONT size=1 face="Arial,Helvetica,sans-serif">(2003-2004); Visiting Professor, University of Georgia School of Law (2004); and Deputy Attorney General, U.S. Department of Justice</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.007996pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">(2001-2003).</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.007996pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">John B. Wilson (1959)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Lead</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.007996pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Trustee since</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.143372pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">112</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">None</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.007996pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Independent</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.007996pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">2006 and Lead</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.007996pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Trustee</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.007996pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Independent</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.007996pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Trustee since 2008</FONT></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="TEXT-INDENT:0.007996pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.007996pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">President, Staples Europe (office supplies) (2012-present); President and Founder, Hyannis Port Capital, Inc. (real estate and private equity</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.007996pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">investing); serves on private and non-profit boards; and </FONT><B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">formerly, </FONT></B><FONT size=1 face="Arial,Helvetica,sans-serif">Chief Operating Officer and Executive Vice President, Gap, Inc. (retail)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.007996pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">(1996-2000); Chief Financial Officer and Executive Vice President &#150; Finance and Strategy, Staples, Inc. (1992-1996); Senior Vice President &#150;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.007996pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Corporate Planning, Northwest Airlines, Inc. (airlines) (1990-1992); and Vice President and Partner, Bain &amp; Company (consulting firm)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.007996pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">(1986-1990).</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Helvetica,sans-serif">franklintempleton.com Annual Report </FONT><FONT color="#808080" size=3 face="Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Helvetica,sans-serif">33</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>

<!--$$/page=-->
<A name="page_37"></A><BR>

<a name="_bclPageBorder37"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=22%></TD>
     <TD width=12%></TD>
     <TD width=14%></TD>
     <TD width=22%></TD>
     <TD width=27%></TD></TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=1 face="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=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3>
<B><FONT size=3 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Interested Board Members and Officers</FONT></B></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>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Number of Portfolios in</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.003998pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Name, Year of Birth</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Length of</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.003113pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Fund Complex Overseen</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.000885pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Other Directorships Held</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">and Address</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Position</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.009552pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Time Served</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.004669pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">by Board Member*</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">During at Least the Past 5 Years</FONT></B></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">**Gregory E. Johnson (1961)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Trustee</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.003998pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Since 2013</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.128815pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">148</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.254639pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">None</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5>
<FONT size=1 face="Arial,Helvetica,sans-serif">Chairman of the Board, Member &#150; Office of the Chairman, Director, President and Chief Executive Officer, Franklin Resources, Inc.; officer</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5>
<FONT size=1 face="Arial,Helvetica,sans-serif">and/or director or trustee, as the case may be, of some of the other subsidiaries of Franklin Resources, Inc. and of 44 of the investment</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4 style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">companies in Franklin Templeton Investments; and Chairman, Investment Company Institute.</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">**Rupert H. Johnson, Jr. (1940) </FONT></B><FONT size=1 face="Arial,Helvetica,sans-serif">Chairman of</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.003998pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Chairman of the</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.139984pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">138</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.254639pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">None</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">the Board,</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.003998pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Board since 2013,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Trustee and</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.003998pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Trustee and Senior</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Senior Vice</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.003998pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Vice President</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">President</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.003998pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">since 1988</FONT></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>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5>
<FONT size=1 face="Arial,Helvetica,sans-serif">Vice Chairman, Member &#150; Office of the Chairman and Director, Franklin Resources, Inc.; Director, Franklin Advisers, Inc.; Senior Vice</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5>
<FONT size=1 face="Arial,Helvetica,sans-serif">President, Franklin Advisory Services, LLC; and officer and/or director or trustee, as the case may be, of some of the other subsidiaries</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4 style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">of Franklin Resources, Inc. and of 41 of the investment companies in Franklin Templeton Investments.</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Alison E. Baur (1964)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Vice President</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.002411pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Since 2012</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.128815pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.254639pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5>
<FONT size=1 face="Arial,Helvetica,sans-serif">Deputy General Counsel, Franklin Templeton Investments; and officer of some of the other subsidiaries of Franklin Resources, Inc. and of</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">46 of the investment companies in Franklin Templeton Investments.</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Laura F. Fergerson (1962)</FONT></B></TD>
	<TD align=left colspan=2 style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Chief Executive Since 2009</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.130402pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.254639pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Officer &#150;</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Finance and</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Administration</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">Senior Vice President, Franklin Templeton Services, LLC; and officer of 46 of the investment companies in Franklin Templeton Investments.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Gaston Gardey (1967)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Treasurer,</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.003998pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Since 2009</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.130402pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.254639pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Chief Financial</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Officer and</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Chief</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Accounting</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Officer</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">Director, Fund Accounting, Franklin Templeton Investments; and officer of 27 of the investment companies in Franklin Templeton Investments.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Aliya S. Gordon (1973)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Vice President</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.002411pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Since 2009</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.128815pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.254639pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5>
<FONT size=1 face="Arial,Helvetica,sans-serif">Senior Associate General Counsel, Franklin Templeton Investments; officer of 46 of the investment companies in Franklin Templeton</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4>
<FONT size=1 face="Arial,Helvetica,sans-serif">Investments; and </FONT><B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">formerly, </FONT></B><FONT size=1 face="Arial,Helvetica,sans-serif">Litigation Associate, Steefel, Levitt &amp; Weiss, LLP (2000-2004).</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Helvetica,sans-serif">34 </FONT><FONT color="#808080" size=3 face="Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Helvetica,sans-serif">Annual Report franklintempleton.com</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>

<!--$$/page=-->
<A name="page_38"></A><BR>

<a name="_bclPageBorder38"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: right;">
<FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=23%></TD>
     <TD width=11%></TD>
     <TD width=14%></TD>
     <TD width=21%></TD>
     <TD width=28%></TD></TR>
<TR valign="bottom">
	<TD align=left colspan=4 style="TEXT-INDENT:0.004105pt">
<B><FONT size=3 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Interested Board Members and Officers </FONT></B><FONT size=1 face="Arial,Helvetica,sans-serif">(continued)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Number of Portfolios in</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001709pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Name, Year of Birth</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.001709pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Length of</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.012848pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Fund Complex Overseen</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.000793pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Other Directorships Held</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.004105pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">and Address</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Position</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.010513pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Time Served</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.013641pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">by Board Member*</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">During at Least the Past 5 Years</FONT></B></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.004105pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Steven J. Gray (1955)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Vice President</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.002518pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Since 2009</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.135223pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.004105pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.004105pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="TEXT-INDENT:0.004105pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.004105pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Senior Associate General Counsel, Franklin Templeton Investments; Vice President, Franklin Templeton Distributors, Inc.; and Franklin</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.004105pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Alternative Strategies Advisers, LLC; and officer of 46 of the investment companies in Franklin Templeton Investments.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.004105pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Selena L. Holmes (1965)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Vice President</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.004105pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Since 2012</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.136810pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.004105pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">100 Fountain Parkway</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">&#150; AML</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.004105pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">St. Petersburg, FL 33716-1205</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Compliance</FONT></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="TEXT-INDENT:0.004105pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.004105pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Director, Global Compliance Monitoring; Chief Compliance Officer, Franklin Alternative Strategies Advisers, LLC; Vice President, Franklin</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.004105pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Templeton Companies, LLC; and officer of 46 of the investment companies in Franklin Templeton Investments.</FONT></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Edward B. Jamieson (1948)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.571899pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">President and</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">President since</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.142303pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.245422pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left colspan=2 style="TEXT-INDENT:0.571899pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Chief Executive 1993 and Chief</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.571899pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Officer &#150;</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">Executive Officer</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.571899pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Investment</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">&#150; Investment</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.571899pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Management</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">Management since</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">2002</FONT></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>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5>
<FONT size=1 face="Arial,Helvetica,sans-serif">President, Chief Investment Officer and Director, Franklin Advisers, Inc.; Executive Vice President, Franklin Templeton Institutional, LLC;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5>
<FONT size=1 face="Arial,Helvetica,sans-serif">and officer and/or trustee, as the case may be, of some of the other subsidiaries of Franklin Resources, Inc. and of 10 of the investment</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.004105pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">companies in Franklin Templeton Investments.</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.004105pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Kimberly H. Novotny (1972)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Vice President</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.002518pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Since 2013</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.135223pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.004105pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">300 S.E. 2nd Street</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.004105pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Fort Lauderdale, FL 33301-1923</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="TEXT-INDENT:0.004105pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.004105pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Associate General Counsel, Franklin Templeton Investments; Vice President and Secretary, Fiduciary Trust International of the South; Vice</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.004105pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">President, Templeton Investment Counsel, LLC; Assistant Secretary, Franklin Resources, Inc.; and officer of 46 of the investment companies</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.004105pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">in Franklin Templeton Investments.</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.004105pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Robert C. Rosselot (1960)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Chief</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.004105pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Since 2013</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.136810pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.004105pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">300 S.E. 2nd Street</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Compliance</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.004105pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Fort Lauderdale, FL 33301-1923</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Officer</FONT></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="TEXT-INDENT:0.004105pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.004105pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Director, Global Compliance, Franklin Templeton Investments; Vice President, Franklin Templeton Companies, LLC; officer of 46 of the</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.004105pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">investment companies in Franklin Templeton Investments; and </FONT><B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">formerly, </FONT></B><FONT size=1 face="Arial,Helvetica,sans-serif">Senior Associate General Counsel, Franklin Templeton Investments</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4 style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.004105pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">(2007-2013); and Secretary and Vice President, Templeton Group of Funds (2004-2013).</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.004105pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Karen L. Skidmore (1952)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Vice President</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.004105pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Since 2006</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.136810pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.004105pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">and Secretary</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.004105pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="TEXT-INDENT:0.004105pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.004105pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Senior Associate General Counsel, Franklin Templeton Investments; and officer of 46 of the investment companies in Franklin</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.004105pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Templeton Investments.</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Helvetica,sans-serif">franklintempleton.com Annual Report </FONT><FONT color="#808080" size=3 face="Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Helvetica,sans-serif">35</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>

<!--$$/page=-->
<A name="page_39"></A><BR>

<a name="_bclPageBorder39"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: left;">
<FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=23%></TD>
     <TD width=11%></TD>
     <TD width=12%></TD>
     <TD width=23%></TD>
     <TD width=28%></TD></TR>
<TR valign="bottom">
	<TD align=left colspan=4>
<B><FONT size=3 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Interested Board Members and Officers </FONT></B><FONT size=1 face="Arial,Helvetica,sans-serif">(continued)</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Number of Portfolios in</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Name, Year of Birth</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left style="TEXT-INDENT:0.001587pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Length of</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.012817pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Fund Complex Overseen</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.003174pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Other Directorships Held</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">and Address</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Position</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.007996pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Time Served</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.011230pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">by Board Member*</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">During at Least the Past 5 Years</FONT></B></TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Craig S. Tyle (1960)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.576004pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Vice President</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">Since 2005</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.132813pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.249512pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">One Franklin Parkway</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Helvetica,sans-serif">San Mateo, CA 94403-1906</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3>
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5>
<FONT size=1 face="Arial,Helvetica,sans-serif">General Counsel and Executive Vice President, Franklin Resources, Inc.; and officer of some of the other subsidiaries of Franklin Resources,</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4 style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Helvetica,sans-serif">Inc. and of 46 of the investment companies in Franklin Templeton Investments.</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.003906pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Lori A. Weber (1964)</FONT></B></TD>
	<TD align=left style="TEXT-INDENT:0.579895pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Vice President</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.002304pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Since 2011</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.135132pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.253418pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Not Applicable</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.003906pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">300 S.E. 2nd Street</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.003906pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Fort Lauderdale, FL 33301-1923</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3 style="TEXT-INDENT:0.003906pt">
<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.003906pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Senior Associate General Counsel, Franklin Templeton Investments; Assistant Secretary, Franklin Resources, Inc.; Vice President and</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5 style="TEXT-INDENT:0.003906pt">
<FONT size=1 face="Arial,Helvetica,sans-serif">Secretary, Templeton Investment Counsel, LLC; Vice President, Fiduciary Trust International of the South; and officer of 46 of the investment</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=1 face="Arial,Helvetica,sans-serif">companies in Franklin Templeton Investments.</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">*We base the number of portfolios on each separate series of the U.S. registered investment companies within the Franklin Templeton Investments fund complex. These</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">portfolios have a common investment manager or affiliated investment managers.</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">**Gregory E. Johnson is considered to be an interested person of the Fund under the federal securities laws due to his position as an officer and director of Franklin</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Resources, Inc. (Resources), which is the parent company of the Fund&#146;s investment manager. Rupert H. Johnson, Jr. is considered to be an interested person of the Fund</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">under the federal securities laws due to his position as officer and director and major shareholder of Resources.</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Note 1: Rupert H. Johnson, Jr. is the uncle of Gregory E. Johnson.</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Note 2: Officer information is current as of the date of this report. It is possible that after this date, information about officers may change.</FONT><BR>
<BR>
<B><FONT size=1 face="ArialNarrow-Bold,Arial,Helvetica,sans-serif">The Sarbanes-Oxley Act of 2002 and Rules adopted by the Securities and Exchange Commission require the Fund to disclose whether the Fund&#146;s Audit Committee</FONT></B><BR>
<B><FONT size=1 face="ArialNarrow-Bold,Arial,Helvetica,sans-serif">includes at least one member who is an audit committee financial expert within the meaning of such Act and Rules. The Fund&#146;s Board has determined that there</FONT></B><BR>
<B><FONT size=1 face="ArialNarrow-Bold,Arial,Helvetica,sans-serif">is at least one such financial expert on the Audit Committee and has designated John B. Wilson as its audit committee financial expert. The Board believes that</FONT></B><BR>
<B><FONT size=1 face="ArialNarrow-Bold,Arial,Helvetica,sans-serif">Mr. Wilson qualifies as such an expert in view of his extensive business background and experience, including service as chief financial officer of Staples, Inc.</FONT></B><BR>
<B><FONT size=1 face="ArialNarrow-Bold,Arial,Helvetica,sans-serif">from 1992 to 1996. Mr. Wilson has been a Member and Chairman of the Fund&#146;s Audit Committee since 2006. As a result of such background and experience, the</FONT></B><BR>
<B><FONT size=1 face="ArialNarrow-Bold,Arial,Helvetica,sans-serif">Board believes that Mr. Wilson has acquired an understanding of generally accepted accounting principles and financial statements, the general application of</FONT></B><BR>
<B><FONT size=1 face="ArialNarrow-Bold,Arial,Helvetica,sans-serif">such principles in connection with the accounting estimates, accruals and reserves, and analyzing and evaluating financial statements that present a breadth</FONT></B><BR>
<B><FONT size=1 face="ArialNarrow-Bold,Arial,Helvetica,sans-serif">and level of complexity of accounting issues generally comparable to those of the Fund, as well as an understanding of internal controls and procedures for</FONT></B><BR>
<B><FONT size=1 face="ArialNarrow-Bold,Arial,Helvetica,sans-serif">financial reporting and an understanding of audit committee functions. Mr. Wilson is an independent Board member as that term is defined under the relevant</FONT></B><BR>
<B><FONT size=1 face="ArialNarrow-Bold,Arial,Helvetica,sans-serif">Securities and Exchange Commission Rules and Releases or the listing standards applicable to the Fund.</FONT></B></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Helvetica,sans-serif">36 </FONT><FONT color="#808080" size=3 face="Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Helvetica,sans-serif">Annual Report franklintempleton.com</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>

<!--$$/page=-->
<A name="page_40"></A><BR>

<a name="_bclPageBorder40"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: center;">
<FONT size=1 face="Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
<P style="text-align: left;">
<FONT size=5 face="Times New Roman,Times,serif">Shareholder Information</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="ArialNarrow-Bold,Arial,Helvetica,sans-serif">Proxy Voting Policies and Procedures</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times,serif">The Fund&#146;s investment manager has established Proxy Voting Policies and Procedures (Policies) that the Fund uses to determine how to vote proxies relating to portfolio securities. Shareholders may view the Fund&#146;s complete Policies online at franklintempleton.com. Alternatively, shareholders may request copies of the Policies free of charge by calling the Proxy Group collect at (954) 527-7678 or by sending a written request to: Franklin Templeton Companies, LLC, 300 S.E. 2nd Street, Fort Lauderdale, FL 33301, Attention: Proxy Group. Copies of the Fund&#146;s proxy voting records are also made available online at franklintempleton.com and posted on the U.S. Securities and Exchange Commission&#146;s website at sec.gov and reflect the most recent 12-month period ended June 30.</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="ArialNarrow-Bold,Arial,Helvetica,sans-serif">Quarterly Statement of Investments</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="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=3 face="ArialNarrow-Bold,Arial,Helvetica,sans-serif">Certifications</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="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="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 semi-annual reports to shareholders) that are filed semiannually with the Commission. The Fund has filed such certifications with its Form N-CSRS for the six months ended February 28, 2014. Additionally, the Fund expects to file, on or about October 30, 2014, such certifications with its Form N-CSR for the year ended August 31, 2014.</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Helvetica,sans-serif">franklintempleton.com Annual Report </FONT><FONT color="#808080" size=3 face="Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Helvetica,sans-serif">37</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>

<!--$$/page=-->
<A name="page_41"></A><BR>

<a name="_bclPageBorder41"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: left;">
<FONT size=2 face="Arial,Helvetica,sans-serif">This page intentionally left blank.</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>

<!--$$/page=-->
<A name="page_42"></A><BR>

<a name="_bclPageBorder42"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: left;">
<FONT size=2 face="Arial,Helvetica,sans-serif">This page intentionally left blank.</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>

<!--$$/page=-->
<A name="page_43"></A><BR>

<a name="_bclPageBorder43"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: left;">
<FONT size=2 face="Arial,Helvetica,sans-serif">This page intentionally left blank.</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>

<!--$$/page=-->
<A name="page_45"></A><BR>

<a name="_bclPageBorder45"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<IMG src="fut_a1014x44x1.jpg" border=0>
<BR>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_46"></a><a name="_bclPageBorder46"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader46"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">Item 2. Code of Ethics.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">(a)
The Registrant has adopted a code of ethics that applies to its principal
executive officers and principal financial and accounting officer.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">(c)
N/A</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">(d)
N/A</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">(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;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">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;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">(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;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">(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;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p><p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p><p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">Item 4.&nbsp;Principal Accountant Fees and Services.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">(a)
Audit Fees</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">The
aggregate fees paid to the principal accountant for professional services
rendered by the principal accountant for the audit of the registrant&#8217;s annual
financial statements or for services that are normally provided by the
principal accountant in connection with statutory and regulatory filings or
engagements were $41,507 for the fiscal year ended August 31, 2014 and $41,902
for the fiscal year ended August 31, 2013.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">(b)
Audit-Related Fees</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">There
were no fees paid to the principal accountant for assurance and related
services rendered by the principal accountant to the registrant that are
reasonably related to the performance of the audit of the registrant's
financial statements and are not reported under paragraph (a) of Item 4.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">There
were no fees paid to the principal accountant for assurance and related
services rendered by the principal accountant to the registrant's investment
adviser and any entity controlling, controlled by or under common control with
the investment adviser that provides ongoing services to the registrant that
are reasonably related to the performance of the audit of their financial statements.&#160;
</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">(c)
Tax Fees</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">There
were no fees paid to the principal accountant for professional services
rendered by the principal accountant to the registrant for tax compliance, tax
advice and tax planning.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


<a name="_bclFooter46"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_47"></a><a name="_bclPageBorder47"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader47"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">The aggregate fees paid to the principal accountant
for professional services rendered by the principal accountant to the
registrant&#8217;s investment adviser and any entity controlling, controlled by or
under common control with the investment adviser that provides ongoing services
to the registrant for tax compliance, tax advice and tax planning were $3,830
for the fiscal year ended August 31, 2014 and $3,100 for the fiscal year ended
August 31, 2013. The services for which these fees were paid included technical
tax consultation for capital gain tax and withholding tax reporting for foreign
governments and requirements on local country&#8217;s self-certification forms.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">(d)
All Other Fees</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">The
aggregate fees paid to the principal accountant for products and services
rendered by the principal accountant to the registrant, other than the services
reported in paragraphs (a)-(c) of Item 4 were $61 for the fiscal year ended
August 31, 2014 and $0 for the fiscal year ended August 31, 2013. The services
for which these fees were paid included review of materials provided to the
fund Board in connection with the investment management contract renewal
process.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&#160;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">The
aggregate fees paid to the principal accountant for products and services
rendered by the principal accountant to the registrant&#8217;s investment adviser and
any entity controlling, controlled by or under common control with the
investment adviser that provides ongoing services to the registrant, other than
the services reported in paragraphs (a)-(c) of Item 4 were $159,675 for the
fiscal year ended August 31, 2014 and $0 for the fiscal year ended August 31,
2013. The services for which these fees were paid included review of materials
provided to the fund Board in connection with the investment management
contract renewal process.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&#160;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">(e)(1)
The registrant&#8217;s audit committee is directly responsible for approving the
services to be provided by the auditors, including:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; (i)&#160;&#160;&#160;&#160; pre-approval
of all audit and audit related services;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; (ii)&#160;&#160;&#160; pre-approval
of all non-audit related services to be provided to the Fund by the auditors;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; (iii)&#160;&#160; pre-approval
of all non-audit related services to be provided to the registrant by the
auditors to the registrant&#8217;s investment adviser or to any entity that controls,
is controlled by or is under common control with the registrant&#8217;s investment adviser
and that provides ongoing services to the registrant where the non-audit
services relate directly to the operations or financial reporting of the
registrant; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; (iv)&#160;&#160;&#160; establishment
by the audit committee, if deemed necessary or appropriate, as an alternative
to committee pre-approval of services to be provided by the auditors, as
required by paragraphs (ii) and (iii) above, of policies and procedures to
permit such services to be pre-approved by other means, such as through
establishment of guidelines or by action of a designated member or members of
the committee; provided the policies and procedures are detailed as to the
particular service and the committee is informed of each service and such
policies and procedures do not include delegation of audit committee
responsibilities, as contemplated under the </font><font face="courier new" lang=EN-US style="font-size:10.0pt;">Securities
Exchange Act of 1934, to management; subject, in the case of (ii) through (iv),
to any waivers, exceptions or exemptions that may be available under applicable
law or rules.</font></p>
<a name="_bclFooter47"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_48"></a><a name="_bclPageBorder48"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader48"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">(e)
(2) None of the services provided to the registrant described in paragraphs
(b)-(d) of Item 4 were approved by the audit committee pursuant to paragraph
(c)(7)(i)(C) of Rule 2-01 of regulation S-X.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">(f)
No disclosures are required by this Item 4(f).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">(g)
The aggregate non-audit fees paid to the principal accountant for services
rendered by the principal accountant to the registrant and the registrant&#8217;s
investment adviser and any entity controlling, controlled by or under common
control with the investment adviser that provides ongoing services to the
registrant were $163,566 for the fiscal year ended August 31, 2014 and $3,100
for the fiscal year ended August 31, 2013.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">(h)
The registrant&#8217;s audit committee of the board has considered whether the
provision of non-audit services that were rendered to the registrant&#8217;s
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule
2-01 of Regulation S-X is compatible with maintaining the principal
accountant&#8217;s independence.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">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;">&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: Mary C. Choksi, J.
Michael Luttig, Larry D. Thompson and John B. Wilson.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">Item
6. Schedule of Investments.&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; N/A<br>
<br>
</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">Item
7</font></b><font face="courier new" lang=EN-US style="font-size:10.0pt;">. </font><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">Disclosure
of Proxy Voting Policies and Procedures for Closed-End Management Investment
Companies. </font></b></p>

<p style="margin-left:0in;margin-right:0in;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">The board of
trustees of the Fund has delegated the authority to vote proxies related to the
portfolio securities held by the Fund to the Fund's investment manager Franklin Advisers, Inc. in accordance with the
Proxy Voting Policies and Procedures (Policies) adopted by the investment
manager.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">The
investment manager has delegated its administrative duties with respect to the
voting of proxies for the 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>


<a name="_bclFooter48"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_49"></a><a name="_bclPageBorder49"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader49"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">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 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>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">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;">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&#8217;s shares.</font></p>


<a name="_bclFooter49"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_50"></a><a name="_bclPageBorder50"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader50"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">Investment
manager&#8217;s proxy voting policies and principles</font></b><font face="courier new" lang=EN-US style="font-size:10.0pt;"> &nbsp; The investment
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>

<p style="margin:0in;margin-bottom:.0001pt;"><i><font face="courier new" lang=EN-US style="font-size:10.0pt;">Board
of directors.</font></i><font face="courier new" lang=EN-US style="font-size:10.0pt;">&#160;
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;">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;"><i><font face="courier new" lang=EN-US style="font-size:10.0pt;">Ratification
of auditors of portfolio companies.</font></i><font face="courier new" lang=EN-US style="font-size:10.0pt;"> &#160;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;"><i><font face="courier new" lang=EN-US style="font-size:10.0pt;">Management
and director compensation.</font></i><font face="courier new" lang=EN-US style="font-size:10.0pt;">&#160; A company&#8217;s equity-based compensation plan should be in
alignment with the shareholders&#8217; long-</font><font face="courier new" lang=EN-US style="font-size:10.0pt;">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>
<a name="_bclFooter50"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_51"></a><a name="_bclPageBorder51"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader51"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">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>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">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;"><i><font face="courier new" lang=EN-US style="font-size:10.0pt;">Anti-takeover
mechanisms and related issues.</font></i><font face="courier new" lang=EN-US style="font-size:10.0pt;"> &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;"><i><font face="courier new" lang=EN-US style="font-size:10.0pt;">Changes
to capital structure.</font></i><font face="courier new" lang=EN-US style="font-size:10.0pt;">
&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 </font><font face="courier new" lang=EN-US style="font-size:10.0pt;">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>
<a name="_bclFooter51"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_52"></a><a name="_bclPageBorder52"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader52"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><i><font face="courier new" lang=EN-US style="font-size:10.0pt;">Mergers
and corporate restructuring.</font></i><font face="courier new" lang=EN-US style="font-size:10.0pt;"> &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>

<p style="margin:0in;margin-bottom:.0001pt;"><i><font face="courier new" lang=EN-US style="font-size:10.0pt;">Environment,
social and governance issues.</font></i><font face="courier new" lang=EN-US style="font-size:10.0pt;"> &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 disproportionate or inappropriate use of company 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>

<p style="margin:0in;margin-bottom:.0001pt;"><i><font face="courier new" lang=EN-US style="font-size:10.0pt;">Global
corporate governance.</font></i><font face="courier new" lang=EN-US style="font-size:10.0pt;">
&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>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">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 </font><font face="courier new" lang=EN-US style="font-size:10.0pt;">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>
<a name="_bclFooter52"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_53"></a><a name="_bclPageBorder53"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader53"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">Shareholders
may view the complete Policies online at franklintempleton.com. Alternatively,
shareholders may request copies of the Policies free of charge by calling the
Proxy Group collect at (954) 527-7678 or by sending a written request to:
Franklin Templeton Companies, LLC, 300 S.E. 2nd Street, Fort Lauderdale, FL
33301-1923, Attention: Proxy Group. Copies of the Fund&#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>

<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;">Item 8.&#160; Portfolio Managers
of 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;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">(a)(1)&#160;
As of October 24, 2014, the portfolio managers of the Fund are as follows:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">CHRISTOPHER
J. MOLUMPHY CFA</font></b><font face="courier new" lang=EN-US style="font-size:10.0pt;">,
</font><i><font face="courier new" lang=EN-US style="font-size:10.0pt;">Director and</font></i><font face="courier new" lang=EN-US style="font-size:10.0pt;"> Executive Vice President</font><i><font face="courier new" lang=EN-US style="font-size:10.0pt;"> of Advisers</font></i></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">Mr. Molumphy has been a portfolio manager of the Fund
since 1991.&#160; He has primary responsibility for the investments of the Fund.&#160;
Mr. Molumphy has final authority over all aspects of the Fund's investment
portfolio, including but not limited to, purchases and sales of individual
securities, portfolio risk assessment, and the management of daily cash balances
in accordance with anticipated management </font><font face="Courier New" lang=EN-US style="font-size:10.0pt;">requirements.
The degree to which he may perform these functions, and the nature of these
functions, may change from time to time.&#160; He joined Franklin Templeton
Investments in 1988.</font></p>
<a name="_bclFooter53"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_54"></a><a name="_bclPageBorder54"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader54"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">GLENN
I. VOYLES CFA</font></b><font face="courier new" lang=EN-US style="font-size:10.0pt;">,
Vice President</font><i><font face="courier new" lang=EN-US style="font-size:10.0pt;"> of Advisers</font></i></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">Mr.
Voyles has been a manager of the Fund since 1999, providing research and advice
on the purchases and sales of individual securities, and portfolio risk
assessment for the global income component of the Fund. He joined Franklin
Templeton Investments in 1993.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:9.0pt;">CFA
and Chartered Financial Analyst are trademarks owned by CFA Institute.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">(a)(2)&#160;
This section reflects information about the portfolio managers as of the fiscal
year ended August 31, 2014.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">The
following table shows the number of other accounts managed by each portfolio
manager and the total assets in the accounts managed within each category:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:557.450012pt;">
 <tr>
  <td valign=top width=15% style="background:#a6a6a6;border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="courier new" style="font-size:9.0pt;">Name</font></p>
  </td>
 <td valign=top width=14% style="background:#a6a6a6;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:9.0pt;">Number
  of Other Registered Investment Companies Managed</font></p>
  <p style="line-height:normal;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="courier new" style="display:none;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></font></p>
  </td>
 <td valign=top width=14% style="background:#a6a6a6;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:9.0pt;">Assets
  of Other Registered Investment Companies Managed</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:9.0pt;">(x
  $1 million)</font></p>
  </td>
 <td valign=top width=15% style="background:#a6a6a6;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:9.0pt;">Number
  of Other Pooled Investment Vehicles Managed<sup>1</sup></font></p>
  </td>
 <td valign=top width=15% style="background:#a6a6a6;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:9.0pt;">Assets
  of Other Pooled Investment Vehicles Managed</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:9.0pt;">(x
  $1 million)<sup>1</sup></font></p>
  </td>
 <td valign=top width=13% style="background:#a6a6a6;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:9.0pt;">Number
  of Other Accounts Managed<sup>1</sup></font></p>
  </td>
 <td valign=top width=14% style="background:#a6a6a6;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:9.0pt;">Assets
  of Other Accounts Managed</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:9.0pt;">(x
  $1 million)<sup>1</sup></font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=15% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:9.0pt;">Christopher
  J. Molumphy</font></p>
  </td>
 <td valign=top width=14% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:9.0pt;">9</font></p>
  </td>
 <td valign=top width=14% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:9.0pt;">28,361.5 </font></p>
  </td>
 <td valign=top width=15% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:9.0pt;">5</font></p>
  </td>
 <td valign=top width=15% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:9.0pt;">3,921.5</font></p>
  </td>
 <td valign=top width=13% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:9.0pt;">3</font></p>
  </td>
 <td valign=top width=14% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:9.0pt;">238.8</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=15% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:9.0pt;">Glenn
  I. Voyles</font></p>
  </td>
 <td valign=top width=14% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:9.0pt;">1</font></p>
  </td>
 <td valign=top width=14% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:9.0pt;">565.5</font></p>
  </td>
 <td valign=top width=15% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:9.0pt;">1</font></p>
  </td>
 <td valign=top width=15% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:9.0pt;">0.3</font></p>
  </td>
 <td valign=top width=13% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:9.0pt;">8</font></p>
  </td>
 <td valign=top width=14% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:9.0pt;">&nbsp;</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:9.0pt;">873.3</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="display:none;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></font></p>

