<SEC-DOCUMENT>0000833040-15-000020.txt : 20151029
<SEC-HEADER>0000833040-15-000020.hdr.sgml : 20151029
<ACCEPTANCE-DATETIME>20151029142032
ACCESSION NUMBER:		0000833040-15-000020
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20150831
FILED AS OF DATE:		20151029
DATE AS OF CHANGE:		20151029
EFFECTIVENESS DATE:		20151029

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:		151183275

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

	MAIL ADDRESS:	
		STREET 1:		ONE FRANKLIN PARKWAY
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94403-1906
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<FILENAME>n-csr_fut8312015sec.htm
<DESCRIPTION>FUT NCSR PE:08/31/15
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>Washington, DC 20549</FONT></P>

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

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

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

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

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

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

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">One Franklin Parkway, San Mateo, Ca 94403-1906</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"><BR>(Address of principal executive offices) (Zip code)</FONT></P>

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

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

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

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

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Date of reporting period: </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">8/31/15</FONT></U></P>

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

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<P style="TEXT-ALIGN: left"><FONT size=6 face="MinionPro-Regular,Times New Roman,Times,serif">Franklin Templeton Investments</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face="MinionPro-Regular,Times New Roman,Times,serif">Gain From Our Perspective</FONT><FONT size=1 face="MinionPro-Regular,Times New Roman,Times,serif">&#174;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#404040 size=4 face="MinionPro-Regular,Times New Roman,Times,serif">At Franklin Templeton Investments, we&#8217;re dedicated to one goal: delivering exceptional asset management for our clients. By bringing together multiple, world-class investment teams in a single firm, we&#8217;re able to offer specialized expertise across styles and asset classes, all supported by the strength and resources of one of the world&#8217;s largest asset managers. This has helped us to become a trusted partner to individual and institutional investors across the globe.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT style="COLOR: #000000" size=4 face="MinionPro-Regular,Times New Roman,Times,serif">Focus on Investment Excellence</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="MinionPro-Regular,Times New Roman,Times,serif">At the core of our firm, you&#8217;ll find multiple independent investment teams&#8212;each with a focused area of expertise&#8212;from traditional to alternative strategies and multi-asset solutions. And because our portfolio groups operate autonomously, their strategies can be combined to deliver true style and asset class diversification.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="MinionPro-Regular,Times New Roman,Times,serif">All of our investment teams share a common commitment to excellence grounded in rigorous, fundamental research and robust, disciplined risk management. Decade after decade, our consistent, research-driven processes have helped Franklin Templeton earn an impressive record of strong, long-term results.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT style="COLOR: #000000" size=4 face="MinionPro-Regular,Times New Roman,Times,serif">Global Perspective Shaped by Local Expertise</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="MinionPro-Regular,Times New Roman,Times,serif">In today&#8217;s complex and interconnected world, smart investing demands a global perspective. Franklin Templeton pioneered international investing over 60 years ago, and our expertise in emerging markets spans more than a quarter of a century. Today, our investment professionals are on the ground across the globe, spotting investment ideas and potential risks firsthand. These locally based teams bring in-depth understanding of local companies, economies and cultural nuances, and share their best thinking across our global research network.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT style="COLOR: #000000" size=4 face="MinionPro-Regular,Times New Roman,Times,serif">Strength and Experience</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="MinionPro-Regular,Times New Roman,Times,serif">Franklin Templeton is a global leader in asset management serving clients in over 150 countries.</FONT><SUP><FONT size=2 face="MinionPro-Regular,Times New Roman,Times,serif">1 </FONT></SUP><FONT size=2 face="MinionPro-Regular,Times New Roman,Times,serif">We run our business with the same prudence we apply to asset management, staying focused on delivering relevant investment solutions, strong long-term results and reliable, personal service. This approach, focused on putting clients first, has helped us to become one of the most trusted names in financial services.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>Not FDIC Insured | May Lose Value | No Bank Guarantee</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1. As of 12/31/14. Clients are represented by the total number of shareholder accounts.</FONT></P></DIV>

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<FONT size=5 face="Times New Roman,Times New Roman,Times,serif">Contents</FONT></TD>
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&nbsp;</TD>
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	<TD colspan=2>
&nbsp;</TD>
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<B><FONT size=2 face="ArialNarrow-Bold,Arial,Helvetica,sans-serif">Annual Report</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
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<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">Important Notice to Shareholders</FONT></TD>
	<TD align=right>
<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">6</FONT></TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Financial Highlights and</FONT></TD>
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&nbsp;</TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Statement of Investments</FONT></TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">7</FONT></TD>
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<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">17</FONT></TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Notes to Financial Statements</FONT></TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">21</FONT></TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Report of Independent Registered</FONT></TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Public Accounting Firm</FONT></TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">27</FONT></TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Tax Information</FONT></TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">28</FONT></TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Annual Meeting of Shareholders</FONT></TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">29</FONT></TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Dividend Reinvestment and</FONT></TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Cash Purchase Plan</FONT></TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">30</FONT></TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Board Members and Officers</FONT></TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">32</FONT></TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">Shareholder Information</FONT></TD>
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<FONT size=2 face="Arial Narrow,Arial,Helvetica,sans-serif">37</FONT></TD>
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<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=6 face="Times New Roman,Times New Roman,Times,serif">Annual Report</FONT></P>
<P style="text-align: left;">
<FONT size=5 face="Times New Roman,Times New Roman,Times,serif">Franklin Universal Trust</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Dear Shareholder:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">This annual report for Franklin Universal Trust covers the fiscal year ended August 31, 2015.</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 New Roman,Times,serif">The Fund&#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 New Roman,Times,serif">For the 12 months under review, the Fund&#146;s cumulative total returns were -9.40% based on net asset value and -11.57% 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, had a -3.58% total return,</FONT><SUP><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">1 </FONT></SUP><FONT size=2 face="Times New Roman,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 New Roman,Times,serif">&#174; </FONT></SUP><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">(S&amp;P</FONT><SUP><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">&#174;</FONT></SUP><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">) 500 Utilities Index, which tracks all electric utility stocks in the broad S&amp;P 500</FONT><SUP><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">&#174; </FONT></SUP><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Index, posted a total return of +1.62% for the same period.</FONT><SUP><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">2</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 New Roman,Times,serif">U.S. economic growth was mixed during the 12 months under review. In 2014&#146;s fourth quarter, growth expanded due to increased consumer spending, business investment, exports, and state and local government spending. Growth slowed in 2015&#146;s first quarter as the U.S. dollar strengthened, energy prices fell, and a West Coast ports labor dispute led to decreased exports. However, growth rebounded in the second quarter due to increases in consumer spending, net exports, state and local government spending, and investments for businesses, homes and inventory. Manufacturing and service activities continued to expand during the 12-month period, contributing to new jobs, and the unemployment rate declined from 6.1% in August</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">1. Source: Credit Suisse Group.</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">2. Source: Morningstar.</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 8.</FONT></B></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">franklintempleton.com</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
<P style="text-align: left;">
<FONT color="#808080" size=3 face="Arial,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1</FONT></P>
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<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">2014 to 5.1% at period-end.</FONT><SUP><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">3 </FONT></SUP><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Housing market data were generally encouraging as home sales and prices rose amid declining mortgage rates. Retail sales generally rose for the 12-month period as strong employment gains led to broad-based improvement, especially for auto and auto components sales. Inflation, as measured by the Consumer Price Index, remained subdued due to lower energy prices.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">The Federal Reserve (Fed) ended its bond buying program in October 2014 and kept its target interest rate at 0%&#150;0.25% while considering when to begin increasing it toward normal levels. During its July meeting, the Fed stated that although labor market and economic conditions had improved, committee members would like more confidence that inflation was moving toward their goal before raising the federal funds target rate. Furthermore, it regarded international developments, particularly moderating growth in China and other emerging markets and China&#146;s unexpected currency devaluation, as well as a strengthening U.S. dollar, as potential risks to U.S. economic growth.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">The 10-year Treasury yield, which moves inversely to price, shifted throughout the period. It began at 2.35%, rose to 2.63% in September 2014, declined to a period low of 1.68% in January 2015 and ended the period at 2.21%. The moves seemed to reflect investor uncertainty given concerns about soft domestic data, Greece&#146;s debt issues and the Fed&#146;s cautious tone on raising interest rates. Less robust growth in China as well as devaluation of the renminbi and subsequent rate cuts toward period-end also affected Treasury prices.</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 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&#146;s Discussion</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">During the Fund&#146;s fiscal year ended August 31, 2015, the Fund&#146;s primary asset classes, high yield corporate bonds and utility stocks, each faced unique headwinds that led to divergent returns. Weaker economic data drove the 10-year Treasury</FONT></P>
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<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">8/31/15</FONT></TD>
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<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Investments*</FONT></B></TD>
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	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Corporate Bonds</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">64.5</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Utilities Common Stocks</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">31.1</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Natural Resources Common Stocks</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1.1</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Materials Common Stocks</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">0.8</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Senior Floating Rate Interests</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">0.3</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Convertible Preferred Stocks</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">0.1</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Transportation Common Stocks</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">0.1</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Short-Term Investments &amp; Other Net Assets</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">2.0</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,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 New Roman,Times,serif">yield lower during the first half of the reporting period, but signs of economic strength and indications that the Fed was considering increasing interest rates in the fall led yields to reverse course and rise from their January lows. Over the summer, a flare-up of the Greek sovereign debt crisis combined with concerns about the state of the Chinese economy impacted the upward trend in rates, and 10-year yields ended the period slightly lower. Despite the heightened volatility caused by concerns over Greece and China, the Fed indicated that, based on recent economic data, it still anticipated raising interest rates sometime in 2015. Investors&#146; expectations of the first hike in the federal funds target rate since 2006 caused anxiety and uncertainty in financial markets long accustomed to the current Fed policy.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">We believe, however, that the Fed appeared to foresee sustainable if moderate economic growth that could support high yield corporate bond performance. Although overall corporate credit fundamentals were favorable during the period, commodity-related sectors such as energy and metals and mining faced severe headwinds. In this environment of a broadly supportive domestic economy hindered by significant pockets of commodity weakness, the average yield spread on high yield bonds, as measured by the CS High Yield Index, increased from 4.3 to 6.2 percentage points above comparable Treasuries. According to the CS High Yield Index, the average price of high yield bonds declined from 103.7 to 93.1 as the yield increased from 5.5%</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">3. Source: Bureau of Labor Statistics.</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">2 </FONT><FONT color="#808080" size=3 face="Arial,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">franklintempleton.com</FONT></P>
</DIV>

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<P style="text-align: left;">
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">to 7.6%, which led to an overall return of -3.58%.</FONT><SUP><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">1 </FONT></SUP><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Utility stocks benefited from declining interest rates in the first half of the Fund&#146;s fiscal year before reversing course and trading down as rates began to rise in late January. Overall utility stocks, as measured by the S&amp;P 500 Utilities Index, returned +1.62% as favorable industry fundamentals were largely offset by rising rate fears.</FONT><SUP><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">2</FONT></SUP></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 New Roman,Times,serif">The Fund benefited from its overweighted positions in the health care and containers and packaging sectors relative to the CS High Yield Index.</FONT><SUP><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">4 </FONT></SUP><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Health care outperformed the benchmark as lower unemployment levels and the continued expansion of health insurance coverage under the Affordable Care Act reduced the percent of uninsured people and resulted in decreased bad debt expenses and increased utilization of health care services. Pricing power, more effective research and development and a more accommodative U.S. Food and Drug Administration helped the pharmaceutical sector produce strong results. Containers and packaging outperformed the index because its main end markets were the defensive food and beverage industries. In addition, a global consolidation trend continued during the period, which led to further market rationalization and significant pricing power for the remaining companies.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">The Fund&#146;s high yield bond performance was impeded by overweighted positions in the energy and metals and mining sectors relative to the CS High Yield Index.</FONT><SUP><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">5 </FONT></SUP><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Energy, the largest industry in the index, suffered as crude oil prices fell during the reporting period before staging a small rally at period-end. Natural gas prices also fell, which put additional pressure on energy producers. Metals and mining companies were also challenged as a broad range of commodities including coal, iron ore and copper experienced price declines largely because of investor concerns about China&#146;s economic weakness.</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 New Roman,Times,serif">The utilities sector, as measured by the S&amp;P 500 Utilities Index, rose 1.62%, outperforming the +0.48% total return of the S&amp;P 500 Index for the 12-month period.</FONT><SUP><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">2 </FONT></SUP><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Utilities share</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,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,Arial,Helvetica,sans-serif">8/31/15 vs. 8/31/14</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">8/31/15</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,Arial,Helvetica,sans-serif">Dominion Resources Inc.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">2.9</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Duke Energy Corp.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">2.4</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">NextEra Energy Inc.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">2.1</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Sempra Energy</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">2.0</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Edison International</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1.8</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Pinnacle West Capital Corp.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1.7</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,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,Arial,Helvetica,sans-serif">1.7</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">The Southern Co.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1.6</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Entergy Corp.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1.4</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">CenterPoint Energy Inc.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1.3</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,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">8/31/14</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,Arial,Helvetica,sans-serif">Dominion Resources Inc.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">2.6</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Duke Energy Corp.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">2.5</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Sempra Energy</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">2.0</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">NextEra Energy Inc.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1.8</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">The Southern Co.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1.8</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Edison International</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1.6</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">CenterPoint Energy Inc.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1.6</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,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,Arial,Helvetica,sans-serif">1.5</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Pinnacle West Capital Corp.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1.5</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Entergy Corp.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1.4</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,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 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 New Roman,Times,serif">prices rose strongly during the fourth quarter of calendar year 2014 through January 2015 but gave up most of those gains during the remainder of the Fund&#146;s fiscal year as investors placed greater emphasis on potentially higher interest rates and their negative effect on utility share prices. In addition, weaker oil and natural gas prices hurt the performance of integrated utilities including CenterPoint Energy, Exelon and Entergy, whose profits were dependent on energy market prices. In contrast, regulated utilities did not suffer as commodities declined</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">4. Health care holdings are in health care equipment and services; and pharmaceuticals, biotechnology and life sciences in the SOI. Containers and packaging holdings are</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">in materials in the SOI.</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">5. Metals and mining holdings are in materials in the SOI.</FONT><BR>
<FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">See www.franklintempletondatasources.com for additional data provider information.</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">franklintempleton.com</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
<P style="text-align: left;">
<FONT color="#808080" size=3 face="Arial,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">3</FONT></P>
</DIV>