<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="courier new" lang=EN-US style="font-size:9.0pt;">1.&#160; The various
pooled investment vehicles and accounts listed are managed by a team of
investment professionals.&#160; Accordingly, the individual managers listed would
not be solely responsible for managing such listed amounts.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">Portfolio
managers that provide investment services to the Fund may also provide services
to a variety of other investment products, including other funds, institutional
accounts and private accounts.&#160; The advisory fees for some of such other
products and accounts may be different than that charged to the Fund and may
include performance based compensation (as noted, in the chart above, if any).&#160;
This may result in fees that are higher (or lower) than the advisory fees paid
by the Fund. As a matter of policy, each fund or account is managed solely for
the benefit of the beneficial owners thereof. As discussed below, the
separation of the trading execution function from the portfolio management
function and the application of objectively based trade allocation procedures
help to mitigate potential conflicts of interest that may arise as a result of
the portfolio managers managing accounts with different advisory fees.</font></p>

<p style="margin-left:0in;margin-right:0in;"><i><font face="courier new" lang=EN-US style="font-size:10.0pt;">Conflicts.</font></i><font face="courier new" lang=EN-US style="font-size:10.0pt;"> &nbsp; The management of
multiple funds, including the Fund, and accounts may also give rise to
potential conflicts of interest if the funds and other accounts have different
objectives, benchmarks, time horizons, and fees as the portfolio manager must
allocate his or her time and investment ideas across multiple funds and
accounts. The investment manager seeks to manage such competing interests for
the time and attention of portfolio managers by having portfolio managers </font><font face="courier new" lang=EN-US style="font-size:10.0pt;">focus on a particular investment discipline. Most other
accounts managed by a portfolio manager are managed using the same investment
strategies that are used in connection with the management of the Fund.
Accordingly, portfolio holdings, position sizes, and industry and sector
exposures tend to be similar across similar portfolios, which may minimize the
potential for conflicts of interest. As noted above, the separate management of
the trade execution and valuation functions from the portfolio management
process also helps to reduce potential conflicts of interest. However,
securities selected for funds or accounts other than the Fund may outperform
the securities selected for the Fund. Moreover, if a portfolio manager
identifies a limited investment opportunity that may be suitable for more than
one fund or other account, the Fund may not be able to take full advantage of
that opportunity due to an allocation of that opportunity across all eligible
funds and other accounts. The investment manager seeks to manage such potential
conflicts by using procedures intended to provide a fair allocation of buy and
sell opportunities among funds and other accounts.</font></p>
<a name="_bclFooter54"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_55"></a><a name="_bclPageBorder55"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader55"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">The
structure of a portfolio manager's compensation may give rise to potential
conflicts of interest. A portfolio manager's base pay and bonus tend to
increase with additional and more complex responsibilities that include
increased assets under management.&#160; As such, there may be an indirect
relationship between a portfolio manager's marketing or sales efforts and his
or her bonus.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">Finally,
the management of personal accounts by a portfolio manager may give rise to
potential conflicts of interest.&#160; While the funds and the manager have adopted
a code of ethics which they believe contains provisions reasonably necessary to
prevent a wide range of prohibited activities by portfolio managers and others
with respect to their personal trading activities, there can be no assurance
that the code of ethics addresses all individual conduct that could result in
conflicts of interest.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">The
manager and the Fund have adopted certain compliance procedures that are
designed to address these, and other, types of conflicts.&nbsp; However, there
is no guarantee that such procedures will detect each and every situation where
a conflict arises.</font></p>

<p style="margin-left:0in;margin-right:0in;"><i><font face="courier new" lang=EN-US style="font-size:10.0pt;">Compensation.</font></i><font face="courier new" lang=EN-US style="font-size:10.0pt;"> &nbsp; The investment
manager seeks to maintain a compensation program that is competitively
positioned to attract, retain and motivate top-quality investment
professionals. Portfolio managers receive a base salary, a cash incentive bonus
opportunity, an equity compensation opportunity, and a benefits package.
Portfolio manager compensation is reviewed annually and the level of
compensation is based on individual performance, the salary range for a
portfolio manager&#8217;s level of responsibility and Franklin Templeton guidelines.
Portfolio managers are provided no financial incentive to favor one fund or
account over another. Each portfolio manager&#8217;s compensation consists of the
following three elements:</font></p>

<p style="margin-left:18.75pt;margin-right:0in;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">Base salary</font></b><font face="courier new" lang=EN-US style="font-size:10.0pt;"> &nbsp; Each portfolio manager is paid a base salary.</font></p>

<p style="margin-left:18.75pt;margin-right:0in;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">Annual bonus</font></b><font face="courier new" lang=EN-US style="font-size:10.0pt;"> &nbsp; Annual bonuses are structured to align the interests of
the portfolio manager with those of the Fund&#8217;s shareholders. Each </font><font face="courier new" lang=EN-US style="font-size:10.0pt;">portfolio manager is eligible to receive an annual bonus.
Bonuses generally are split between cash (50% to 65%) and restricted shares of
Resources stock (17.5% to 25%) and mutual fund shares (17.5% to 25%). The
deferred equity-based compensation is intended to build a vested interest of
the portfolio manager in the financial performance of both Resources and mutual
funds advised by the investment manager. The bonus plan is intended to provide
a competitive level of annual bonus compensation that is tied to the portfolio
manager achieving consistently strong investment performance, which aligns the
financial incentives of the portfolio manager and Fund shareholders. The Chief
Investment Officer of the investment manager and/or other officers of the
investment manager, with responsibility for the Fund, have discretion in the
granting of annual bonuses to portfolio managers in accordance with Franklin
Templeton guidelines. The following factors are generally used in determining
bonuses under the plan:</font></p>
<a name="_bclFooter55"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_56"></a><a name="_bclPageBorder56"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader56"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>


<ul type=disc style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:.0001pt;margin-top:7.5pt;"><i><font face="courier new" lang=EN-US style="font-size:10.0pt;">Investment performance.</font></i><font face="courier new" lang=EN-US style="font-size:10.0pt;"> Primary consideration
     is given to the historic investment performance of all accounts managed by
     the portfolio manager over the 1, 3 and 5 preceding years measured against
     risk benchmarks developed by the fixed income management team. The pre-tax
     performance of each fund managed is measured relative to a relevant peer
     group and/or applicable benchmark as appropriate.</font></li>
 <li style="margin:0in;margin-bottom:.0001pt;margin-top:7.5pt;"><i><font face="courier new" lang=EN-US style="font-size:10.0pt;">Non-investment performance.</font></i><font face="courier new" lang=EN-US style="font-size:10.0pt;"> The more qualitative
     contributions of the portfolio manager to the investment manager&#8217;s
     business and the investment management team, including business knowledge,
     productivity, customer service, creativity, and contribution to team
     goals, are evaluated in determining the amount of any bonus award.</font></li>
 <li style="margin:0in;margin-bottom:.0001pt;margin-top:7.5pt;"><i><font face="courier new" lang=EN-US style="font-size:10.0pt;">Responsibilities.</font></i><font face="courier new" lang=EN-US style="font-size:10.0pt;"> The characteristics
     and complexity of funds managed by the portfolio manager are factored in
     the investment manager&#8217;s appraisal.</font></li>
</ul>

<p style="margin-left:18.75pt;margin-right:0in;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">Additional long-term equity-based compensation</font></b><font face="courier new" lang=EN-US style="font-size:10.0pt;"> &nbsp; Portfolio managers
may also be awarded restricted shares or units of Resources stock or restricted
shares or units of one or more mutual funds. Awards of such deferred
equity-based compensation typically vest over time, so as to create incentives
to retain key talent.</font></p>

<p style="margin-left:0in;margin-right:0in;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">Portfolio managers
also participate in benefit plans and programs available generally to all
employees of the investment manager.</font></p>

<p style="margin-left:0in;margin-right:0in;"><i><font face="courier new" lang=EN-US style="font-size:10.0pt;">Ownership of
Fund shares.</font></i><font face="courier new" lang=EN-US style="font-size:10.0pt;">
&nbsp; The investment manager has a policy of encouraging portfolio managers to
invest in the funds they manage. Exceptions arise when, for example, a fund is
closed to new investors or when tax considerations or jurisdictional
constraints cause such an investment to be inappropriate for the portfolio
manager. The following is the dollar range of Fund shares beneficially owned by
the portfolio manager (such amounts may change from time to time):</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;margin-left:41.4pt;width:327.599976pt;">
 <tr>
  <td valign=top width=50% style="background:#a6a6a6;border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:10.0pt;">&nbsp;</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:10.0pt;">Portfolio Manager</font></p>
  </td>
 <td valign=top width=50% style="background:#a6a6a6;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:10.0pt;">Dollar Range of Fund Shares Beneficially Owned</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="line-height:normal;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="courier new" style="font-size:10.0pt;">Christopher J.
  Molumphy</font></p>
  </td>
 <td valign=top width=50% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:10.0pt;">None</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" style="font-size:10.0pt;">Glenn
  I. Voyles</font></p>
  </td>
 <td valign=top width=50% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="courier new" style="font-size:10.0pt;">None</font></p>
  </td>
 </tr>
</table></div>


<a name="_bclFooter56"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_57"></a><a name="_bclPageBorder57"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader57"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">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;"> </font><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">Affiliated
Purchasers. &#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;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">Item
10. Submission of Matters to a Vote of Security Holders.</font></b><font face="courier new" lang=EN-US style="font-size:10.0pt;"> </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">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;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">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;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">(a)</font></b><font face="courier new" lang=EN-US style="font-size:10.0pt;">&#160; </font><b><u><font face="courier new" lang=EN-US style="font-size:10.0pt;">Evaluation of
Disclosure Controls and Procedures</font></u></b><font face="courier new" lang=EN-US style="font-size:10.0pt;">.&#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;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">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;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">(b)&#160;&#160; </font></b><b><u><font face="courier new" lang=EN-US style="font-size:10.0pt;">Changes
in Internal Controls</font></u></b><font face="courier new" lang=EN-US style="font-size:10.0pt;">.&#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;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">Item
12. Exhibits.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">(a)(1)
</font></b><font face="courier new" lang=EN-US style="font-size:10.0pt;">Code of
Ethics</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">(a)
(2)</font></b><font face="courier new" lang=EN-US style="font-size:10.0pt;">
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>


<a name="_bclFooter57"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_14"></a><a name="_bclPageBorder58"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader58"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">(b)
</font></b><font face="courier new" lang=EN-US style="font-size:10.0pt;">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 style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">&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;">SIGNATURES</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">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;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;">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;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">By </font><u><font face="courier new" lang=EN-US style="font-size:10.0pt;">/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;">&#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;">&#160;&#160; Chief
Executive Officer - Finance and </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&#160;&#160; Administration</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">Date:
&#160;October 24, 2014</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">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;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">By </font><u><font face="courier new" lang=EN-US style="font-size:10.0pt;">/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;">&#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;">&#160;&#160; Chief
Executive Officer - Finance and </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&#160;&#160; Administration</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">Date:&#160;
October 24, 2014</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">By </font><u><font face="courier new" lang=EN-US style="font-size:10.0pt;">/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;">&#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;">&#160;&#160; Chief
Financial Officer and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">&#160;&#160; Chief
Accounting Officer</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;">Date:&#160;
October 24, 2014</font></p>



</div>
<a name="_bclFooter58"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>2
<FILENAME>ncsr_code1209amd1212.txt
<DESCRIPTION>CODE OF ETHICS
<TEXT>

                                                               Exhibit 12(a)(1)



CODE OF ETHICS FOR PRINCIPAL EXECUTIVES & SENIOR FINANCIAL OFFICERS
------------------------------------------------------------------------------

PROCEDURES   Revised December 18, 2009
-------------------------------------------------------------------------------

                            FRANKLIN TEMPLETON FUNDS
                   CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND
                            SENIOR FINANCIAL OFFICERS

I.  Covered Officers and Purpose of the Code

     This  code of  ethics  (the  "Code")  applies  to the  Principal  Executive
Officers,  Principal  Financial  Officer and Principal  Accounting  Officer (the
"Covered  Officers,"  each of whom is set forth in Exhibit A) of each investment
company advised by a Franklin  Resources  subsidiary and that is registered with
the United States Securities & Exchange  Commission ("SEC")  (collectively,  "FT
Funds") for the purpose of promoting:

     o Honest and ethical conduct, including the ethical resolution of actual or
       apparent conflicts of  interest between personal and  professional
       relationships;

     o Full, fair, accurate, timely and understandable disclosure in reports and
       documents that a registrant files with, or submits to, the SEC and in
       other public communications made by or on behalf of the FT Funds;

     o Compliance with applicable laws and governmental rules and regulations;

     o The prompt internal reporting of violations of the Code to an appropriate
       person or persons identified in the Code; and

     o Accountability for adherence to the Code.

     Each  Covered  Officer  will be  expected  to adhere to a high  standard of
business ethics and must be sensitive to situations that may give rise to actual
as well as apparent conflicts of interest.

II.  Other Policies and Procedures

     This  Code  shall be the sole  code of  ethics  adopted  by the  Funds  for
purposes  of  Section  406 of the  Sarbanes-Oxley  Act and the  rules  and forms
applicable to registered investment companies thereunder.

     Franklin  Resources,  Inc.  has  separately  adopted the CODE OF ETHICS AND
BUSINESS  CONDUCT  ("Business  Conduct"),  which is  applicable to all officers,
directors and employees of Franklin Resources, Inc., including Covered Officers.
It  summarizes  the values,  principles  and business  practices  that guide the
employee's business conduct and also provides a set of basic principles to guide
officers,  directors and employees  regarding the minimum  ethical  requirements
expected of them. It supplements  the values,  principles  and business  conduct
identified in the Code and other existing employee policies.

     Additionally, the Franklin Templeton Funds have separately adopted the CODE
OF ETHICS AND POLICY STATEMENT ON INSIDER TRADING governing personal  securities
trading and other related  matters.  The Code for Insider  Trading  provides for
separate  requirements  that  apply to the  Covered  Officers  and  others,  and
therefore is not part of this Code.

     Insofar as other  policies or procedures of Franklin  Resources,  Inc., the
Funds, the Funds' adviser,  principal  underwriter,  or other service  providers
govern or purport to govern the behavior or activities  of the Covered  Officers
who are  subject to this Code,  they are  superceded  by this Code to the extent
that they overlap or conflict with the  provisions  of this Code.  Please review
these other  documents or consult with the Legal  Department  if have  questions
regarding the applicability of these policies to you.

III. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of
Interest

     OVERVIEW.  A "conflict of interest" occurs when a Covered Officer's private
interest  interferes  with the  interests  of, or his or her  service to, the FT
Funds. For example, a conflict of interest would arise if a Covered Officer,  or
a member of his  family,  receives  improper  personal  benefits  as a result of
apposition with the FT Funds.

     Certain  conflicts  of  interest  arise  out of the  relationships  between
Covered  Officers  and the FT Funds and  already  are  subject  to  conflict  of
interest  provisions in the Investment Company Act of 1940 ("Investment  Company
Act") and the Investment  Advisers Act of 1940 ("Investment  Advisers Act"). For
example,  Covered Officers may not individually  engage in certain  transactions
(such as the purchase or sale of securities or other property) with the FT Funds
because of their status as "affiliated  persons" of the FT Funds.  The FT Funds'
and the investment  advisers' compliance programs and procedures are designed to
prevent, or identify and correct, violations of these provisions. This Code does
not, and is not intended to,  repeat or replace these  programs and  procedures,
and such conflicts fall outside of the parameters of this Code.

     Although  typically not  presenting an  opportunity  for improper  personal
benefit,  conflicts arise from, or as a result of, the contractual  relationship
between the FT Funds,  the  investment  advisers and the fund  administrator  of
which the Covered  Officers are also  officers or employees.  As a result,  this
Code  recognizes  that the Covered  Officers will, in the normal course of their
duties (whether formally for the FT Funds, for the adviser,  the  administrator,
or for all  three),  be  involved  in  establishing  policies  and  implementing
decisions that will have different effects on the adviser, administrator and the
FT Funds.  The  participation  of the  Covered  Officers in such  activities  is
inherent in the contractual  relationship between the FT Funds, the adviser, and
the administrator and is consistent with the performance by the Covered Officers
of their duties as officers of the FT Funds.  Thus,  if performed in  conformity
with the  provisions of the Investment  Company Act and the Investment  Advisers
Act, such activities will be deemed to have been handled ethically. In addition,
it is  recognized  by the FT Funds'  Boards  of  Directors  ("Boards")  that the
Covered  Officers  may  also be  officers  or  employees  of one or  more  other
investment companies covered by this or other codes.

     Other conflicts of interest are covered by the Code, even if such conflicts
of interest are not subject to provisions in the Investment  Company Act and the
Investment  Advisers Act. The following  list provides  examples of conflicts of
interest  under the Code,  but Covered  Officers  should keep in mind that these
examples  are not  exhaustive.  The  overarching  principle is that the personal
interest  of a Covered  Officer  should  not be  placed  improperly  before  the
interest of the FT Funds.

Each Covered Officer must:

     o Not use his or her personal influence  or  personal  relationships
       improperly to influence investment decisions orfinancial reporting by
       the FT Funds whereby the Covered Officer would benefit personally to the
       detriment of the FT Funds;

     o Not cause the FT Funds to take action, or fail to take  action, for the
       individual personal benefit of the Covered Officer rather than the
       benefit the FT Funds;

     o Not retaliate against any other Covered Officer or any employee of the FT
       Funds or their affiliated persons for reports of potential  violations
       that are made in good faith;

     o Report  at  least   annually  the  following  affiliations  or other
       relationships:/1

          o all directorships for public companies and all companies that are
            required to file reports with the SEC;
          o any direct or indirect  business relationship  with any independent
            directors of the FT Funds;
          o any direct or indirect  business relationship with any independent
            public  accounting  firm (which are not related to the routine
            issues related to the firm's service as the Covered Persons
            accountant); and
          o any direct or indirect interest in any transaction with any FT Fund
            that will benefit the officer (not including benefits derived from
            the advisory, sub-advisory, distribution or service agreements with
            affiliates of Franklin Resources).

     These reports will be reviewed by the Legal  Department for compliance with
the Code.

     There are some  conflict  of  interest  situations  that  should  always be
approved  in writing by Franklin  Resources  General  Counsel or Deputy  General
Counsel, if material. Examples of these include/2:

     o Service as a director on the board of any public or private Company;

     o The  receipt  of any gifts in excess  of $100 from any  person,  from any
       corporation or association

     o The receipt of any entertainment from any Company with which the FT Funds
       has current or prospective  business dealings unless such entertainment
       is business related, reasonable in cost, appropriate as to time and
       place, and not so frequent as to raise any question of  impropriety.
       Notwithstanding the foregoing, the Covered Officers must obtain prior
       approval from the Franklin Resources General Counsel for any
       entertainment  with a value in excess of $1000.

     o Any ownership  interest in, or any consulting or employment relationship
       with, any of the FT Fund's service providers, other than an investment
       adviser, principal underwriter, administrator or any affiliated person
       thereof;

     o A direct or  indirect  financial  interest  in  commissions,  transaction
       charges or spreads paid by the FT Funds for   effecting   portfolio
       transactions or for selling or redeeming shares  other than an interest
       arising from the Covered Officer's employment, such as compensation  or
       equity ownership.

     Franklin Resources General Counsel or Deputy General Counsel will provide a
report to the FT Funds  Audit  Committee  of any  approvals  granted at the next
regularly scheduled meeting.

IV. Disclosure and Compliance

     o Each Covered  Officer  should  familiarize  himself  with the  disclosure
       requirements generally applicable to the FT Funds;

     o Each Covered Officer should not knowingly misrepresent, or cause others
       to  misrepresent, facts about the FT Funds to others, whether within or
       outside the FT Funds, including to the FT Funds' directors and auditors,
       and to governmental regulators and self-regulatory organizations;

     o Each Covered Officer should, to the extent appropriate within his or her
       area of responsibility, consult with other officers and employees of the
       FT Funds, the FT Fund's adviser and the administrator with the goal of
       promoting full, fair, accurate, timely and understandable disclosure in
       the reports and documents the FT Funds file with, or submit to, the SEC
       and in other public communications made by the FT Funds; and

     o It is the  responsibility  of each Covered Officer to promote compliance
       with the standards and restrictions imposed by applicable laws, rules and
       regulations.

V. Reporting and Accountability

Each Covered Officer must:

     o Upon becoming a covered officer affirm in writing to the Board that he or
       she has received, read, and understands the Code (see Exhibit B);

     o Annually  thereafter  affirm to the Board that he has  complied  with the
       requirements of the Code; and

     o Notify  Franklin  Resources'  General  Counsel or Deputy General Counsel
       promptly if he or she knows of any violation of this Code. Failure to do
       so is itself is a violation of this Code.

     Franklin Resources' General Counsel and Deputy General Counsel  are
responsible for applying this Code to specific situations in which questions are
presented under  it and have  the  authority  to  interpret  this  Code in any
particular  situation./3 However, the Independent Directors of the respective FT
Funds will consider any  approvals or waivers/4  sought by any Chief  Executive
Officers of the Funds.

     The FT Funds will follow these  procedures in  investigating  and enforcing
this Code:

     o Franklin  Resources General Counsel or Deputy General Counsel will take
       all appropriate action to investigate any potential  violations reported
       to the Legal Department;

     o If,  after such  investigation,  the  General Counsel or Deputy General
       Counsel believes that no violation has occurred, The General Counsel is
       not required to take any further action;

     o Any matter that the General Counsel or Deputy General Counsel believes is
       a  violation  will  be  reported  to  the  Independent   Directors  of
       the appropriate FT Fund;

     o If the Independent Directors concur that a violation has occurred, it
       will inform and make a recommendation to the Board of the appropriate
       FT Fund or Funds, which will consider appropriate action, which may
       include review of, and appropriate modifications to, applicable policies
       and procedures; notification to appropriate personnel of the investment
       adviser or its board; or a recommendation to dismiss the Covered Officer;

     o The Independent Directors will be responsible for granting  waivers, as
       appropriate; and

     o Any changes to or waivers of this Code will, to the extent required, are
       disclosed as provided by SEC rules./5

VI. Other Policies and Procedures

     This Code shall be the sole code of ethics adopted by the FT Funds for
purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms
applicable to registered investment companies thereunder. Insofar as other
policies or procedures of the FT Funds, the FT Funds' advisers, principal
underwriter, or other service providers govern or purport to govern the behavior
or activities of the Covered Officers who are subject to this Code, they are
superseded by this Code to the extent that they overlap or conflict with the
provisions of this Code. The FT Code of Ethics and Policy Statement On Insider
Trading, adopted by the FT Funds, FT investment advisers and FT Fund's principal
underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of
Ethics and Business Conduct and more detailed policies and procedures set forth
in FT's Employee Handbook are separate requirements applying to the Covered
Officers and others, and are not part of this Code.

VII. Amendments

     Any  amendments to this Code,  other than  amendments to Exhibit A, must be
approved  or  ratified  by a majority  vote of the FT Funds'  Board  including a
majority of independent directors.

VIII. Confidentiality

     All reports and records  prepared or maintained  pursuant to this Code will
be considered  confidential  and shall be maintained and protected  accordingly.
Except as  otherwise  required by law or this Code,  such  matters  shall not be
disclosed to anyone other than the FT Funds' Board and their counsel.

IX. Internal Use

     The Code is intended  solely for the  internal use by the FT Funds and does
not  constitute an admission,  by or on behalf of any FT Funds,  as to any fact,
circumstance, or legal conclusion.

X. Disclosure on Form N-CSR

     Item 2 of Form N-CSR requires a registered management investment company to
disclose annually whether, as of the end of the period covered by the report, it
has  adopted  a code  of  ethics  that  applies  to the  registrant's  principal
executive officer,  principal financial officer, principal accounting officer or
controller, or persons performing similar functions, regardless of whether these
officers are employed by the registrant or a third party.  If the registrant has
not adopted such a code of ethics, it must explain why it has not done so.

     The  registrant  must also:  (1) file with the SEC a copy of the code as an
exhibit  to its  annual  report;  (2) post the text of the code on its  Internet
website and  disclose,  in its most recent  report on Form N-CSR,  its  Internet
address and the fact that it has posted the code on its Internet website; or (3)
undertake  in its most  recent  report on Form  N-CSR to  provide  to any person
without charge, upon request, a copy of the code and explain the manner in which
such  request may be made.  Disclosure  is also  required of  amendments  to, or
waivers  (including  implicit  waivers)  from,  a  provision  of the code in the
registrant's  annual report on Form N-CSR or on its website.  If the  registrant
intends to satisfy the requirement to disclose amendments and waivers by posting
such  information  on its website,  it will be required to disclose its Internet
address and this intention.

     The Legal Department shall be responsible for ensuring that:

     o a copy of the Code is filed  with the SEC as an exhibit to each Fund's
       annual report; and

     o any  amendments to, or waivers (including implicit waivers) from, a
       provision  of the Code is disclosed in the  registrant's annual report
       on Form N-CSR.

     In the event that the  foregoing  disclosure is omitted or is determined to
be incorrect, the Legal Department shall promptly file such information with the
SEC as an amendment to Form N-CSR.

     In such an event, the Fund Chief  Compliance  Officer shall review the Code
and propose such changes to the Code as are necessary or  appropriate to prevent
reoccurrences.



EXHIBIT A

                 Persons Covered by the Franklin Templeton Funds
                                 Code of Ethics
                                  December 2012

FRANKLIN GROUP OF FUNDS

Edward B. Jamieson        President and Chief Executive Officer - Investment
                          Management
Charles B. Johnson        President and Chief Executive Officer - Investment
                          Management
Rupert H. Johnson, Jr.    President and Chief Executive Officer - Investment
                          Management
William J. Lippman        President and Chief Executive Officer - Investment
                          Management
Christopher Molumphy      President and Chief Executive Officer - Investment
                          Management
Laura Fergerson           Chief Executive Officer - Finance and Administration
Gaston R. Gardey          Chief Financial Officer and Chief Accounting Officer


FRANKLIN MUTUAL SERIES FUNDS

Peter Langerman           Chief Executive Officer-Investment Management
Laura Fergerson           Chief Executive Officer - Finance and Administration
Robert G. Kubilis         Chief Financial Officer and Chief Accounting Officer


TEMPLETON GROUP OF FUNDS

Mark Mobius               President and Chief Executive Officer - Investment
                          Management
Christopher J. Molumphy   President and Chief Executive Officer - Investment
                          Management
Norman Boersma            President and Chief Executive Officer - Investment
                          Management
Donald F. Reed            President and Chief Executive Officer - Investment
                          Management
Laura Fergerson           Chief Executive Officer - Finance and Administration
Mark H. Otani             Chief Financial Officer and Chief Accounting Officer





                                    EXHIBIT B

                               ACKNOWLEDGMENT FORM
                                    DECEMBER

                    FRANKLIN TEMPLETON FUNDS CODE OF ETHICS
             FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

INSTRUCTIONS:
1. Complete all sections of this form.
2. Print the completed form, sign, and date.
3. Submit completed form to FT's General Counsel c/o Code of Ethics
   Administration within 10 days of becoming a Covered Officer and by February
   15th of each subsequent year.

INTER-OFFICE MAIL: Code of Ethics Administration, Global Compliance  SM-920/2
Fax: 		   (650) 312-5646
E-MAIL:            Preclear-Code of Ethics (internal address);
                   lpreclear@frk.com (external address)

------------------------------------------------------------------------------
COVERED OFFICER'S NAME:
------------------------------------------------------------------------------
TITLE:
------------------------------------------------------------------------------
DEPARTMENT:
------------------------------------------------------------------------------
LOCATION:
------------------------------------------------------------------------------
CERTIFICATION FOR YEAR ENDING:
------------------------------------------------------------------------------

TO: Franklin Resources General Counsel, Legal Department

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's
Code of Ethics for Principal Executive Officers and Senior Financial Officers
(the "Code"). I will comply fully with all provisions of the Code to the extent
they apply to me during the period of my employment. I further understand and
acknowledge that any violation of the Code may subject me to disciplinary
action, including termination of employment.




       ----------------------------       ----------------------
                Signature                     Date signed






-----------------------------

1. Reporting of these affiliations or other relationships shall be made by
completing the annual Directors and Officers Questionnaire and returning the
questionnaire to Franklin Resources Inc, General Counsel or Deputy General
Counsel.

2. Any activity or relationship that would present a conflict for a Covered
Officer may also present a conflict for the Covered Officer if a member of the
Covered Officer's immediate family engages in such an activity or has such a
relationship. The Cover Person should also obtain written approval by FT's
General Counsel in such situations.

3. Franklin Resources General Counsel and Deputy General Counsel are authorized
to consult, as appropriate, with members of the Audit Committee, counsel to the
FT Funds and counsel to the Independent Directors, and are encouraged to do so.

4. Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of
a material departure from a provision of the code of ethics" and "implicit
waiver," which must also be disclosed, as "the registrant's failure to take
action within a reasonable period of time regarding a material departure from
a provision of the code of ethics that has been made known to an executive
officer" of the registrant. See Part X.