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<P style="text-align: left;">
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">because of set rates that protected their margins. Utility positions that produced positive performance included Consolidated Edison and PG&amp;E.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Thank you for your continued participation in Franklin Universal Trust. We look forward to serving your future investment needs.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Sincerely,</FONT></P>
<IMG src="fut_a1015x6x1.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 holdings as of August 31, 2015, the end of the reporting period. The way we implement our main investment strategies and the resulting portfolio holdings may change depending on factors such as market and economic conditions. These opinions may not be relied upon as investment advice or an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but the investment manager makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.</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></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">4 </FONT><FONT color="#808080" size=3 face="Arial,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">franklintempleton.com</FONT></P>
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<P style="TEXT-ALIGN: right"><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=5 face="Times New Roman,Times New Roman,Times,serif">Performance Summary as of August 31, 2015</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,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>

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<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="30%"></TD>

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

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

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

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

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

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

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

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

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   <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>8/31/15</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>Change</FONT></B></TD></TR>

<TR vAlign=bottom>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7.11</FONT></TD>

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1.23</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6.10</FONT></TD>

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1.29</FONT></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

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

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

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

<TR vAlign=bottom>

   <TD align=left><B><FONT size=3 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>Distributions</FONT></B><B><SUP><FONT size=3 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>1 </FONT></SUP></B><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(9/1/14&#8211;8/31/15)</FONT></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>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>0.4740</FONT></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="17%"></TD>

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

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD 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>2</FONT></SUP></B></TD>

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

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

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

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

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

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

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

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

   <TD align=left>&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 colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cumulative</FONT></B></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 25.127pt" 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>3</FONT></SUP></B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 21.825pt" 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>3</FONT></SUP></B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total Return (9/30/15)</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" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD style="TEXT-INDENT: 7.799pt" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Based</FONT></B></TD>

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

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

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

   <TD style="TEXT-INDENT: 4.503pt" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Based</FONT></B></TD>

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

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

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

   <TD style="TEXT-INDENT: 4.497pt" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Based</FONT></B></TD>

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

   <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Based on</FONT></B></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; TEXT-INDENT: 3.295pt" 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>5</FONT></SUP></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>Market Price</FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6</FONT></SUP></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>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" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" 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>6</FONT></SUP></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>on NAV</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" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" 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>6</FONT></SUP></B></TD>

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

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-9.40</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-11.57</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-9.40</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-11.57</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-7.97</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-9.97</FONT></TD>

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

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>+46.87</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>+36.59</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>+7.99</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>+6.43</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>+6.77</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>+4.82</FONT></TD>

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

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>+92.05</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>+102.42</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>+6.74</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>+7.31</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>+6.49</FONT></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,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 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</FONT></B><BR><B><FONT size=1 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>in the 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</FONT></B><BR><B><FONT size=1 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>principal. Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies, particular industries or sectors, or general</FONT></B><BR><B><FONT size=1 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>market conditions. In addition to having sensitivity to other factors, securities issued by utility companies have historically been sensitive to interest rate</FONT></B><BR><B><FONT size=1 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>changes. 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</FONT></B><BR><B><FONT size=1 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>fall. The Fund 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 distribution amount is the sum of the dividend payments to shareholders for the period shown and includes only estimated tax-basis net investment income.</FONT><BR><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">2. The Fund has a fee waiver associated with any investment 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">3. 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">4. 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">5. Assumes reinvestment of distributions based on net asset value.</FONT><BR><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">6. 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,Arial,Helvetica,sans-serif>franklintempleton.com</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Annual Report</FONT></P>

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

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<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
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<FONT size=5 face="Times New Roman,Times New Roman,Times,serif">Important Notice to Shareholders</FONT></P>
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<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">The Fund&#146;s Board previously authorized an open-market share repurchase program, pursuant to which the Fund may purchase Fund shares, from time to time, up to 10% of the Fund&#146;s common shares in open-market transactions, at the discretion of management. This authorization remains in effect.</FONT></P>
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<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">6 </FONT><FONT color="#808080" size=3 face="Arial,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
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<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">franklintempleton.com</FONT></P>
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   <TD colSpan=7 align=right><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></TD>

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

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   <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>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</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>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>

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   <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>

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   <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>

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

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   <TD style="TEXT-INDENT: 0.006pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>$</FONT></TD>

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

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

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

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

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

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>0.43</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>0.45</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>0.45</FONT></TD>

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   <TD align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>(1.21</FONT></TD>

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

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

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   <TD style="TEXT-INDENT: 0.003pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>(0.76</FONT></TD>

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>(0.47</FONT></TD>

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

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

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

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

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7.11</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,Arial,Helvetica,sans-serif>$</FONT></TD>

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

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

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

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

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6.10</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,Arial,Helvetica,sans-serif>$</FONT></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>(11.57</FONT></TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5.63</FONT></TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>178,747</FONT></TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>20.30</FONT></TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,979</FONT></TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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<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,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,Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7</FONT></P></DIV>

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   <TD align=left><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></TD>

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

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

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

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

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   <TD align=left><B><FONT size=3 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>Statement of Investments, August 31, 2015</FONT></B></TD>

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

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

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

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<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: 12pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Common Stocks 44.2%</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: 12pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Energy 1.5%</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: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Spectra Energy Corp.</FONT></TD>

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,684,614</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Materials 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: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>BHP Billiton PLC, ADR</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>883,238</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Freeport-McMoRan Inc., B</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>855,243</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.108pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>South32 Ltd., ADR</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>10,074</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>54,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.108pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Verso Corp.</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4,527</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,Arial,Helvetica,sans-serif>1,087</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,Arial,Helvetica,sans-serif>1,794,068</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><B><FONT size=2 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 style="TEXT-INDENT: 8.108pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>CEVA Holdings LLC</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>116,630</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 12pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Utilities 41.6%</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: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Alliant Energy Corp.</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,266,800</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>American Electric Power Co. Inc.</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4,071,750</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>CenterPoint Energy Inc.</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,161,675</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>CMS Energy Corp.</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,130,700</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Consolidated Edison Inc.</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,642,220</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Dominion Resources Inc.</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6,975,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>DTE Energy Co.</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,951,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Duke Energy Corp.</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>80,060</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5,677,055</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Edison International</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4,386,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Entergy Corp.</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,266,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Exelon Corp.</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,691,800</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>FirstEnergy Corp.</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,917,600</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Great Plains Energy Inc.</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,744,400</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>NextEra Energy Inc.</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4,920,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>PG&amp;E Corp.</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,479,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Pinnacle West Capital Corp.</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4,167,100</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>PPL Corp.</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,479,200</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Public Service Enterprise Group Inc.</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,811,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Sempra Energy</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4,742,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>The Southern Co.</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>87,250</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,787,522</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.108pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Talen Energy Corp.</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>9,992</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>142,386</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>UIL Holdings Corp.</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,821,200</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>WEC Energy Group Inc.</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,906,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Westar Energy Inc.</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,193,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Xcel Energy Inc.</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>2,023,800</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,Arial,Helvetica,sans-serif>74,356,458</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total Common Stocks (Cost $47,714,960)</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,Arial,Helvetica,sans-serif>78,951,770</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Convertible Preferred Stocks 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 style="TEXT-INDENT: 12pt" align=left><B><FONT size=2 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 style="TEXT-INDENT: 8.108pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>CEVA Holdings LLC, cvt. pfd., A-1</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5,400</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.108pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>CEVA Holdings LLC, cvt. pfd., A-2</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>252,467</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" 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,Arial,Helvetica,sans-serif>257,867</FONT></TD></TR></TABLE></DIV>

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

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

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

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

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

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

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

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

   <TD width="11%"></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 86.2%</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><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Automobiles &amp; Components 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: 3.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Fiat Chrysler Automobiles NV, senior note, 5.25%, 4/15/23</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,694,688</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>1,168,475</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,Arial,Helvetica,sans-serif>2,863,163</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Banks 3.5%</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: 3.891pt" align=left><FONT size=1 face=Arial,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: 17.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5.375%, 5/15/20</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>523,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5.00%, 8/15/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,222,500</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>321,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.291pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>c</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Citigroup Inc., junior sub. bond, M, 6.30% to 5/15/24, FRN thereafter, Perpetual</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,068,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.291pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>c</FONT></SUP><FONT size=1 face=Arial,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: 17.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>R, 6.00% to 8/01/23, FRN thereafter, Perpetual</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>893,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>V, 5.00% to 7/30/19, FRN thereafter, Perpetual</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>781,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,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: 17.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6.125%, 12/15/22</FONT></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5.125%, 5/28/24</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>405,250</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,Arial,Helvetica,sans-serif>6,189,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Capital Goods 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 align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Abengoa Finance SAU, senior note, 144A, 8.875%, 11/01/17</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>650,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>447,687</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Bombardier Inc., senior bond, 144A, 7.50%, 3/15/25</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,287,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Navistar International Corp., senior note, 8.25%, 11/01/21</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>702,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Oshkosh Corp., senior note, 5.375%, 3/01/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>507,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,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: 17.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior sub. bond, 6.50%, 7/15/24</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>196,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior sub. bond, 144A, 6.50%, 5/15/25</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>98,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior sub. note, 6.00%, 7/15/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>688,625</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD align=right><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>601,500</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,Arial,Helvetica,sans-serif>4,530,312</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Commercial &amp; Professional Services 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 align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Anna Merger Sub Inc., senior note, 144A, 7.75%, 10/01/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>496,560</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>IHS Inc., senior note, 5.00%, 11/01/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>304,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,000,000</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,Arial,Helvetica,sans-serif>990,000</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,Arial,Helvetica,sans-serif>1,791,060</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consumer Durables &amp; Apparel 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: 3.891pt" align=left><FONT size=1 face=Arial,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: 17.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 7.50%, 9/15/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,138,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 4.75%, 5/15/19</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>197,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 7.00%, 12/15/21</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>304,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>United States</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>207,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,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: 17.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5.25%, 4/15/21</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>404,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5.875%, 4/15/23</FONT></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5.625%, 3/01/24</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>686,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>United States</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>742,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Visant Corp., senior note, 10.00%, 10/01/17</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>738,000</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,Arial,Helvetica,sans-serif>4,922,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consumer Services 5.3%</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 align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1011778 BC ULC/New Red 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: 17.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>secured note, second lien, 144A, 6.00%, 4/01/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,032,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior secured note, first lien, 144A, 4.625%, 1/15/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>503,750</FONT></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>franklintempleton.com Annual Report </FONT><FONT color=#808080 size=3 face=Arial,Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>9</FONT></P></DIV>

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

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<P style="text-align: left;">
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR>
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">STATEMENT OF INVESTMENTS</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=61%></TD>
     <TD width=14%></TD>
     <TD width=10%></TD>
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<TR valign="bottom">
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&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>
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&nbsp;</TD>
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&nbsp;</TD>
</TR>
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&nbsp;</TD>
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<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Country</FONT></B></TD>
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<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Amount*</FONT></B></TD>
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&nbsp;</TD>
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<B><FONT size=1 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Value</FONT></B></TD>
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<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.228699pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Corporate Bonds </FONT></B><FONT size=1 face="Arial,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:8.228699pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Consumer Services </FONT></B><FONT size=1 face="Arial,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:4.336700pt">
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,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,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">800,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.336700pt">
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">d</FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Caesars Entertainment Operating Co. Inc., senior secured note, first lien, 11.25%,</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:13.228699pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">6/01/17</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">841,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b,d</FONT></SUP><FONT size=1 face="Arial,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,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,600,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">8,080</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.336700pt">
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">International Game Technology PLC, senior secured bond, 144A, 6.50%,</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 align=left style="TEXT-INDENT:13.228699pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">2/15/25</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,616,062</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.336700pt">
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Landry&#146;s Inc., senior note, 144A, 9.375%, 5/01/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">900,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">964,688</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.228699pt">
<FONT size=1 face="Arial,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 align=left style="TEXT-INDENT:22.228699pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">6.875%, 4/01/16</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,200,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,236,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.228699pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">7.50%, 6/01/16</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">830,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.336700pt">
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Sabre GLBL Inc., first lien, 144A, 5.375%, 4/15/23</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,200,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,182,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.336700pt">
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Wynn Macau Ltd., senior note, 144A, 5.25%, 10/15/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Macau</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">400,000</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,Arial,Helvetica,sans-serif">370,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<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;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">9,384,330</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.228699pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Diversified Financials 3.8%</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 align=left style="TEXT-INDENT:8.228699pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, 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:22.228699pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">4.25%, 7/01/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Netherlands</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">806,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.228699pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">5.00%, 10/01/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Netherlands</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">516,875</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.228699pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Ally Financial Inc., senior note, 5.50%, 2/15/17</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">621,120</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.228699pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">E*TRADE Financial 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:22.228699pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">5.375%, 11/15/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">314,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.228699pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">4.625%, 9/15/23</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">401,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.228699pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Navient 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:22.228699pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">8.45%, 6/15/18</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">900,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">960,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.228699pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">5.50%, 1/15/19</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">770,800</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.228699pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">4.875%, 6/17/19</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">750,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.336700pt">
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,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 align=left style="TEXT-INDENT:13.228699pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">3/15/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">739,375</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.336700pt">
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">OneMain Financial Holdings Inc., senior note, 144A, 7.25%, 12/15/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">900,000</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,Arial,Helvetica,sans-serif">933,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<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;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">6,813,920</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.228699pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Energy 14.9%</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 align=left style="TEXT-INDENT:8.228699pt">
<FONT size=1 face="Arial,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 align=left style="TEXT-INDENT:22.228699pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior bond, 7.875%, 4/15/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">311,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.228699pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 8.625%, 10/15/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">324,798</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.228699pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">California Resources 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:22.228699pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior bond, 6.00%, 11/15/24</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">454,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.228699pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 5.50%, 9/15/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">312,152</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.336700pt">
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Calumet Specialty Products Partners LP/Calumet Finance Co., 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:13.228699pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">7.75%, 4/15/23</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">780,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.228699pt">
<FONT size=1 face="Arial,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 align=left style="TEXT-INDENT:22.228699pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">7.75%, 5/15/17</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">France</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">203,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">161,893</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.228699pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">6.50%, 6/01/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">France</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">340,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.228699pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">6.875%, 1/15/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">France</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">175,687</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.228699pt">
<FONT size=1 face="Arial,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 align=left style="TEXT-INDENT:22.228699pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">9.875%, 10/01/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">420,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.228699pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">8.25%, 9/01/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">95,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.220703pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">7.625%, 11/15/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">136,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.220703pt">
<FONT size=1 face="Arial,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,Arial,Helvetica,sans-serif">Canada</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,350,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">820,125</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.220703pt">
<FONT size=1 face="Arial,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 align=left style="TEXT-INDENT:22.220703pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">6.625%, 8/15/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,360,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:22.220703pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">4.875%, 4/15/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">219,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.220703pt">
<FONT size=1 face="Arial,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,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,200,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,014,000</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">10 </FONT><FONT color="#808080" size=3 face="Arial,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,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>
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<P style="TEXT-ALIGN: right"><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">STATEMENT OF INVESTMENTS</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="58%"></TD>

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   <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=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>Amount*</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>Value</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Corporate Bonds </FONT></B><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(continued)</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Energy </FONT></B><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(continued)</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.997pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Compressco Partners LP/Finance Corp., senior note, 7.25%, 8/15/22</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>247,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.997pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>CONSOL Energy Inc., senior note,</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 25.997pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5.875%, 4/15/22</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>572,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 22.108pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>144A, 8.00%, 4/01/23</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>608,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.108pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.,</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 144A, 6.25%, 4/01/23</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>460,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.108pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>United States</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>858,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Energy Transfer Equity LP,</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 5.875%, 1/15/24</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>194,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, first lien, 7.50%, 10/15/20</FONT></TD>

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

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

   <TD colSpan=3 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,610,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>United States</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>383,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.108pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>EnQuest PLC, senior note, 144A, 7.00%, 4/15/22</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>399,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>United States</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>284,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Goodrich Petroleum Corp., senior note, 8.875%, 3/15/19</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>294,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.108pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Ferrellgas LP/Ferrellgas Finance Corp., senior note, 144A, 6.75%, 6/15/23</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>868,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Halcon Resources Corp.,</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 9.75%, 7/15/20</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>280,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=center><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior secured note, third lien, 144A, 13.00%, 2/15/22</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>520,000</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>405,600</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Linn Energy LLC/Finance Corp., senior note,</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>8.625%, 4/15/20</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>407,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7.75%, 2/01/21</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>278,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6.50%, 9/15/21</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>37,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.992pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Martin Midstream Partners LP/Martin Midstream Finance Corp., senior note,</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.992pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7.25%, 2/15/21</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>935,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.992pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Memorial Resource Development Corp., senior note, 5.875%, 7/01/22</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>457,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.992pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>United States</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>199,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.108pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Murray Energy Corp., secured note, second lien, 144A, 11.25%, 4/15/21</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>332,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Oasis Petroleum Inc., senior note,</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7.25%, 2/01/19</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>180,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6.50%, 11/01/21</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>328,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6.875%, 3/15/22</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>334,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6.875%, 1/15/23</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>161,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.108pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>United States</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>204,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Offshore Group Investment Ltd.,</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, first lien, 7.125%, 4/01/23</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior secured note, first lien, 7.50%, 11/01/19</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>327,687</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>United States</FONT></TD>

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

   <TD colSpan=3 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,268,940</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.108pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Peabody Energy Corp., second lien, 144A, 10.00%, 3/15/22</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>486,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Penn Virginia Corp., senior note, 8.50%, 5/01/20</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>185,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>QEP Resources Inc., senior note,</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5.375%, 10/01/22</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>610,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5.25%, 5/01/23</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>346,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=center><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b,d,e</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Quicksilver Resources Inc., secured note, second lien, 144A, FRN, 7.00%,</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6/21/19</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>282,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Sabine Pass Liquefaction LLC, first lien,</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5.625%, 2/01/21</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>990,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6.25%, 3/15/22</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>202,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5.625%, 4/15/23</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>488,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Sanchez Energy Corp., senior note,</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7.75%, 6/15/21</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>765,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6.125%, 1/15/23</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>226,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.108pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Ultra Petroleum Corp., senior bond, 144A, 6.125%, 10/01/24</FONT></TD>

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>731,500</FONT></TD></TR>

<TR>

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

<TR>

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

<TR vAlign=bottom>

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

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

   <TD style="TEXT-INDENT: 17.735pt" colSpan=2 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Annual Report</FONT></TD>

   <TD align=right><FONT color=#808080 size=3 face=Arial,Arial,Helvetica,sans-serif>|</FONT></TD>

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

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

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

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<P style="text-align: left;">
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR>
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">STATEMENT OF INVESTMENTS</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=56%></TD>
     <TD width=18%></TD>
     <TD width=10%></TD>
     <TD width=2%></TD>
     <TD width=11%></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:3.891998pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Corporate Bonds </FONT></B><FONT size=1 face="Arial,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:3.891998pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Energy </FONT></B><FONT size=1 face="Arial,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:3.889801pt">
<FONT size=1 face="Arial,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,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,200,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">570,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.889801pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">WPX Energy Inc., senior note, 8.25%, 8/01/23</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">600,000</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,Arial,Helvetica,sans-serif">579,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<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;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">26,629,632</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.891998pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Food, Beverage &amp; Tobacco 3.2%</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 style="TEXT-INDENT:3.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Constellation Brands 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 style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior bond, 4.75%, 11/15/24</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">410,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 4.25%, 5/01/23</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">504,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Cott Beverages Inc., senior note, 6.75%, 1/01/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">624,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,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,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">810,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,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 align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior bond, 144A, 5.875%, 7/15/24</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">600,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 8.25%, 2/01/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">317,625</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 7.25%, 6/01/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">734,125</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.891998pt">
<FONT size=1 face="Arial,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 align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">7.375%, 2/15/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">823,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:14.000000pt">
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">144A, 6.75%, 12/01/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">504,375</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:14.000000pt">
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">144A, 6.00%, 12/15/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">290,625</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:14.000000pt">
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">144A, 7.75%, 3/15/24</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">100,000</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,Arial,Helvetica,sans-serif">103,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<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;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">5,722,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.891998pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Health Care Equipment &amp; Services 5.5%</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 align=left style="TEXT-INDENT:3.891998pt">
<FONT size=1 face="Arial,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 align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 7.25%, 7/01/18</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">900,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">943,875</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior sub. note, 6.50%, 6/15/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">100,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">104,209</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.891998pt">
<FONT size=1 face="Arial,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 align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 8.00%, 11/15/19</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">900,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">942,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 7.125%, 7/15/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">424,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 6.875%, 2/01/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">213,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior secured note, first lien, 5.125%, 8/15/18</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">615,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.891998pt">
<FONT size=1 face="Arial,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 align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior bond, 5.125%, 7/15/24</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">399,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 5.75%, 8/15/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">533,875</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.891998pt">
<FONT size=1 face="Arial,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 align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 6.50%, 2/15/16</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,400,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,428,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 5.875%, 5/01/23</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">848,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior secured bond, first lien, 5.875%, 3/15/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">654,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Hologic Inc., senior note, 144A, 5.25%, 7/15/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">513,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.891998pt">
<FONT size=1 face="Arial,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 align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">5.00%, 3/01/19</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">801,592</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">5.50%, 3/01/19</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">402,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">8.125%, 4/01/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,000,000</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,Arial,Helvetica,sans-serif">1,110,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<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;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">9,934,551</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.891998pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Materials 10.8%</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 align=left style="TEXT-INDENT:3.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">ArcelorMittal, 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:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">6.25%, 3/01/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Luxembourg</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">900,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">892,368</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">6.125%, 6/01/25</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Luxembourg</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">300,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">277,125</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,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,Arial,Helvetica,sans-serif">Luxembourg</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">526,250</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">12 </FONT><FONT color="#808080" size=3 face="Arial,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,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>

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<P style="text-align: right;">
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR>
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">STATEMENT OF INVESTMENTS</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=61%></TD>
     <TD width=14%></TD>
     <TD width=10%></TD>
     <TD width=2%></TD>
     <TD width=11%></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:3.891998pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Corporate Bonds </FONT></B><FONT size=1 face="Arial,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:3.891998pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Materials </FONT></B><FONT size=1 face="Arial,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>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,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 align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">6.25%, 1/31/19</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Luxembourg</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">205,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">7.00%, 11/15/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Luxembourg</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">88,235</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">89,559</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">6.75%, 1/31/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Luxembourg</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">204,625</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">6.00%, 6/30/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Luxembourg</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">498,650</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,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,Arial,Helvetica,sans-serif">Australia</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">800,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">628,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,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 style="TEXT-INDENT:8.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">5/01/18</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Australia</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,400,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,386,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Cemex Finance LLC, senior secured note, first lien, 144A, 6.00%, 4/01/24</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Mexico</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">575,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Cemex SAB de CV, first lien, 144A, 5.70%, 1/11/25</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Mexico</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,100,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,027,812</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">The Chemours Co.,</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:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior bond, 144A, 7.00%, 5/15/25</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">171,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 6.625%, 5/15/23</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,100,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">959,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,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,Arial,Helvetica,sans-serif">Canada</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">870,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,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 align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">6.75%, 2/15/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Canada</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">631,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">454,320</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">7.00%, 2/15/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Canada</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,131,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">803,010</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">FMG Resources (August 2006) Pty. Ltd., senior secured note, 144A, 9.75%,</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:8.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">3/01/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Australia</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,800,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,651,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">NOVA Chemicals Corp., senior bond, 144A, 5.00%, 5/01/25</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Canada</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,100,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,102,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Novelis Inc., senior note, 8.75%, 12/15/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Canada</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">701,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Owens-Brockway Glass Container 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 align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">5.00%, 1/15/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">600,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">593,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">5.875%, 8/15/23</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">509,688</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Platform Specialty Products Corp., senior note, 144A, 6.50%, 2/01/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">389,332</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,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,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">475,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.891998pt">
<FONT size=1 face="Arial,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 align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">first lien, 5.75%, 10/15/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">516,875</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 8.50%, 5/15/18</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,013,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 9.00%, 4/15/19</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">200,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">205,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 9.875%, 8/15/19</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">100,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">105,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 8.25%, 2/15/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">723,625</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b</FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Sealed Air 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:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior bond, 144A, 5.50%, 9/15/25</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">414,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 144A, 6.50%, 12/01/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">445,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Steel Dynamics 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 style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior bond, 5.50%, 10/01/24</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">486,875</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 5.125%, 10/01/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">400,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">396,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Verso Paper Holdings LLC/Inc., senior secured note, first lien, 11.75%, 1/15/19</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">216,000</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,Arial,Helvetica,sans-serif">51,300</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<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;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">19,350,164</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.891998pt">
<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">Media 9.2%</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 style="TEXT-INDENT:3.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Cablevision Systems Corp., senior note, 8.625%, 9/15/17</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">766,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.891998pt">
<FONT size=1 face="Arial,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,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,717,850</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.891998pt">
<FONT size=1 face="Arial,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 align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 6.50%, 11/15/22</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">500,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">518,375</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior sub. note, 7.625%, 3/15/20</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">727,125</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.891998pt">
<FONT size=1 face="Arial,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 align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">6.75%, 11/15/21</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">735,875</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:17.891998pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">5.25%, 6/01/24</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">United States</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">651,350</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">franklintempleton.com</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
<P style="text-align: left;">
<FONT color="#808080" size=3 face="Arial,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,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>