5. See Part X.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>certs302_sec.htm
<DESCRIPTION>302 CERTS
<TEXT>

<HTML>
<HEAD>
   <TITLE>certs302_sec.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader1"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Exhibit
12(a)(1)</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;">;</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;</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;</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;">10/24/2014</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;</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>


<a name="_bclFooter1"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader2"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Exhibit
12(a)(1)</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">I, Gaston Gardey, certify that:</font></p>

<p style="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;">;</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;</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;</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;">10/24/2014</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;">&nbsp;</font></p>



</div>
<a name="_bclFooter2"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>4
<FILENAME>certs906_sec.htm
<DESCRIPTION>906 CERTS
<TEXT>

<HTML>
<HEAD>
   <TITLE>certs906_sec.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader1"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;font-weight:normal;">&nbsp;</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 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 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 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 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 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 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;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The periodic report on Form N-CSR of the Registrant for the period ended
8/31/2014 (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;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the
Registrant.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Dated:&#160; 10/24/2014</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;</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>


<a name="_bclFooter1"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader2"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p align=right style="margin:0in;margin-bottom:.0001pt;margin-left:2.0in;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;margin-left:2.0in;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;margin-left:2.0in;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;margin-left:2.0in;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;margin-left:2.0in;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;margin-left:2.0in;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;margin-left:2.0in;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Exhibit
12(b)</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;">&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;">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;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The periodic report on Form N-CSR of the Registrant for the period ended
8/31/2014 (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;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the
Registrant.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Dated:&#160; 10/24/2014</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; </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>