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

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="58%"></TD>

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

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

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

   <TD width="11%"></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,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: 3.891pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Media </FONT></B><FONT size=1 face=Arial,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: 3.892pt" align=left><FONT size=1 face=Arial,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: 17.892pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7.125%, 2/01/16</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,016,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.892pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6.75%, 6/01/21</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>704,480</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.892pt" align=left><FONT size=1 face=Arial,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 style="TEXT-INDENT: 17.892pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 6.375%, 10/15/23</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>945,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.892pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 5.125%, 7/15/20</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>830,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.892pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>iHeartCommunications 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: 17.892pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior secured bond, first lien, 9.00%, 3/01/21</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,148,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.892pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior secured note, first lien, 9.00%, 9/15/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>87,875</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>447,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Sirius XM Radio Inc., senior bond, 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: 17.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6.00%, 7/15/24</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>826,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5.375%, 4/15/25</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>693,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Unitymedia KabelBW GmbH, senior bond, 144A, 6.125%, 1/15/25</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>616,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Univision Communications Inc., senior secured bond, first lien, 144A, 6.75%,</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: 8.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>9/15/22</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>358,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>379,928</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>312,936</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Virgin Media Secured Finance PLC, senior secured 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: 17.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>144A, 5.25%, 1/15/26</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>486,562</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>first lien, 144A, 5.50%, 1/15/25</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>814,000</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>592,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,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: 17.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>secured note, 144A, 6.00%, 1/15/21</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,190,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,219,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 144A, 5.625%, 4/15/22</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>99,500</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,Arial,Helvetica,sans-serif>16,337,731</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Pharmaceuticals, Biotechnology &amp; Life Sciences 4.0%</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 align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Concordia Healthcare Corp., senior note, 144A, 7.00%, 4/15/23</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,035,100</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Endo Finance LLC/Endo Ltd./Endo Finco 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: 17.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 144A, 6.00%, 2/01/25</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>619,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 144A, 6.00%, 7/15/23</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>417,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Horizon Pharma Financing Inc., senior note, 144A, 6.625%, 5/01/23</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>310,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Jaguar Holding Co. II/Pharmaceutical Product Development 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 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 144A, 6.375%, 8/01/23</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>497,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>United States</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,704,800</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Valeant Pharmaceuticals International 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: 17.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 144A, 6.125%, 4/15/25</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>309,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 144A, 7.50%, 7/15/21</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>322,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 17.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 144A, 5.625%, 12/01/21</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>717,500</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD align=right><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>1,149,500</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,Arial,Helvetica,sans-serif>7,084,400</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Real Estate 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: 3.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Equinix Inc., senior bond, 5.375%, 4/01/23</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,300,000</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,Arial,Helvetica,sans-serif>1,309,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.891pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Retailing 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 align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,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: 8.891pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4/15/21</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>902,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Argos Merger Sub Inc., senior note, 144A, 7.125%, 3/15/23</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>315,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Dollar Tree Inc., senior note, 144A, 5.75%, 3/01/23</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>526,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Netflix Inc., senior bond, 144A, 5.875%, 2/15/25</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>1,148,125</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,Arial,Helvetica,sans-serif>2,891,625</FONT></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>14 </FONT><FONT color=#808080 size=3 face=Arial,Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Annual Report</FONT></P>

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

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

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

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

   <TD width="10%"></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: 12pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Corporate Bonds </FONT></B><FONT size=1 face=Arial,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: 12pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Software &amp; 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: 8.108pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>United States</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,314,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,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: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 12.625%, 1/15/21</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,036,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 11.25%, 1/15/21</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>136,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>150,620</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 22.108pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior secured bond, second lien, 144A, 8.25%, 1/15/21</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>949,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.108pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Infor (U.S.) Inc., senior note, 144A, 6.50%, 5/15/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,034,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Sterling International Inc., senior note, 11.00%, 10/01/19</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,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,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,Arial,Helvetica,sans-serif>5,005,495</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Technology Hardware &amp; Equipment 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: 8.108pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>France</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,285,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.108pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Blackboard Inc., senior note, 144A, 7.75%, 11/15/19</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>630,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.218pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b,f</FONT></SUP><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>United States</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>417,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.108pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>CommScope Technologies Finance LLC, senior bond, 144A, 6.00%, 6/15/25</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>877,500</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,Arial,Helvetica,sans-serif>3,210,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Telecommunication Services 7.3%</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: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>CenturyLink Inc., senior 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: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6.75%, 12/01/23</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>292,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>144A, 5.625%, 4/01/25</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>896,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.108pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>Bermuda</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>838,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.108pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Digicel 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: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6.00%, 4/15/21</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>458,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6.75%, 3/01/23</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>276,539</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Frontier Communications Corp., senior note, 8.75%, 4/15/22</FONT></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,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: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 6.625%, 12/15/22</FONT></TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>440,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 7.25%, 10/15/20</FONT></TD>

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

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>193,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 7.50%, 4/01/21</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Luxembourg</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,500,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,458,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.108pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>Luxembourg</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>900,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>918,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.108pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Sprint Communications 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: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>9.00%, 11/15/18</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,232,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7.00%, 3/01/20</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>500,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>532,350</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Sprint Corp., senior 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: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7.875%, 9/15/23</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>500,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>481,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7.125%, 6/15/24</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>200,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>186,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,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: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 6.50%, 1/15/24</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>200,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>206,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 6.375%, 3/01/25</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>500,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>511,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 6.542%, 4/28/20</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>800,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>836,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 6.125%, 1/15/22</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>100,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>103,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.108pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Wind Acquisition Finance 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: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 144A, 7.375%, 4/23/21</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Italy</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,700,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,738,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior secured note, first lien, 144A, 4.75%, 7/15/20</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Italy</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>302,437</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,Arial,Helvetica,sans-serif>13,100,076</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Transportation 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: 8.108pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,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: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>secured note, first lien, 144A, 6.75%, 5/01/19</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>400,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>404,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 144A, 9.75%, 5/01/20</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>200,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>181,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12pt" align=left><FONT size=1 face=Arial,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: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7.50%, 10/15/18</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>600,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>614,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6.75%, 4/15/19</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,025,000</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>franklintempleton.com</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD colSpan=3 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Annual Report </FONT><FONT color=#808080 size=3 face=Arial,Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>15</FONT></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">STATEMENT OF INVESTMENTS</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="59%"></TD>

   <TD width="13%"></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=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>

   <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>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.228pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Corporate Bonds </FONT></B><FONT size=1 face=Arial,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: 8.228pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Transportation </FONT></B><FONT size=1 face=Arial,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: 4.336pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Stena AB, senior bond, 144A, 7.00%, 2/01/24</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Sweden</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>500,000</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>440,000</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.336pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>Sweden</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>471,625</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,Arial,Helvetica,sans-serif>3,135,875</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.228pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Utilities 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>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.228pt" align=left><FONT size=1 face=Arial,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>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; senior bond, 5.75%, 1/15/25</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,300,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,264,250</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior secured bond, first lien, 144A, 7.875%, 1/15/23</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>354,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>381,435</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.336pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>InterGen NV, secured bond, 144A, 7.00%, 6/30/23</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Netherlands</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,000,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>877,500</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.228pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>NRG Yield Operating LLC, senior bond, 5.375%, 8/15/24</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>600,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>580,500</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.336pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>PPL Energy Supply LLC, senior bond, 144A, 6.50%, 6/01/25</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>400,000</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>371,500</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b,d</FONT></SUP><FONT size=1 face=Arial,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 style="TEXT-INDENT: 13.228pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Finance Inc., senior secured note, first lien, 144A, 11.50%, 10/01/20</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>323,750</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,798,935</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.228pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total Corporate Bonds (Cost $170,039,942)</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,Arial,Helvetica,sans-serif>154,005,019</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,Arial,Helvetica,sans-serif>e,g</FONT></SUP><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Senior Floating Rate Interests (Cost $765,218) 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: 8.228pt" align=left><B><FONT size=2 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: 8.228pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>770,664</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,Arial,Helvetica,sans-serif>744,654</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>

   <TD colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.228pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Escrows and 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,Arial,Helvetica,sans-serif>a,h</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>NewPage Corp., Litigation Trust</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,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,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: 8.228pt" 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;&nbsp;(Cost $219,107,213)</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,Arial,Helvetica,sans-serif>233,959,310</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.228pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short Term Investments (Cost $1,958,705) 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>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.228pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Money Market Funds 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>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.736pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a,i</FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Institutional Fiduciary Trust Money Market Portfolio</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>United States</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,958,705</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,Arial,Helvetica,sans-serif>1,958,705</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 style="TEXT-INDENT: 8.228pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total Investments (Cost $221,065,918) 132.0%</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,Arial,Helvetica,sans-serif>235,918,015</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.228pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notes Payable (33.6)%</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,Arial,Helvetica,sans-serif>(60,000,000</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.228pt" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other Assets, less Liabilities 1.6%</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,Arial,Helvetica,sans-serif>2,828,602</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.228pt" 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,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>178,746,617</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 26.</FONT><BR><BR><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, 2015, the aggregate value of these securities was $70,180,710, representing 39.26% 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 Institutional Fiduciary Trust Money Market Portfolio.</FONT><BR><BR><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>16 </FONT><FONT color=#808080 size=3 face=Arial,Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Annual Report | The accompanying notes are an integral part of these financial statements. franklintempleton.com</FONT></P></DIV>

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<P style="TEXT-ALIGN: right"><FONT size=1 face="Times New Roman,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>Financial Statements</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Statement of Assets and Liabilities</FONT></B><BR><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>August 31, 2015</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="56%"></TD>

   <TD width="2%"></TD>

   <TD width="37%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,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: 4.447pt" align=left><FONT size=1 face=Arial,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: 8.895pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Cost - Unaffiliated issuers</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>219,107,213</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.898pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>1,958,705</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.763pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Total cost of investments</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>221,065,918</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,Arial,Helvetica,sans-serif>Value - Unaffiliated issuers</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>233,959,310</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.898pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>1,958,705</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.762pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Total value of investments</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>235,918,015</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.45pt" align=left><FONT size=1 face=Arial,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: 8.898pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Investment securities sold</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>194,500</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.898pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Dividends and interest</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,834,040</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Note 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,Arial,Helvetica,sans-serif>78,136</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,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,Arial,Helvetica,sans-serif>240,024,691</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT size=1 face=Arial,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: 4.448pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>Investment securities purchased</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>88,792</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.896pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Management fees</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>152,362</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.896pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Distributions to shareholders</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>992,710</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.448pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Accrued interest (Note 3)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>14,350</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.448pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>60,000,000</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.003pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>29,860</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,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>61,278,074</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,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&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,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>178,746,617</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,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,Arial,Helvetica,sans-serif>Paid-in capital</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>Undistributed net investment income</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>153,875</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Net unrealized appreciation (depreciation)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>14,852,097</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.003pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>(9,244,307</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&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,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>178,746,617</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,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,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: 4.449pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7.11</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>franklintempleton.com</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>The accompanying notes are an integral part of these financial statements. | Annual Report </FONT><FONT color=#808080 size=3 face=Arial,Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>17</FONT></P></DIV>

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   <TD align=left><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

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   <TD align=left><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FINANCIAL STATEMENTS</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>

   <TD colSpan=4>&nbsp;</TD></TR>

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   <TD 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>

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   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>for the year ended August 31, 2015</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,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: 4.447pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Dividends</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,345,390</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>11,767,937</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26.56pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>15,113,327</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><FONT size=1 face=Arial,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: 4.448pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Management fees (Note 4a)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,941,181</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.448pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Interest expense (Note 3)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,722,000</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.312pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Transfer agent fees</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>56,229</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.448pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Custodian fees (Note 5)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,290</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.448pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Reports to shareholders</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>35,269</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.448pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Professional fees</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>60,575</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.312pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Trustees&#8217; fees and expenses</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>16,617</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>24,644</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>66,456</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26.561pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Total expenses</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,925,261</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26.697pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Expense reductions (Note 5)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(6</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 26.695pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>(3,151</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD></TR>