</div>
<a name="_bclFooter2"></a><DIV>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>fut_a1014x1x1.jpg
<TEXT>
begin 644 fut_a1014x1x1.jpg
M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP.
M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=?
M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@#
M_0,/`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D*
M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A
M""-"L<$54M'P)#-B<H()"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U15
M5E=865IC9&5F9VAI:G-T=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H
MJ:JRL[2UMK>XN;K"P\3%QL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V
M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!
M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P
M%6)RT0H6)#3A)?$7&!D:)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E
M9F=H:6IS='5V=WAY>H*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V
MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#
M`0`"$0,1`#\`]`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHIKNJ*6<@*.I-`#J*S)-1DEE$
M5K&3G^(C)QZX_J2*6.UO9&9Y[@ID\(&./TQC\S0!I45G26$X0^3=,A]`6Y_,
MG^51&[O;0H+A%93P2>F?9NGYXH`UJ*@MKJ*Y4^62&7[R-P5J>@`HHHH`****
M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`
M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H
MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BB
MB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@!&8*I9B``,
MDGM6,9)=5N`$^6%#D9[?[1'<^@_R9M9G;"6L?63ESGD+U_H3^&.]6]/A\BU1
M=@0GDJ.WM^`P/PH`BGGM]+M@`/HHZL>Y/]35&S-YJD7GSS/%"_,<<1VG'J3U
MK*\271?4G59,(@$)'N>I^O-=)9.BVD6#A0@Y/I0!`UDL`RLTX(YR96/\S3K>
M_P`S?9IV!+?=<@#/L?>HYM1MI9C#'-&S]"N>:Q-6N((YP%F`D4\#KS0!L7MH
MUHPGMCM"]#_<]C_L_P`OI5^PO%O8-X&UU.UU/8U,I6:$'`*.N<'N#6$D@TW5
ME`+['/EN#TQD8/\`X\I_%J`.AHHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@#G&)O-=E.X[4/EX]/F`_DC?F:UM3OA86V_&Z
M1OEC0?Q&L#1Y\ZA.7/)>(_FS_P!6JQXHOH[>ZLUZNNXGT4'`R?R-`'-7#>=<
M.;F)A([;V;')R<X_&NV%L\NGQPHRHRH%)P?3VKF$N([O6@9)5CB4!^2`&(KL
M(,+&.>PH`I6=@89C)+M8C@'8HS^7M6#=P,L]ZGR\2G`89.#SUZ]ZZ.[FC=B@
MN#&P_NXX_.N8=Y6NKAI'#,S###O3`[#3\'3[8J<KY2X/X"LSQ%M502.&*Y/M
MG8?_`$/]*7PC<FXT1%9MS1,4_#J/T-0^*FQ`V.T8_P#1B?X&D!L:=,UQI\$D
MA!D*#?C^\.#^N:LUG:$<Z=_VUD_]#-:-`!1110`4444`%%%%`!1110`4444`
M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4
M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11
M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%
M`!1110`4444`%%%%`!1110`5!/<+#'(W5D4MCUJ:L2YE5KJ6U:78RMYD;^H/
M4?ASQZ4`9O\`9TUKJ9ZO%+$0KCLP.Y0?Q&*AUJ[A.H++)AXIHP=O?!'^('ZU
MNQK/%';AF$C*HCF`.,CINQ['^9ZUSVM6YCF>6.-9`[%=Q.`#W^GK]#0!6BBM
M9;V"&R3>9'SESA<`'Y1]?\*ZFVE*P@-NWH`&##!__77#+=R17\3.%3R\;2O8
M]C7=0S1ZI;>8I$=PH^8#_/2@"9YHY8G`DV[AR#U%<CJDB6^_:X);Y0<]*LZK
M'<HQ#QR!NSQJ3G\16#=8+JKK)QPK$9Y_S_*F!V/A",K;3RQH5MY"NS/=AD$C
M]/RIFMB6^D,4*%BTRKGH`B<L2?\`>/Z5:LVGTS18+60*+QMVU<\+DDY)]`.]
M20J?+MU3!@`$C2,<;CSMXS^/UI`3:61;1S6['(BD.7Q@$L2V!],BK\4@E3<O
M3)'Y'']*P[BX%BTMQ(XED)8Q1*.I/3\<8_#%;-HGEVL:;@Q`^8CN>Y_.@":B
MHWGA258GE19&^ZA8`GZ"I*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***I:GJ<&E0">Y
M63RR<%D7./K0!=HJ@FJQ,TBFWN5>./S"C18)7../6H+?Q%83BW8>=''<-LBD
M>,A6;.,9^M`&M14-Y=165I+<SG$<2EFQ2?:4-F+F,/)&R!U"+DL",\"@!+F\
M@M<":3:3T&,FH/[7LO\`GJ?^^#_A2V6K6M_9-=6A>54)#(%^<'TQ5=_$%G'I
MHOWCN%MRVW<8C^?TH`KW>H1^:SP2B6-AEHI%;@^J\8_`UG1WB+.S&TD93C`=
MAA?<#D$_45OOJT27,-L8+DRRIY@41YVC..?2ECU:"34WT]8Y_/09;*<`>N?2
M@#`CU+R6$0MIIH/[LJKE/H?3VJ26\AEC.T2$$?.LRG+#TR/T/;FMO4-5@TZ6
M&.=)B9F"H43(+'M]:&U>U348[&7S(II!E-Z85_8'UH`X75[-2B2VV]R>=A0[
MA[&DLWN42/Y9XG3E&"-E?:N].I1#4EL#%/YK+N!\OY<>N?TIUY?QVDT,+132
M/-N*B)=W3&<_G0!Q,U_=7.5N+9RV?]8JN%/O@5*UC!Y,=N)6<LQ<R%"JC)R1
MC&>U=/::_:WAMS#%<%+ARB2&/"Y`)Z_@::OB&U87!6"[(MB1+B$_)CKF@#)L
MYX(E*`N$7Y"SH2S8XSTZ<<#\33IM4"D"VMYL]#.ZJSX]A_GZ5N76KVMI<VT$
M_F*;D@1MM^4D]L_E3M3U2VTN.-[EF_>/L15&23]*`.<END-OL2WF).?G9P)/
MQQC/XFK4%Z"@13]F4GYG;E\=\8R/UXK5N]8@LYX()8I_,N!^["QYR?3ZTBZY
M9O93W2&1EMR5F0(=\9'7(-`%"X73)[R&X^T.OE8^783TQW_`?EQBM6/5+21P
MBR\DX&5(I]E>QWMFMS"D@C897<N"P]15`>([0QW$@ANBENQ64B$_(1U!H`V*
M*R[S7;6R>Y$T<^VV*B214RH+`$<_B*DBU>V=IQ(LMN(8UD9IEVC:<X(_*@#0
MHK+.O6B)'+*D\-O*0$GDC(0YZ>X_$"I9]7M;?4(K*<O')-_JV9<(WL#ZT`7Z
M*IRZC%%J$=DT<WF2@E6"94@=3GVR*N4`%%%%`!1110`4444`%%%%`!1110`4
M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11
M10`4444`%%%%`!1110`4444`%-=U1&=SA5&23V%.J&Z@%S"8F=D4D9VXY'IR
M#Q0!DZ?K<CKJ0O(BDMH3((QU,9&1^-2VWB"WN(IW$$RF&`7!5MN60C/&#3KC
M0;6:[>X226!I(3"ZQ;0K*?;'6DA\/VT"RJDT^);<6QR5X4#'IUH#^OZ_$@_X
M2BU%O+,UO.HCCCEVD+DJYP".:L?V[!NG40S$PR^4W`QG&<Y[#W-0GPQ9F&2(
MRW!62%(3EEX"]#TZ\4\>'K?<[&ZNBSS"9CN7E@,=-N,4,"(:PUUJ&D-:NRVU
MXLA=&49^4?X^]-U?4I;/6X(6O'@M7A=W*HIVD?4&K5MH-M:M9%)IS]BW^6&*
M\[NN>*FN=*@N=1CO)7D+1HT83C85/7(QG]:'Y`4K#69$TFTGU)0)[AML87`W
M#J"><#BG2>)+=?NV]PX%O]I.`HPF<'.3U%/7P];QVL4$=Q<*()?-A;<"8CZ#
MCI['-5[O1Y[O6G9VE%J]GY#RAEW,2V2/_P!0H?\`7W!_7XEE?$-D\@";VC+I
M&90/E#.,@?Y]::VOJ4O&CL[AQ:%UD;Y0H*C/7/>GCP_9+(I3>L8=)#$#\I9!
M@'U__54L.D6\4%[#OE=+QV>3<1P6&#C`H?D")M,N7O-.M[B5-CR(&([<BK50
M6=LMG:16Z.[K&H52^,X'3H!4]-[Z"04444AA1110`4444`%%%%`!1110`444
M4`%%%%`!6!XW/_%-3^[I_P"A"M^H+FTMKM56ZMXIPO($B!L?G0!5B@O(Y;N2
MZN(YHVA41E4V[?O;N,G_`&>_\JXZP9QIVA#4"HTKSF8,G!$@9L;SZ?3MFN]-
MM`;?[.88S#C'E[1MQZ8Z5$-.L5MW@6SMUA?EHQ&`I^HQ0!GZZ)+V6'3884G#
M`RS(TFP%!P!G!_B.>G\-1>$;EQIDMC<D+/82&)\GMV/TZC\*UH=/LX)1+#:0
M1R!=H=8P&QC&,]>E(NFV"M(RV5L&D!#D1+E@>H/'-`'+1P2Z39VNN::/,B:,
M"[A4\./[P]Q_GO4NLD-\/XF'`9(R/S%=!++IVCP!7$-I"Y/"IM4G\!BHI7T=
MOLUC.EL0P'D12QC'M@$4`9^CWKV>KW.GZHRFZF;S(KC&!,O8>V/3Z_B^W8#Q
MQ>9('^AKW]Q5Z[_LB.6WM;J&VW#B&-X0<?[O'\JBACT'4'F>*VLYW3F1O(!(
M/OQUH`I:_<Q71T26%PR-J"8/KAB#4VM:?!J^I+:.^V5;9G1QUC;<N#4LMQX?
M>V2:6.T:"/Y$9H057V''%6+<Z3<7I>&*W-TJAMQB`<+T!R1G':@#+T&]NY]8
M-KJ$96[M+=D=^T@++AJZ,JNX.5&X`@-CD`]?Y#\JI07VG7%XC0NK3R*520(?
MG4<D!L8('L:C.L:5<PHK3+)'.#M5HV^<=^".:`*7@H*WANWR`2KN1GL=QJCI
M\5S->:ZMM=QP!;K+AEZC///;@'M6S!>:+9VJS0?9[>"=BH98M@8@D<\>N>M.
MNK#1;2!I[FRL8XU^\[0+W/TH`SM=@AUOR(+=P6:TDGA.,'.8]O7IGFLB^N9=
M4TFSU*Y7:5GBA3/<C[[?B0!_P&NFFET6V\B\FCMHRP`BE,(!XZ`'''M2RR:/
M<0R>=%;R1VWS,LD.?+W=\$<9Q0!1\2%_[8T01%/,\Y]N_IT%+)IC:?HNM3SS
M+)/=QR2.5&%'RG`'YU?9-'N;1+UH+2:!%PLGE!MJCC`XX`IL^I:3=11).\4\
M<V616C+AMO4].V:`&:%<PQ:)I<;N`\T2JBCDD[<_T-8^F1W$CZT8;R.&)-0=
MY59>JALGGL"`>U:UG)H#7$7V.&T$DH;RVC@`W``[L''IFDAC\/W$R1Q6EF[2
M9V'[,,/CK@XP?PH`B\6-')X3NYHL;91&^<8+99<$_ABHO%T+R>&2\*;MNPR8
M')0?TS@UNSV=K<HJ7%M#*B?=62,,!],T^*&*&(111I'&.`BJ`!^%`&-XBN+:
M?PI-(C*T<R+Y0'<DC``]?\*JS:9'?Q:9IU\V)UL'.<_,CYBP?T/UP:W(M+L(
M91+%9P(X.01&!@^H]*>UE:/<BY:UA:<=)3&"P_'K0!@:'=WCZVEAJ*G[39V\
MJF3M*I:/:WZ5T]1^3&9A-L7S0I0/CG&<XSZ<5)0`4444`%%%%`!1110`4444
M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`
M4444`%%%%`!1110`4444`%%%%`!1110`5%<SI;6TD\APD:EC4M1S01SJ%D!(
M#!@`Q'(.1TH`RK/75DM4:>,M-O>-Q"05#*"W4GN!Q4LNN6\83;#/(75&`4+Q
MO!*CDCT-33Z19W$SS.CB1R"S+(RYXV]CZ'%5'T0_;HI8YMD4:*BC<Q95'\/7
M!!]Z`'GQ!:C;F*8;U1ER%&=RY'?K[?E5FSO)+ZR>9(C"V]T7?ANA(S@'VZ5"
MN@V"J1LE(*A"#,Y!4=!C/2K:64,5N\,6^-')8[9&!!)R<'/'/I0P,Y=2N/['
M:X#1F:.;RVS&5XW[>5)R#@@UKMNVG;C=CC/3-0-86[VQMV1C&S;V^<Y)SG).
M<]:=%;E#.6ED<2MG!8_*,8P.>/PH`R3J%^ET;1GA9F=@LXC(!"IN(QGL<#.?
M6K%EJCW$BR2[(X&M$N.G*YSG)].*F71[-(P@67`.1NG=BO!'!)XX)Z5.EE;Q
MR^:D>&\L1=3C:.@QTH`J:1J?]HR7?S1%8W&P(V3M*@\^_7^5:=0PVL%O)*\,
M:HTI!<CN0,?TJ:@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`,#QI_R!!_UWC_G4GB'3X]4EM+61BA;S"CKU5@!@U?U#3+3
M4XUCO(VD1#D*)&49]2`1FFOI-G)<0W#K*9H!MC<SR9`_/GWSU[T`8NE:A<3:
MM;:?J28OK3?N?M(NWAA3+J9]#\1W(A7*ZE%NA7''GC@?SR?K72/:0/=QW31@
MSQJ55^X!ZBB:T@GFAEEC#20,6C)_A)&*`,#Q5;)9^#FMTY$?EC/J=PR?Q/-:
M#B0-='5'MXU>`K&\77;@E^O/H:MZAIMKJ<:QWB-)&O.T2,H/U`(S^-1Q:/91
M/O$<CMY9B_>3.^%/4`,3CI0!B:<][H]]8Z;?I%=6KL1:7*=5.#_0_KU-6-6C
M2'Q!X>BB4(B&554=``JXK4MM)L[62-XXW+1`K%OD9Q&#V7).*2ZT>RO+I;J=
M)3,GW&6=UV_3!&/PH`IZ_I\-W;6U@H5!<7#'Z-L=L_GS7.W=W/JGAB2.=65M
M.3;-G^*3=M'UP,D^Y%=C=:;:WEQ%/.LAEB^XRRNFW\B*2XTJRN;>6"6']U+)
MYDBJ[+O;U.",T`8OB7/_``CVG8QN\Z'&?7!K4@\]9;L7OD"9T_=^7U,:C\^&
M8_G2SZ'I]S;PV\T4CQ0_ZM3/)@?^/?\`ZJ<-&L<2@I*WFIY;EYY&)7.<9+9`
M^E`'-0^;X<MH+R+=)I=Y"IF4<^4Y4?,/8_Y[5T.EQ1G0;*78/,%DJANX!4$C
M]!5F+3K6*Q-DL9-L1MV.[/QTQR3@4\V<!L5LPK+`J!`JNRD*.@R#GMZT`87A
MN&WD\'6S7.`D:3-O[H"7!(_`FHM.>\T>^L=,ODBNK5V(M+E.J'!_H?UZFMZS
MTNSL;9[:WC98'!!C:1F'/7`)..O:FVVDV=K)')'&Y,0*Q;Y&<1@]=N2<4`7J
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BN&_P"$SU'_`)XVO_?+?_%4?\)G
MJ/\`SQM?^^6_^*K?ZO,Y_K,#N:*X;_A,]1_YXVO_`'RW_P`51_PF>H_\\;7_
M`+Y;_P"*H^KS#ZS`[FBN&_X3/4?^>-K_`-\M_P#%4?\`"9ZC_P`\;7_OEO\`
MXJCZO,/K,#N:*X;_`(3/4?\`GC:_]\M_\51_PF>H_P#/&U_[Y;_XJCZO,/K,
M#N:*X;_A,]1_YXVO_?+?_%4?\)GJ/_/&U_[Y;_XJCZO,/K,#N:*X;_A,]1_Y
MXVO_`'RW_P`51_PF>H_\\;7_`+Y;_P"*H^KS#ZS`[FBN&_X3/4?^>-K_`-\M
M_P#%4?\`"9ZC_P`\;7_OEO\`XJCZO,/K,#N:*X;_`(3/4?\`GC:_]\M_\51_
MPF>H_P#/&U_[Y;_XJCZO,/K,#N:*X;_A,]1_YXVO_?+?_%4?\)GJ/_/&U_[Y
M;_XJCZO,/K,#N:*X;_A,]1_YXVO_`'RW_P`51_PF>H_\\;7_`+Y;_P"*H^KS
M#ZS`[FBN&_X3/4?^>-K_`-\M_P#%4?\`"9ZC_P`\;7_OEO\`XJCZO,/K,#N:
M*X;_`(3/4?\`GC:_]\M_\51_PF>H_P#/&U_[Y;_XJCZO,/K,#N:*X;_A,]1_
MYXVO_?+?_%4?\)GJ/_/&U_[Y;_XJCZO,/K,#N:*X;_A,]1_YXVO_`'RW_P`5
M1_PF>H_\\;7_`+Y;_P"*H^KS#ZS`[FBN&_X3/4?^>-K_`-\M_P#%4?\`"9ZC
M_P`\;7_OEO\`XJCZO,/K,#N:*X;_`(3/4?\`GC:_]\M_\51_PF>H_P#/&U_[
MY;_XJCZO,/K,#N:*X;_A,]1_YXVO_?+?_%4?\)GJ/_/&U_[Y;_XJCZO,/K,#
MN:*X;_A,]1_YXVO_`'RW_P`51_PF>H_\\;7_`+Y;_P"*H^KS#ZS`[FBN&_X3
M/4?^>-K_`-\M_P#%4?\`"9ZC_P`\;7_OEO\`XJCZO,/K,#N:*X;_`(3/4?\`
MGC:_]\M_\51_PF>H_P#/&U_[Y;_XJCZO,/K,#N:*X;_A,]1_YXVO_?+?_%4?
M\)GJ/_/&U_[Y;_XJCZO,/K,#N:*X;_A,]1_YXVO_`'RW_P`51_PF>H_\\;7_
M`+Y;_P"*H^KS#ZS`[FBN&_X3/4?^>-K_`-\M_P#%4?\`"9ZC_P`\;7_OEO\`
MXJCZO,/K,#N:*X;_`(3/4?\`GC:_]\M_\51_PF>H_P#/&U_[Y;_XJCZO,/K,
M#N:*X;_A,]1_YXVO_?+?_%4?\)GJ/_/&U_[Y;_XJCZO,/K,#N:*X;_A,]1_Y
MXVO_`'RW_P`51_PF>H_\\;7_`+Y;_P"*H^KS#ZS`[FBN&_X3/4?^>-K_`-\M
M_P#%4?\`"9ZC_P`\;7_OEO\`XJCZO,/K,#N:*X;_`(3/4?\`GC:_]\M_\51_
MPF>H_P#/&U_[Y;_XJCZO,/K,#N:*X;_A,]1_YXVO_?+?_%4?\)GJ/_/&U_[Y
M;_XJCZO,/K,#N:*X;_A,]1_YXVO_`'RW_P`51_PF>H_\\;7_`+Y;_P"*H^KS
M#ZS`[FBN&_X3/4?^>-K_`-\M_P#%4?\`"9ZC_P`\;7_OEO\`XJCZO,/K,#N:
M*X;_`(3/4?\`GC:_]\M_\51_PF>H_P#/&U_[Y;_XJCZO,/K,#N:*X;_A,]1_
MYXVO_?+?_%4?\)GJ/_/&U_[Y;_XJCZO,/K,#N:*X;_A,]1_YXVO_`'RW_P`5
M1_PF>H_\\;7_`+Y;_P"*H^KS#ZS`[FBN&_X3/4?^>-K_`-\M_P#%4?\`"9ZC
M_P`\;7_OEO\`XJCZO,/K,#N:*X;_`(3/4?\`GC:_]\M_\51_PF>H_P#/&U_[
MY;_XJCZO,/K,#N:*X;_A,]1_YXVO_?+?_%4?\)GJ/_/&U_[Y;_XJCZO,/K,#
MN:*X;_A,]1_YXVO_`'RW_P`51_PF>H_\\;7_`+Y;_P"*H^KS#ZS`[FBN&_X3
M/4?^>-K_`-\M_P#%4?\`"9ZC_P`\;7_OEO\`XJCZO,/K,#N:*X;_`(3/4?\`
MGC:_]\M_\51_PF>H_P#/&U_[Y;_XJCZO,/K,#N:*X;_A,]1_YXVO_?+?_%4?
M\)GJ/_/&U_[Y;_XJCZO,/K,#N:*X;_A,]1_YXVO_`'RW_P`51_PF>H_\\;7_
M`+Y;_P"*H^KS#ZS`[FBN&_X3/4?^>-K_`-\M_P#%4?\`"9ZC_P`\;7_OEO\`
MXJCZO,/K,#N:*X;_`(3/4?\`GC:_]\M_\51_PF>H_P#/&U_[Y;_XJCZO,/K,
M#N:*X;_A,]1_YXVO_?+?_%4?\)GJ/_/&U_[Y;_XJCZO,/K,#N:*X;_A,]1_Y
MXVO_`'RW_P`51_PF>H_\\;7_`+Y;_P"*H^KS#ZS`[FBN&_X3/4?^>-K_`-\M
M_P#%4?\`"9ZC_P`\;7_OEO\`XJCZO,/K,#N:*X;_`(3/4?\`GC:_]\M_\51_
MPF>H_P#/&U_[Y;_XJCZO,/K,#N:*X;_A,]1_YXVO_?+?_%4?\)GJ/_/&U_[Y
M;_XJCZO,/K,#G****]`\\****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHJQ:V<UX^R`
M*SDX"EU4GZ`GFC8-RO16B^A:C&VUX%4^C2H/ZU'<Z3>VMO\`:)H=L6<;@ZD9
M_`U//'N5R2[%*BBBJ)"BBB@`HHJ__8]V-->_946%,=6Y.3CH/KWI-I;C2;V*
M%%%7-.TRYU*7R[95/J68`"AM+5B2;T13HJREE*^H?8E*F7S/+SGC.<4E]9RV
M%W);3%2Z=2IR.F:+K8?*RO1113$%%+5^WT6_NHS);PK*@ZLLJ''ZTFTMP2;V
M,^BGRQ-$^QBI(_NL&'YBK-OI=W=1-+!&CHHRQ$J_*/?GBAM)7&DV[%.BG.AC
M<J2I(_NL"/S%-IB"BI;6W>ZN8X(L;Y&"C)P,T^^LY;"[DMIBI=.I4Y'3-*ZO
M8+.URO1113`****`"BBB@`HHHH`**EM[>2YF$4*[G;H"0/U-3:CI\^F7"P7&
MW>4#X4YQG_\`52NKV'9VN5**6M'^P=2VJQML!AD9D49'YT-I;@DWL9M%:;>'
M]43&ZVVYZ9D7G]:KWNG7=AL^U0F/S,[?F!SCZ4E*+V8W"2W14HHHJB0HHHH`
M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H
MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BB
MB@`HHHH`****`"BBB@`HHHH`****`"K>E_\`(5M/^NR?S%5*M:7_`,A2T_Z[
M)_,4/8#2\8?\AU_]Q?Y5GH;J.`VBJS+=!7"#D\'@@?@:W/$^I2VVL-&D5NP"
M*<O"K'\R*Q=5OO[0GBF8*KB(*P48&1GI6-*_(E8WJVYV[DW_``C^I>;#&;?#
MS`E06'`&.3Z=:9+HE[`T@G1(DC(#2.X"Y/3![UI^(9I%T;1U#D`Q!CCU`7%5
M?-OM0T=%NY$CM(I"WVB7)9VYX'=N]"E)JXG&"=BC=:9=6D<4CHKQ2_<>-@RM
M[<5(^B:@D,<K6S`2ML1?XB<9Z=NE:UZ(O^$*A$+.Z"?AG&#U/;G%-NIG7P39
MA6*[I2K8/49;BCGE^-@]G&_RN9E[HE]8VPN)HU,1."R,&P??%:%E_P`B5?\`
M_7<?^RTND,6\+:JA.57!`]#_`)%2Z-%'/X6NHII1#&]PH9R,XY6E*3LT^C7Z
M#A%7375/]3$MM,N;JV>XB\ORHSAF:15V_7)J_P"%5*>(H5)!P&Y!R/NFF>(8
M9K*X6RV>7:I\T07H_P#M$]S3O"7_`"'X/]UO_035-\T&_(FW+-+K=%::SN;S
M6+I+6)Y'$S?=[?,>_:H9K"[74'M&C:2Y!^8+\Q]>M6X"5\5J1_S^?^S4>)#C
MQ#='T9?Y"B+=TO()I6D_/_,8=!U!;D6[0@.4#G+#"@^IZ=JKZAIMUILJQW2;
M2PRI!R#^-;'C25VU""/<=GDAMO;.3S2:TQ?PSI+,<MR,GT_R*F,Y-)OJ.4(W
M:70YVNG\,$C1=7P3Q'D?]\M7,5T_A?G1]74=3%T_X"U56^!_UU%0_B+^NAS%
M:6EDBRU,`];<?^AK6;6EI@_T'4V["`#_`,?6KGL1#XD1P:3>W%K)<I`1"BEB
M[<`@>GK4R>']2>U:<0#`&XIN&_'TK0\,2-'I>KE"0RQ!@?0X:H?"$C_V\/F)
MWHV[)Z]ZSE*2YK=#2,8VC?J9-G9W-Y,$M8GD<?W>WX]JG.EWDFHO9G8;E>H:
M0#)QG@GK3]/.SQ%!MXQ<@?\`CU2^(I&B\27$B'#HZL#Z$`57,W)+R)Y4HM]G
M_F4;ZQGL)O*N0JR=2H<,1]<4LMA/#:)<N8_*?[I$BDGUXSFMGQ'#]OCLM4MU
MS]I41N!V?_.1^%9M]M>_ALD8>5!B$$=SGYC^9-$9.27?J$XJ+?8B@TZ::-9"
MT4*/PC32!-WTS3I])OH+I;9[=S*PRH7D,/4$5I>(_L<.K/%+;7!\M%5-DX5=
MN.,`H?YU6U'64O=/MK1;9D^SD;9&EW'&,8Z#V_*E&4I6:V8W&,;IO5#5\.ZD
MUR+?R0)-@<Y884'/4^O%5_[+N5+^=Y<*HYC+2.`"PZ@>M;'C"XF34[;9(R;(
M@RE3@@DGFDL38:SID-C=7!@O(F8H[<A]QS^-2IRY5)E.$>;E1BW=A<68B,JK
MB490HP8,/48J==%NS*L+&&.=QE8GD`8^G':I]0L]0TBXM8Y5601/N@8#(8Y!
MQ^?;WJQ*C-KD5SJ4JQ74DB'R(1DKTQGG`_4U7.VE9DN"3=T8S02VUX(9D*2(
MX#*>U;/C3_D,K_UQ7^9IGB@8\2/_`,`_D*?XT_Y#*_\`7%?YFI4N9P?J4X\J
MFO0P*FN[E[NY>:0G+'@9S@=A4%+6]C"YTOC#_4Z;_P!<C_[+65:P7VJ6\=I;
MQ/*L3DAL\+G'&3]*U?&'^ITW_KD?_9:H>%B1X@M<=]P_\=-80_AW]3>I_$MZ
M?D)!X=U&=962)<1L5)9P,D'!Q5.\T^XL;E;>Y58Y&`(RPQ@^]6-3NIQK-YB9
MUW2LA"MC*@]/I5WQG_R&$_ZXK_,U2E*ZOU$XQM*W0S+S3;FRABEG51'+]QE<
M,#^5.72[AM@9H8Y)`"D<D@5B#TX/3\:T]:./#NCG_9/]*M7%A9>)#]JL+E8K
MLJ-\+^H'^>>:7M&E=^8>S3>G9%70]!>34V%X8U%ORT>\$L?IZ<UC7=K):N!(
MT1W<CRY%?^1KI/#J7,?B&[6\7;.("&]_N\URC?>/UH@VY;]$$TE#;JQ****V
M,0HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"KNE>2E]#-<7"0I'(K'*L20#GC`-4J*'J"-KQ+/:
M7U\;JTNTD!4`H48'(^HQ6.BAG`+!`?XFS@?E3:*F,>5614Y<SNS?UNXL;K3+
M&*WO4>2UCVLI1QNX'3CVI_VC3M0\/VUK/=_99K8GC86#?E7.T5/LU:URO:.]
M[=+'1_;-+E\."R-Q*ACEW!2N6?\`H.OOCWIEU<6+^&K>QCO8S/$^\C8^#UX!
MV^]<_11[-=^MP]J^W2QOZ7<64&AWMM->HLMR!M&QSC`[G;2VT]C%X<NK!K^(
MS2OO4A)-O&.^WVKGZ*'33OJ"J-)*VQT<%]8WVB&SU2Z598CB"0(S$#WXZ55T
M"6TL-76XN+R,1Q@C*HYW9&./EK&HI^S6J[B]H]--C7C:T7Q`+HWL?D"?S=P1
M\XSG&-O6C67M+W67GAO(S%*02Q1QMP`.1M_E6110H6:=]@<[IJVYN^);FSU"
M\BFM;M&41A""C@CD\].G-.U*XLIM!L[6*]1IK?)8;'`.?0XK`HI*FDDK[#=1
MMMVW"M70-573+EQ,I>WF7;(!U^M95%7)*2LR$W%W1JS:;9/(6M=5MO)/($NY
M6'MC%-N9[6UL7L[.0S-*09IBNT$#HJCKC/>LRBIY>['S=D;VAW-E:Z;?1W%V
MB27,>Q1L<[>#UP/>H_#L]I8:G]HN;N-412!A');(^E8M%#@G?S&IM6TV-6V-
MK%KJSM>1^0DOF;PK\C.<8V]:;X@EM[G5);FVN%E24@X"L".`.<@5F44*&J8.
M=TUW-W2-8CM-)NK>8!G4B2W!'1__`*W!_.L,,0V[/.<YI**:BDVUU)<FTD^A
MU4MWI&O6L;7\YM+R-=I;'!_Q%9%T;`%;.SGQ#NW27$JGYSVP`,X&3^=9E%3&
MGR[,MU'):K4W?$]U9W]Q'<6ETLFV,(4*,#P>O(QWJLT%E<Z?;>7=QQ72*1(D
M@(!^8D<XQGFLNBFH6228G.[NT=$=9BMX],MWD^U?99-\D@SCO@#/7`/Z4FHR
M:5_:HU&.\>;<X?R40@@^Y/;\*YZBDJ:3NANHVK,W]=FT^]U99X+S._;N8H=J
M`?ADG\*9XHNK2_O5N;2Y60;`I78P/4^HQWK#HH5-*VNP.HW?3<*DA19'VO*D
M0_O,"1^@-1T5H9G1^([NPU""U^RWJ,T"E2K(XW=.G'M5#P]-;6NIQ75U<+$D
M>>"K$G(([`^M9=%0H)1Y2W-N7-8NZJT+:C--;SK,DDA<$*P(R<\Y`K8U>72]
M6$5\U\89%C"O#Y99CCTKFJ*.3;78/::O3<Z+4[W3KC1;&".5EEA&1&%W8]B>
M/\]JK7<%HVH&YT_48HXR^[Y@RM&?88Y_"L:BA0MLP<[[HZF#Q!:MXD>YD++;
MM#Y(<CGUR16#?QVD4NRTG:X&23(5VCV`']:J441IJ+N@E4<E9A1115D!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`:_]GZ/
M_P!!S_R4?_&C^S]'_P"@Y_Y*/_C5S_A,]1_YXVO_`'RW_P`51_PF>H_\\;7_
M`+Y;_P"*K#]Y_37^1O\`NOZ3_P`RG_9^C_\`0<_\E'_QH_L_1_\`H.?^2C_X
MU<_X3/4?^>-K_P!\M_\`%4?\)GJ/_/&U_P"^6_\`BJ/WG]-?Y!^Z_I/_`#*?
M]GZ/_P!!S_R4?_&C^S]'_P"@Y_Y*/_C5S_A,]1_YXVO_`'RW_P`51_PF>H_\
M\;7_`+Y;_P"*H_>?TU_D'[K^D_\`,I_V?H__`$'/_)1_\:/[/T?_`*#G_DH_
M^-7/^$SU'_GC:_\`?+?_`!5'_"9ZC_SQM?\`OEO_`(JC]Y_37^0?NOZ3_P`R
MG_9^C_\`0<_\E'_QH_L_1_\`H.?^2C_XU<_X3/4?^>-K_P!\M_\`%4?\)GJ/
M_/&U_P"^6_\`BJ/WG]-?Y!^Z_I/_`#*?]GZ/_P!!S_R4?_&C^S]'_P"@Y_Y*
M/_C5S_A,]1_YXVO_`'RW_P`51_PF>H_\\;7_`+Y;_P"*H_>?TU_D'[K^D_\`
M,I_V?H__`$'/_)1_\:/[/T?_`*#G_DH_^-7/^$SU'_GC:_\`?+?_`!5'_"9Z
MC_SQM?\`OEO_`(JC]Y_37^0?NOZ3_P`RG_9^C_\`0<_\E'_QH_L_1_\`H.?^
M2C_XU<_X3/4?^>-K_P!\M_\`%4?\)GJ/_/&U_P"^6_\`BJ/WG]-?Y!^Z_I/_
M`#*?]GZ/_P!!S_R4?_&C^S]'_P"@Y_Y*/_C5S_A,]1_YXVO_`'RW_P`51_PF
M>H_\\;7_`+Y;_P"*H_>?TU_D'[K^D_\`,I_V?H__`$'/_)1_\:/[/T?_`*#G
M_DH_^-7/^$SU'_GC:_\`?+?_`!5'_"9ZC_SQM?\`OEO_`(JC]Y_37^0?NOZ3
M_P`RG_9^C_\`0<_\E'_QH_L_1_\`H.?^2C_XU<_X3/4?^>-K_P!\M_\`%4?\
M)GJ/_/&U_P"^6_\`BJ/WG]-?Y!^Z_I/_`#*?]GZ/_P!!S_R4?_&C^S]'_P"@
MY_Y*/_C5S_A,]1_YXVO_`'RW_P`51_PF>H_\\;7_`+Y;_P"*H_>?TU_D'[K^
MD_\`,I_V?H__`$'/_)1_\:/[/T?_`*#G_DH_^-7/^$SU'_GC:_\`?+?_`!5'
M_"9ZC_SQM?\`OEO_`(JC]Y_37^0?NOZ3_P`RG_9^C_\`0<_\E'_QH_L_1_\`
MH.?^2C_XU<_X3/4?^>-K_P!\M_\`%4?\)GJ/_/&U_P"^6_\`BJ/WG]-?Y!^Z
M_I/_`#*?]GZ/_P!!S_R4?_&C^S]'_P"@Y_Y*/_C5S_A,]1_YXVO_`'RW_P`5
M1_PF>H_\\;7_`+Y;_P"*H_>?TU_D'[K^D_\`,I_V?H__`$'/_)1_\:/[/T?_
M`*#G_DH_^-7/^$SU'_GC:_\`?+?_`!5'_"9ZC_SQM?\`OEO_`(JC]Y_37^0?
MNOZ3_P`RG_9^C_\`0<_\E'_QH_L_1_\`H.?^2C_XU<_X3/4?^>-K_P!\M_\`
M%4?\)GJ/_/&U_P"^6_\`BJ/WG]-?Y!^Z_I/_`#*?]GZ/_P!!S_R4?_&C^S]'
M_P"@Y_Y*/_C5S_A,]1_YXVO_`'RW_P`51_PF>H_\\;7_`+Y;_P"*H_>?TU_D
M'[K^D_\`,I_V?H__`$'/_)1_\:/[/T?_`*#G_DH_^-7/^$SU'_GC:_\`?+?_
M`!5'_"9ZC_SQM?\`OEO_`(JC]Y_37^0?NOZ3_P`RG_9^C_\`0<_\E'_QH_L_