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   <TD align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>3,922,104</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,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,Arial,Helvetica,sans-serif>11,191,223</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,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: 4.452pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>1,142,567</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>(31,349,005</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>(30,206,438</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(19,015,215</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>18 </FONT><FONT color=#808080 size=3 face=Arial,Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Annual Report | The accompanying notes are an integral part of these financial statements.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>franklintempleton.com</FONT></P></DIV>

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   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD width="38%" colSpan=4 align=right><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></TD>

   <TD width="2%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD width="38%" colSpan=4 align=right><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FINANCIAL STATEMENTS</FONT></TD>

   <TD width="2%" align=left>&nbsp;</TD></TR>

<TR>

   <TD width="97%" colSpan=7>&nbsp;</TD></TR>

<TR>

   <TD width="97%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" width="55%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Statements of Changes in Net Assets</FONT></B></TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD width="17%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD width="17%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD></TR>

<TR>

   <TD width="97%" colSpan=7>&nbsp;</TD></TR>

<TR>

   <TD width="97%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="38%" 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" width="2%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2014</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Increase (decrease) in net assets:</FONT></TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD width="17%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD width="17%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.447pt" width="55%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Operations:</FONT></TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD width="17%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD width="17%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.895pt" width="55%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Net investment income</FONT></TD>

   <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD width="17%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>11,191,223</FONT></TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD width="17%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>11,695,874</FONT></TD>

   <TD width="2%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.895pt" width="55%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Net realized gain (loss)</FONT></TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD width="17%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,142,567</FONT></TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD width="17%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5,159,324</FONT></TD>

   <TD width="2%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.901pt" width="55%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Net change in unrealized appreciation (depreciation)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(31,349,005</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>13,470,954</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26.701pt" width="55%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Net increase (decrease) in net assets resulting from operations</FONT></TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD width="17%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(19,015,215</FONT></TD>

   <TD width="2%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD width="17%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>30,326,152</FONT></TD>

   <TD width="2%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.452pt" width="55%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Distributions to shareholders from net investment income</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(11,912,519</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(11,874,820</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 26.7pt" width="55%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Net increase (decrease) in net assets</FONT></TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD width="17%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(30,927,734</FONT></TD>

   <TD width="2%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD width="17%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>18,451,332</FONT></TD>

   <TD width="2%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.004pt" width="55%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Net assets:</FONT></TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD width="17%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD width="17%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.452pt" width="55%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Beginning of year</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>209,674,351</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>191,223,019</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.452pt" width="55%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>End of year</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>178,746,617</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>209,674,351</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.004pt" width="55%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Undistributed net investment income included in net assets:</FONT></TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD width="17%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD>

   <TD width="2%" align=right>&nbsp;</TD>

   <TD width="17%" align=left>&nbsp;</TD>

   <TD width="2%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.452pt" width="55%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>End of year</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>153,875</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>763,234</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>19</FONT></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FINANCIAL STATEMENTS</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="83%"></TD>

   <TD width="2%"></TD>

   <TD width="11%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Statement of Cash Flows</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>for the year ended August 31, 2015</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>Dividends, interest and other income received</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>14,987,603</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.447pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Operating expenses paid</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,268,585</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.447pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Interest expense paid</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1,722,000</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.447pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Purchases of long-term investments</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(52,128,740</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.447pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>51,591,147</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>1,453,094</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,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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,Arial,Helvetica,sans-serif>11,912,519</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,Arial,Helvetica,sans-serif>Cash flow used from financing activities &#8211; 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,Arial,Helvetica,sans-serif>(11,912,519</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.447pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Net increase (decrease) in cash</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" align=left><FONT size=1 face=Arial,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,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: 4.449pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=4>&nbsp;</TD></TR>

<TR>

   <TD colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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,Arial,Helvetica,sans-serif>for the year ended August 31, 2015</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,Arial,Helvetica,sans-serif>Net increase (decrease) in net assets resulting from operating activities</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(19,015,215</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.929pt" align=left><FONT size=1 face=Arial,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 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&nbsp;&nbsp; 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,Arial,Helvetica,sans-serif>Amortization of Notes issuance costs</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>24,644</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.353pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Net amortization income</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>51,401</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.353pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Other investment transactions</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(67,277</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.353pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>(109,848</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.353pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Decrease in payables to affiliates, accrued expenses, and other liabilities</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(93,125</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.353pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Increase in cost of investments</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(227,066</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.347pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Decrease 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,Arial,Helvetica,sans-serif>31,349,005</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,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,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>11,912,519</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>20 </FONT><FONT color=#808080 size=3 face=Arial,Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Annual Report | The accompanying notes are an integral part of these financial statements. franklintempleton.com</FONT></P></DIV>

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<FONT size=1 face="Times New Roman,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 New Roman,Times,serif">Franklin Universal Trust (Fund) is registered under the Investment Company Act of 1940 (1940 Act) as a closed-end management investment company and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP).</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">The following summarizes the Fund&#146;s significant accounting policies.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="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 New Roman,Times,serif">The Fund&#146;s investments in financial instruments are carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund calculates the net asset value (NAV) per share at the close of the New York Stock Exchange (NYSE), generally at 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&#146;s Board of Trustees (the Board), the Fund&#146;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&#146;s valuation policies and procedures, which are approved annually by the Board. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Equity securities listed on an exchange or on the NASDAQ National Market System are valued at the last quoted sale price or the official closing price of the day, respectively. Foreign equity securities are valued as of the close of trading on the foreign stock exchange on which the security is primarily traded or as of the NYSE close, whichever is earlier. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at the NYSE close on the day that the value of the security is determined. Over-the-counter (OTC) securities are valued within the range of the most recent quoted bid and ask prices. Securities that trade in multiple markets or on multiple exchanges are valued according to the broadest and most representative market. Certain equity securities are valued based upon fundamental characteristics or relationships to similar securities. Investments in open-end mutual funds are valued at the closing NAV.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Debt securities generally trade in the OTC market rather than on a securities exchange. The Fund&#146;s pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Securities denominated in a foreign currency are converted into their U.S. dollar equivalent at the foreign exchange rate in effect at the 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 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 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</FONT></P>
<P style="text-align: left;">
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<P style="text-align: left;">
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<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,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,Arial,Helvetica,sans-serif>(continued)</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><I><FONT size=1 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">(continued)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">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 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 New Roman,Times,serif">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 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 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 </FONT><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">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 New Roman,Times,serif">The Fund may be subject to foreign taxation related to income received, capital gains on the sale of securities and certain foreign currency transactions in the foreign jurisdictions in which it invests. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests. When a capital gain tax is determined to apply, the Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,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, 2015, 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&#8217;s 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 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 for certain dividends from foreign securities where the dividend rate is not available. In such cases, the dividend is recorded as soon as the information is received by the Fund. Distributions to shareholders are recorded on the ex-dividend date 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 U.S. GAAP. 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"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>22 </FONT><FONT color=#808080 size=3 face=Arial,Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Annual Report</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>franklintempleton.com</FONT></P></DIV>

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<P style="text-align: left;">
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Times New Roman,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">e. Accounting Estimates</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the amounts of income and expenses during the reporting period. Actual results could differ from those estimates.</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 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 New Roman,Times,serif">At August 31, 2015, there were an unlimited number of shares authorized (&#36;0.01 par value). During the years ended August 31, 2015 and August 31, 2014, 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 New Roman,Times,serif">Under the Board approved open-market share repurchase program, the Fund may purchase, from time to time, Fund shares in open-market transactions, at the discretion of management. During the years ended August 31, 2015 and August 31, 2014, 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 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, 2015, total interest paid 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, 2015. 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, 2015, the Fund amortized &#36;24,644 of Notes issuance costs. Subject to certain restrictions and make whole premiums, the Fund may prepay the Notes at any time. At August 31, 2015, if the Notes were fully prepaid, the make whole premium related to the current balance of the Notes would have been approximately &#36;2,293,000.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">The Fund employs an income-based approach to determine the fair value of the Notes, which uses the Notes&#146; current credit rating, remaining time to maturity, stated coupon rates, the current yield of a comparable asset, and a liquidity premium. At August 31, 2015, the estimated fair value of the Notes was approximately &#36;61,594,000. 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 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>
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<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:0.008011pt">
<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,Arial,Helvetica,sans-serif">Franklin Advisers, Inc. (Advisers)</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,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,Arial,Helvetica,sans-serif">Franklin Templeton Services, LLC (FT Services)</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.001648pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Administrative manager</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<B><FONT size=2 face="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 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;">
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<P style="text-align: left;">
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<P style="text-align: left;">
<FONT color="#808080" size=3 face="Arial,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">23</FONT></P>
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<P style="text-align: left;">
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR>
<FONT size=1 face="Times New Roman,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">4. Transactions with Affiliates </FONT></B><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">(continued)</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 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 New Roman,Times,serif">The Fund invests in 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 in 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 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, 2015, 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 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=17%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">At August 31, 2015, 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,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,Arial,Helvetica,sans-serif">2017</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">161,295</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.449203pt">
<FONT size=1 face="Arial,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,Arial,Helvetica,sans-serif">9,083,012</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.212906pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Total capital loss carryforwards</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">9,244,307</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">During the year ended August 31, 2015, the Fund utilized &#36;1,029,970 of capital loss carryforwards.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">The tax character of distributions paid during the years ended August 31, 2015 and 2014, 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">2015</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">2014</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Distributions paid from ordinary income</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">11,912,519</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">11,874,820</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">At August 31, 2015, 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=13%></TD>
     <TD width=13%></TD>
     <TD width=4%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,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,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">221,283,929</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,Arial,Helvetica,sans-serif">Unrealized appreciation</FONT></TD>
	<TD align=left style="TEXT-INDENT:0.071991pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">36,782,520</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,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,Arial,Helvetica,sans-serif">(22,148,434</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,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,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">14,634,086</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,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,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,465,125</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 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,Arial,Helvetica,sans-serif">24 </FONT><FONT color="#808080" size=3 face="Arial,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">franklintempleton.com</FONT></P>
</DIV>

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<P style="TEXT-ALIGN: right"><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR><FONT size=1 face="Times New Roman,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 New Roman,Times,serif">Purchases and sales of investments (excluding short term securities) for the year ended August 31, 2015, aggregated $52,217,532 and $51,580,102, 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 New Roman,Times,serif">At August 31, 2015, the Fund had 64.57% 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 New Roman,Times,serif">The Fund held defaulted securities and/or other securities for which the income has been deemed uncollectible. At August 31, 2015, the aggregate value of these securities was $1,455,080, representing 0.62% 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 in 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 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 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 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 New Roman,Times,serif">prepayment speed, credit risk, etc.)</FONT>

<LI><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Level 3 &#8211; significant unobservable inputs (including the Fund&#8217;s own assumptions in determining the fair value of</FONT> <FONT size=2 face="Times New Roman,Times New Roman,Times,serif">financial instruments)</FONT> </LI></UL>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">The input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">For movements between the levels within the fair value hierarchy, the Fund has adopted a policy of recognizing the transfers as of the date of the underlying event which caused the movement.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">A summary of inputs used as of August 31, 2015, in valuing the Fund&#8217;s assets carried at fair value, is as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="36%"></TD>

   <TD width="2%"></TD>

   <TD width="21%"></TD>

   <TD width="2%"></TD>

   <TD width="11%"></TD>

   <TD width="2%"></TD>

   <TD width="9%"></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,Arial,Helvetica,sans-serif>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,Arial,Helvetica,sans-serif>Equity Investments: </FONT><SUP><FONT size=1 face=Arial,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: 21.002pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Transportation</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>374,497</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>374,497</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Equity Investments</FONT><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b</FONT></SUP></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>78,835,140</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>78,835,140</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.999pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Corporate Bonds</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>153,591,339</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>413,680</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>154,005,019</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.999pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Senior Floating Rate Interests</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>744,654</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>744,654</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.999pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Escrows and Litigation Trusts</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&#8212;</FONT><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>c</FONT></SUP></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&#8212;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 15.002pt" align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>1,958,705</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,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,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,Arial,Helvetica,sans-serif>1,958,705</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 27.002pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Total Investments in Securities</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>80,793,845</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>154,710,490</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>413,680</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>235,918,015</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 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, 2015.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the end of the year.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>franklintempleton.com</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Annual Report</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#808080 size=3 face=Arial,Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>25</FONT></P></DIV>