M1_\`H.?^2C_XU<_X3/4?^>-K_P!\M_\`%4?\)GJ/_/&U_P"^6_\`BJ/WG]-?
MY!^Z_I/_`#*?]GZ/_P!!S_R4?_&C^S]'_P"@Y_Y*/_C5S_A,]1_YXVO_`'RW
M_P`51_PF>H_\\;7_`+Y;_P"*H_>?TU_D'[K^D_\`,I_V?H__`$'/_)1_\:/[
M/T?_`*#G_DH_^-7/^$SU'_GC:_\`?+?_`!5'_"9ZC_SQM?\`OEO_`(JC]Y_3
M7^0?NOZ3_P`RG_9^C_\`0<_\E'_QH_L_1_\`H.?^2C_XU<_X3/4?^>-K_P!\
MM_\`%4?\)GJ/_/&U_P"^6_\`BJ/WG]-?Y!^Z_I/_`#*?]GZ/_P!!S_R4?_&C
M^S]'_P"@Y_Y*/_C5S_A,]1_YXVO_`'RW_P`51_PF>H_\\;7_`+Y;_P"*H_>?
MTU_D'[K^D_\`,I_V?H__`$'/_)1_\:/[/T?_`*#G_DH_^-7/^$SU'_GC:_\`
M?+?_`!5'_"9ZC_SQM?\`OEO_`(JC]Y_37^0?NOZ3_P`RG_9^C_\`0<_\E'_Q
MH_L_1_\`H.?^2C_XU<_X3/4?^>-K_P!\M_\`%4?\)GJ/_/&U_P"^6_\`BJ/W
MG]-?Y!^Z_I/_`#*?]GZ/_P!!S_R4?_&C^S]'_P"@Y_Y*/_C5S_A,]1_YXVO_
M`'RW_P`51_PF>H_\\;7_`+Y;_P"*H_>?TU_D'[K^D_\`,I_V?H__`$'/_)1_
M\:/[/T?_`*#G_DH_^-7/^$SU'_GC:_\`?+?_`!5'_"9ZC_SQM?\`OEO_`(JC
M]Y_37^0?NOZ3_P`RG_9^C_\`0<_\E'_QH_L_1_\`H.?^2C_XU<_X3/4?^>-K
M_P!\M_\`%4?\)GJ/_/&U_P"^6_\`BJ/WG]-?Y!^Z_I/_`#*?]GZ/_P!!S_R4
M?_&C^S]'_P"@Y_Y*/_C5S_A,]1_YXVO_`'RW_P`51_PF>H_\\;7_`+Y;_P"*
MH_>?TU_D'[K^D_\`,I_V?H__`$'/_)1_\:/[/T?_`*#G_DH_^-7/^$SU'_GC
M:_\`?+?_`!5'_"9ZC_SQM?\`OEO_`(JC]Y_37^0?NOZ3_P`RG_9^C_\`0<_\
ME'_QH_L_1_\`H.?^2C_XU<_X3/4?^>-K_P!\M_\`%4?\)GJ/_/&U_P"^6_\`
MBJ/WG]-?Y!^Z_I/_`#*?]GZ/_P!!S_R4?_&C^S]'_P"@Y_Y*/_C5S_A,]1_Y
MXVO_`'RW_P`51_PF>H_\\;7_`+Y;_P"*H_>?TU_D'[K^D_\`,I_V?H__`$'/
M_)1_\:/[/T?_`*#G_DH_^-7/^$SU'_GC:_\`?+?_`!5'_"9ZC_SQM?\`OEO_
M`(JC]Y_37^0?NOZ3_P`RG_9^C_\`0<_\E'_QH_L_1_\`H.?^2C_XU<_X3/4?
M^>-K_P!\M_\`%4?\)GJ/_/&U_P"^6_\`BJ/WG]-?Y!^Z_I/_`#*?]GZ/_P!!
MS_R4?_&C^S]'_P"@Y_Y*/_C5S_A,]1_YXVO_`'RW_P`51_PF>H_\\;7_`+Y;
M_P"*H_>?TU_D'[K^D_\`,I_V?H__`$'/_)1_\:/[/T?_`*#G_DH_^-7/^$SU
M'_GC:_\`?+?_`!5'_"9ZC_SQM?\`OEO_`(JC]Y_37^0?NOZ3_P`RG_9^C_\`
M0<_\E'_QH_L_1_\`H.?^2C_XU<_X3/4?^>-K_P!\M_\`%4?\)GJ/_/&U_P"^
M6_\`BJ/WG]-?Y!^Z_I/_`#*?]GZ/_P!!S_R4?_&C^S]'_P"@Y_Y*/_C5S_A,
M]1_YXVO_`'RW_P`51_PF>H_\\;7_`+Y;_P"*H_>?TU_D'[K^D_\`,I_V?H__
M`$'/_)1_\:/[/T?_`*#G_DH_^-7/^$SU'_GC:_\`?+?_`!5'_"9ZC_SQM?\`
MOEO_`(JC]Y_37^0?NOZ3_P`RG_9^C_\`0<_\E'_QH_L_1_\`H.?^2C_XU<_X
M3/4?^>-K_P!\M_\`%4?\)GJ/_/&U_P"^6_\`BJ/WG]-?Y!^Z_I/_`#*?]GZ/
M_P!!S_R4?_&C^S]'_P"@Y_Y*/_C5S_A,]1_YXVO_`'RW_P`51_PF>H_\\;7_
M`+Y;_P"*H_>?TU_D'[K^D_\`,I_V?H__`$'/_)1_\:/[/T?_`*#G_DH_^-7/
M^$SU'_GC:_\`?+?_`!5'_"9ZC_SQM?\`OEO_`(JC]Y_37^0?NOZ3_P`RG_9^
MC_\`0<_\E'_QH_L_1_\`H.?^2C_XU<_X3/4?^>-K_P!\M_\`%4?\)GJ/_/&U
M_P"^6_\`BJ/WG]-?Y!^Z_I/_`#*?]GZ/_P!!S_R4?_&C^S]'_P"@Y_Y*/_C5
MS_A,]1_YXVO_`'RW_P`51_PF>H_\\;7_`+Y;_P"*H_>?TU_D'[K^D_\`,I_V
M?H__`$'/_)1_\:/[/T?_`*#G_DH_^-7/^$SU'_GC:_\`?+?_`!5'_"9ZC_SQ
MM?\`OEO_`(JC]Y_37^0?NOZ3_P`RG_9^C_\`0<_\E'_QH_L_1_\`H.?^2C_X
MU<_X3/4?^>-K_P!\M_\`%4?\)GJ/_/&U_P"^6_\`BJ/WG]-?Y!^Z_I/_`#*?
M]GZ/_P!!S_R4?_&C^S]'_P"@Y_Y*/_C5S_A,]1_YXVO_`'RW_P`51_PF>H_\
M\;7_`+Y;_P"*H_>?TU_D'[K^D_\`,I_V?H__`$'/_)1_\:/[/T?_`*#G_DH_
M^-7/^$SU'_GC:_\`?+?_`!5'_"9ZC_SQM?\`OEO_`(JC]Y_37^0?NOZ3_P`S
M(_LK4?\`GPNO^_+?X4?V5J/_`#X77_?EO\*]0HK'ZR^QM]57<\O_`+*U'_GP
MNO\`ORW^%']E:C_SX77_`'Y;_"O4**/K+[!]57<\O_LK4?\`GPNO^_+?X4?V
M5J/_`#X77_?EO\*]0HH^LOL'U5=SR_\`LK4?^?"Z_P"_+?X4?V5J/_/A=?\`
M?EO\*]0HH^LOL'U5=SR_^RM1_P"?"Z_[\M_A1_96H_\`/A=?]^6_PKU"BCZR
M^P?55W/+_P"RM1_Y\+K_`+\M_A1_96H_\^%U_P!^6_PKU"BCZR^P?55W/+_[
M*U'_`)\+K_ORW^%']E:C_P`^%U_WY;_"O4**/K+[!]57<\O_`+*U'_GPNO\`
MORW^%']E:C_SX77_`'Y;_"O4**/K+[!]57<\O_LK4?\`GPNO^_+?X4?V5J/_
M`#X77_?EO\*]0HH^LOL'U5=SR_\`LK4?^?"Z_P"_+?X4?V5J/_/A=?\`?EO\
M*]0HH^LOL'U5=SR_^RM1_P"?"Z_[\M_A1_96H_\`/A=?]^6_PKU"BCZR^P?5
M5W/+_P"RM1_Y\+K_`+\M_A1_96H_\^%U_P!^6_PKU"BCZR^P?55W/+_[*U'_
M`)\+K_ORW^%']E:C_P`^%U_WY;_"O4**/K+[!]57<\O_`+*U'_GPNO\`ORW^
M%']E:C_SX77_`'Y;_"O4**/K+[!]57<\O_LK4?\`GPNO^_+?X4?V5J/_`#X7
M7_?EO\*]0HH^LOL'U5=SR_\`LK4?^?"Z_P"_+?X4?V5J/_/A=?\`?EO\*]0H
MH^LOL'U5=SR_^RM1_P"?"Z_[\M_A1_96H_\`/A=?]^6_PKU"BCZR^P?55W/+
M_P"RM1_Y\+K_`+\M_A1_96H_\^%U_P!^6_PKU"BCZR^P?55W/+_[*U'_`)\+
MK_ORW^%']E:C_P`^%U_WY;_"O4**/K+[!]57<\O_`+*U'_GPNO\`ORW^%']E
M:C_SX77_`'Y;_"O4**/K+[!]57<\O_LK4?\`GPNO^_+?X4?V5J/_`#X77_?E
MO\*]0HH^LOL'U5=SR_\`LK4?^?"Z_P"_+?X4?V5J/_/A=?\`?EO\*]0HH^LO
ML'U5=SR_^RM1_P"?"Z_[\M_A1_96H_\`/A=?]^6_PKU"BCZR^P?55W/+_P"R
MM1_Y\+K_`+\M_A1_96H_\^%U_P!^6_PKU"BCZR^P?55W/+_[*U'_`)\+K_OR
MW^%']E:C_P`^%U_WY;_"O4**/K+[!]57<\O_`+*U'_GPNO\`ORW^%']E:C_S
MX77_`'Y;_"O4**/K+[!]57<\O_LK4?\`GPNO^_+?X4?V5J/_`#X77_?EO\*]
M0HH^LOL'U5=SR_\`LK4?^?"Z_P"_+?X4?V5J/_/A=?\`?EO\*]0HH^LOL'U5
M=SR_^RM1_P"?"Z_[\M_A1_96H_\`/A=?]^6_PKU"BCZR^P?55W/+_P"RM1_Y
M\+K_`+\M_A1_96H_\^%U_P!^6_PKU"BCZR^P?55W/+_[*U'_`)\+K_ORW^%'
M]E:C_P`^%U_WY;_"O4**/K+[!]57<\O_`+*U'_GPNO\`ORW^%']E:C_SX77_
M`'Y;_"O4**/K+[!]57<\O_LK4?\`GPNO^_+?X4?V5J/_`#X77_?EO\*]0HH^
MLOL'U5=SR_\`LK4?^?"Z_P"_+?X4?V5J/_/A=?\`?EO\*]0HH^LOL'U5=SR_
M^RM1_P"?"Z_[\M_A1_96H_\`/A=?]^6_PKU"BCZR^P?55W/+_P"RM1_Y\+K_
M`+\M_A1_96H_\^%U_P!^6_PKU"BCZR^P?55W/+_[*U'_`)\+K_ORW^%']E:C
M_P`^%U_WY;_"O4**/K+[!]57<\O_`+*U'_GPNO\`ORW^%']E:C_SX77_`'Y;
M_"O4**/K+[!]57<\O_LK4?\`GPNO^_+?X4?V5J/_`#X77_?EO\*]0HH^LOL'
MU5=SR_\`LK4?^?"Z_P"_+?X4?V5J/_/A=?\`?EO\*]0HH^LOL'U5=SR_^RM1
M_P"?"Z_[\M_A1_96H_\`/A=?]^6_PKU"BCZR^P?55W/+_P"RM1_Y\+K_`+\M
M_A1_96H_\^%U_P!^6_PKU"BCZR^P?55W/+_[*U'_`)\+K_ORW^%']E:C_P`^
M%U_WY;_"O4**/K+[!]57<\O_`+*U'_GPNO\`ORW^%']E:C_SX77_`'Y;_"O4
M**/K+[!]57<\O_LK4?\`GPNO^_+?X4?V5J/_`#X77_?EO\*]0HH^LOL'U5=S
MR_\`LK4?^?"Z_P"_+?X4?V5J/_/A=?\`?EO\*]0HH^LOL'U5=SR_^RM1_P"?
M"Z_[\M_A1_96H_\`/A=?]^6_PKU"BCZR^P?55W/+_P"RM1_Y\+K_`+\M_A1_
M96H_\^%U_P!^6_PKU"BCZR^P?55W/+_[*U'_`)\+K_ORW^%']E:C_P`^%U_W
MY;_"O4**/K+[!]57<****Y3K"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BDHH`6BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BDH)Q0`44QI%'
M>H'N0.]-)L5RUD4TN!6=)>`=ZKO?#UJU3;(=1(US*/6FF<>M8IO2>AI!<NQX
MJ_9,GVR-OSQZT>>*S(][=:F`;%2X(:J%T3BGB0&LX[@:>I(I.`U,T0P-%4UD
M(J19?6I<2U)%BEJ-9`:>"#4C%HI*6@`HHHH`****`"BBB@`HHHH`****`"BB
MB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****
M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`
M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBDH`*
M*"<"JT]P%'6FE<"9Y0M5)KL#/-9MWJ`7O6/<:@6/6MX46S&=51-FXU`+GFL^
M74&8\&LI[C=WIUNV7YKJC221PRKMNR-)&DE/>IX[5VY.:L6$88=*TUB`'2L9
MU.4WA3YC':!EX`JU;6_<U>,0]*<D>#TJ'5T+5/4:D0%/V5(!2[:YW)LW441;
M*794NVC;2YF.R("E(0:L8I"*?,%B`$BGK*13BE1LN*=[BV+*29I]4@<5-')2
M:*3+%%(""**0Q:***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***2@!:*2B@
M`HH)`J)IE6@"6BJQN1VIAN":KE8KES-&15+SB:/--'*%R[D49%43,13?//K1
MRA<T**IBX-.6YHY6%T6J*A6X4]:D5PW0TK#'T4E%(!:***`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"FLP4<T,V!5&[NM@/--*XF["W
M5T$7K6!?ZEC@-46HZB3D*:Q)7>0Y)KNI4>K.&MB4M$23W;.3R:@RS'DTH2G*
MM=221PSJ.6X**MV<;/)P*;;VS3-@"NATW3?+7)'-14FHH=*DYN_0M6";4&16
MB@R*BCB"]JLH.*\Z;N>M!6`+Q2A13\48K(UL-VBC%.Q1BD,;2T44`--)3B,T
MTCB@0E!&:4&B@"%DIF"#5@TQEIIA8(WYJ<'-5<8IZ/S38(L4M-4YIU(84444
M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`
M4444`%%%%`!1110`4444`%%%%`!244UG`H`<2!4,DZ)U-0SSG!Q6!J=])'G!
MK6%/F9$IJ*N:USJ*J.#69]N::7"L<5@27TKGEJFL+K;+\QKJ5'E1S.NI.QU4
M"$H"34P515%+U%B'S#I34O=YX/%8.+9O=&F`*C>14JDUZ$_BJ!II)\[324&'
M,B\UTF>M-^TQ^HK'N+:Y`+*QK+FN+F)]K,16L:2>S,Y5>7='8QNDG2G&//2N
M8L-593B1JZ.TN5F4<@U$X.)4)J:T$=77D&H?M<D;8.<5HD`BH);96J%)=2G?
MH+!?YZFKT<Z/WK$DMF0_+D4P7#P'DTW!/8:G;<Z,'-+67:Z@&XW5H1RJXX-9
M.+1:=R2BDI:D84444`%%%%`!1110`4444`%%%%`!1110`444E`"TA.**@N)0
MHII7#8BNI]H/-<WJ5\22JFK&IWNT$`\U@R.68DUWT*75GF8G$6]U#')8Y--V
MTZBNL\^X!,]!4T4#,X&*OZ;:B7DBM=+!000*QG54=#HI8=S5V)IEFH4<5L)&
M%7I4%N@B&*G+9KSYR<F>K"*B@')J51@5&HYJ6LV:H6BBBD,*2EI*``TE+24`
M%)3J2D`VBEI*`$--IQI*!#&&:9C%2GI4;=*I`R2-\5,#FJ2L0:LQMFAH$R6B
MDI:0PHHHH`****`"BDHH`6BDHS0`M)36E1>K"HFNXE[T[,5R>BJAU",>M)_:
M,7H:.5A=%RBJ8U&+WIPOX3WHY6',BU2U72[B<\-4P8'H:+#'44E%(!:***`"
MBBB@`HHHH`****`"BBB@`HI**`"@G%(3BH9)/2@!TDF.E5F<DTC$DT@JTB&Q
M'P$)-<QKLR[MHZFMG4[L01-ST%<A<3-/*7;OTKJHPZG/6E]DBI0<'BDI:ZD<
ML[)$Z7,API8FM.VFV1CFLJ"%I&``K8M]*E=`6)Q43Y452<F([F=]J_I5NT_<
M_>JQ9:<8B2:-1CVQ_+UK!R3=D=*36K+\7ES1]!67JNFJZE@O/TJ;26<C#=JU
M9HM\?-97<)&FDXGGDJ&.0J>U;.@R2LV"3M[4NH:<HFW8X-:^DVB1H,"NFI47
M(<U.FU,OJVU.:%D#5*\>5Q4:0[37%H=8%0PJA?6^Y#@5IXICJ&&"*(RLP:N<
MBTLMK-R3BM73]4R0"?UIVHV*NI(%8?E-!)CM77[M1'/>4'Y'<6]RL@ZU9!S7
M(V5ZT74Y%=#9W0D'6N6=-Q.F,U(NTM(#D4M9%A1110`4444`%%%%`!1110`4
M444`%)2TAX%`#)&VK6/J-SL4\U>NYMJGFN7U.Z+OM!KIH4^9G+B:O)$IW$IE
MD))J`T,:3->DE8\75N["@4F:!0!T6B'*UT"*"!Q6!H:$(*Z&/I7F8A^\>SAE
M[BN&VE"\TZE6L+G58.E***44ABTE%%`!124M`"4M%)FD`M(:,T4`)2&EIIH`
M":*,4M`AM1N*E-,:F@(2*D1L&C%)C!JKB2L6%.13JBC:I:DH6BBDH`6BDSCK
M5>:\CB!Y!--*X-V+!.*ADNHX^IJA]HGN#A,A?6E\@%26!..I-5R]R>;L+-J?
M795.34';^(U%=(TH#PV[JO3IUJDS+&<2[@?2M8Q1E*3+CSRE0WS;3WJ(2LS8
MY/TJ/?,(^=\<([FECOF;Y`RQH!@OCYC5V)N68E$DZQL),&M(:?#MZ'\ZKV4%
MK.%:-B67D_-R:U0.:QE+L:110.F1GHS"H6TN0-\LO'O6L:3ZTN=E<J,BX@DM
M`KIE_7C-1KJS@_='%;!9"2N1QUKF-0*I>2!2,9JX>]N1/W=C:AU6-N&RIJ['
M<;P"N"*Y$/[U:M;WR05;)'J#@BG*GV$JG<ZD2`^U/!STK$@FN77S('\U,\@]
M15R&>0_>0H>]9.%C52+]+4:2`]:?4%"T444`%%%%`!1110`E%%0RR8XS0`V6
M2H"<FAFR:05:(;%Q4=Q((T)J0D+R:Q-:OPD156YJX1YG8F3Y5<Q]6O#/.4!^
M45GT$EF)/4T5Z"5M#@D^K#K5B&#=VI(8LG)%:MM",#BB4K$PASN[+NCV:\%@
M*Z2.%%4``5AVC>41BMFWG#CK7!5;;N>A322L%P`BYQ629%EE(-:UVP\NL%OE
M<D44UH$]S7M8D4#`%6R,C%8,5ZZR!2>*V()UD0<\TIQ:U'%ID=Q:++V%.A@\
ML=,58H-1S.UBK(CQS13C24@&TT]:>:B)YH`1XPRD$5C:C9;LE16X.144J`CD
M5<).+)E%-').DD/45/I^HF.8*6XK4N8(V7H*YB\0P7'R\5V1M-69S3YJ>J.]
ML[H2H.:N5Q6CZFP8([5UMK.)$'-<E6FXLZJ<U-719HI*6L30****`"BBB@`H
MHHH`****`$IDK;4-/JK=R;5--*[$W8RM3N=B&N:E;<Q)[UHZI*7DVBLQE('2
MO4HQY8GB8JIS3L,-)12JA8\5L<XE3VL#32``<58M=.:0@MTK>LM/2,<+6-2J
MHHZ:6'E-W>Q+IT'EJ!CM6F*CC0*.!4HZ5YDY<SN>O"/*K!TI>:**@T%I:2C-
M,!2:3-&:3-(!<T4E+F@`[T44E`!2YI**`"BBB@`HHHH`2FFG&FF@!M(>E!I*
M8A4.#5A3D55'!J>,\4,:)*9+*L2Y8U#<W:0J>>:P+R^9F)+5<8.1$I*)?N]3
M/(7`%9[7<8;+_,?KBLV6Z..O)I;:RNM08;5(3NQZ"NA026ISNHV]#1_M.YGP
MML@5?7'`%0/JUPD3(C%LGF3''X5T-O`L5LL1`(`VGCK4-XUE:VX6=$V@Y5,=
M_I4*2O:Q;C*U[F98KJD\65DV1GNXYJ['IEM"WFW,AD;KES@?E5.3Q$-N(H"#
MV)-94US/=.6E<M[=JKED_(GGBO,VM3U:$1^3$J2YZD]!6%N!I-AJ:&SFF.$0
MG/I5I**,W*4F:GAZ+]Z9O-4=1LSR:Z*L'2M(DCG66;*;.1[UOXKGJ-.1TTTU
M'42C`-+52Z/V6WFE$I#'H6YP:A:FC)3"BR/(<Y88([<5R^KR6SS[H,[L_-0V
MJW@5T,N0PQ6:S$DD]373"#3NSEJ5$U9#MY%/$E0YI-U:V,;FIIU^;68$\QG[
MPKIHI8YXP\;!E/Z5PH?%6;6]EMFW1/M]1V-9SIWU1K"K;1G8L5S\K#\ZE20X
MKB_M<ID,F\C)SP:VM/U02E4D;:W3GO64J;2-HU$V;ZMN%+5&WN3YACD&UAT]
M"*NJP-8M6-4[CJ*2EI#"DI:0G%`#)'VBJ$DF6-274N#BJ0?+<5:1+99!IVX`
M5$F2*2<E8R<TTA%#5=2%NAQC-<K<7#W$A9S4NJ3M)=,">!5.N^G!11QSES,>
M*<O+4T4N<&M485-B_"`,5HP.`*QXYB`*M0398`UG*+-*<T;4<HXJW!/L/!JC
M%M,8--\S:<5SN-SI3L:MQ<;DQFLR1\&FM-4$DP%.,;"E*X_#,?E'-7K(RQ$;
MSQ46G2(Q&>M:TD*N@VBIG*VC'%7U+$4@=<YJ0U4MHVC&":M$USM69LGH)244
M$T@$-,*T[K2T`-%,E7*G%24AH`Q+Q9%/%<YJ*NLN6Z5W+PJW45DZGIR2Q'Y>
M:Z:55)V9A4IN2T.4A<I(&'8UV&CW99%!KDS;M%<!#ZUT>G(40$5M6LXF="ZD
MSIT;<,T^JEK)D=:M5Y[5CN%HI*6D`4444`%%%%`!1110`AK-OWX(K1?A363=
MG<:TI[D5/A,H6_FRDFBXL@$Z5HV\8S4TT09.E='M6G8X_8)QNSC95VN1Z5=T
MZ-7/-+J5J4D+`<5'ITOES`'O76WS1NC@C'DJ)2.HM8%"#`J\JX'`JM9L&05;
MKS)MW/:@E8!2T8HK(L,TM-I0:`%HI,T9H&+112&@`R*7--Q2XH$+1FDQ2T#%
MI***`"DS2FD-`!FC-)2$T`+FD-&::3F@!IIN:4TVF(7O07)&U>/>HY)`#@=:
M87Q@"J2N+8I:G''%$TA=BQX4>]4FT\16WFSS!9V'"^E;9577#J&'OZU3AL7D
MO9+JZP6SB->RBMHRLC*4;LRM.TB:YD#W`,<0_,UT\<:QH$0!5'0"E4`"GU$Y
MN14(**T,_5KV2S@40H3(YP#C@5A?8=0O&,CQNQ/<\5UNQ6(+`''3(Z5(!3C4
MY5HA2I\SU9Q8TVY52S1,`.3Q3XK.1F"A3DUU-W=Q6JJ'YW'&*FA6)U$D87GH
M0*KVKML2J*O8RHM!7*L[]N1[UK06\<"!44#'>I,`X]J6L7)O<V44M@Q1BB@G
M%24)BJ&JS1+:M&_+-T`IUU>E/EAP?5JQ;J1I9&9CDFM(1UNS.<M+&?(E5Y%Y
MXJXPXXJ"1>M=29RM%0TW-/8<5&:T,7H!-&>::31F@1('IRRE34.:7-%AW.CT
MO4%E"V\_/96[BM@2/!C<24['TKB(I2C!E."#Q76Z9?I?0;7QYBC!'K7-4A;4
MZJ53FTZFM'('`I]9\,ABF,/8#*FKJ/N'O7.U8Z4[CZCE<!:D/2J5S)BA*XS/
MOI2&S4=J=Q&:+DANM0P2!6&#6]M#)O4UT48J"_R(#]*D@D#**AU%\0D#TJ(K
MW@>QPUP<SOGUJ*I)\^:V?4U'7I'&MAXI:8#3@:!25QP)%/20J14>:*=S'D:V
M->"ZP@&:E:X4KUK$#$=Z<)&QC-1R)E^U:W1I/<XXK3TZP^T`,_>J&DZ<]PV^
M0'':NMM8%AC``K"K-1T1T4DY:L@CTY(^@Q5V-`@Q2YHKE<F]SI22#-&:2D[U
M(QU--+29H`2B@TG:@!:*2BF`&J]UQ&:GIDJ!U(--;B.(OY=M_C'`-;=I,/(!
M]JK:MI1DDWQC!ID:O;PA6["NR5I15CFBG&3N:UI>CS=N:W(7W+7!P71%UD&N
MOTZ?>@Y[5A6IVU-Z4^8T:6D[4M<QL%%%%`!1110`444E`#)CA#65.,M6G/\`
M=K.D&7JX$3V'0+Q5@KE:CB&*F`I-Z@EH9]Y:B13Q66NF[9@RYXKHF`/!IJQ@
MUO&JXHPG1C)C+-"J@5<IB+MI^*PD[LWBK*PM(3137Z5!0NX&EJ$$YJ84VK`G
M<**7%!I`!-)0:*`%S2444`%.%)B@4#%HHI#0`M)1FD8X%`!3":0O432"FD*Y
M(6P*8TF*@>8"JLEQ6B@2Y%TRTCRE4)JBDQ=P!27%P`VT=J'&V@HROJ3,^!UR
M33HP:JQMN8$U=CJK6%>Y**D':FJ.*>!4E#EJ05&.*DJ1BBG4T4ZD,KW-A'=.
MKL2&'&:L11B)`J]!2YQBC>*+L+(=FH99MD\4>/OYY^E.SS39HRZ`@`LIRN:$
M#'2NR)E1G^E4I)V*E<U<#,("S#YL'BLN23GH,>U5%$R9%*V%..M4I6&>:GE?
M'7\JIR-GFMXHRDR-VJ%SGFAVYJ!GXK1(Q;(Y&J(T^0YJ/-:&+$-&:0TE`AV:
M*;FC-`#P:M6)D-RBQ.48G`-4\U8L;HVETDVT,`>0?2D]AQT9T\'VK<(KE<2*
M,HX[^U:$4CI@L.O450TO5%OVD4C#`Y7Z5?<96N26]F=\;6NF6]X9,^HK-NW^
M8\T\3F-]AZ&L^]GPQI1CJ5*6@I42=ZH2H\<O'2K5O)NJ=T#5JGRF;U&6T_RC
M--O)PV5/I4$N8I/:H';S)A51BKW(<]+&+?QJCY'>JE:VK0;`I]ZR>]=47=&.
MS:%Q1TI0:<(V?[JD_04S/FUU&9IP-#(RG!!!]Z0HP'(H*O$4FI;93).B@9R:
MB52S!1U/%=3HND!$$C\L:F<U!78*'.[(UM-A$4(XYQ5W--10JX%+7G2=W<[D
MK(7-+3<TN:D8M%)10`&DI:*`$HH-%`!0:*#0`VD-*:::!$<B*PYK(U.,+$VV
MM=ZS=00M$U7&5I(&KHY*,E)?QKK-%N"0!FN2E&R=AZ&MK1)L2`5VU5>)QT7R
MRL=JC944ZH;9MT8J:O.9Z`M%%%(`HHHH`*2EI*`(I_NU0?[U7Y_NU0?[U4B9
M$T=3"H8NE3"D!&XP:1/O5(XS3%X:J6PFM28"G4@I:@H6D(S1G%)N%`";:>*:
MQXXI@;FC<-B6B@<BBD,0BC%.HH`9BBG4F*`$I:3%+0`9HS0:0L!0("<5$[TV
M2455EGQ5QB)NPZ:;:.M4Y+CWJ&XN.O-9TUUZ5TPI7.:I642])<>]4IKKG@U4
M>Y)[T6R^?<*IZ#DFNA4U%79QNNYM1B:L4GD6WF-]Y^E51*9)-QJ.YN/-DX^Z
M.!2QLH.,\U@E?WF=G-;W47X&.X5I0G@5EP=16G!42-(EM*D`J-*E6L6:(,4\
M4F*44ABBG4T4N:0Q2,FJM[>16:C=EF;HHZU/(^Q&8*6(!.!WKF)=0$\Q+P;Y
M6Y&&[=JN$>8B<^4MKJ=[+('2-2@/W1WK274<1;W3@==O/(ZUAVUWNZ#''()Z
M43WD9C,:$E@2>O3-:N%^AFIV5[EZ\U(3MM@8E,9S5`W$@Z\U1C=XV(P2*D,Q
MQG;5J"1#G<D>Z&_'.3W-022$]*8[9)W5`\O/%6D9RD*TAYZ5&SFF[LTT\U5C
M)NXI---)24Q"YI***0PI*#24`.HH`RN>*2@"2.5XVRC%3[&NDT;53-B"X.6_
MA)[UR^:EB<HZLIP0<U,HJ2*A-P9VLZ9)QV%8VH$@@UI6ETEU;(W\3+S534(=
MZ,!UZBL8:2U.N6L="I;2XK1@)?G-<[%.5?::VK6X4(*UJ0L84I\Q:GA#+R`:
MKQPJK9Q3I+H4Q9@34132-':Y'JUJ)K8D<$5RK`JQ!KL+F4&$UR5Q_K6^IK>E
M>UC*I92NA;>/S9E3U-=GI^GPI;KE17)::!]J0GM77PS[8P,U-9O9#I6;;9))
MI\!;.T?E39-,@=,;1^5+YY)ZU/$_/-<]Y+J;VB^A@S:/'!<JZY`!SBNAL\"!
M<5'<0^;4UNGEQ[:)S<EJ*$%%Z$F:*"*!6)H+124M`"T4E%`!1110`4444#%I
M*6D-`#332*>:3%`$3"JUVG[DU<(JO=C,1IK<3V.&OL"Z:K>ER[9UJKJ:[;PT
MZR;$HKTFKQ.!.TSOK!MT8J[67I3YC6M2O,FK,]);"T445(PHHHH`*2EI*`(I
MONU0DX:M&496LZ;AJ:$R6$\5.*K0FK"F@0XC(J!S@U8%0SKW%5'<4A\,F>*D
M8@"J"2%&JP\F4IN.HHRT&SW(45##="1N#61JD\BG`Z5+I&XC<U;^R2A<YO;-
MU.4WUY6C935?"THEYKE=T==T2CI12`YH+`4ACJ2DW"DWB@+CJ*;N!I0:0`>:
M3.*0G%1/)32N%QSR57EFVBHI9\"L^YNP`<FM84[F<ZBBBQ-<^]49KK@\U0FN
MRQXJNTA;J:[84;'G5,4NA/+.6/7BJKL2:":8:W4;').HY#35N$^1:,_\4G`^
ME5E7>ZJ.I.*L7;`2A!TC&*SJ/H;8=:N1$KG=BK$0W2BJD9YJ_9ID[JR>AU1U
M9?@7I6G"*J6T><5HQ)@5SR9UQ1*@Z5**:HIPZUD:#Q12"J=YJEM9\2/EQ_`.
MM))O8&TMR[FJNI7BV-HTQ&XY``]36;H%S+>7%S/*Y(Z*I[#-2^)HI)=-RA&U
M'#-_+^M6HVERLASO#F1BW6NWLY=5=8T88PHZ#ZTMJA@TU[W.Z4GRU_V1CK64
M%R0!WZ5TYACT[02ES\SOR![]JZ)6C9(Y8-R;;9SZRE3G-*)><]*KDY.:3/:M
M+&?,RVUQGGO3#.Q[U7S1FBR#F8\L2>3FFDTA-)FF2%%&:2@`I*6DI`(:*4T`
M`YR<8&1[T#$I.U%%`#E8JK`8P1@YIN:2BD`M.!IE+3`Z#0ID$3!\DH<KCWK1
MN`9!N"D#WK+T!PJ/ZYK>8!TKGGI(ZZ?PHXO4`8+UL#@\BGPWQ&`:L^(H-KK(
M/I6*K$5V0:G%''43A)V-HW*E<DU)#<!AUK$+FGQSLG2FX*Q*JN]V;CR%D(S6
M)<QE9#GN:D%VV:BEF,AYHC&P2J)[!;$I,I'7-=!#,<#)KFP<'BK"W4BC@T2C
M<<9V9T:S`'K5V&3(ZURMO<R.W)K<LYB0`:PJ4['13J*1K)<#@&K*D$9%9YA+
M#>II\$[*VPBN9QOL="?<OT4FX!<FE!!Z5!0M%&*,4@#%%+BC%`"44M)0`444
M4#"B@T4`%)2TAH$--03#*$5,U1,,T(9QVMP;)@_K52U/[P5N:_%F//I6%:C]
MX*]*#O`X)JU0[71FS$M;0Z5A:*/W:UNCI7GU/B/0CL+1116904444`%%%%`#
M7Z5G7(ZUI'I5*Z3K30F5X6JTAJBGRMBK4;4Q(L*:5EW+3%-/'2D,IO$=]2*O
MRXJP4!IA7%7S7(Y;%&YLUE&"*=;VHB7"U8:GQ53F[6(4$Y7(RIQBGQH<<U-L
M!IP`%9MW-%&P@&!4,N15C%-90:2=AM7*$DCK5.34/+/S9%:SP`CI5"YL%<$8
MK>$HO<PG&:6A%%J:,>M7H[D,*RH]+"-FKB0%%Q53C#H13E4^T6VE!&156:7@
MTI&!5.Y?:#41CJ:REI<AN9PJYS6//,9&]JENIBQQ50FNZG#E1Y6(K.3LA":3
M-!I*U.8,TE+2&@98M!F<,>BC-02,6)8]7.:L6HQ%,W^S@57N1AP!V%<\G>1V
MTE:FF$77\:V[9-L4:]\<UC6X!D4'UKH8%WN`.PK.;.BDBW;KC%7T&*K0H1BK
M8'%<TF=:0HIU-'44\CBH*$[5S=Q8&REDO]099?FX0<[B:Z2L7Q#<VP1;>;<6
M^\`IK2FW>R,ZB5KLJ>&9U%W,N,!QD#L*L^(+^WDLG@CF_>$C@#KSTKG!+Y$C
M?9W89XW=ZB)).2<FNCV:<N8YO:M0Y2W8M!#*DTY)V$$**GU?4_[0:/:I4)GO
M69FBJY5>YGS.W*%%%%42%)2T4`&:%4NP5022<`4E;GAN&`RM+(1Y@X0'U]:F
M3LKE1CS.QC30O!(8Y!AAU%2VLL<0DWKDD8%2:A:W$-PYF4\GK5/I36J!^ZPX
MSZ4E+24""FTM)0`4E+24@"I[F9)5BV*`53#<=Z@HSQB@8H.&!(S[4$@L2!@4
MF<T4`:VEMM:+8.N0U=-&04`-<9:W+0L,<@5U5G.+B".1?Q'I651=3HI26Q1U
MV(/`X'4#-<GWKMM1CWK]1BN*<;9&'H<5MAWI8RQ"V844"BNDY`S29HIIH&B1
M32U&*LVR*[8:DPV>@^T?;+CUKH;6/*@BN?DB\B0$=ZZ;35WP*>]857I<Z*&[
M1H6Q.W!J<0J6W4V*/`%3`8KA;U.U$%U&[+A*+2-T7Y^M6<4N*.;2P6UN%%%+
M4C#-%&*6@!,4F*6B@!,44M)0`8H/2EHH`;0:=BFF@!C5&W%2&JUQ($!HO8:U
M*&J1B2,BN<A@*7&.U;-W=%N*J1+ND!K>E5LK&=2E=W.@TA<1K6R.E9FF+A!]
M*TQ6$W=FRV%HHHJ1A1110`4444`)4,Z96IZ:PR*`,F52K5)$U/N(^:KH=IQ5
M$EQ3Q4BFJZ-4RFD,E!I:8#3@:`&.HJ)7`.*F<9%564[N*"'H74;(I344((%/
M9MHI%K8=FHWD"BJTUT$ZFLV[U(*IP:UA3<C*=511JK<?,034P(>N2CU-_-YZ
M5MVMZ'7DUI.BXF5/$1F7VV@TG#"J%Q>JG.:6VNA(.#4>S=KE^T5[$\HP*R;X
MD(<5KR$,O6LR\3*FKIO74FK\.AS[GDTRI9D(8U":]$\1[A1244@`4&BDHN,M
MVZDVY]VJ*X3<^:LVW_'L/J::1DDFN6_O,].,?W<2G$<2+]:W]*8FYP>XK%6+
M]Z#[UN6*[-00>HI5-BZ2:9MJN*?0M.KD.P3O3^U-K.UZXDM].)B8J78+N]!S
M_A0E=V$W97+"ZA`T[Q;P"AP3D=:P/$\L,MQ%Y9!=00Q%8F3G.32@/*X`RS-T
M]ZZHTE%W..59SC:PVBM/^P;T2*A3ANK=A52XM&MKOR)&`.<$BK4D]C-PDMT5
MZ*GNK9[:0*W((R#ZBH*H35M&+CBGV\$EQ*(XE+,>PJ,&NG\-0Q0VC7#$;SQD
M^E3.7*KE4X<\K&$;"X$HC\ML_2DN+*>`_.A`^E=-=ZQ;6\AV@._J*J3Z[#)%
MB2$,/K6:G)]#5TX+J<V1BI(9W@<-&<&FR.))"P&`3TIE:F&VQU&GO_;%I(DW
M)'W2:P+Z!K:X:)CDJ:2UO9K566-CAAR*CFF>8[GZ^OK41BT_(TE-2BNY&:3%
M.VMM#;3M)P#CBFU9F)112T`-QBD-.--H`0T=J*!R:0Q0IQQ12J>*<.#GO0(1
M#71:#+E&0>U8<4(+$'C(R*UM,`@<8/!(J9[6-*?Q7->[&5'UKB;U=EU*/]HU
MVUV1M'UKC=2&+V7ZT8?<O$?"5,TX4F*!78<0III%.)I*`0T59MOOBH`*M6B$
MN".U)@]35%H)D!]*U[#$*@&JUDORBM-+<,N17%4ET9W4XVU1;C9648I]9EQ.
M;1"3TJA)XC11@`D^U9*E*6QHZD8[G2"EK"L]<CE]C[UKPW*2C(-3*$H[E1FI
M;$U+2`BEJ"@HHI*!BT444`%)2T4`)2T44""FFE)IA-`QDC!5)K)O9LDBKEW+
MM!K(F?))K*<NAK"/4J2\FI;5<N*8>:N64>9!6L-B)[F[8+B,?2KU5[1=J"K%
M)C%HHHI`%%%%`!1110`4E+24`0SID5GRH5.:UB,BJ<\=-`RM&U3HU5BI0U*C
M<4Q%E6IP-0J:D!I`24TJ.M`/%#'B@!#($JG=7:J.M1WLI1"17/7-Z[DC)%=-
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M&,KSRQZ"NIL]-MK-5\N,%A_$1S6)%X@E1V,I+@]`!TI\_B20G]Q"`O\`M'FM
MI*I+0P@Z<-3>GF\L*,%F=MH`K,UO2C<KY\7^M4<CUK+BUZX$H:0`C/3'2K]Q
MJMQ.$%I$V&ZD#O4J$HLMSC--&;!<I/;O!<+N<*=IQR#64%);:`<^E=;INB^3
M)YUSAG(^[Z5G-IDC:N4BC^16Z^@]:UC.-W8RE3DTKE(Z/=K"TKIM51N.:K_:
MI1$(E8A5]*[F>+S;=X@?O*1S7,OX?N`V`GXYI0J*7Q#G2<?A,;/?/)IIK>&@
ME)XHY&&7/\)S67?6ZQ7+QQG.#@5HI)[&,J<HK4J@C//2@XSQTH(Q1MJB!*7K
MCCVI0A)Q4[V<\:`LC!3S2&E<B,LAB6)F)1"2%]#46:DV,>,<T+$[MM123Z`4
M`1=Z6MJP\.W$S@W"F*/OZUOKHMBD'E"!3ZL>M9RJQ1K&C*1PM)7277AIS<@6
MY`B/4D]*S-8T[[!<A%R8R/E)[^M4II[$RIRCJS-I5'4TM.`^6J(!5P*<5PP%
M*`>*7!,E,1893M4KU&*L6LH9L=Q4:=J>D8$P8''M4,V5[Z&I=RX,0)ZUS6IX
M^V2?6M.:X\V2+ZXK,U'FZ<^].DK2'5=XE.B@]:*ZCC$I12@4$4"`=:T[`*16
M7WK1T_.?QJ9;#C\2.BM%^05J1<+6;:=!5BYN?(B)STKSY*[L>E'1%?671HRI
M/.*Y2Y@\L;@>#4^H:B]Q*0K86J\K[XEYKLIP<58Y*DU)W(`Q'0\U?LM5FMAC
M)8?6LZE%6TGN"T=T=+;>(AO`=6`/>NAM;M+A`0>M>="M32]4:U.UV.W/'M6%
M2BFM#6%5I^\=P3B@&LNVU>"?@2"M&-PXRIS7)*+CN=*DGL2BEI!2YJ!A1244
M`+2$T9II-``344C;5)IYJG>2A4/-)NR*BKLHW<NYB*H2M2RRY<\U7=BQK!:L
MZ7[J'J<FM;38R7S67;IEJZ'38=H'%="V.=ZLTHAA13Z!P**D8M%%%`!1110`
M4444`%%%%`!3'4,*?24`49H:@P5-:3ID54DCYIW$T-5JD4U!]TU(KTQ$P-*3
MD4P&G`TAE6ZAWJ:YR_M"C%@*ZU@&%9]W;!QTKHHU.5G-7HJ:.2-(!FM9]+._
MC-6(-+`P2*[75BD>:L/-LQ5A<]%-#0.!R#741V"@=*<]BI'2LOK"-OJ;L<B0
M125T%SI8(X%9LNG2J?E&:VC4C(YYT)QZ%)1DUT6EQ$1KFLZTT]C("XKH+6'8
MHK*O45K(WPU%WNQS)\M59EX-7W&!5.8C/-<,9:GH2CH8M^N,UC.>36QJ3@9K
M#8Y)-=])MH\^O%)Z!3UZTP#-6K>W:1AQ6C=CGWT1<TY>&I[##&K$=L8(MPJ*
M5>K5RW3DST8Q:II,KMPP-2QL=NVH\9_"GJ13!'2Z:Q-FE6Y)5BC+R,`H[FL_
M1WW6Q7/0UCZY?/+</`.$0X/O6"AS2L=#GRQN6Y_$0`=84)_NFL&61I9&DD.6
M8Y)IE!KIC!1V.24W+<#1VI*6J($K5T74%M'(DY4UEXXH%*24E9CC)Q=T=[;W
M45PH,;9]JD=EC!<X`QR37#6MY+:N&4FK=WJTMS`(B2`.OO7.Z+OH=2KJVIT"
MZG;K]YP3WQ4T>H6\G1ZXLOU'7ZU*+GY%0`AADD@]:;HH2KG77EU#!;F<D%L?
M+CJ:XR=C([.3@GGZU--/)/@$EE&`M)/:SPJOFHR^A-7"/*14ESE3GUZC%&.:
M<`,G(..V*:>*U.<!E2".#6Q9:JOE^5.H<=!FL:BDXJ6Y49N.QO:A<V45ILMH
MQYDG#'J15&PU)K(?*H)/MFJ!YY)R>]7-)LS>W\:`?(/F<^@J>5*.I?/*4E8[
M2V=I+>-W&&902*DH`P,"C%<1WB5D:[#'/;[6`#`Y#5KUA:O+O.!VJZ>Y$_A.
M6DC:-B#2(./QJU+\^014`0_=')KL//:)XX@1N-2"-`V[O2*"J!3U`IX%3<T2
M%7M39PRG>O4"I53C=G'M23,!&:136A5LRTURN?X:9J$?[YCZFK.CIFX;U/%6
MM4M"I/%-2M,:@W3.=88I*EE0AL5&>*ZD<;0`T]1NZ5'4D9P:"1QCYJ]8+CBJ
MX*G&:O6@!(J)/0N"U-RTX`K/UVX*1%0>O%7[4?+BH-6L?/A)[CD5RQ:4]3MD
MFX:'(;LG-/W<4KQF-RK#D4TBNPY4TQ.]+24N:10444H%`#D=D;*D@UUV@7C3
MPC>>1Q7'FM#3=0-HV/X345(\T;#C)0E<[T$>M+6';ZLC`$L*OQ7\3K]X5PNG
M)'8IIEVFDU$DZ-T(I^:AHH4FD)I":0FD`CM@5C:C<#&*O7<VU<5SMY*7>IE%
MLT@TAOFY.*<!FH(U).:MPQ[F`H4+%2G<N6$.]^E=);1[%%9^G6VT9(K648%4
MR$+2T45(PHHHH`****`"BBDH`6DHHS0`44F:3=0`ZHI%R*4N/6F&0>M`%>1:
MAS@U8D(/>JTAJB6B5)/6I0X-4-Q!IZS4A7+X-(5#5`DHQUJ02`]Z+A</)%.6
M,"@.*<&%.["R%`Q011N%)N%(8AC!J%[=3V%3YII<4U)H3BF5UMU4]*E&%%(S
MCUJ)Y0.]#E<2BD$TF!UK.N9U122:FN)@$)S6%=S,[$#-5"-V#1!>S>:QQ501
MECP*LI`SGD5?MK,`\BNZ,E%'#5I.4M"E;V;,1D5LVEIMQQ4\-N!CBKL<8%<U
M2JV;TL.HZC'@#6[#':LF2,^7TZ<5OC&,5FSIL=AV-9TWJ;36ABL,&@<'%37$
M6UB>U0XZ5TG,U8UM&F"2.K'`(S6'>3>==2R9^\Q-6]S):RLIP<8K-HC'5L52
M6B09I0:2@8K0Q#I3EP>"<4@/)I:!H2C'%!-)]:`%-`I,YH!H$.SSC`Q2Y(Z4
MT=*"<D4#N3POM96[@^E=':S1ZK:&"7_6`<,:Y8$U>T^[>"<,O)_6LYQNC6G.
MSLQEY92VK;9!@BJ@`SZ$BNVOK-;^!`3M8<]/:N8O=.EM9#O3`['L:4*B>Y52
MDT[HSR*2GD<\\4L<4D\@BB4LS'@"M;F%A((9+B41Q+N8]J[/1].&GV@5L&5N
M6(_E46BZ6-/B+R@&9^"?0>E:E<E6IS:+8[*-+EU>X4E+32:Q-QLC@*?I7.7W
M+,:WI?N$UC3J78UK3T,IZF,5R321IAR?2IIEVR$8IJ*<DUTW.:VHT<FI`*0+
MS4@%(:0@%0W9`C`[FM"*U=E#8P#WK+N1NN63TXH3NPEHC7\,68<F4CH*U]0L
M_,4T>'[?R;!21@M6BZA@1BN64O>N=D(VBD<#J-H8W/%9;"NWU2PWAB%KE+RU
M:&0\5VT:G,K'#7I6=T4@*D`&*;CFGJI;BN@Y6/@4N^!6O9VY&":SK:%T;-;E
MGG`S6-278WHP[E^W3`JU(F^(BHX!D58`XKA;U.U(XC6(O*O6..#5'.175:WI
MQG4LH^;M7+2PO"VUU(-=].?-$X:D.60RDHI:L:"EI*44`P-)THHH"Q)YS[=H
M)IR7,J?=D;\ZAI54LP`')IDV2-73K^X,P4DL*ZZU<M&,^E8.CZ<47<R\FNAC
M4(F*XJ[3=D=5%22U'&HI7V*:>6`JG=OE3@UC&-S9NQ0O9MW`K+D7)JY*0"23
M5<X)XYKH<4HG.I-R$C3FM;3[4L02*JV5LTCCCBNCL[?RU'%<TG8Z8ZD\$81:
MEH%+69H)2T44`%%%%`"4444`%!-)FDH`":0M2-3#3`<7J)I#2-FHF-.P"M(?
M6HS)[TUJB;-`#S)4;/3#FF$&@5QV<TH%-%.7%.Q+'`D4X.10,&EVBIL2.$II
MPFI@4&EVU(#_`#_>E\ZH]@I&7'2E=BNR3SJ8TP]:JR!NU1$-1RR9#J6++S@=
MZK23DGBF%&)YI53!YK6-&3W,G7[#)"6C-54M2[9P:T`-QP!5F*,#M70DHE1E
M*13ALAQD5>AM0.U3*@J:,`5$I7-8H:D`':I/+`J48Q2,PK%FI$5YJI=Q9&:N
M%JBEPRXIK0#&FBWIQVJLENS-C'!K4DCVMGM30H[<5LI:&,HZE8VBFW=2<;AB
ML*2-HG*,,$5U&W<N"?QK)UBU*,LR\J>#]:N$M;&=6&ET9=)2T&MCF`#BEHZ4
MA-`"D4E+F@#F@!#0!S2Y&<4&@!6P#\IR*2BB@8O>GQ,5<'TJ-:&ZBD"[G::1
M>M=PMN&"F!FI[Z`7%JZ,,\9'UKD;349;0?(<5TFE:JMZ-C8W@?G7+.#B[H[8
M5%)69SD>GS7,[10H7P?OC@8KI]-TR*QB!`W2D?,YJQ)/!;KEV5!56'6+:>Z$
M$66+'`-$I2FO((PC!^9H4445B;!2&EIII@13'Y,50:'DD<U>G&0*CQ5IV(:,
M6>S8N?E-*EGA#P<UK%.:"H`J^=D<B,!X2C8/6GQ1$MDC@5H/&DDW)Z5%,54;
M$[57-<GEL%Q<A(P%Z8K$MHVN+[:H)+-5JX;+;<]*T?#5EF5[AAP#@4[\L6R;
M<\DCH;>,10J@Z`5)117(=9'+&'4@U@:KIV[)"UT=131!QBKA)Q8I*ZL><W-N
MT+D8.*BC.'%=;J.G!\\5@O8F-^E>A"JI(\ZK1<7=$ML0P%:D"\#%9]M!M(K6
MMDP*QJ,VIWZER`8%6`*B3@5(&KF9N#J&&#61J>F1RH3MYQ6Q4-R<1G/I50DX
MO04HJ2LS@9XC#(4/45'5O5"#=FJ>:]%;'&A:6FYHS0.PM)1FE5&<X49H$]`%
M:FCVOG2[R.`>*JP:=/*P^0@>IKJ-+L?(C`]*SJ348A"'-*_0TH8PB#%/)I,X
M%5KB<(.M<&[.T?<2A%ZUDW%UR1FHKN^R2`:H;FD.375"%E=G-4J7=D22REVP
M*GM+=I''!Q26EH7;IQ7065H$`XK.I4[&E*GW'V-H$`XK248&*:@"\4_-<S=S
MJ"EI,T4@"BBB@!:***`"DI:2@`I*6B@!I%-*YI]&*`(BE1-'5G%(1FF!4:.H
MVBJZ5I#&*`,UXC431M6H8\]J88`:1-C)*L*3YAVK3:V![5&UKZ"C45BAO(IP
MF(JT;0^E,-F?2EJ39C%F%/$P--^RD=J3[,_I1J*S)A*/6D9P:B,#BD\EZ`LQ
M'85&34AA;TI/)?TK6,[&4J5R(FFD9-3>0WI2B!O2M551G[%D<?'6K".H`J/R
M6]*#$P[&AS3-8P:+'G`"D%QBH/+;TIPB8]JBYJHLLBYH\_-0K"U2K"?2E<JP
MOF$T9)IZPGTJ40^U2,KF/<O-0O'@<5HB+VJK<J8CR/EIQ8I%%9<2;35EHDN+
M=XW'RM5:2,,V5(S5JW5@/FJV0CF;FQFMY64QL5SP<<&JI7U&*[C&>O2JMSI=
MK<C)38WJM:*KW,94.QR7&*;72R^'8F7]U*5/N*Q+^QEL9-D@X/0CO6D9QEL9
M3IRCJRI3@2#2#-%69BCB@FD%+0`44G6@<&@!P.**2C&>:!@>:M(OV:!)TG&]
M_P"`=0*JXYS12:&G8EDGDF.7<G\:W?#-H#ONF'(^5?ZUB6EH]W,(T!Y[@=*[
M.QMA:6D<(ZJ.3ZGO6-65E9&]&+;YF6:2C-)FN8ZP-)110(BDI@YJ1Q3.,U0@
M(XJ"X+!"$')J9G`X[TQR-AY&::$S*V2!\#.34=TWD+M)^8U9GNX;9/E^:0UD
MEVGE)8Y)K:*OJ8R=M`16=E4*6+G'%=C90"WM4C'85GZ/9;%$KKSVK6S6-25]
M#6G"VHN:,TPM32^.]9V-1Y:D+"H6D]ZC:7WIV"X^90PK*NK<$GBKS3>]02.&
MZU4;H329FJFQJN0.*AE3)XJ(%D-6W<S4;&LK`CK3Q68EQCJ:LQSCUK,JQ<%5
M-0DVPGZ5,)1BLS5YL0M]*JGK(F6B.4NY-\['WJ#-(YRY-"JS?=4FO3.%"T9J
M:*SFD/W#6G:Z,6P9!4N48[LI*3V1FVMM).X"J<>M=5IVE)'&,BI;.QB@7H!5
M[>J+@&N2K7OHC:G1MK(1;=$Z`4_<%&*A:8>M5Y9CVS7,Y7.CEL3S7`4=:R+V
MY+\*:ED660\`TL5BQ.66MZ=HZLQG=Z(S$@>1LX)K0MK$\9%:<-H%'W:M)$%[
M4IU&QPII%>WMP@Z5>0A:;@#M3<UB="+'F"E#BJVZE#4@+0>E#56#TH>@"QNI
M=U0!Z<'I`39HS48:E#4`24M)2T`%)2T4`)12TE`!28I:*`$Q1BEHH`;BDQ3Z
M*`&8I-M/Q1B@"/:*-@J3%%,"/RQZ4TQCTJ:C%`K$/E#TI/)'I4^*,4!8K^0/
M2CR!Z58HQ0%BOY`]*/)'I5C%&*+A8K>2/2D-N#VJUBEQ1<+%/[/[4X6X':K6
M**+C*XA`[4\1@5+1BBX#-@I=HIU%(!,5'-")8R#4M%`&#/$8W*D4L,;J<[N/
M2M:Z@$J$]ZS!F)]K5LI71DXV994\4\>U0J:E0TF,D!Q45Q:PW2[9DW`=*DI1
M2&<OK6FQV6QXL[7.,'M6373^)49[-&520K<GTKF*ZJ;O'4XJT4I:`!0>***T
M,A5P&!/3-3WKVSR_Z-&47Z]:KYHHL.^EA12YIM'-`"G.:=&C2.$0$LQP`.]-
M!XKHO#NGA0+V0<GA!Z#UJ9RY5<J$.9V1I:7IZ6%L%QF1N7;^E7<T&BN)MMW9
MZ"22L@S1249I`%)032$X!)I@1SRK$F6.,]*JK*6!(((%$P21/-F)VDX0?UJ,
MQQ6L322-A3R`:M(AL4R$!FQ^)K*N+UG!VOU/;TJ&_OWN7\N'(CZ?6JC81-HK
M:,.YA*IV'O(7-:FD6+3R!F'RCO5'3[-[J8*H.*[*UMUMX5C4=!4U)\JLBJ4+
MN['*HC0*.@%(33VJ)A7,=0UFJ)FJ1JB850B)VJ%GJ5UJ!U-4(8STPM0P-,.:
M8#LTQE!%%+FBXK%64%>E-CN&4\U9==U0-#S1H]R=5L68[C*]:JZ@?,0]^*<L
M>*)(]PJHQ2=Q.3:LSG4LB\Q&#BMRRTU`@RM.BM@&S6C&``!6M2;:LC.E%1W(
MTM$3H*FP$'%2*,TK(,5S\K>[-^9$)<T#+4_8*FB04^1$\[&);%^M6([%<<BK
M$>T"I@ZBI>FPUKN0+:*!TIPMU':IC(OK33(OK2NQV0PQ@=J:5Q3VE'K4;2"F
M(0BFD4AD'J*89!18=QQI*89*3?2L,DS2@U%NI0:11,&IP-1"I%I`/!IP--%.
M`H`L4M)2T@"BBB@`HHHH`****`"BBB@`HHHH`2C%%%`!BC%+10`E%%%`!111
M0`4444`%+24M`!1110`4444`)1110`M%)10`M)110`55O+82J2.M6J*$[`S$
M5FC;8_%6%;BK-W:K,F0,,*RO->W?9)GBME[QD]#0#4[K5>.17&5-2!O6IL.Y
M(RJRE6`8'@@URVMZ>+28-'_JW_0^E=2&]*I:FUO+$UM*P5G&5)'0U=.33(J1
M4HG'\T4-P2*2NLX!:*2C-`QPHI9/+X\LL>.<^M,H`=TKJ?#]\LMJ(7(5H^%!
M[BN5S3HY&1@58J1W%1./,K&E.?([GH%%5M/N/M-E%+SDCFJFKZLMAB-5+2LN
M1Z"N11;=CM<DE<N)>V\ERUNL@,B]14]<AH):76%<\G!9C779Q53CRNQ-.?,K
MB$U#<?.A4MM0=356_P!1CMQ@'+>E9K375\?G;RH11&#W"4TM"R]U'')\@,C=
M@.:S-3D?:&G?,C'A!V%/-W%9*1"-TOK6?B2>4R2$L2>];QCU,)RZ"(Q]*M6=
ME+=2@*I//7TJQ8Z<\[#`X]:Z>RMH[2(*H&>YI3J<NPZ=)O<6PLDLX0JC+=S5
MNF;J7=7(]=3K6F@&D(HS1F@9&5IA6K%-(IW$5C'4;19JV5II6G<"BT/M430&
MM$I2&//:@+F6T)]*88B*U3#["F&$>E`[F48S2;36F8!Z4PVP]*+!=&<>.U-)
M]JT3;#TIAM?:F+0SPP!Z5(LH%6#9^U-^R'TIBLAJS@4[[0*/LI]*3[,?2BX6
M0OVD>E'VO%)]F/I1]E/I3N+E0[[<12?;F]Z;]E/I1]D/I1<7*+]N;U-'VMCZ
MTGV0^E.%J?2G="Y0^TL:/.8TY;8^E/6V/I2N.Q'O)IP8U,MO[4\0>U*Y5B`9
MIX4U86&GB+VJ;C(%0T]4J<1^U/$?M2&1*E/"U*$%*%I`,"T\"EQ2XI`/HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`*2BB@`S1110`4A-)29H`=FDW4TFF%J=A$F^D+U"7Q4324["N63)5:YC
MCG7#_G4;2&HVEQ5)$MF?-%-;/E22M307ZMP]2/*",'FJ$\*L<KP:U6NYF]-C
M6693RK`U%?CS[.14QYFWY?6L82RQ'GI4HO-W?FCDMJ'.GH89!!(.0?>DK4O(
M$G!E7`<#D#O69CWKH3N<DH\K"DHJ2."27.Q<XZTR;7(\TN:)$:-MKJ0?0U(]
MK-'&'9#M(S1<=F19K6TC1VO!YLV5A[8ZM63FNAT"22"(O))F)A\JU%1M+0ND
MDY:G01QI%&J1@!5&`*R/$EM)-9JT4>]E/)`YQ5F34,?=6J[WDK=\5S133N=<
MFFK%/P[;^0S7$IVDK@`C%:MS<#9PVT'UZUD3W>QN,N]4Y&GN&)=B,]A6KCS.
M[,U)15D7YKJUA)*?._KUJA--/<MR=J=@*L6VG22$!$/UQ6S:Z*JX,AR:'*,1
M<LIF#!8LQX4UJ6VG*N"];:VD:#"BD-N*S=6YJJ21#'MB4*H``I_G"FM;'/!J
M-H66HT9>I.)1ZTX2CUJI@BC)HL%RX)/>EWU4!-/!-%@N6@]+NJN&IP>E8=R?
M.:3BHMU.!I6'<DHQ3`:<#0`N*0K[4[-+2`BV4;:EHQ1<"'92;!4^*,4[@0>6
M/2D\L>E6,48HN%BOY0]*/*'I5C%+BBX6*WDCTH\D>E6<48HN%BMY(]*7R1Z5
M8Q2TK@5O)'I1Y(]*LT4[A8K^4/2E\H>E3T4KA8@\OVIWEBI:*+@1[!2[:?1B
MBXQNVC%.HI`)B@"EHH`,44M%`!1110`4444`%%%%`!1110`4444`%%%%`!11
M10`4444`%%%%`!1110`4444`%%%%`!1110`E%%%`!1124`---)IQII%,0TFH
MV-2&HF!JD(C<U"S5(X-0OFJ1#&,]1,U.;-1&K1+$89IAC)IQ-`D`IB(FMF:D
M^PENWXU:285.DR4<S#E1D/I\R_<YJG-9R9RRD'UQ75I+'[584PN.54_A1[5H
M'23.">WD7MFFA)%Y&X?2N^:RM9/^62U7DTF$GY5%4JZZD/#]F<0Q9SEB2?>G
M#S2NT%MOI77/I,6#@?I4(TR,G%/VJ)]B^YS45JS$;SM'>M6*1(T5$!P!Q6S'
MH\9ZK5B/2K=>JYJ)54S2-)HP#*Q/"FE6":8X`-=,EG;ITB7\JF5%7[J@?05#
MJ]D:*GW9ST&B2,<O\H]ZT[;2H(<$C<:T**ASDRE!(:%51A0`/:F-&2>&J2BH
M+(/*?UHVR"I\BD+"G<5B`[Q36!/6IBZU&T@IB(BE-*`4YI!4;/5"`TF::6S3
M>M,1)NI0U1J*>!S0!(#3P:8JU(%J1BBG#K0!3@*0PIU(*44AA2T`4M(844M%
M`"44M%`"4M%%`!1110`4444`%%%%`!1110`4444`%+24M`!1110`4444`%%%
M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444
M`%%%%`!1110`E%+10`E%%%`"8I"*=BB@"/;3&6IL48%.XK%8I3&BS5O:*:4I
MW%8H-#[5"T''2M,QTTQ>U4I"Y3':`^E1-#[5M&$>E,:`'M5*9+B8AB/:F[9!
MZULFV'I436P]*KG)Y3+WR+WJ1;IUZFKC6OM436OM3NF*S0B:B1U-3#4_>JQM
M/:F&U]J+1"\B^NIJ>IIZZB@/:LP6N.QIPMC[TN6(^:1J#4U]J>-20^E98MO<
MT[[-[U/+$KFD:7]I)1_:2>HK-^S'WI#:'U-'+$.:1I?VDOJ*7^T0>XK*^RMZ
MFFFW<>M/DB+FD:QOQZTAO<]ZS!`_J:D6%AW-+E0^9EXW?O3/M+>M5Q$U/$)]
M319!=DGGDTAE)[T+!4BP4:!J1[CB@9-3B'VJ01#TI7'8K!*>$JP(QZ4X(/2E
M<=B!8ZD"5*%I0E*X[#`M.`IVVG`5-QC,4[%+BEQ0`VE`I<44AA2T44`%%%%`
M!1110`4448H`**,48H`***6@!**6B@!**6B@!**6B@!*6BB@`HHHH`****`"
MBBB@!*6DI:`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`*2EHH`2BEI*`"BBB@`I*6B@!,"DVTZB@!A
M6F[!4E!IW$0F,>E-,0]*GHQ1<+%?RAZ4GDCTJSBDQ3N%BMY`H^SCTJUBC%%Q
M6*OD#TI?('I5K%&*+CL51`/2E\@59Q11<+%;R/:CR!Z59HQ1<+%<0+Z4OD+Z
M5/BC%*X6(/('I3O*'I4M%%PL1^4*7R\5)11<+$>REV4^BD,;MHQ3J*`$`I:*
M*`"BBB@`HI:*`$HI:*`$HI:*`$HI:*`$HI:*`$I:**`"BBB@`HHHH`*2EHH`
M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H
MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"DI
M:*`$HI:2@`HHHH`****`"DI:*`$HI:*`$HI:*`$HI:*`"BBB@`HHHH`**6B@
M!**6B@!**6B@!**6B@!**6B@!**6B@!**6B@!**6B@`HHHH`****`"BBB@`H
MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BB
MB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****
M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`I*6B@!*,4M%`"8HI:2@`H
MHHH`****`"BBB@`HHHH`***6@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`I*6B@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
;`****`"BBB@`HHHH`****`"BBB@`HHHH`__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>fut_a1014x44x1.jpg
<TEXT>
begin 644 fut_a1014x44x1.jpg
M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP.
M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=?
M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@"
MK0,/`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D*
M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A
M""-"L<$54M'P)#-B<H()"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U15
M5E=865IC9&5F9VAI:G-T=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H
MJ:JRL[2UMK>XN;K"P\3%QL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V
M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!
M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P
M%6)RT0H6)#3A)?$7&!D:)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E
M9F=H:6IS='5V=WAY>H*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V
MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#
M`0`"$0,1`#\`]`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`,C^V
M?^FNE_\`@?\`_84?VS_TUTO_`,#_`/["C_A&-'_Y\_\`R*_^-'_",:/_`,^?
M_D5_\:VO2_K_`(<QM5\OZ^0?VS_TUTO_`,#_`/["C^V?^FNE_P#@?_\`84?\
M(QH__/G_`.17_P`:/^$8T?\`Y\__`"*_^-%Z7]?\.%JOE_7R#^V?^FNE_P#@
M?_\`84?VS_TUTO\`\#__`+"C_A&-'_Y\_P#R*_\`C1_PC&C_`//G_P"17_QH
MO2_K_APM5\OZ^0?VS_TUTO\`\#__`+"C^V?^FNE_^!__`-A1_P`(QH__`#Y_
M^17_`,:/^$8T?_GS_P#(K_XT7I?U_P`.%JOE_7R#^V?^FNE_^!__`-A1_;/_
M`$UTO_P/_P#L*/\`A&-'_P"?/_R*_P#C1_PC&C_\^?\`Y%?_`!HO2_K_`(<+
M5?+^OD']L_\`372__`__`.PH_MG_`*:Z7_X'_P#V%'_",:/_`,^?_D5_\:/^
M$8T?_GS_`/(K_P"-%Z7]?\.%JOE_7R#^V?\`IKI?_@?_`/84?VS_`--=+_\`
M`_\`^PH_X1C1_P#GS_\`(K_XT?\`",:/_P`^?_D5_P#&B]+^O^'"U7R_KY!_
M;/\`TUTO_P`#_P#["C^V?^FNE_\`@?\`_84?\(QH_P#SY_\`D5_\:/\`A&-'
M_P"?/_R*_P#C1>E_7_#A:KY?U\@_MG_IKI?_`('_`/V%']L_]-=+_P#`_P#^
MPH_X1C1_^?/_`,BO_C1_PC&C_P#/G_Y%?_&B]+^O^'"U7R_KY!_;/_372_\`
MP/\`_L*/[9_Z:Z7_`.!__P!A1_PC&C_\^?\`Y%?_`!H_X1C1_P#GS_\`(K_X
MT7I?U_PX6J^7]?(/[9_Z:Z7_`.!__P!A1_;/_372_P#P/_\`L*/^$8T?_GS_
M`/(K_P"-'_",:/\`\^?_`)%?_&B]+^O^'"U7R_KY!_;/_372_P#P/_\`L*/[
M9_Z:Z7_X'_\`V%'_``C&C_\`/G_Y%?\`QH_X1C1_^?/_`,BO_C1>E_7_``X6
MJ^7]?(/[9_Z:Z7_X'_\`V%']L_\`372__`__`.PH_P"$8T?_`)\__(K_`.-'
M_",:/_SY_P#D5_\`&B]+^O\`APM5\OZ^0?VS_P!-=+_\#_\`["C^V?\`IKI?
M_@?_`/84?\(QH_\`SY_^17_QH_X1C1_^?/\`\BO_`(T7I?U_PX6J^7]?(/[9
M_P"FNE_^!_\`]A1_;/\`TUTO_P`#_P#["C_A&-'_`.?/_P`BO_C1_P`(QH__
M`#Y_^17_`,:+TOZ_X<+5?+^OD']L_P#372__``/_`/L*/[9_Z:Z7_P"!_P#]
MA1_PC&C_`//G_P"17_QH_P"$8T?_`)\__(K_`.-%Z7]?\.%JOE_7R#^V?^FN
ME_\`@?\`_84?VS_TUTO_`,#_`/["C_A&-'_Y\_\`R*_^-'_",:/_`,^?_D5_
M\:+TOZ_X<+5?+^OD']L_]-=+_P#`_P#^PH_MG_IKI?\`X'__`&%'_",:/_SY
M_P#D5_\`&C_A&-'_`.?/_P`BO_C1>E_7_#A:KY?U\@_MG_IKI?\`X'__`&%'
M]L_]-=+_`/`__P"PH_X1C1_^?/\`\BO_`(T?\(QH_P#SY_\`D5_\:+TOZ_X<
M+5?+^OD']L_]-=+_`/`__P"PH_MG_IKI?_@?_P#84?\`",:/_P`^?_D5_P#&
MC_A&-'_Y\_\`R*_^-%Z7]?\`#A:KY?U\@_MG_IKI?_@?_P#84?VS_P!-=+_\
M#_\`["C_`(1C1_\`GS_\BO\`XT?\(QH__/G_`.17_P`:+TOZ_P"'"U7R_KY!
M_;/_`$UTO_P/_P#L*/[9_P"FNE_^!_\`]A1_PC&C_P#/G_Y%?_&C_A&-'_Y\
M_P#R*_\`C1>E_7_#A:KY?U\@_MG_`*:Z7_X'_P#V%']L_P#372__``/_`/L*
M/^$8T?\`Y\__`"*_^-'_``C&C_\`/G_Y%?\`QHO2_K_APM5\OZ^0?VS_`--=
M+_\``_\`^PH_MG_IKI?_`('_`/V%'_",:/\`\^?_`)%?_&C_`(1C1_\`GS_\
MBO\`XT7I?U_PX6J^7]?(/[9_Z:Z7_P"!_P#]A1_;/_372_\`P/\`_L*/^$8T
M?_GS_P#(K_XT?\(QH_\`SY_^17_QHO2_K_APM5\OZ^0?VS_TUTO_`,#_`/["
MC^V?^FNE_P#@?_\`84?\(QH__/G_`.17_P`:/^$8T?\`Y\__`"*_^-%Z7]?\
M.%JOE_7R#^V?^FNE_P#@?_\`84?VS_TUTO\`\#__`+"C_A&-'_Y\_P#R*_\`
MC1_PC&C_`//G_P"17_QHO2_K_APM5\OZ^0?VS_TUTO\`\#__`+"C^V?^FNE_
M^!__`-A1_P`(QH__`#Y_^17_`,:/^$8T?_GS_P#(K_XT7I?U_P`.%JOE_7R#
M^V?^FNE_^!__`-A1_;/_`$UTO_P/_P#L*/\`A&-'_P"?/_R*_P#C1_PC&C_\
M^?\`Y%?_`!HO2_K_`(<+5?+^OD']L_\`372__`__`.PH_MG_`*:Z7_X'_P#V
M%'_",:/_`,^?_D5_\:/^$8T?_GS_`/(K_P"-%Z7]?\.%JOE_7R#^V?\`IKI?
M_@?_`/84?VS_`--=+_\``_\`^PH_X1C1_P#GS_\`(K_XT?\`",:/_P`^?_D5
M_P#&B]+^O^'"U7R_KY!_;/\`TUTO_P`#_P#["C^V?^FNE_\`@?\`_84?\(QH
M_P#SY_\`D5_\:/\`A&-'_P"?/_R*_P#C1>E_7_#A:KY?U\@_MG_IKI?_`('_
M`/V%']L_]-=+_P#`_P#^PH_X1C1_^?/_`,BO_C1_PC&C_P#/G_Y%?_&B]+^O
M^'"U7R_KY!_;/_372_\`P/\`_L*/[9_Z:Z7_`.!__P!A1_PC&C_\^?\`Y%?_
M`!H_X1C1_P#GS_\`(K_XT7I?U_PX6J^7]?(/[9_Z:Z7_`.!__P!A1_;/_372
M_P#P/_\`L*/^$8T?_GS_`/(K_P"-'_",:/\`\^?_`)%?_&B]+^O^'"U7R_KY
M!_;/_372_P#P/_\`L*/[9_Z:Z7_X'_\`V%'_``C&C_\`/G_Y%?\`QH_X1C1_
M^?/_`,BO_C1>E_7_``X6J^7]?(/[9_Z:Z7_X'_\`V%']L_\`372__`__`.PH
M_P"$8T?_`)\__(K_`.-'_",:/_SY_P#D5_\`&B]+^O\`APM5\OZ^0?VS_P!-
M=+_\#_\`["C^V?\`IKI?_@?_`/84?\(QH_\`SY_^17_QH_X1C1_^?/\`\BO_
M`(T7I?U_PX6J^7]?(/[9_P"FNE_^!_\`]A1_;/\`TUTO_P`#_P#["C_A&-'_
M`.?/_P`BO_C1_P`(QH__`#Y_^17_`,:+TOZ_X<+5?+^OD']L_P#372__``/_
M`/L*/[9_Z:Z7_P"!_P#]A1_PC&C_`//G_P"17_QH_P"$8T?_`)\__(K_`.-%
MZ7]?\.%JOE_7R#^V?^FNE_\`@?\`_84?VS_TUTO_`,#_`/["C_A&-'_Y\_\`
MR*_^-'_",:/_`,^?_D5_\:+TOZ_X<+5?+^OD']L_]-=+_P#`_P#^PH_MG_IK
MI?\`X'__`&%'_",:/_SY_P#D5_\`&C_A&-'_`.?/_P`BO_C1>E_7_#A:KY?U
M\@_MG_IKI?\`X'__`&%']L_]-=+_`/`__P"PH_X1C1_^?/\`\BO_`(T?\(QH
M_P#SY_\`D5_\:+TOZ_X<+5?+^OD']L_]-=+_`/`__P"PH_MG_IKI?_@?_P#8