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<P style="text-align: left;">
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR>
<FONT size=1 face="Times New Roman,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">10. New Accounting Pronouncements</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2015-03, Interest &#150;Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs. The ASU changes the presentation of debt issuance costs in the Statement of Assets and Liabilities from presenting it as a deferred charge asset to a direct deduction from the carrying amount of the debt liability. The ASU is effective for annual reporting periods beginning after December 15, 2015 and interim periods within those fiscal years. 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;">
<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 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,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,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,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,Arial,Helvetica,sans-serif">26 </FONT><FONT color="#808080" size=3 face="Arial,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">franklintempleton.com</FONT></P>
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<P style="text-align: right;">
<FONT size=1 face="Times New Roman,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 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, 2015, 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, 2015 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 New Roman,Times,serif">PricewaterhouseCoopers LLP</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">San Francisco, California</FONT><BR>
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">October 20, 2015</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">franklintempleton.com</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
<P style="text-align: left;">
<FONT color="#808080" size=3 face="Arial,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">27</FONT></P>
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<P style="text-align: left;">
<FONT size=1 face="Times New Roman,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 New Roman,Times,serif">Under Section 854(b)(1)(A) of the Internal Revenue Code (Code), the Fund hereby reports 26.23% of the ordinary income dividends as income qualifying for the dividends received deduction for the fiscal year ended August 31, 2015.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Under Section 854(b)(1)(B) of the Code, the Fund hereby reports the maximum amount allowable but no less than &#36;3,268,189 as qualified dividends for purposes of the maximum rate under Section 1(h)(11) of the Code for the fiscal year ended August 31, 2015. Distributions, including qualified dividend income, paid during calendar year 2015 will be reported to shareholders on Form 1099-DIV by mid-February 2016. 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 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;6,879,136 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, 2015.</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">28 </FONT><FONT color="#808080" size=3 face="Arial,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">franklintempleton.com</FONT></P>
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<P style="text-align: right;">
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
<P style="text-align: left;">
<FONT size=5 face="Times New Roman,Times New Roman,Times,serif">Annual Meeting of Shareholders</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="ArialNarrow-Bold,Arial,Helvetica,sans-serif">March 20, 2015</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Times New Roman,Times New Roman,Times,serif">An annual shareholders&#146; meeting of Franklin Universal Trust (Fund) was held on March 20, 2015. At the meeting, the holders of 21,363,789 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 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,Arial,Helvetica,sans-serif">Harris J. Ashton</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">20,633,886</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">96.58</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">729,903</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">3.42</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Mary C. Choksi</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">20,713,954</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">96.96</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">649,835</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">3.04</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Sam Ginn</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">20,642,973</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">96.63</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">720,816</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">3.37</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Edith E. Holliday</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">20,674,202</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">96.77</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">689,587</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">3.23</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Gregory E. Johnson</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">20,732,063</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">97.04</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">631,725</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">2.96</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Rupert H. Johnson, Jr.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">20,677,825</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">96.79</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">685,963</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">3.21</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">J. Michael Luttig</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">20,717,734</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">96.98</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">646,055</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">3.02</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Frank A. Olson</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">20,630,451</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">96.57</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">733,338</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">3.43</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Larry D. Thompson</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">20,668,223</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">96.74</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">695,565</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">3.26</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">John B. Wilson</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">20,733,263</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">97.05</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">630,525</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">2.95</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
</TABLE>
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<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">franklintempleton.com</FONT></P>
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<P style="text-align: left;">
<FONT color="#808080" size=3 face="Arial,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">29</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=5 face="Times New Roman,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 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. American Stock Transfer &amp; Trust Company, LLC (Plan Agent), P.O. Box 922, Wall Street Station, New York, NY 10269-0560, acts as your Plan Agent in administering the Plan.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">You are automatically enrolled in the Plan unless you elect to receive dividends or distributions in cash. If you own shares in your own name, you should notify the Plan Agent, in writing, if you wish to receive dividends or distributions in cash.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">If the Fund declares a dividend or capital gain distribution payable either in cash or in stock of the Fund and the market price of shares on the valuation date equals or exceeds the net asset value, the Fund will issue new shares to you at the higher of net asset value or 95% of the then current market price. Whenever the Fund declares a distribution from capital gains or an income dividend payable in either cash or shares, if the net asset value per share of the Fund&#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 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 amount each time if you do. These payments should be made by check or money order payable to American Stock Transfer </FONT><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">&amp; Trust Company, LLC and sent to American Stock Transfer &amp; Trust Company, LLC, P.O. Box 922, Wall Street Station, New York, NY 10269-0560, Attn: Franklin Universal Trust.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Your cash payment will be aggregated with the payments of other participants and invested on your behalf by the Plan Agent in shares of the Fund that are purchased in the open market.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">The Plan Agent will invest cash payments on approximately the 5th of each month in which no dividend or distribution is payable and, during each month in which a dividend or distribution is payable, will invest cash payments beginning on the dividend payment date. </FONT><I><FONT size=2 face="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 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 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 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,Arial,Helvetica,sans-serif>30 </FONT><FONT color=#808080 size=3 face=Arial,Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Annual Report</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>franklintempleton.com</FONT></P></DIV>

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<P style="text-align: left;">
<FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Times New Roman,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 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 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 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 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 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 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,Arial,Helvetica,sans-serif">franklintempleton.com</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
<P style="text-align: left;">
<FONT color="#808080" size=3 face="Arial,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">31</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=5 face="Times New Roman,Times New Roman,Times,serif">Board Members and Officers</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">The name, year of birth and address of the officers and board members, as well as their affiliations, positions held with the Trust, principal occupations during at least the past five years and number of portfolios overseen in the Franklin Templeton Investments fund complex, are shown below. Generally, each board member serves a three-year term that continues until that person&#8217;s successor is elected and qualified.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="21%"></TD>

   <TD width="13%"></TD>

   <TD width="12%"></TD>

   <TD width="24%"></TD>

   <TD width="27%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.007pt" colSpan=2 align=left><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 style="TEXT-INDENT: 0.007pt" 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 style="TEXT-INDENT: 0.001pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Length of</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.012pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fund Complex Overseen</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.003pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other Directorships Held</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.007pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>and Address</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Position</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.008pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Time Served</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.011pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>by Board Member*</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><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 style="TEXT-INDENT: 0.005pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Harris J. Ashton (1932)</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.574pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Trustee</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Since 1988</FONT></TD>

   <TD style="TEXT-INDENT: 0.132pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>144</FONT></TD>

   <TD style="TEXT-INDENT: 0.247pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Bar-S Foods (meat packing company)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.005pt" align=left><FONT size=1 face=Arial,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 style="TEXT-INDENT: 0.247pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1981-2010).</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.005pt" align=left><FONT size=1 face=Arial,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 style="TEXT-INDENT: 0.005pt" colSpan=3 align=left><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 style="TEXT-INDENT: 0.005pt" colSpan=5 align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>Director, RBC Holdings, Inc. (bank holding company) (until 2002); and President, Chief Executive</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.007pt" colSpan=4 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Officer and Chairman of the Board, General Host Corporation (nursery and craft centers) (until 1998).</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.007pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Mary C. Choksi (1950)</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Trustee</FONT></TD>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Since</FONT></TD>

   <TD style="TEXT-INDENT: 0.143pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>119</FONT></TD>

   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Avis Budget Group Inc. (car rental)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.007pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>One Franklin Parkway</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>October 2014</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2007-present), Omnicom Group Inc.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.007pt" align=left><FONT size=1 face=Arial,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 style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(advertising and marketing commu-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>nications services) (2011-present) 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 style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>H.J. Heinz Company (processed foods</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>and allied products) (1998-2006).</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.007pt" colSpan=3 align=left><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 style="TEXT-INDENT: 0.007pt" colSpan=5 align=left><FONT size=1 face=Arial,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 style="TEXT-INDENT: 0.007pt" colSpan=5 align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>Founding Partner and Managing Director, Emerging Markets Management LLC (investment management</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.015pt" colSpan=5 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>firm) (1987-2011); and Loan Officer/Senior Loan Officer/Senior Pension Investment Officer, World Bank Group (international financial institution)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.007pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1977-1987).</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.007pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Edith E. Holiday (1952)</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Trustee</FONT></TD>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Since 2004</FONT></TD>

   <TD style="TEXT-INDENT: 0.134pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>144</FONT></TD>

   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Hess Corporation (exploration and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.007pt" align=left><FONT size=1 face=Arial,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 style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>refining of oil and gas) (1993-present),</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.007pt" align=left><FONT size=1 face=Arial,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 style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>RTI International Metals, Inc. (manu-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>facture and distribution of titanium)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1999-present), Canadian National</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Railway (railroad) (2001-present),</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>White Mountains Insurance Group,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Ltd. (holding company) (2004-present)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,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 style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>foods and allied products) (1994-2013).</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.007pt" colSpan=3 align=left><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 style="TEXT-INDENT: 0.007pt" colSpan=5 align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>Assistant to the President of the United States and Secretary of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=5 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Cabinet (1990-1993); General Counsel to the United States Treasury Department (1989-1990); and Counselor to the Secretary and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.007pt" colSpan=5 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Assistant Secretary for Public Affairs and Public Liaison &#8211; United States Treasury Department (1988-1989).</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.007pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>J. Michael Luttig (1954)</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Trustee</FONT></TD>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Since 2009</FONT></TD>

   <TD style="TEXT-INDENT: 0.134pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>144</FONT></TD>

   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Boeing Capital Corporation</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 0.007pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>One Franklin Parkway</FONT></TD>

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   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(aircraft financing) (2006-2013).</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 0.007pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>San Mateo, CA 94403-1906</FONT></TD>

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   <TD style="TEXT-INDENT: 0.007pt" colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>

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   <TD style="TEXT-INDENT: 0.007pt" colSpan=5 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Executive Vice President, General Counsel and member of the Executive Council, The Boeing Company (aerospace company); and</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.007pt" colSpan=4 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>formerly, </FONT></B><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Federal Appeals Court Judge, U.S. Court of Appeals for the Fourth Circuit (1991-2006).</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>32 </FONT><FONT color=#808080 size=3 face=Arial,Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Annual Report</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>franklintempleton.com</FONT></P></DIV>

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<P style="TEXT-ALIGN: right"><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>

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   <TD colSpan=3 align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Independent Board Members </FONT></B><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(continued)</FONT></TD>

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   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Number of Portfolios in</FONT></B></TD>

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   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Name, Year of Birth</FONT></B></TD>

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   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Length of</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.012pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fund Complex Overseen</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.003pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other Directorships Held</FONT></B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>and Address</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Position</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.006pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Time Served</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.01pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>by Board Member*</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>During at Least the Past 5 Years</FONT></B></TD></TR>

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   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Frank A. Olson (1932)</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Trustee</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Since 2005</FONT></TD>

   <TD style="TEXT-INDENT: 0.133pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>144</FONT></TD>

   <TD style="TEXT-INDENT: 0.247pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Hess Corporation (exploration and</FONT></TD></TR>

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   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>One Franklin Parkway</FONT></TD>

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   <TD style="TEXT-INDENT: 0.247pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>refining of oil and gas) (1998-2013).</FONT></TD></TR>

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   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>San Mateo, CA 94403-1906</FONT></TD>

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   <TD colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>

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   <TD colSpan=5 align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>Chairman of the Board, The Hertz Corporation (car rental) (1980-2000) and Chief Executive</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Officer (1977-1999); and Chairman of the Board, President and Chief Executive Officer, UAL Corporation (airlines) (June-December 1987).</FONT></TD></TR>

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   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Larry D. Thompson (1945)</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Trustee</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Since 2007</FONT></TD>

   <TD style="TEXT-INDENT: 0.133pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>144</FONT></TD>

   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Cbeyond, Inc. (business communi-</FONT></TD></TR>

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   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>One Franklin Parkway</FONT></TD>

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   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>cations provider) (2010-2012), The</FONT></TD></TR>

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   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>San Mateo, CA 94403-1906</FONT></TD>

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   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Southern Company (energy company)</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2014-present; previously 2010-2012)</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>and Graham Holdings Company</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(education and media organization)</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2011-present).</FONT></TD></TR>

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   <TD colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>

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   <TD colSpan=5 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Director of various companies; John A. Sibley Professor of Corporate and Business Law, University of Georgia School of Law (January 2015;</FONT></TD></TR>

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   <TD colSpan=5 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>previously 2011-2012); and </FONT><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>formerly, </FONT></B><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Executive Vice President &#8211; Government Affairs, General Counsel and Corporate Secretary, PepsiCo,</FONT></TD></TR>

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   <TD colSpan=5 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Inc. (consumer products) (2012-2014); Senior Vice President &#8211; Government Affairs, General Counsel and Secretary, PepsiCo, Inc.</FONT></TD></TR>

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   <TD colSpan=5 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2004-2011); Senior Fellow of The Brookings Institution (2003-2004); Visiting Professor, University of Georgia School of Law (2004); and</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Deputy Attorney General, U.S. Department of Justice (2001-2003).</FONT></TD>

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   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>John B. Wilson (1959)</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Lead</FONT></TD>

   <TD colSpan=2 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Trustee since 2006 119</FONT></TD>

   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>None</FONT></TD></TR>

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   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>One Franklin Parkway</FONT></TD>

   <TD style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Independent</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>and Lead</FONT></TD>

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   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>San Mateo, CA 94403-1906</FONT></TD>

   <TD style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Trustee</FONT></TD>

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   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Trustee since 2008</FONT></TD>

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   <TD colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>

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   <TD colSpan=5 align=left><FONT size=1 face=Arial,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>

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   <TD colSpan=5 align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>Chief Operating Officer and Executive Vice President, Gap, Inc. (retail)</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 0.007pt" colSpan=5 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1996-2000); Chief Financial Officer and Executive Vice President &#8211; Finance and Strategy, Staples, Inc. (1992-1996); Senior Vice President &#8211;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 0.007pt" colSpan=5 align=left><FONT size=1 face=Arial,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>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1986-1990).</FONT></TD>

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   <TD colSpan=3 align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Interested Board Members and Officers</FONT></B></TD>

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   <TD style="TEXT-INDENT: 0.003pt" 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>

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   <TD style="TEXT-INDENT: 0.003pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Name, Year of Birth</FONT></B></TD>

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   <TD style="TEXT-INDENT: 0.003pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Length of</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.016pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fund Complex Overseen</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.007pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other Directorships Held</FONT></B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>and Address</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Position</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.006pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Time Served</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.01pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>by Board Member*</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>During at Least the Past 5 Years</FONT></B></TD></TR>

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   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>**Gregory E. Johnson (1961)</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Trustee</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Since 2013</FONT></TD>

   <TD style="TEXT-INDENT: 0.133pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>161</FONT></TD>

   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>None</FONT></TD></TR>

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   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>One Franklin Parkway</FONT></TD>

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   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>San Mateo, CA 94403-1906</FONT></TD>

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<TR>

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   <TD colSpan=3 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Principal Occupation During at Least the Past 5 Years:</FONT></B></TD>

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   <TD colSpan=5 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Chairman of the Board, Member &#8211; Office of the Chairman, Director and Chief Executive Officer, Franklin Resources, Inc.; officer and/or</FONT></TD></TR>

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   <TD colSpan=5 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>director or trustee, as the case may be, of some of the other subsidiaries of Franklin Resources, Inc. and of 45 of the investment companies</FONT></TD></TR>

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   <TD colSpan=5 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>in Franklin Templeton Investments; Vice Chairman, Investment Company Institute; and </FONT><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>formerly, </FONT></B><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>President, Franklin Resources, Inc.</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1994-2015).</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

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<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>franklintempleton.com</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Annual Report</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#808080 size=3 face=Arial,Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>33</FONT></P></DIV>

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   <TD width="26%"></TD></TR>

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   <TD colSpan=2 align=left><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></TD>

   <TD align=left>&nbsp;</TD>

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   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR>

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   <TD colSpan=4 align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Interested Board Members and Officers </FONT></B><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(continued)</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

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   <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 style="TEXT-INDENT: 0.003pt" 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 style="TEXT-INDENT: 0.005pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Length of</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.012pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fund Complex Overseen</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.007pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other Directorships Held</FONT></B></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>and Address</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Position</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.007pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Time Served</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.007pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>by Board Member*</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>During at Least the Past 5 Years</FONT></B></TD></TR>

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   <TD colSpan=5>&nbsp;</TD></TR>

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   <TD colSpan=2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>**Rupert H. Johnson, Jr. (1940) </FONT></B><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Chairman of</FONT></TD>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Chairman of the</FONT></TD>

   <TD style="TEXT-INDENT: 0.14pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>144</FONT></TD>

   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>None</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>One Franklin Parkway</FONT></TD>

   <TD style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>the Board,</FONT></TD>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Board since 2013,</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

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   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>San Mateo, CA 94403-1906</FONT></TD>

   <TD style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Trustee and</FONT></TD>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT size=1 face=Arial,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 style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Senior Vice</FONT></TD>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT size=1 face=Arial,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 style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>President</FONT></TD>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT size=1 face=Arial,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 colSpan=3 align=left><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 colSpan=5 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Vice Chairman, Member &#8211; Office of the Chairman and Director, Franklin Resources, Inc.; Director, Franklin Advisers, Inc.; Senior Vice</FONT></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=5 align=left><FONT size=1 face=Arial,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 style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>of Franklin Resources, Inc. and of 43 of the investment companies in Franklin Templeton Investments.</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&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 style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Vice President</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Since 2012</FONT></TD>

   <TD style="TEXT-INDENT: 0.128pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Not Applicable</FONT></TD>

   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Not Applicable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>One Franklin Parkway</FONT></TD>

   <TD align=left>&nbsp;</TD>

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   <TD align=left><FONT size=1 face=Arial,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 colSpan=3 align=left><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 colSpan=5 align=left><FONT size=1 face=Arial,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 style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>45 of the investment companies in Franklin Templeton Investments.</FONT></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>

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   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Laura F. Fergerson (1962)</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.576pt" colSpan=2 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Chief Executive Since 2009</FONT></TD>

   <TD style="TEXT-INDENT: 0.13pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Not Applicable</FONT></TD>

   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Not Applicable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>One Franklin Parkway</FONT></TD>

   <TD style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Officer &#8211;</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>San Mateo, CA 94403-1906</FONT></TD>

   <TD style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Finance and</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,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 colSpan=3 align=left><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 colSpan=5 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Senior Vice President, Franklin Templeton Services, LLC; Vice President, Franklin Advisers, Inc. and Franklin Templeton Institutional, LLC;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>and officer of 45 of the investment companies in Franklin Templeton Investments.</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

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   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gaston Gardey (1967)</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Treasurer,</FONT></TD>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Since 2009</FONT></TD>

   <TD style="TEXT-INDENT: 0.13pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Not Applicable</FONT></TD>

   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Not Applicable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>One Franklin Parkway</FONT></TD>

   <TD style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Chief Financial</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>San Mateo, CA 94403-1906</FONT></TD>

   <TD style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,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 style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,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 style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,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 style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,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 colSpan=3 align=left><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 colSpan=5 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Treasurer, U.S. Fund Administration &amp; Reporting, Franklin Templeton Investments; and officer of 27 of the investment companies in Franklin</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Templeton Investments.</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR>

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   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Aliya S. Gordon (1973)</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Vice President</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Since 2009</FONT></TD>

   <TD style="TEXT-INDENT: 0.128pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Not Applicable</FONT></TD>

   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Not Applicable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,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,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 colSpan=3 align=left><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 colSpan=5 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Senior Associate General Counsel, Franklin Templeton Investments; and officer of 45 of the investment companies in Franklin</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Templeton Investments.</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <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,Arial,Helvetica,sans-serif>34 </FONT><FONT color=#808080 size=3 face=Arial,Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Annual Report</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>franklintempleton.com</FONT></P></DIV>

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<P style="TEXT-ALIGN: right"><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>

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<TR>

   <TD width="23%"></TD>

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   <TD width="14%"></TD>

   <TD width="21%"></TD>

   <TD width="28%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.004pt" colSpan=4 align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Interested Board Members and Officers </FONT></B><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(continued)</FONT></TD>

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<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

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   <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 style="TEXT-INDENT: 0.001pt" 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 style="TEXT-INDENT: 0.001pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Length of</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.012pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fund Complex Overseen</FONT></B></TD>

   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other Directorships Held</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.004pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>and Address</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Position</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.01pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Time Served</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.013pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>by Board Member*</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><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 style="TEXT-INDENT: 0.004pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Steven J. Gray (1955)</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Vice President</FONT></TD>

   <TD style="TEXT-INDENT: 0.002pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Since 2009</FONT></TD>

   <TD style="TEXT-INDENT: 0.135pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Not Applicable</FONT></TD>

   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Not Applicable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.004pt" align=left><FONT size=1 face=Arial,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 style="TEXT-INDENT: 0.004pt" align=left><FONT size=1 face=Arial,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 style="TEXT-INDENT: 0.004pt" colSpan=3 align=left><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 style="TEXT-INDENT: 0.004pt" colSpan=5 align=left><FONT size=1 face=Arial,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 style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.004pt" colSpan=5 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Alternative Strategies Advisers, LLC; and officer of 45 of the investment companies in Franklin Templeton Investments.</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.004pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Selena L. Holmes (1965)</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Vice President</FONT></TD>

   <TD style="TEXT-INDENT: 0.004pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Since 2012</FONT></TD>

   <TD style="TEXT-INDENT: 0.136pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Not Applicable</FONT></TD>

   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Not Applicable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.004pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>100 Fountain Parkway</FONT></TD>

   <TD style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&#8211; AML</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.004pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>St. Petersburg, FL 33716-1205</FONT></TD>

   <TD style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,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 style="TEXT-INDENT: 0.004pt" colSpan=3 align=left><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 style="TEXT-INDENT: 0.004pt" colSpan=5 align=left><FONT size=1 face=Arial,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 style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.004pt" colSpan=5 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Templeton Companies, LLC; and officer of 45 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 style="TEXT-INDENT: 0.571pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>President and</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>President since</FONT></TD>

   <TD style="TEXT-INDENT: 0.142pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Not Applicable</FONT></TD>

   <TD style="TEXT-INDENT: 0.245pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Not Applicable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>One Franklin Parkway</FONT></TD>

   <TD style="TEXT-INDENT: 0.571pt" colSpan=2 align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>San Mateo, CA 94403-1906</FONT></TD>

   <TD style="TEXT-INDENT: 0.571pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Officer &#8211;</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Executive Officer &#8211;</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.571pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Investment</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Investment</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.571pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Management</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Management</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>since 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 colSpan=3 align=left><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 colSpan=5 align=left><FONT size=1 face=Arial,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 colSpan=5 align=left><FONT size=1 face=Arial,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 style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.004pt" colSpan=2 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>companies in Franklin Templeton Investments.</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.004pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Kimberly H. Novotny (1972)</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Vice President</FONT></TD>

   <TD style="TEXT-INDENT: 0.002pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Since 2013</FONT></TD>

   <TD style="TEXT-INDENT: 0.135pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Not Applicable</FONT></TD>

   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Not Applicable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.004pt" align=left><FONT size=1 face=Arial,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 style="TEXT-INDENT: 0.004pt" align=left><FONT size=1 face=Arial,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 style="TEXT-INDENT: 0.004pt" colSpan=3 align=left><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 style="TEXT-INDENT: 0.004pt" colSpan=5 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Associate General Counsel, Franklin Templeton Investments; Vice President, Fiduciary Trust International of the South; Vice President,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.004pt" colSpan=5 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Templeton Investment Counsel, LLC; Assistant Secretary, Franklin Resources, Inc.; and officer of 45 of the investment companies in</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.004pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Franklin Templeton Investments.</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.004pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Robert C. Rosselot (1960)</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Chief</FONT></TD>

   <TD style="TEXT-INDENT: 0.004pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Since 2013</FONT></TD>

   <TD style="TEXT-INDENT: 0.136pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Not Applicable</FONT></TD>

   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Not Applicable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.004pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>300 S.E. 2nd Street</FONT></TD>

   <TD style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,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 style="TEXT-INDENT: 0.004pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Fort Lauderdale, FL 33301-1923</FONT></TD>

   <TD style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,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 style="TEXT-INDENT: 0.004pt" colSpan=3 align=left><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 style="TEXT-INDENT: 0.004pt" colSpan=5 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Director, Global Compliance, Franklin Templeton Investments; Vice President, Franklin Templeton Companies, LLC; officer of 45 of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.004pt" colSpan=5 align=left><FONT size=1 face=Arial,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,Arial,Helvetica,sans-serif>Senior Associate General Counsel, Franklin Templeton Investments</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.004pt" colSpan=4 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2007-2013); and Secretary and Vice President, Templeton Group of Funds (2004-2013).</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.004pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Karen L. Skidmore (1952)</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Vice President</FONT></TD>

   <TD style="TEXT-INDENT: 0.004pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Since 2006</FONT></TD>

   <TD style="TEXT-INDENT: 0.136pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Not Applicable</FONT></TD>

   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Not Applicable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.004pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>One Franklin Parkway</FONT></TD>

   <TD style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,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 style="TEXT-INDENT: 0.004pt" align=left><FONT size=1 face=Arial,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 style="TEXT-INDENT: 0.004pt" colSpan=3 align=left><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 style="TEXT-INDENT: 0.004pt" colSpan=5 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Senior Associate General Counsel, Franklin Templeton Investments; and officer of 45 of the investment companies in Franklin</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.004pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Templeton Investments.</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <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,Arial,Helvetica,sans-serif>franklintempleton.com</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Annual Report</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#808080 size=3 face=Arial,Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>35</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=1 face="Times New Roman,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="23%"></TD>

   <TD width="11%"></TD>

   <TD width="12%"></TD>

   <TD width="22%"></TD>

   <TD width="29%"></TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Interested Board Members and Officers </FONT></B><FONT size=1 face=Arial,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 style="TEXT-INDENT: 0.001pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Length of</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.012pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fund Complex Overseen</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.003pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other Directorships Held</FONT></B></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>and Address</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Position</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.007pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Time Served</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.011pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>by Board Member*</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><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 style="TEXT-INDENT: 0.576pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Vice President</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Since 2005</FONT></TD>