M4?\`",:/_P`^?_D5_P#&C_A&-'_Y\_\`R*_^-%Z7]?\`#A:KY?U\@_MG_IKI
M?_@?_P#84?VS_P!-=+_\#_\`["C_`(1C1_\`GS_\BO\`XT?\(QH__/G_`.17
M_P`:+TOZ_P"'"U7R_KY!_;/_`$UTO_P/_P#L*/[9_P"FNE_^!_\`]A1_PC&C
M_P#/G_Y%?_&C_A&-'_Y\_P#R*_\`C1>E_7_#A:KY?U\@_MG_`*:Z7_X'_P#V
M%']L_P#372__``/_`/L*/^$8T?\`Y\__`"*_^-'_``C&C_\`/G_Y%?\`QHO2
M_K_APM5\OZ^0?VS_`--=+_\``_\`^PH_MG_IKI?_`('_`/V%'_",:/\`\^?_
M`)%?_&C_`(1C1_\`GS_\BO\`XT7I?U_PX6J^7]?(/[9_Z:Z7_P"!_P#]A1_;
M/_372_\`P/\`_L*/^$8T?_GS_P#(K_XT?\(QH_\`SY_^17_QHO2_K_APM5\O
MZ^1KT445B;!1110`4444`%%%%`!1110`4444`%%%%`!14+7,"G!E3/UI4GAD
M.$E1CZ`\T`2T444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4
M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11
M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%
M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`
M%%%%`!1110`4444`%%%%`$<\R6\1DD.`./<GTJB%FOUWRN8H.P&.1_G_`#WI
ML@-_J.PC]S"2""?O'C/'XC]:J>)[YK>*.",@%_F?GL.WX_TH`M(]C*66&S-P
MJ';N*@CZ`L?Y4YH[1U\MX#;Y/!&``?PXS]:--:&VTR'+J%5`2Q[^]4KZ\MYK
M1YEG01YP&SP:`+AFGTU@)LRP>O<?Y]/_`-5:2.LB*Z$,K#(([BLW1YUU#25W
MOO*G8S`]QR#_`"IFER_9;M[!^!RT8(QSSG\^30!KT444`%%%%`!1110`4444
M`%%%%`!1110!7OKR*PLY;J<D1QC)QU/M0;VU5$=[B)%==ZEG`R/7FH-2L7U!
MDA=@MMAB^"-Q)&`,$$8Y/Z5@GPYJ;VUM!,]JZVT<T:$NV2'&%_A[4AG3M=VR
M.$>XB5CC`+@'GI1]JMQ)Y?GQ;\[=N\9SZ8]:YJ\\-WMPJX:VRMG';@L[<,K`
MD_=]J??:!?3ZK+<1&W\MYHIOG=A]U2",`>],1LWNKVMG:M<%_.1'",(2&*DG
M'/-.U/4H],BCDEBED6201CR\=3TZD5SB^&-2%M/&SVN95B`Q(V!L.?[O3%;>
MOZ=/J=K!%`8U*3+(Q=RO`[#`-`$]GJEO=?:1\T+6S;95EP-OOD$C'XU-]MM,
M@?:8<MC`\P<YZ5@G0+Z.QN;6*2%D,ZSQ,S$.^#DJYQS]<UG7&D2S:I<6,$$,
M;26JCF1F$9\S<<$C)/Y4`=F9X5E\HRQB0#=L+#./7'I5>;5;"$)ONX?G8*N'
M!SD_RK(.@W?]I>:)D,?GB?S"QW'";=N,?Y%,M_#4L&G6"+':&ZMIQ)(_.)%R
M>-VW/?TH`Z6EI*6@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`J.XD\FWEE`SL0MS["I*JZBX&G7.,DF-E``R22.!0!GZ"0EA
M)=2$L>23[`D_R(KG]8DN;NY6>:-"D@PB$\J/3ZUHZ7=.N@W*@<A&`/ON*G\A
M@_C6/BZ@>WF+))$AW(['AL^H_&@#JX+`2Z7;PLQ5HXU7Y>Y`Q5+5(H(+**-7
M7<DH)]3G(_K6E:3F2WCW85BHSZ9K+UV-C'&7`?#!MVW&#0!9\+E5@NHP1N$V
MXX]"HQ_(TFK7`MM4MGX&&!SCL>OZ(:SO"TD@U>YY'DRIP`>ZX_\`LJD\2!IK
MV-(P68[E"KR3A#_\70!U5%-1U=593D,,CZ4Z@`HHHH`****`"BBB@`HHHH`*
M***`,O5M7;3;JSA\E'%RQ7>\NP)CUX-)%KMHH1;R2.WF?!5-Q8,I.%8'`X-.
MU32?[2N[.9I55;9RQ1H]P?/;K0ND"/4S=Q2A%%K]F6/9G:`>#DG^E`#_`.V]
M.\J27[4NR/&XX/&>AZ=#Z]*AN-=@1;5[8"XCGN1;L0Q4H?IC]*SE\)R"VN(3
MJ"GSU12WD=-IR/XJFF\,F>!HI+P;6O#=-MC(/(QM^]^M`$]_XACMI(A%%YL<
ML4DBR,2GW1Z8Z'UJQ!K=C*\433HL[[1Y?/#,,@9Q_P#KK/N/#<]S!;QRZB&:
M&%X0Y@Y(88Y^;J*(_#+I.LOVU3MEADQY/_/-=N/O=Z%_7W_Y`S1U#4GL[^RM
ME@63[6Q4,9-NW'M@YI3JT,'F?;"L`$WE(02VXXSZ<=:35-->]FM+B&58YK5R
MZ[ERK9X(/-0W6C/<I;EKE5DCN1<L?+R&/H!G@?G0`LNO6J2VQ61&MIHVD,N3
MP!Z#'/OZ59;5K%8_,:?"X4@[3SD9&..>.:SK3PYY!LA)<K*ELDD97RL;P^<]
M^.M)_P`(V$LK2&*=3);2%PTR;U<$8P1GTP/PH`T%UK3FG$`NX_,/;GTSGZ8Y
MS33KFFB,.;H!3ZJW3CGITY'/3FHK'1OL<U[(LL9%TBJ%6$*$VKCIG&/:LMO"
M#M"T0OPD1W8C$1(7..GS9[9QR/YT`;=CJ/VR]O;;R@OV5E7<&SOR,YZ<53?6
MKM-1-D=/C\WR#/\`\?!Z9QC[O6K6FZ8UC=7<[3B0W)0D!-NW:,>IIKZ4SZX=
M2^T`?N##Y?E^^<YS_2@`CU_2Y&58[Q&+$`84\DYP.GL:E35[!Q"4N%83<I@$
MY&<9Z<#/'-9__".NFDV5FETN^TF\U9#'PW).",^_K4<?AEHXK%!=C=:'(D6,
MJV-V2.O?ISG_`!`-;3]2@U`SBW+$0R%"2I&35RJ.F:>VG_:1YPD2:9I0-F"I
M;J,YY_2KU`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1
M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%
M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%59I;H.1%;@@=
M&+#G\,T`620.IQ65<R[KSR5*;D<.%;^,=>/0]1_^NGSC4)5&(45AT)`(_+=5
M)K"^9CFUCPWWAYG/X'M^M`#=0C)MIA'\C.QP5Y#[AT^ORXSW(%<DUP()(3Y;
MJ%<,&9L[<?Y%=FEK?G(EMPP[,)0&_$X^:LW4/#MW>1/B)5E)R&W@`^Y]#]*`
M-)2MS9>=9A0>K0Y^Z?:N?U:\O]K+)Y@3L"G.?K5FST'6K5%V&-748!#Y!]B#
MU%31:)J+2-+<PQM(!\FV3C)XYS]>U`">%4^QZ?/=M%EI"%A9NK]?TXY^E:2H
M0ADB4&9XCB4MC<S<\>W4GZCTJM9:+<68"I!D8^8EQG/MZ#^?Z58DM+^0[?LX
M$6,8$HW-_O-C)'M0!:TV<-*8E=/+A4!BHPNX]`/H`?S%7WFBC9%>1%:0[4!.
M-Q]!ZUBI9Z@A++;PASWX('X9_K4K64LC0/+9QR20MO5VQG=Z]?\`.!0!LT5!
M!).S8E@V#'WMP/Z5/0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%
M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`
M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4
M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%9'B266"
MRA>"66-C<1H?+."03@BM>J]Y96]]&J7*LRHP<`.RX(Z'@B@#!U">>VM;2037
MRA[_`,MD;[Y3!R..OW<CZU9TO4IAX<>]F?SCN;R23EF&["!L=\\5J75C;WGD
M^>K-Y+AX\2,N&'0\'G\:@&C6*LQ6-U#2B;:LK*N\=\`XH`S;*]GNO#5Z);AU
MO+02*THX)*Y*MSV(Q3(+ZZ?4;+3KV:2*\BF(DV'"W$>QF#_FHS]3^&N^D63M
M=,T;YNQB;$KC>/SX]..W%0R-IJZC#$ZRM=V<9=/W<CL$(P><'=^9Y]Z`,:SO
M)I]6GTV6]N8A]J<)*6^\J@8C4^O.3GMBM6T>3_A([V)IY##%#&RHS<`G.3^E
M5S'X?DTW[0`\MM/.)-ZF5SYO3/'*GMV[4I_L.X^W3EKAC$H2Z.9Q\H[$=^]`
M#'DG:Y\0*+J<"W13#A_N$INX_']*;;7ER^H6NFWT\L5Y#(=QC.%N(]K$-^:C
M/X_A-/+HJ37@E%T)+B(27`V3Y*>IP.!V_,58>32X[^VA;<UQ:$*C8=_+WC:`
MS<]<]SZ4`1>)_/M],N+V"ZEB:*,!50X&=PY/KQ46LK<:?!`8KNZD\V^C7`?Y
MMC``H#^''UJ6^U32+VU>WNC,\1C\UE$4HR@/WL@=,]^E6'33=1F-B[2/+9LK
M["\BE3V;.1N^O-`&=J$E]%I4,EM-<)<>>Y5)OO%55FVG'7(3]:6+59-0UO3F
M@D=;*9'PH.-S*JL<^PW8^H-2^;HBV_VX27#10W&3+NF;]X1MR?7@`=QV[TI?
M0[407!$D`M',2965!$6Y.1V!R.3P:`*FG7.H/?%(9+B81W\L4N\900C@<D=?
MISZUH:#))+'?B:>239=R0J7;)"J<`"GI+INDR3PIYRM(&N'&)'!]6!.1^1JK
M;MH:3L(OM*MY[,^[S@HDQDEMW`..>:`*^BO=WL9#W%XI_?+YS$&,X.U0.^1G
M/X&IK=9_[2U)/MER4LFB9%+YW#9N8'ZU8TJ#29&4V2S?NSYR!VE"G=D;@&.#
MGGFM"&PMX+N:ZC5A-/CS&,C$-CIP3B@#GWN[S_A&!K:WC_:.)"F1Y9&[&S;]
M._7WI\VH75EJ%S+.\K::[*C\Y:V+*#N'MDX]JUET6Q7@1-Y>_P`SRM[>7NZY
MVYQU[=*F73[8/<.8V8W/^M#NS!NW0G`X]*`(M$9WTBVDDE>9W0,7<Y)S5^HK
M:WCM;:.WA7;'&H51G.`*EH`****`"BBB@#+U+49K/5+"W14,5QYA?*DL-JYX
MY`JO'XHLY+=YQ;W(1%1SE5SM8X#?>Z9'-:5SI]M=3Q3S1EI(<A"'88R,'H:@
MAT33H(Y(X[?"R1>4P+L<KZ<GWH`B'B"T-QY(CF+=R%!X.<'@YP=OZBH8/$<=
MU<VL=M;2LDZNQ8E<@*![^]77TNR$OGE#&1&(R5<J"HZ9`.#BFQZ/I\$B2+&5
MD#,5;S&!)8<]^>!^E`%(>*[+RQ(\%S'&0K%F5<!6)`)PWJ*D_P"$FM/)CD6"
MY82,%4!5YRNX'[V.E2CP_I+PA1;[HRJJ!YKD$`Y'?U-/&B:>(8H3$Y2)MT8,
MK_+QCCGI@]*`(['6EO\`4%@@@?RFMUG\QL=SP,9JO/KEQ;:S-9RQ1F)@5MV`
M(+284[3S_M5HVVF6-E-&\$?ENL?E+^\;E1SC!/-.>QM#,)'0&0R;P68YW;<9
M'/IZ4,#(L_$RKI=M=:A&0\Y89A3Y1AMO<]>_YU9B\26LDDJ""Y!C5S]P'=L.
M"!@FI#X=TIHDB-LVR,$*/.?@$Y/?UYIW_"/Z8=V;<G<&!S*_.XY;OWH`JGQ5
M8^472*X?&[(55XPP7^]@\D=*DNO$MG:R2(T5PYC?8Q10<-QQU_VA^N*@NO#2
M&:-["=[8+N;ARQ#DCYOFSGITX^M7Y-$L9GD>6-V,I#.!(RAF'\6`<9H`NP2F
M:%9#$\1;^"0#</K@FI*2EH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"L=EE3Q1)<^1*819"/>%R"P8M@?@:V**`.3BTN[@CL9K2)XXYI(!
M>6[#[K(ZG>/RY]N:T+K3ISX@#Q+_`*)=HIN3_M1D$?GP/IFMRB@#G=1@FDU^
M6<1W:Q"T6,/"OWF#EL?3!J.YAO/[8BNK*"X@GDEC$Z8W121[1DD]`1T]>.*Z
M:B@#',3CQ2DH@?[.+,P[PORAMP./R%4+JQO)]6ENK2.6%GF,,C,N,PE%!8?0
MJ2/J*Z>B@#DY;2?_`(1N^LX;*9&>[+11A,?)Y@88].!5RZC:6T>![6[N(FN(
MV8RIDLN<L,>@`_6N@HH`P-*T^[L=6:WE)ELHX6%O(W)`++\A^F*=8Q2J=9\R
MT=Q+(TD:N-HD&T#&>V<5NT4`8'AZ"ZMKJXA'VC^SE1?)%RN'0]U'?`__`%5O
MT44`%%%%`!1110`4444`%%%%`&-J]K+<ZK9^4BY$4H,CPEU4G;C/;UZU2O)]
M3M?/%JUSLC=DAC6W!7:$!'.TGKD?U%;UU>06B[IWV\$],\#J:C;4[98][%P=
MY39L.[(&3Q].:!F%J<NHSPW*;;F6*0NBQFV.,;`5/W<_>R*MDW%Q'8R31W'G
M)<L7!A_U8VL...5Z8)SFM#^UK,MA92PQG<JD@\!C@]S@YJ>XNX+:W$\KXB)`
M#*I;.3@=/K0(PM#N-3+VPN1<!"S(R-;!%4!`0>%&/FR/2I]2-X;]+V&&1H[-
MPNT!MS@_?PN/FZCG_9-:']JV8D$9D82;Q'L,;`[CTXQWQUZ5/]IA-V;7>/."
M>9L[[<XS0!@W;7MUJ:;#-#-&\BQ$0955*?*V2O<]<FGW<^I&PM;A1*LTDV=A
M@#^4NTCG"Y'/.??\*V[:ZANE=H6+!'*-E2,,.HYJ%]3M(Y7C>1@T;JCDQMA6
M/0$XQSD4`9,UYJ9MX,/<0,T;$,+82EW#?=.``..AP,]:>ESJ40L6E>XD$BJT
MR^2`RDXR/N]!SQP><\UI'5;01O)ODV1LRLPA<@%<Y[=L&DN=4LX;7SG<O$T9
MD!52P9>!].XH`KZRRWNA,\"/,)"C(%C))^8=L9Z53BN]52.5L7$G[IRJM!MV
MD28&/E'.WG!ZUIQZG;&VBDC63:Z%E18R6P,#H/K4HU&U9;4B7/VK_5<'+<9_
M"@!NG3^;&5,DTA!W!Y83&2I)QV%7*JV]_;W-P\$9<2(-V&0KN7.,C/4>XHEU
M"WBF>)C(709;;$S`>V0,9]NO-`%JBJ"ZO:,B/F0!G\LYB8;&SC#<<<D=:LBX
MC-P8%):11EL#A?3)_I0!-1110`4444`%%%%`!1110`4444`%%%%`!1110`44
M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111
M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`
M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`9
M.IVDTMX6CVXEMG@!8956)!Y]B,U#%I%Q!'"8MG[EY#'&[YPKKC!;')!Y^E;E
M%'D!SUIHLFFPQ(SB2&W=I01DL[%-NW'U)[^E6FTZY;P];V*E#,@CSO8@?*02
M,@'TQ6O10!B7&E7=QJD=\QA5DD3Y`YQL7=WQR26I[:9=_;8KY9$^T"9BZ%OD
M\LC&`=N<X"^V16Q11L!FZ?;7MJ9$9+?RY)WD+"1B0&).,;>OXU4N]'N9[NYE
M5HU\V:.1&\UOEV@=4Q@GCO6[10!A+I-VD=QM$)DEDE8$SOM`?/\`#C&:LP:2
M(KQR=C6<D;`V[#(5B03CV..GK]:U**`*!M&B$WDP1[6"QI&K^6%3O@@<')-4
M4T.Z22RD%\Q\AE+*P!`4`C`.,GKWK=HH`S$M;V6YFDF9+<L-JRP2;V"@\+AD
MP.Y)ILEE.+XW<$$$<R*0'WD>?D<;\+VZ]^E:M%`&,;"\EM5@>.*)O,\TRQW#
M$AL@Y(VC/?CITIT.ERQ:HUR&4*9FE+ACN=2N-A'H#S^%:]%`!1110`4444`%
M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44
M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111
M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`
M!1110`4444`%%%%`!1110`4444`8/BIFM[);B.YFB<R1IA)2HQNYX!]ZC&IW
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M#+LSA21\S;1^M&ZL&QA1^(;A='M67R3<AFAF\PYPZJ<<`CJ0.?>@>(K\179D
MCM5DMXRQ7GKM!!`W<J22/RYK>O\`3K?4%07*;O+)*]QR,=#Q0QM-*LE)'E01
M`(,*6P.@'&3WHWN'8YY=>O;AK=3+!%_IB1NZH=I4INYRWKQUKJZ!R*6@`HIK
MNL8!=@H)`R?4G`IU`!1130ZF0H&&]0"1W`/3^1H`=156"_@N)?+B+DG=AMAV
MMM.#@].M6J`"BF%\2*FUCN!.0.!CU/XT%\2*FUCN!.0.!CU/XT`/HHJ*>>.W
M0-(3\QVJ`,ECZ`4`2T55CU"VD@AF20F.;.QMC<\$^G'`/6FQZG;2+O!<)A6W
M,A`VMT//:@"Y14,EU#'<16[L1++DH-I.<=>>E34`%%%%`!1110`4444`%%%%
M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`
M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4
M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`&9J
M>GS7=Y;RH%,<22*P\YHR2V.ZCVJM%HLXMHXY)8UFAA189DZHZENV.F#CWJSJ
MVK'39(U\J-P\;N"\NSE<<#@Y)S2KJ4L\LD=M`"T42R2"1MI!89"].M+H,C73
M)!=:=,1$?L\.R4[CEC@8P,<X.3S4VK6!U&**+Y0@8EB3@CY2`1QU!(/X58M+
MM+RQCNH1\LB;@&X_`UGZ=KJ7TL2&.-?,A,K;)=WEX(X;@8ZTWV$NY3ET.^:4
M3.T$SM&OG`NR^:P;)'`X&,`?05.^CW.,1B!%\N%0OF,=NR0L1D@D\''^%77U
MK3T`+3,`<=8G[C([=^WKVI^HWZV5@]P$,C;"R1]"V!GOTXHV#<R7T&YD>(N(
M&\M\R$L?WXWALGCKC(_$]JMMIEQ_8'V!?)$@;CYCM"[]P[>G'2ICJACO#%,D
M2Q^0TV5DRX`QU7'?/Z56779'FCMA;*+B6,3(I?C85)Y..O&/QHV0;ZD<N@M/
M>2R2QV_ERR.6()W;60#'3U&:671IVLX%D2&XDW$SH7,:N2,`Y`SP`/UJSI^M
MP:C,BPX564$%^K-C)4=N`1GFM6BP7.=BT*X%J\4BV[_O8I`K$D':<L"<9(.3
MC.3ZDU'_`,([.(V"I:ARLF&#'AC)N4_=[#(_&NFHH`YU=#G92)(;=G\U&>1I
M6;S0'W9((P#C(_'TJSHVDRZ?<R22);_-&$#(3E<,QQT'&"/RK9HH`Y]](O',
MQB,=OYJMYBK(2DC$C!QCY>.I'KWHL_#T>^[-S:6\<<\8551S(8SSGDCW[>E=
M!10!SSZ'=F-&5X!<&)UE<9&]CMP.!TPN/QI;K19[B$"."U@S%*A0.2%+$$<X
M]B>W6N@HH`Y&_L);>X\GR$:)V=UCCW8`)4X7Y<!OE/X&MZ]B<W5C.%/EQ,P=
M0/N[E(!_`_SK0HHZ6`R+.QNX+6WMF6+%J&VON)WG!`XQQUYJJ=-N(+&\A5%1
M+B+RTMT<NHD.<D9`VKST]JZ&B@#-O+":>YM77RV2&*1'WL<L64#T]JS(M!NH
M"G[JTEBV(LD)<A78+M+?=ZUTM%`$4/F!2LBJ`N`I5B<C`Y]N<^M2T44`%%%%
M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`
M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4
M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11
M10`4444`5IK-9;R&Z,DBO"K*H&,?-C.>/85$VG?O&E2YE262,1RN`N7`Z'I@
M'D]*I:WY\NHVMM;3F-Y891CSFC&>,'CKCFH5U6]BG:W>:UVQNT7FNA^\J!N?
MF[\_E2&;-O:K;1"*)V6%4"(G&%QW'&<_7TJI#HEO&L*-)-*D,;1(KE>`W!Z`
M9XJ"RU*^N9A%+''#F,3<H>(RO0G/7=^@K,DUAVM+3!CC\HPOY88YESG."3TX
MQSFF_,2\C8.A0/&4EGG?**F<@'"YV]!U&<_6K%[I=M?VPANU\TA2HD;&X9')
M'&,_A64-;NVBB9)K!O,)PR!F"X0M@\CG(QU[]J6+7Y9;62<?9P43)@YWC@?,
M>?N\D]*`[&FFF1*4#LTD<:E(XR``@(P1P,GBH5T.W4JXEE\U%"+)QD*%*[>G
MH3^-3:=>BXB`EGM7F)8KY#Y#*#U&?UZC-8NGW4AU3,URZ6_G3H':<LKG/"8/
M"X'(]:&'0U[;1[:UDC,6\1QMO2/C"MMVY]>E:-8$%Q.?"'G12R/-Y9R^XLWW
MN3GV%5I9H-TL;7YA(N,6K-<%0%&TL>OS<Y'.?2CK8.AU%%<[<RW\&J-Y"/<.
M'=R$?(\LJ`JE<\$-S^!]ZSX[N[:&<.]RC1K,82[8+R^9P.#R1P,>YH0'945C
MZQ,TEE-&Z/;R*I,3-.(P[8_AVDDX]"*HI<WC7!>,R?:C+(/*8](Q%E<CZXY]
M2:`.FHKD5N[H20Q0W!%O)'&TLLCG'F;&8KG.1G`S_P#7KI[*4S64$IC,1>-6
MV'^'(Z4`3T444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!2$!A@@$>]9.M
M:/\`VD\;(41MIC=F7)VGD8]P0/S-4YO#T[%)H7@2X($DK;.&E!R#].2/H!0!
MT5!4$@D`D=#6!>>'F\R-[$PQ%$4_,G5T/RG\<G/X58N=-F:&WAB@@>"`E?*=
MR!("N-QP."#G_&@#7``Z`#Z48&<X&3WKG?["NVLYH2T(D:!XB^XXF8MD,W'&
M/QZU7U31I(+6YF6*W5078!"<[2@`4?+_`'N<4`=/Y,?F+)L&Y5VJ?0>U.5U<
ML%8$H<,!V.,_UKF9-`N"9I+:*V5)U8"/?@1@E""..>5)_&K%SHDSSS2>1;2Q
MRS%VC,C)N!4#D@=CD_B>E`&_45K<174`EASLR5&1CH2#Q^%80\/S1Z=%#&EN
M)U=F9@25.2<9R.1@X]1V-.31+J-)MBVVZ6.16^8_,3)N&>.PXH`Z``#.`!GD
MT8!ZCI7-VOA^YCCO/,%L))%Q"RL21\S$@_*,`@XXJVVGW(L8X(;:W1!)YK0F
M9F4\_<R1T/)]`0..]`&R0#C(!QR*,#.<<U@S:+<2':HA48CV$,?W(7.4&1R"
M./Q/%1VN@3V[0,$M@T7DDLK'.5SO(^7N,?7'-`&REY;O>M9KDR*"Q^7CC'?_
M`($*M5@WVBRW0C)6%G,3JS,>8W9@VX<=L']*J2Z*UK"7D2+?M8(8U+,9-^Y#
MC;^'/K0!U-5[F[CMBBN'9WSM5%W$@=3BL>[T"29$\M;?>+=U+-D?O68-N&`>
MX/YU#<^')9O,"PV@&93&,GY=P&W'R\8()_&@#I:BDN8XKB&%L[YL[...!D\U
MB-HMQ.#YL-K@SR2["Y(PR;<?=]>:@_L*_(C61;>1E)W2^:0Q4H%V_=[8^E`'
M4454TRWDM;".&;9O7.=@P.23_G'%6Z`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHK-UZ%GTV>9+BXA>")W7RI"N2!W]>E)Z#2N:5%<[#>
M7%C%/Y&^Z2WB2:=KF<EN1G"<>@[U<U2YN1+IILB-TTI^5V*JPV,><?G^%-B-
M:BN>D\12B.%5MT$[!RX.]E&UMN!M4GDCO3%UB[?542"+FYCBVQ3,5$9(<D]/
M]F@#I**HV>H>?I\ES*FQH2ZR*IR,J2#@]^E9">)KAUC*V:L9MOE_?`4LP&&)
M7'?J,]*`.EHK"EUJ[B@?=;)YD4YBE<;FC4;0P/`)YR!TIPUTFTN9Q%&?(MDF
M&V3(8G=QG_@-`&W16%=:Y<0-<L+:(PQ2K`I+MN9R`>@!X`/UJU8:C->65Q)Y
M&)H20HPP63C((R`?;I1TN!IT5ST?B<33>7%`"76/RLM]YFV[A_P'<*ELM?>[
MODC%O^XD=D5E#[EQGD\;<''8\4`;E%9%_JES;7-RL-O$\5K"LTA9R&(.>`,=
M>*B?6KDRR^3;1-$)E@C+2$%G8`@D8X&#0!N45@MX@DMI[B"]@17A1OFC8D.X
M`(`X[@_H:(=3NO/>W2(&YEGV8DD.Q,1JQQQG'/2@#>HKE[?7;F"UBB9!)<.9
M78N78`"0@*-H)]OPK7EU-H]+@OO(948H9$?@QJ3@G\,T`:-%8J:Q<W4YBLK>
M(GYW5I'(#(IVYX'4G/X4BZ_OL[FY2`!8K9)P&;J6W<?I0!MT5G:IJG]FK%))
M&#$ZOEL]&"[@/QP167)KLUU9AHH3&Z&(/B0KMD+XVGCIQS]:`.EHKF+6_P!4
M<:?(IBDDDLWD<.Y"G!7!.!U_QK5DU1O[+M;J*$&2ZV+&C-@`MZGT%`&E16/;
M:M.]TMO/!&LGVEH&*.2.(]^1Q5*?Q.\:.ZPQ%8RVY=[%F`<KQ@''`SDXZT`=
M+17*:GJ5U`MVT,K[UN7$>7P%`AW=,'/<X]:T9-8FMOW$\*&X:.,PA6.)"QP1
MT[']*`-JBLG6=4FTYH]D*F,J6:23=MR/X<@'!/J>*K?\)"S7ICBM]\*R+&Q4
M,S'.,L"!MP,^M"U`WZ*Q(M:N`RS7,$,=D\SPB02$L"I89(QC!*U#%K,Q=I/(
M/FS)"(HVD^4%V;&>..!DT`=#16#=:Y=6LJVTEM$+C#,Q#,RE1C&-H)!.>_2M
M>SG^U6D4_EM&9%#%&&"OL:`)Z*P1KSR7WV;RX]DAD161F)4J"<DXV\XZ`\4[
M0+F>>3$TKN/L<#_,<_,0V3]30#T-RBL5=7N3`]Y]FA^R8?83,%;Y<XSGCG';
MI5*?6Y[FUF08CDBEA_>1%@&5FQCY@#V/L:5QV.GHKF[?6[B""P26-2DD,1,T
MS,/,+=<-C`(]SS5_6[RYLWLF@*^6TI\T$]0%)QT]OY4WH):FK1658ZG<37%O
M'<P1QK=1&6(HY8@#'#<=<$=*AN==>#4Q;B.-H_.6(X9BWS8YX&T=>A.:/(/,
MVZ*PX];G#I)-;1K;222QJ5<ELIN.2,=]IHL;V]N=6MC.J10S6K2JB.6ZE<9X
MZ@']:%J#T-RBN9^WZBFO7,:".7=,((D>5@B#9NS@#T%7(M9G80SR6\8MKAVC
MC(<EP1GDC'0[31TN!M45SHUW4#!YOV.V`-K]K'[T_<'4=.M:E[?M!9PRQ1AY
M)V1(U8X&6]3Z4`7J*QK;696U&6QN($66&-W=D?*G&TC''<-^E.T_5+F_N8D2
MWB6(P1S2,7.1O!P`,<]*`->BL?4-7ELM02`PHL)V_O)"P#Y.#@XP,>YYJ"V\
M0O<705;;,+,ZJ0'RNW/+';MP<=CQ0!OT5S]OK]RT(,]M&LTR1O;(KD[PYQR<
M=1U-.M=3N9%6WM(EDFS-(QGE.`JR%0`<?_J%`&]16`/$,C7GEK:YC618G`W,
MV3C)!`VX&?7M6AJU^UA%&4$>Z1]H\PG`XST`)/X"@"_17-Q>)9Y899Q:1B*W
MBWRY<AB=S*`HQZKWJ:/7YOL\[2P1J\>S:YWJAW'&/F4'(]`#F@#>HKGQX@N&
MLVE6V7<DQB>3:^Q1M!#$;=PSD#I5Z75-FC1WRB'<X7`,GR@DXZ@<_@,T`:5%
M8$.NW-Q'&D%O$T[7!@^9F5.$W;N1GIVQ3K'7Y+N]CC^S?N9'9`5#DKC/).W&
M#CL:`-VBL;4M7N;2XN%AMHI([>-)'+2%2=Q(P./:FC5[PW)L?L\'VSS=@.\^
M7C8&SG&>AQ0!MT5A#6KN9DBM[6'S@LIDWR':I1@#C`YSFJS:M=3ZK9?9?DCN
M%B9T=^,,KG`&/;KWP*`.FHKGKGQ#<6]G]M-K&;:1G2+$AWY7.,C&,':?I1<:
M_=V\S0R6L;2Q('D6,NV[/0*0O7'KB@#H:*Y^]U.[G(:W18[=+R*%GWD.?F7/
M&.G.*MZQJCV#QI$L3,RLWSEB>.P503^/2CH!JT5@2:]<&)IX+6,PQVT=Q)OD
M(;#9X''7BDU#5+I\M"JQVT5W'"[[R'/S+GC&,<XHZV`Z"BL*UU"]:.&.!$EG
MFC:Z)F<@*A;Y5&`>Q%3:+JT^K-)*L$<=LF%R7)<MM!Z8QCGUH`UZ*PKO6[BW
MDNB+>(PPS+`I+MN9R`<X`/&#]:6'6[B<1PQVRBYDE,:E]RQD!=Q;D9]L8ZT`
M;E%8;ZS>!9V%I$/LD8>X!EZ]>%P/09Y^E-M]:O;H1>3;0`7,CI"6D/1,Y+<>
MW`%`&]17+V^NW,%K%$R"2X<RNQ<NP`$A`4;03[?A4FH:Q=W&G736<'D^5;K)
M(9'*NA8=`,=L4!UL=)134Y13[4Z@$%%%%`!1110`4444`%%%%`!1110`4444
M`%%%%`!4<T23PO#*NZ.12K#.,@]:DHH`HSZ19W#AI(V^Z$8+(RAU'0,`?F'U
MJS);Q2R0NZ9:%MT9R1M."/Y$U+10!0DT>R=5`1X]I8AHY64_,<L,@YP3VJ"Z
MT&VFGMGB!A$)`/ENRG:%8*`0>,%JUJ*`(;>VAMK<01(!&,\'G.>N<]:J1Z'8
M1LI$3ML(*!Y68)@@@+D\#('%:-%`%*;2K29F8HZ2,_F;XY&5@V`"00>.!BH9
M-!TZ1`AA<($\LJLKJ&4'(W8//)/6M.B@"I)IMI)%-&T7RS.)'PQ!W#&"#G@\
M#I3[2SALXV6$-\QW,SL69CZDGDU8HH`HQ:180O$\=LJM"[2(<GAFZGK2Q:5:
M0W/GHC;@Q95,C%%8]2%S@$YJ[10!F3Z-#=:E+=7!9D>-$\M790<$D[@#@CD<
M'TJQ)IMI)'*C1<3.)&PQ!W#`!!SP>!TJW10!0&CV/EHC0F3;*)MSN68N/XB2
M<FG3:7:3;R497:3S2Z2,K!L8R"#QP,5=HH`SCHECY,<21R1B/=M*2NK88Y()
M!R034EY9L^EM96@BC5D\L!P2JKC'0>U7:*`,\Z/:-;P1%7'D)Y:M'(R,5[@D
M$9!Q23Z'I]P`'A8((Q&421D5E'0$`C.*T:*`*]U9V]Y"L-S&)(U8,`21R.E1
MC2[(+(H@`$LPG?D\N#G/7VZ=*N44`4X-,M+<((HV'EHT:YD9L*<9')]A3GL+
M9[)+,Q_N$`"J&(*XZ8/7(]:M44`9,&A0(LR2-(P:?SHV$K!U.T`_-G.>OYTO
M_".Z8$:-89%C88=!,X#\D\\\\DUJT4`49=)L9@PD@W;V+M\[<DKM/?\`N\5&
M=+W:C:S,5,%HA$0)+/D\<DGI6E10!3O--MKUP\RON"E,I(R$J>JG!&1[4S^Q
M[+SQ*(F&"&V!V"$C&"5S@D8%7Z*`*DFF6<MD]F\(:W=BS(6/))W'G.>M$VFV
MDYD,D7,@520Q!^4Y7&#P1GJ*MT4`9QT2Q*J`LJL"29%F<.V<9RV<G.!4]G91
MV;2^42$?;M3)P@`Q@5:HH`SX]%L8YED6-\H69`96*INSG`S@9R:GMK&VM#F"
M/8?+6/[Q/RKG`Y^IJS10!G/H>GR,Y>%F5]WR&1MJD]2HS@$^HI5T6Q`?=')(
MTA4NTDKL6*G*\D]JT**`,XZ)8$I^Z<*BJNP2,%8+]T,,_-CWJU=6<%X$$Z%O
M+;>N&*X.,=CZ$U/10!3M-+M;.7S(4?<%V+OD9MB^BY/`^E,DT>RDN#,\;EC(
M)=HE8+O'\6T'&>*OT4`55TZU41@1<1NTB@L3AFSD_CN-1VFDVEG.)H4?>%**
M6D9@J]=H!.`.*O44`5?[/M1=?:?*_?;_`#-VX_>V[<XSZ<5&FD623^:L;9R2
M%,C%5)ZD+G`)SVJ]10!3&F68C$?D_*(/L^-Q_P!7Z=?UZU+/9P7%L+>5,QC&
M`"01CH01R#[U/10!FG0K!E&4EW<[G$SAGSC.YLY(.!U]*LVUC;6AS!'L/EK'
M]XGY5S@<_4U9HH`I7.E6ES<>=*CECC>!(P5\=-P!P<>](FD6:3F81MG)8*9&
M**3U(7.`3FKU%`%0:;9JUJPA&;1=L)R?D&,?CQZU')H]E(BKY;IM+<I*RGYC
ME@2#G!/:K]%`%`:-8B99%B*A2I\M78(2,8)7."1@5-=V,%YY9E#AHSE&1RC+
MV/(/I5FB@"A!H]A;Q2Q16X"3+L<%F;(R3W/JQIHT6R\ID*RL6*GS&F8N-OW<
M,3D8K1HH`SO[$L0FU4E1MYD\Q9G#[B,$[LYY%3/IMJ]DEIY96*,@IM8@J1R"
M#US[U;HH`I0:59V[*\<3;ED,NYI&8[R-I/)YXHBTJTAN?/1&W!BRJ9&**QZD
M+G`)S5VB@"M-86LYF,L6XS*JR?,1D*<CO[U'/I=I.[R,C+([!S(CLK!@,9!!
MXXXJ[10!4ATVT@V>5#M*(R`[B>&.3GGG)'7K48T>Q!C982K1!`A61@0%!"]_
M0GZYYJ_10!G/H>GR,^^%F5MWR&1MJENI`S@$Y[5)=:5:7<OF2H^2H5@LC*'4
M=`P!Y'UJ[10!0DT>REN1.T;[MZR;1(P4L.C;0<9XJ2[TVVO)%DF5]P4IE)&3
M*GJ#@C(JW10!272K)87A$/[N2)86&]N4&<#K[FHKO0["\9VFCDPY#,JRLJEA
MT;`.,^]:5%`%.YTRUN1'O5U,:[%,<C(=O=<@CCCI4EI9V]DK+;1"-6()`)QG
M`'\@*L44`5)=.M98YD>+B9Q(^&(.X8P0<\'@=*C_`+'L_)$>V3(?S/-\UO,W
M8QG=G/3BK]%`&:VAZ>0JB%E4+M95D8!QG.&Y^;DGK4KZ5:-;K"(V14<R(4=E
M96)))!!R.IJ[10!G'1+'R8XDCDC$>[:4E=6PQR02#D@FB?1+"=0KPLJ!!&42
M1D#*.@(!YQ6C10!'#"D"LL>[#,6.6)Y/U_E4E%%`!1110`4444`%%%%`!111
M0`4444`%%%%`!1110`445C^(+*XO%A\J$7,2D[X"X4,>,$D_C0!L45@W-C<O
MI=O`]J\TFYN0ZDP*3Q@$@%@.!Z?SCETNZEDNL1RJSI+F02@&7.-BY!SQ@CG^
MM`'145D?9;XZQ:SL$-O&I7`DP5^7DD8Y.?>H&TJZ^W/<1L(R]SDLJ)O$>.H8
M\_A1U#H;U%8%O'K<CNL[2Q(TBG<&3('S;L?^.]JJPV.M&#;<Q[F+>8/F3`;!
MSD9YR2/:@#J:*R;&WOQ-B\)>W=75HVVE0/EVC`]MU4(K#5+.>,64,<432L7V
MA.1YAQNYZ;#QZ4!T.EHKF+U-;M[0S"XGR#'D`Q]V(;'X;?\`.:EF@UK_`%L0
M8.1MRQ3?LWD@=<9QC_\`70!T5%<S8P:]$3YWF[V=6)W1E2<C=GOC'IW_``K0
MM(-1$-PET[R>9#\H8KPY+9`Q[;:'L'4UJ*YN*WUZWMH3$S,Z*0869-O&T`9^
MFX_A3A%X@22=#*SH$(1P$YZ8(YZXW9SC^5`'145S*VNN&1Y`T\;-%G/F1G+`
M':/S_P#UTZ]C\0K\MH[,JE@K,4R?FXW=.U`'245SMS:ZQMC*23.\;G:P9,X*
M+DD9`/S;JO*=1;1WC\IUO"FT,[J>2<9R/0<_XT,$:E%<U8Z9J%O>0I+&&AMW
M4)('!!7)/<YXSBIKY-1A\VZ\QMJN^,[/D3(QM],C/7\:`-^BN8T^'4[A9KE9
M)MDTC*-S)RFU@#QWSMY%6=-CU>..9)Q*`(,1;V3A@,`<9S]>*`-ZBN;N8?$*
M2JMO*[IM7+'83T^;J1SGI_.EC7Q"9EW9";",%D/\)ZGUSC_'K0!T=%8,\&N1
MKLMYBX\H/O<KNW]"O]1]*CLX=8:ZMWODE=8I2RX9`-FU@,C.=V2*`.BHIJDL
M@)4J2,E3C(]N*=0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1
M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%
M%`!1110`4444`%%%%`!1110`4444`%%%%`!145RK/;2HHRS(0![XK'M].GT]
M+.5(!*R?ZQ(41&Y7'J`W/O0!NT5AV&D&*XL))[:(M'`PD;"DA\KM^I`!YIT5
MMJ"ZZU\RCR9"8BF_E4`^5O3J,^OS4`;5%<[?:7=-/<%(I)HW9F0&09#%`%;D
M\8.?IVJRMA<-<Q7+A_,%R68;\`(%*@X[]`?QH`V:*R])MKV"[O)+T(3*58,L
MA8$\\`8&`.*U*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
(*`"BBB@#_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>fut_a1014x6x1.jpg
<TEXT>
begin 644 fut_a1014x6x1.jpg
M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP.
M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=?
M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@!
M.P%I`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D*
M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A
M""-"L<$54M'P)#-B<H()"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U15
M5E=865IC9&5F9VAI:G-T=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H
MJ:JRL[2UMK>XN;K"P\3%QL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V
M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!
M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P
M%6)RT0H6)#3A)?$7&!D:)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E
M9F=H:6IS='5V=WAY>H*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V
MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#
M`0`"$0,1`#\`]`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`KGO&O_`""(?^NX_P#06KH:Y_QGSI,7_7<?^@M0
M!Q*KS4BCVI%7':GXH``!3PM"C-$\HMX6D8$A1TH`"HI0`*P;O49IL[&VH#QM
MX-02WDLZ8DF.U1CGN:`.GQQ2%17*1W$\3@Q22#'3GC\JU;/6-S>7=[03T<=/
MQH`U=M!%.'(R,$'I2T`1$8IF!G-3'K4;+S0`S%>I5Y?BO4*`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"L#QC_R"HO\`KN/_`$%JWZP?&/\`R"HO^NX_]!:@#C@!2T`4M`"C
M`YZ"N?O;J2[GD`9O(0D``\&M34W9;,JC89SMS[=ZK6%FT[A5QL%`&2L<C<>6
M=O?`IK1L#\J@#M78+IC<HJ`*.IIDNDJ)/^/?`S][UH`Y7'RKPV0:;+'C#D8!
M[`5T\FDXW!8^&Z>U9=U8O&"#Q0`FDW[12BVE;<AX4GM6Y7(.C),<#)'/%=%I
M=TUQ:CS/OKP3Z^]`%VF[:,TX4`1-UKT^O,Y!S7IE`!1110`4444`%%%%`!11
M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%
M`!6#XP_Y!<7_`%W'_H+5O5@^+^=+B_Z[C_T%J`.0Q1WI>U&*`*>H_=C&`>3U
M^E:6D*OED@#).35*\3=Y7&?FQ6GID+095O48H`V(@$%$K`CI36FCA0M(2%'H
M*B6YAN#B/)S0!%,,+6-?*&4YK6NKJ*$LKGD=N]9<\BW.XK&ZCL2,9H`Y[8#(
M_J`2*NZ.<F3']T&JUQ'LPR-R25-6=(SYD@_V1G\Z`-.CO3@M.*CK0!&>M>F5
MYOMR*](H`****`"BBJTEPRWT-LB;MZL[M_=`QC\R?YT`6:*0D`$D@`=2:AL[
MN&]MEN+=M\3D[6QC."1_2@">BBB@`HHHH`****`"BBB@`HJ*>7RD&!N=CA5S
MC<:IZ3/<W!NS<.CJDY2-E7`X`R/H&R,^U`&C1110`44UF5%+.P55&22<`"E!
M!`(((/0B@!:***`"BBB@`HHHH`****`"BBB@`K"\7?\`(,B_Z[C_`-!:MVL+
MQ=_R#(O^NP_]!:@#D:,<TX#(HQ0`&V>=`8P"R$'%:D`&Y0>PR:@LY%1&+?I]
M:FB8BX.[ZT`%S9W-PK;92@/HH/'X]*+&)H,[LG!XSS5X2?)@5'*0J?TH`Y_5
MFQJR,QX;C%.U.U%RJ2J2K(N.#P:A\0@QSQ.W?BIHIF:W`;TZT`8TD+@8/^<4
MPWC6EQMCQ@X#`]_\YJW<R`2#'4&LMD::_P`9/S.`3Z<T`=/@&ES@4G3B@'UH
M`#GM7I%><DXKT:@`HHHH`*I:>3.TMZW28@1?]<QT/XDD_B*-18RHEG&2'N,A
MB/X8Q]X_D<?5A3K^[CTZQ:4[1M&U%)P">P_ST&:`,_7WFO2FDVCE'G_USC^%
M._Z?T'\0K7MX([:WC@A4+'&H51Z`5E:$R>;-YK[KV0"1UVG*J>F?0GKCJ!@=
MJEDU.66[MX[-$>)W(9V_B4?>9>>@Z9]2,4`6KS4;*Q!-W=11':6"LX#$>PZF
MFVVIVMT%,#2/N`.1$V.GKC%4I&@U?48XX@KP6^))GQ]\]47/IGYOP'8ULT`%
M%%-9U0@,P4L<#)ZF@!U%%%`!3)'6*-G<X51DFGU3B=KRX+@_Z-$<+_TT8=3]
M!V]^>PH`AO&ECMGN%4+=R#RH%)R$+'C^A/T]JMV5LEG:16\?W8UQGU/<_B>:
MIPG^T-5-P.;:TS'&>S2'AC^`^7\6K3H`***SM3FNV*V=C&PEE'S7#`[(5[G/
M=O0?GQ0!E:YJ$>H3-IMNS-%"=]VRG`VCDJ3V'J?PY/%:VCSW,FEI<7ZQPELN
M%4;0B=LYZ<5B21:=IT(M(B%L;=@UW*?O3R#D1Y[G/)[`<<<U6O+VYU-4GOD,
M=B[8M[,-M:Y;MG_8'7)H`Z*#6(KF^BMH(I'65#(),8&T=\=<'L>]:595JMGH
MT&^\N8EN)SNDD8XWGT`_N@<`=A6D)8V*@2*2XW*`>H]10`^BJZ7UH\<DB74#
M)$<2,)`0GU/:J[ZS8A5\F<7+ODI';_O&;'L.WN>*`-"BL.^UR]M;2:4Z3*A3
MH99%VX[<@GDGC`_.M:U>62TA>=/+F9%+H/X6QR/SH`FHHHH`****`"L+Q=_R
M"XO^NP_]!:MVL'Q?_P`@N+_KN/\`T%J`.30XIQJ-33LT`6;0IYA23&UN*N3J
M(YT()((QS67G%2)*QD4LQ/;F@#8A;`S3)H#-&09&5F[J<$#TJ,2$1$J,D=J$
M\_:"[("?K@4`8VL6+33+)YK;!QBE`CBLPH/0<&K%^SF%D5U`&3PIY_6LVQ5F
M+^?(<8X%`%.=LSC/K4FFV<RW'FS)M7[P![GM565\S?0XK?)QTH`0\4F:":!0
M`[(Q7I->:=:]+H`*2EJAK$A6V2+$FR>01R,BEBJX)/3GG&/J10`ZR)GEFO&&
M%?"1?[@[_B23],5DW\BZMJ<(MF69+9B(UQE&E[N?]E!CZDXK5,,EZ-LR&&UQ
MCR<C<_\`O8Z#V'X^E/LM/M[$S&!2#*Y=B3GJ<X'H!Z4`9-AHUWNN5N72**:;
M,FWF29!P`6[`]3USD]*KWFF:A/JTEV\;"WBBD2.!'&UT7[J$#^\>3[8%=310
M!S%M9W\^A.$CGA=HRP0MY<DTQZLQS\J@]!GH.?2K%M=Z]+IZJEE$ES"-KO<$
MXE(./E`.>1@Y-;]%`&/#-KCO+!+;V\9W#;<*<HJD=ESEB#D=A5:73[>35K6V
MRUS<QL+BXN)3N9`OW5'9<MC@8X!KH:I:;9-9K<-*XDEGF:1G`Z@]!^`P*`+M
M%%%`%+4)6)AM(RRR7+%2RG!5!RQ_+@>Y%%ZQ@M$MK3"2R8BB`'W!ZX]`.?RJ
MV44N'*@LH(#8Y`/7^0JE:(;B^EO68%`/)A`.?E!^9OQ(_)10!,D!L[`0V<:D
MQ)B-7;`)]S_6K`SCGK2T4`%07GV@VDHM-GGE<(7.`#ZG@U/10!R3>&1;*D]_
M*][#:IN6&-,M(Y.2,>A/Y]S3WT6^N[6:]NH89=2N1L1)#\ELA]!ZBNJHH`Q?
M[`"Z9);QW+"ZF0))=,NYBO<#G@8XP*9)X5L7^RC=(%A)WMGYYN,`%^N,=AZ]
MJW:*`,F/P[IZ7DMP\9D#D$0MCRTP,#"].GK5M8++34GN%2*!7)DEDZ9/J34M
MU<PV=N\]PX2)!DL:PULK[7+N.[NW>UL5^:&VQ\[>C-V!_4>U`$\;+?WB7MZX
MCMXCNM8'X9C_`,]&'7/H.WUK91PXR`<>ZD?SIEO;16RE8D"YY8]2Q]2>I/UJ
M6@`HHHH`****`"L'QA_R"XO^NX_]!:MZL'QA_P`@J+_KN/\`T%J`.0%.!I@I
MU`#\T4T4M`%RWF&_:QJ\.5R#66L?F1AAPP[U)Y\L*88;AZB@!+Y=KCN.XK&O
MIA`[!.I&*N7=YO!`R#ZFL:X+R.3R3ZT`5&?#CUS70QW4<DIBR1*`"5/!Q5#3
M])EG83R*1$.1G^+_`.M5;5W:'44F5L.`/TH`W:6J-CJ$=X-OW9!U7U^E6\X-
M`#J],KS$M7IU`!1110`4444`%%%%`!1110`4444`%%%%`%;4#.NGW!M5+7'E
MMY8!Q\V.*DMHO(MXXMQ;8H7<>I]S4M%`!1110`4444`%%%%`!1110!EII\MU
MJ+W6H[6CB;%M`#E5_P!L^K?RK4HHH`****`"BBB@`HHHH`*P/&7_`""HO^NX
M_P#06K?KGO&AQI,/_7<?^@M0!R*FGU"C4V6[A@X=QN_NCDT`613)9XX1F1L>
M@[FLV74)I>(E\I?[W4U$$P06R78]3U-`'8V=J;G1X;R(=-RN/8,<&F*`."*U
M/!K"308_3S)!_P"/FIM2L+>%DD$B1^8P0(QP"3T`H`Y>[MA)+A%_*M'3_"^,
M37@&.OE>OU_PKH;+2XK8B1P'E]>R_2K3]*`.=U")(8'8@!4&3CT%>=:@YNKD
MOV)SCT':N^\77(AME@4C?,>1_LBN&=563/<T`4T0JV5)5AR"*UH+BX\M&+K(
M".C#!_.J@4%C5FW_`-1'[<4`6A=IGYU9?UKUFO'R.*]@H`*JWMZEH(EVEY9G
MV1QCJQ_H*M50U.REN)+6YMROGVLA=5<X5@1@C/;CO0`RYU.6T5C/:XVM&-PD
MRI#-C(..WTJP=1L@BL;RWVM]T^:N#SCCGUJM?VUY?V?EM'"A\R-MC.2,*P)R
M<>V,8JM;:1<1ZG]HF2W:(/,P&XD_.5(XV^WZT`:45]"8(GFEAC:7[H\T$'G'
M![TV+5;"5&=;N':KE"2X'(K*71[U+:S1&B26!=I=7)4C=D@J1\PQ]"#0FD7T
M4\K`02(XFC"ER.';=GI^!%`&T+RU,PA%S"92<!/,&[/TJ"PU.&\5PS1QRHS@
MQF0$@*Q&?IQ6'IVFE[F:V0QM]FN86:?/S?(B]![D$?G4T^@WDL6Q6@0[YV+!
MVYWG([?@:`-LZA9",2&[@\LD@-Y@QD=><TR_OOLB0.L8E$TJQC#8Y;H?I6>F
MDSN]O))!;H5G\V5#*TF[Y2N<D<GG]*MZC:3W<]K&@C6WBD65FS\V5/0#%`&@
MV0I(`)QP":S+77+>XTF6_P!C*(20\9^]D=!^.1CZU?C,QC;S417R=H5B01VS
MQ6)#H,\>T[XP#"%DC#':\B@A6SCT/Z"D-&I:ZC!/;6TLCQPM<*&2-G&3GI]:
M2+48VOKBUEV1-$0%W./GR,\#Z5DKH=XMH]LS0L)K>*%G#G]V4[CCGU[<U/<:
M9>?VDUW$(7`G215:0@D!"ISQQUSWIO<2-/\`M"R^7_2X/FQM_>#G/3O1_:%D
M(_,-W;[,D;O,&,CJ,YK!CT"^^QRQ.+7<\"1`[R<$.6_N^_Z4M[:R6VHPO)'`
MWGWHD2/?V\HKSD>H'Z4`:\VJP0W<$;O&(9HVD$YD`7@@?KGUJQ]LMCNQ<0_*
MP5OG'!/0'WK&_L.X6&*-/((6"=,%B`K2'(QQT'2HXX'2[9[<K(;>%3/$-VUI
MD&%YQSP?3L*`-R^O([&V,TN2,A0J]68G``_&H)KZXMT=IK3`6)I<K)D<8R"<
M<'FDU&SEU'3XP,0W",DRAN0K@YP<=NU+.E[=V4\3Q0Q-)$R`>86R2,9SC@?A
M^5)WU&N@EOJ1EA$\L0CA,`GW!]V`><$=CU_(U/I]Y'J%E'<Q@J''*MU4C@@_
MC6=%HQBT^WMDCAC+!%NFC8J6"^G'))]<58TRQGL+J[7<K6LK^8F7)<,1\V>.
MYYZU74GH:5%%%(84444`%%%%`!1110`5S?CI@FC1,Q`'VA>3_NM725S?CJTG
MO-&ACMX))F%PK%8T+'&UN>*`//);R20;8LJOKW-1I$%`)ZGO5]-$U/C.G7?/
M_3!O\*DDT?4LC&G79Q_TQ;_"@"I#&/O'H*;O+W/LN<5<_LK5-C+_`&=><]_(
M;_"BVT?4A)EM.NP.!S`WK]*`.Z\*6[6VBPQD<[F/YL37(>-M2>;5V$;';;C9
M'@]#GD_I7=_/9:0SI#([I'D1HI+$]ACZUYE>:5K%R9))--O&8L.?L[\_I0!Z
M?I=Z;_2K:Y((:1`6![-W_6K&.:S/"XN3H-NMU!)#*H*E9$*GCO@U-K;7$>DW
M'V:*5YF&Q1&I)YXSQ0!PNO7OV_5)I5_U:G8GT'?\>OXUDR+D#COQ6B=)U+_H
M'W?_`'Y;_"D.D:D?^8?=_P#?EO\`"@#*CP">,8ZDU/;;MAR.-V5]Q5J+1-1)
M+/IMWD'IY#8_E5@:3J.3_H%U_P!^6_PH`I#O7K]>6#2=1R?^)?=?]^6_PKU.
M@`J"YNDMO+#!F>5MB(O5CC/?V!J>L[6+<7,44;VKSQ[\EHVVO&0.&4Y'.:`+
M=K<+=0^:BNHR5(<8((.#_*I:YB33]1E2%;R.>YAPZ`*T8D7YOE9L\9QW'(J1
MM,N5OFG%H6/VM'#[UR8]F&ZGN?SH`Z"&0RQ*YC>//\+C!'UJ2N933KM;2UCN
M+1I46WDC\K<I*2$Y#=<=._:K>AZ9+;7$\UY%F?Y0LQ(.[Y%#8Y[D'K0!:EUJ
MU@N989A*GDLJR.5RJ[ONY(]:T*Q5THW.L7\EW"_V:4Q%/G&URH[@'/7UJA<Z
M7?RV[HMN?M($PDEW*!,&SL&<^I'7IBCH/J=,TT:LRLX#*N]AZ#U_0U%97BWD
M9=(I43`*EUP'!&01_G-8Z:.L%U<-'IJE)K0+_`</\V0<GJ<CFJRZ5>):B$6N
MV0V\2P.I7]Q(/O'@\9/.1UH$;\%^EPI,<4IVS&%N!\I'4GGI5NN=DT^^:'"0
M%9?M[3!MR\*0?FZ_3BI]'L[B&YCD>$P!;<1S@D?O9,CYN#SWY/K0OZ^X'_7W
MFC#J$$U]/9J2)X`"RD=CT(HLK^"^:<6Y+"&0QLV.-PZ@5E7FG7KZE+>6B^5-
MYH4.Q&&C*!6/7L1GGTJH^E7*1SP+8.T+W#,GS(<+Y84'!..H[]*0SJJ*Y633
M+V6+S&LW,XMH%4ETR)%;YCUZX[TU[>[MA>7$MO+;(]O*K,'7[Q;*G.<D\]3Z
M]J;$CK**XZ.SDDD;;9S??5I[=%C'R[=H*@DJ>03SZY]ZUK#2S'J:RS6[;([>
M-8W=PQ#`MGOUP0,XH`VZ***`"BBB@`HHHH`****`"BBB@`HHHH`***JW^H6N
MFPK->2^7&S;0=I;G!/8>QH`M45C?\)5HO_/Y_P"0G_PH_P"$JT7./MG_`)"?
M_"@#9HK&_P"$IT7_`)_/_(3_`.%+_P`)3HW_`#^?^0G_`,*`-BBL;_A*M%/_
M`"^_^0G_`,*4^*=&'_+Y_P"0G_PH`V**Q_\`A*=&_P"?S_R$_P#A1_PE&C?\
M_G_D)_\`"@#8HK&_X2G1A_R^?^0G_P`*3_A*]$_Y_?\`R$_^%`&U16-_PE6B
M_P#/[_Y"?_"C_A*M%_Y_?_(3_P"%`&S16-_PE6B_\_O_`)"?_"MF@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`*:ZJZ%74,I&"",@TZB@".&"&W39!$
MD29SM10H_2I***`"BBB@`HHHH`****`"BBB@`HHHH`****`"N9\><:+#_P!?
M"_\`H+5TU<UX\YT6$?\`3PO_`*"U`'!KTIP]Z:HQ3\<4`,`YYI2I[4['-6+>
MTDGZ<+GJ:`*@&!FI$B=^B\5KQ64,/+!6<>O--FNE7@]!TVT`9IMI%)W*1@9J
M)N,8JU_:"I(!(=RDXQWJ)7@FDS&2!G@&@")@<>E1D8QQS5F1,'CI49%`$.#@
MYZ=J0<+_`%J4#UHP".*`(L^U>RUXZ?[H`KV*@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`KF
M_'0SH\./^?A?_06KI*YOQS_R!H?^OA?_`$%J`.%H_&@"E'I0!)`GFRJN,@UO
MQQ^5`-N&`'1:R;&)L-(HSR%S71067FIE20/?J:`,*XWN202ISZ<U0EA=CD$Y
M]1782:3QDDXJM_9:A\D4`<S%IKNRLV<#K4_]GA69^F.X['UKH)(%52`.E5)(
M/E?+$`C(H`SHH"ZF)SD]5/I521"CLIZ@X-:EFH9LY.4YYZ<U'K4(2]W(,*ZA
MJ`,K;S1T6I"*810!%C#5[%7D##YJ]?H`****`"BBB@`HHHH`****`"BBB@`H
MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*YSQQ_R!
MX?\`KX7_`-!:NCKG?&__`""(?^O@?^@M0!PPP:`*7%/`XH`W=(A5K>*(_>8[
MZZFVB2,!<=*Y+P\['4(T;H%.*Z]2`>M`$C(#56=%4'%6O,7!.X5GW%Y!O*M*
MH([9H`HW*80FL:ZF(Z'&*VKR>(I@.#6#=*&4D=J`%LVW3;`0!(,=:E\0`+/`
MA^\(^?SK-AF9)$V@?*>#4U[.]V4FD`#[=I`]O_UT`5#ZTP]:>Q&,&DQQ0`TC
M->M5Y-MKUF@`HHHH`***Q]?U=K!8K6U4R7UP<1H%W%1W;'\O\`:`-,7,!N3;
M"9#.%WF,,-P'J1^(J6L;P_HW]FI)<7!WWMQS(V<X'IGO[GN:V:`"BL/5M6N&
MN_[*TE0]\PR[L/DA7U/O6M:PM!;1Q/,\SJ,-(_5CZT`34444`%%%%`!156]N
MC:M;';N2681-QTR#@_GBK5`!1110`4444`%%%07MU'96DES-G9&,X`R2>@`]
MR>*`":ZA@EBBD?$DS;44#)8_X>]3UG:99R*6O;U5-[-UYSY2]D'L._J<UHT`
M%%%%`!1110`4444`%%%%`!7.^-_^01#_`-?`_P#06KHJY_QF-VE0C_IN/_06
MH`X?::F1,]:>J\=*D5*`+FC1G[9\O'RGD=:NWK7(5)8X&.7QM#'(]S_GM4>@
MIF_4^BFNAEM5<9W8%`%$&8:;+(_WE''O6;86;S(9IRH<J2/KV%:M[MCMMBDA
M<_G26B1APF[GKB@#$6VO9`%G<,Q8_*`.G:G7-GY$`+')/6NE=(HD)5`&QUKG
M]4F&X+GC-`'/R*P(QG[^,^O%67&Y$W=>O\J65=VTX)`;BGR#<%/<4`5F0=<5
M&>]6'7CZU$$*GF@"/;7JU>5'C->JT`%%%4M0%^VQ;!HUW`J[OT3I\P'<C!X]
M^:`&7M^Z3?9+*/SKLKGG[D0]7/\`3J?UJIX?M?WMY>7+^?>&=XC*PP0JG&`.
MP[X]Q6E9645E#Y<>YF)R\CG+2-ZD]S534+2R@\R[:::TDD(!>"1@7;H/EZ,?
MP-`&G6+J>LR%(X-*42S7$GDQS$_(K=R/[V,'V_E4>D&[UJV,FHL1`CM&(U&W
MSL<;GP>G;:..#UJQ8JEYK%U<%1LLC]FA'93@%S]>0/H*`+>FZ?%I\!5/GE<[
MI96^](W<DU<HJ&ZN8K2W>>=PD:#))H`FHJ"SFDGM8Y9H3"[KN,9.2OL?>IZ`
M"BBB@#+UB3-WIEL.3+<AB,=D4M_,"M2LJZ7S?$M@"/\`402R?B2J_P"-7[NZ
MAL[9Y[A]D:#D^OL/4T`5]4O_`+%"BQ)YMS,VR"/^\WOZ`=2:LVT;Q6T4<LAD
MD50&<_Q'N:H:5;3RS/J5\I6>48BB/_+"/^[]3U/_`-:K-[J=E8%5N[F.)FY"
ML>3^'6@"W3)9$AC:21@JKU)J"34+=8XVC<3-,,Q)&03)]/;WZ"LJYDN;JZ%I
M%-_I>09&3E+1?ZN1TS[]*`)4O[Z]U98K55BMH3F?>N6/&0">@//3DCOCI4C+
M_:6M!=VZUL,$@=&F/(_[Y'/U-2S^3HNCRM`NT1J=O<NYX&3W).*ETJR%A81P
MD[I,;I7/5W/+$_C0!<HK'_MY9-4AL[:U>:.1V0SA@%ROWL#N!Z]*L:S<3V]K
M$+9UCDFF2+S&&0@8XSCO0!H457M+46JMF62:1SEY)#RQQCH.!^%6*`"BBB@`
MHHHH`****`"L+Q>,Z7%_UW'_`*"U;M8?BP9TV+_KL/\`T%J`.11>>:EV=*=&
MN:F1/FH`GTQO)NE;V(K4GO&::.$'&3D^N!68B;<$?6M.%8YE#]'Q@GO0!1U:
M2^:-5MPA`/'%5;87:W"W%U*-R@C"C%:EO&8PZ7$\S,'.UU`Z=@>*J7T$;DYF
MG52>[=N.WYT`6&N6EB(0DG&:P;QV+?-US6_`L4%NQ50-J8'>N<OI09#B@"W9
M/B%V4G)!%-*@C@8I+-E2,AN`J%F/I5@@8R,'Z&@"A)&=W'Y4TIM!-6Y5]!5=
ME)Y/7TH`K.*]2KS)EP<<5Z;0`4444`4]2U*UTNW\Z[DVCHJCEF/H!WK(@LKW
M6+@7=WYEM$00@)PX4]E'\.>[?>/L*VYK*VGNH;F6%7FASY;-_#GVZ=JL4`,A
MBC@B2*)`D:#"J.@%9%M,-)O+Z.YCF$,TYGBE6)G!W`9!V@X((/6MJB@#,DU9
MY5QI]C<7+GHSH8D_$MC]`:6#3I9I([G5)%FF0[DB4?NHCZ@=S[G\,5I44`%%
M%%`!1110!BWE[;V'B#S;N98D-IA2W\1W\@#N>G`I\$,^J7B7EW&T5K"<V]NX
MPS-_?8?R'XUJ-%&[J[QHSI]UB,E?I3Z`,R]N-1>4VMC:[&SS<RD&-1CJ!U)]
MJ(M(%M!)]DFVW4I_>74J^8[>OIC^0]*TZJ:E>BQM?,"[Y&81Q)_><\`4`9@A
MATD)IVE(9+Z10-\GS&-,_>8]AUP.YK5L+*.PM_*C)9B2SR-]YV/5B?6H],L6
MLXG>>3SKJ9M\TN,9/8#V`X%7:`,G6E\Z[TNV)PCW6]O?8I8#\P*/$-R8]/:W
MA+-<SX5(HS\[C(W8]/ESSVJY?V$5_"J2ET*,'22,X9&'0@TEEIUO9,[QAWF?
M[\LK%G;VR>WL.*`*NCZ=Y*K=W"*MPT814486%/[BC^9[FM"X@BNK=X)T#QR#
M#*>]4[J'4HY6DL)X75N3%<YPI_V6'(^AS^%1BTU2[4K?7D<$9&"EF""?^!MS
M^0%`$FD3R2"Y@>3SA;2^4LW]\8!Y]QG!^E:-0VMM#:6Z06\8CB08514U`!11
M10`4444`%%%%`!6)XK_Y!L7_`%V'_H+5MUB^*1G3H_\`KL/Y-0!S40W=*G52
M&Y&:9`O>K:C`H`%!QTJ6%Q%("#UZTU1FI%3/)`H`L3*Y;=&2,]Q5-K9S)\V3
MGN:L222P6XDVDISC')'^<UDW6KDJ1&K;NV1B@!-1N_*'E*W)Z_2L627=)D=.
MU,F<EB\C;G/I4^G6,MY*#RJCJ<<"@"19##8W,S'`V%1[DC`%3:3=I/:K"6&]
M%`QZUFZ[,OFBTA_U477W;O5&V9XI`\9P10!UQ0!>G/>J[BH['4DN1L?A_P"=
M664$'TH`I28%>E5YQ(`3[5Z/0`4444`%%%%`!1110`4444`%%%%`!1110`44
M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`5C^)ANT^,?]-1_
M(UL5C^)SC3X_^NP_D:`.?C&T580\BH8N1N_4U0OM9CC!2UP[]W[#_&@#8DGA
MMH]\TBQ@],]_PK&OO$#$%+,%1TWMU/T':L6::25B\SEW/<FHN6-`'=>%-UYH
MLH=BTBS%N3DG(%.N]-60X*\_2J&C7CZ3X<FNHU#232[$ST&!U_G6AH&NM<W@
MM[WR_-<?(P4`DXZ'\/Y4`1P>'4SND7C^[WHUEETW37,>U&/RQ@>M=2X^0]`.
M]><>(=0%_J#>6V84RL?O[_C0!@NI+Y]34RKMC)/;FC;\PITW$)'KQ^=`$:DH
M5*]16C:ZIM^609!K//2F`8Z4`;[.L@!4Y'K7H]>/17,L+?*W'H:]AH`*S=6N
M9(Y[&UC<QBZE*M(.H`!.![GI6E4-U:PW<0CG3<H(8$$@J1T((Y!H`Q-3G-O]
MLA@GNE>-8FPSY"Y?&0V<\\\>U3WNO-;FX,5F\T4!97<$C!`S_=QCMUS[5<;2
M;1UD$JR2&4*'9I&R0IR!G/8TV;1K&>65Y(W/G#$BB5@K<8R0#C..]`%=M:D2
M*9FM!OBDC38)<Y#XP<XZ\]/UJ[879O8)2\?E/'(T3*KY&0<<'`IK:39MOW1N
M?,*,W[U^2OW>_;%36]I#;+((591*Y=OG)RQZGD\4`5/#\DDVDQR2R-([.^68
MYZ,0/T%5[JZ?3M4F$SR/#<P[H%+'B0=5'UR,5H6VGV]IY8@5T6/=M7S&(^8Y
M/!/-23VL-PT33(&,+[T)[-Z_K0!E1:G):Q+&4,XCE%L\K2<F4@=L?=R0,_I4
M-[J\MUIC-"AA=0ID*R',;>9MVGCGH?RK4?3;<S/<)'^]+;]I8["X&`Q'K4<&
MEQM;3)>(C/<2>9*(B5&1C&#U["@!O]K,UZ\,5I))&CF-I%!X8#/IC';KGVJ7
M2M1&HPO($5-IP5#Y(..A!`(/M2G2[0W,D^QPTGW@)&VDXQG;G&<=Z9#I4,%\
MMS$\BD*0P+L=_&!G)["A`R+S7N]<GM&D>.&WB5MJ,5+EL\Y'.!BJM^UQ:7VG
M0"6XN!(TV]4?:S@#*]P.,_I6K<6$%Q.L[;TF4;1)&Y4X]#CJ*#I]L98)3&V^
M#/EG>W&>IZ\Y]Z`,:_U.>QCM-KR?N@)KA7!+%6.-I..H!)_X"*Z)6#*&4Y!&
M01WJ`V4!6X4JQ%Q_K<NWS<8]>./2GV\$=M`D,((C084%BV!]3S0!+1110`44
M44`%%%%`!1110`4444`%%%%`!1110`5C^)N=/C_Z[#^1K8K/UFREO[5(H616
M#ACN)`Q@^WO0!P&K79&+6,D=W(_E69732>"]4DG>0SVGS'^^W_Q--_X0G4O^
M>]I_WVW_`,30!S#`DU)$A=U102S'``[FNC_X0C4O^>]I_P!]M_\`$T^'P=JT
M$RRQ7-JLB'*L&;@^OW:`)]31++2K6S4!O+!#$'@N>6_(FL3P];M>Z_;I+*R[
M6+90\C`R`/QKJ+SPY=2PVL44D.(80C;F/+]ST[U'HWAB[T_5(KJ22W9$SD*Q
MSR/I0!H>*=2%CI;1K_K;@%%QV'<UYX02:[37?#VHZKJ#3K+;K$!M16=L@?\`
M?-9__"%ZC_SVM?\`OIO_`(F@#G.IS4<O*J#W:NE?P7JG\$UF/J[<?^.TP>!M
M2!W-<6K-ZEV_^)H`YS'%)M[UU'_"%:C_`,]K7_OMO_B:3_A"M2_Y[VO_`'VW
M_P`30!RQ%>RUP1\$ZE_SWM/^^V_^)KO:`"LO7;N:SBM6AE\OS+A8F.T-P>IK
M4JK?6*7PA$DDB>3*)5V8Y8=,Y!H`H6FL2+`PNX)'E4NR^6FTM$IQOP2,9]/R
MIUYK\,$<C0V\]QMA$X9`-NT@X))/3BK5YIR74ZS"62*01F(LF/F0]1R*C.C6
MVV5`TBQRVXMB@(P%&<8XSGDT#*7]KW#W["1)K>.,18CVHWF%\_+UXSQC!['-
M3W&ILXMFMR\9^UB":-E&X<$D>GIR#WIS:'$Q=GN;AI&\LAR5RI3[I&![U)_9
M$15<RR[Q/]H9QMRSXQSQTQ0(C@U>(6<+XGN':-I2`BAMH."2,@?E3]4NY1HY
MNM/<%V"&(D9#;B`,_G35T.&..)8IYD:.-HM_RDLC')!XQ^-6I+")[&.T5GCB
MCV[=F,@*01U!]!0!E76N226M@UIA6N)$$V1DQ@MM(^N<_D:MMKELC7"M',&@
MC:4@J,LH."0,_P`\4KZ':GS"C21F2=;ABI'+#D=1TSS^)J+_`(1Z']X#=7)6
M2-XR/E^ZYR>=OKW-`$C:[`B2,T%P#&<,I51@%=P.<X`QZG-"Z[:N\:QI-(LC
MK&'4#`9EW`<G/2FRZ#%).9OM5PK$C.-F.%V]-OI5&UT>\M=0!C,FU&4*[^6R
ME``.>-P.,]/7K1U#H7)?$=E'(5"2R<[04"G<=VWUR.3WQ[5J0R&6%9#&\989
MV.,,/K6:="C*&+[7<B`2"1(@5PAW;N.,D9]:U:.@"T444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
44`%%%%`!1110`4444`%%%%`'_]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