   <TD style="TEXT-INDENT: 0.132pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Not Applicable</FONT></TD>

   <TD style="TEXT-INDENT: 0.249pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Not Applicable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,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,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 colSpan=3 align=left><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 colSpan=5 align=left><FONT size=1 face=Arial,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 style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Inc. and of 45 of the investment companies in Franklin Templeton Investments.</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&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>Lori A. Weber (1964)</FONT></B></TD>

   <TD style="TEXT-INDENT: 0.579pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Vice President</FONT></TD>

   <TD style="TEXT-INDENT: 0.003pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Since 2011</FONT></TD>

   <TD style="TEXT-INDENT: 0.136pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Not Applicable</FONT></TD>

   <TD style="TEXT-INDENT: 0.253pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Not Applicable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" align=left><FONT size=1 face=Arial,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 style="TEXT-INDENT: 0.003pt" align=left><FONT size=1 face=Arial,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 style="TEXT-INDENT: 0.003pt" colSpan=3 align=left><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>

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   <TD style="TEXT-INDENT: 0.003pt" colSpan=5 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Senior Associate General Counsel, Franklin Templeton Investments; Assistant Secretary, Franklin Resources, Inc.; Vice President and</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Secretary, Templeton Investment Counsel, LLC; and officer of 45 of the investment companies in Franklin Templeton Investments.</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=1 face="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.</FONT><BR><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">These 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&#8217;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><FONT size=1 face="Arial Narrow,Arial,Helvetica,sans-serif">Note 3: Effective April 30, 2015, Sam Ginn ceased to be a trustee of the Fund.</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&#8217;s Audit</FONT></B><BR><B><FONT size=1 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>Committee includes at least one member who is an audit committee financial expert within the meaning of such Act and Rules. The Fund&#8217;s Board has deter-</FONT></B><BR><B><FONT size=1 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>mined that there is at least one such financial expert on the Audit Committee and has designated John B. Wilson as its audit committee financial expert. The</FONT></B><BR><B><FONT size=1 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>Board believes that Mr. Wilson qualifies as such an expert in view of his extensive business background and experience, including service as chief financial</FONT></B><BR><B><FONT size=1 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>officer of Staples, Inc. from 1992 to 1996. Mr. Wilson has been a Member and Chairman of the Fund&#8217;s Audit Committee since 2006. As a result of such back-</FONT></B><BR><B><FONT size=1 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>ground and experience, the Board believes that Mr. Wilson has acquired an understanding of generally accepted accounting principles and financial</FONT></B><BR><B><FONT size=1 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>statements, the general application of such principles in connection with the accounting estimates, accruals and reserves, and analyzing and evaluating</FONT></B><BR><B><FONT size=1 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>financial statements that present a breadth and level of complexity of accounting issues generally comparable to those of the Fund, as well as an under-</FONT></B><BR><B><FONT size=1 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>standing of internal controls and procedures for financial reporting and an understanding of audit committee functions. Mr. Wilson is an independent Board</FONT></B><BR><B><FONT size=1 face=ArialNarrow-Bold,Arial,Helvetica,sans-serif>member as that term is defined under the relevant Securities and Exchange Commission Rules and Releases or the listing standards applicable to the Fund.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>36 </FONT><FONT color=#808080 size=3 face=Arial,Arial,Helvetica,sans-serif>| </FONT><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Annual Report</FONT></P>

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<P style="text-align: left;">
<FONT size=5 face="Times New Roman,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 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 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>
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<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">franklintempleton.com</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Annual Report</FONT></P>
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<FONT color="#808080" size=3 face="Arial,Arial,Helvetica,sans-serif">| </FONT><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">37</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Item 2. Code of Ethics.</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.&nbsp; </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">(c) N/A</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">(d) N/A</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">(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 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Item 3. Audit Committee Financial Expert.</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">(2) The audit committee financial expert is John B. Wilson and he is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases. </FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Item 4.&nbsp;Principal Accountant Fees and Services.</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">(a) Audit Fees</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">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 $43,993 for the fiscal year ended August 31, 2015 and $41,928 for the fiscal year ended August 31, 2014.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">(b) Audit-Related Fees</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">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 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">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.&nbsp; </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">(c) Tax Fees</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">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>

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<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 $0 for the fiscal year ended August 31, 2015 and $3,830 for the fiscal year ended August 31, 2014. The services for which these fees were paid included technical tax consultation for 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 $0 for the fiscal year ended August 31, 2015 and $61 for the fiscal year ended August 31, 2014. 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;">&nbsp;</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 $378,983 for the fiscal year ended August 31, 2015 and $159,675 for the fiscal year ended August 31, 2014. 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 and derivatives assessments. Also, includes review of system processes related to fixed income securities.&#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 </font><font face="courier new" lang=EN-US style="font-size:10.0pt;">of
audit committee responsibilities, as contemplated under the 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>
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<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 $378,983 for the fiscal year ended August 31, 2015 and $163,566 for 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;">(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;"><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;">&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</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;"><br>
<br>
</font></b>&nbsp;</p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Item 7</font></b><font face="courier new" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">. </font><b><font face="courier new" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Disclosure of Proxy
Voting Policies and Procedures for Closed-End Management Investment Companies. </font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><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 </font><font face="courier new" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Franklin Advisers, Inc.</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"> </font><font face="courier new" lang=EN-US style="font-size:10.0pt;">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 equity securities to the Proxy Group within Franklin
Templeton Companies, LLC (Proxy Group), an affiliate and wholly owned
subsidiary of Franklin Resources, Inc. All proxies received by the Proxy Group
will be voted based upon the investment manager&#8217;s instructions and/or policies.
The investment manager votes proxies solely in the best interests of the Fund
and its shareholders.</font></p>


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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">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. Also, the investment manager has a supplemental subscription to Egan Jones Proxy Services (Egan Jones), an unaffiliated third party proxy advisory firm, to receive analyses and vote recommendations. Although analyses provided by ISS, Glass Lewis, Egan Jones, or another independent third party proxy service provider (each a "Proxy Service") are thoroughly reviewed and considered in making a final voting decision, the investment manager does not consider recommendations from a Proxy Service or any third party to be determinative of the investment manager'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 vote consistent with the voting recommendation of a Proxy Service; or send the proxy directly to the Fund's board or a committee of the board with the investment manager's recommendation regarding the vote for approval.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Where a material conflict of interest has been identified, but the items on which the investment manager&#8217;s vote recommendations differ from a Proxy Service and 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 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">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 </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">as the vote of all of the other holders of the underlying fund's shares.</FONT></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">The recommendation of management on any issue is a factor that the investment manager considers in determining how proxies should be voted. However, the investment manager does not consider recommendations from management to be determinative of the investment manager&#8217;s ultimate decision. As a matter of practice, the votes with respect to most issues are cast in accordance with the position of the company's management. Each issue, however, is considered on its own merits, and the investment manager will not support the position of the company's management in any situation where it deems that the ratification of management&#8217;s position would adversely affect the investment merits of owning that company&#8217;s shares.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Investment manager&#8217;s proxy voting policies and principles</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"> &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 and proposal will be considered based on the relevant facts and circumstances on a case-by-case basis.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Board of directors.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"> &nbsp; The investment manager supports an independent, diverse 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>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">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>

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<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Ratification of auditors of portfolio companies.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"> &nbsp; The investment manager will closely scrutinize the independence, role and performance of auditors. On a case-by-case basis, the investment manager will examine proposals relating to non-audit relationships and non-audit fees. The investment manager will also consider, on a case-by-case basis, proposals to rotate auditors, and will vote against the ratification of auditors when there is clear and compelling evidence of a lack of independence, accounting irregularities or negligence. The investment manager may also consider whether the ratification of </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">auditors has been approved by an appropriate audit committee that meets applicable composition and independence requirements.</FONT></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Management and director compensation.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"> &nbsp; A company&#8217;s equity-based compensation plan should be in alignment with the shareholders&#8217; long-term interests. The investment manager believes that executive compensation should be directly linked to the performance of the company. The investment manager evaluates plans on a case-by-case basis by considering several factors to determine whether the plan is fair and reasonable, including the ISS quantitative model utilized to assess such plans and/or the Glass Lewis evaluation of the plans. The investment manager will generally oppose plans that have the potential to be excessively dilutive, and will almost always oppose plans that are structured to allow the repricing of underwater options, or plans that have an automatic share replenishment &#8220;evergreen&#8221; feature. The investment manager will generally support employee stock option plans in which the purchase price is at least 85% of fair market value, and when potential dilution is 10% or less.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Severance compensation arrangements will be reviewed on a case-by-case basis, although the investment manager will generally oppose &#8220;golden parachutes&#8221; that are considered to be excessive. The investment manager will normally support proposals that require a percentage of directors&#8217; compensation to be in the form of common stock, as it aligns their interests with those of shareholders.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">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>

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<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Anti-takeover mechanisms and related issues.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"> &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></DIV>

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<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Changes to capital structure.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"> &nbsp; The investment manager realizes that a company's financing decisions have a significant impact on its shareholders, particularly when they involve the issuance of additional shares of common or preferred stock or the assumption of additional debt. The investment manager will review, on a case-by-case basis, proposals by companies to increase authorized shares and the purpose for the increase. The investment manager will generally not vote in favor of dual-class capital structures to increase the number of authorized shares where that class of stock would have superior voting rights. The investment manager will generally vote in favor of the issuance of preferred stock in cases where the company specifies the voting, dividend, conversion and other rights of such stock and the terms of the preferred stock issuance are deemed reasonable. The investment manager will review proposals seeking preemptive rights on a case-by-case basis.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Mergers and corporate restructuring.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"> &nbsp; Mergers and acquisitions will be subject to careful review by the research analyst to determine whether they would be beneficial to shareholders. The investment manager will analyze various economic and strategic factors in making the final decision on a merger or acquisition. Corporate restructuring proposals are also subject to a thorough examination on a case-by-case basis.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Environmental and social issues.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"> &nbsp; The investment manager considers environmental and social issues alongside traditional financial measures to provide a more comprehensive view of the value, risk and return potential of an investment. Companies may face significant financial, legal and reputational risks resulting from poor environmental and social practices, or negligent oversight of environmental or social issues. Franklin Templeton&#8217;s &#8220;Responsible Investment Principles and Policies&#8221; describes the investment manager&#8217;s approach to consideration of environmental, social and governance issues within the investment manager&#8217;s processes and ownership practices.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">In the investment manager&#8217;s experience, those companies that are managed well are often effective in dealing with the relevant environmental and social issues that pertain to their business. As such, the investment manager will generally give management discretion with regard to environmental and social issues. However, in cases where management and the board have not demonstrated adequate efforts to mitigate material environmental or social risks, have engaged in inappropriate or illegal conduct, or have failed to adequately address current or emergent risks that threaten shareholder value, the investment manager may choose to support well-crafted shareholder proposals that serve to promote or protect shareholder value. This may include seeking appropriate disclosure regarding material environmental and social issues. The investment manager will review shareholder proposals on a case-by-case basis and may support those that serve to enhance value or mitigate risk, are drafted appropriately, and do not disrupt the course of business or require a disproportionate or inappropriate use of company resources.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">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 </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">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.</FONT></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Governance matters.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"> &nbsp; The investment manager generally supports the right of shareholders to call special meetings and act by written consent. However, the investment manager will review such shareholder proposals on a case-by-case basis in an effort to ensure that such proposals do not disrupt the course of business or require a disproportionate or inappropriate use of company resources. The investment manager will consider on a case-by-case basis any well-drafted and reasonable proposals for proxy access considering such factors as the size of the company, ownership thresholds and holding periods, responsiveness of management, intentions of the shareholder proponent, company performance, and shareholder base.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Global corporate governance.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"> &nbsp; Many of the tenets discussed above are applied to the investment manager's proxy voting decisions for international investments. However, the investment manager must be flexible in these worldwide markets. Principles of good corporate governance may vary by country, given the constraints of a country&#8217;s laws and acceptable practices in the markets. As a result, it is on occasion difficult to apply a consistent set of governance practices to all issuers. As experienced money managers, the investment manager's analysts are skilled in understanding the complexities of the regions in which they specialize and are trained to analyze proxy issues germane to their regions.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">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) a proxy ballot was not received from the custodian bank; (ii) a meeting notice was received too late; (iii) there are fees imposed upon the exercise of a vote and it is determined that such fees outweigh the benefit of voting; (iv) there are legal encumbrances to voting, including blocking restrictions in certain markets that preclude the ability to dispose of a security if the investment manager votes a proxy or where the investment manager is prohibited from voting by applicable law or other regulatory or market requirements, including but not limited to, effective Powers of Attorney; (v) the investment manager held shares on the record date but has sold them prior to the meeting date; (vi) a 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.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">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; or (c) the exercise by the issuer of its discretion </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">to reject the vote of the investment manager. In addition, despite the best efforts of the Proxy Group and its agents, there may be situations where the investment manager's votes are not received, or properly tabulated, by an issuer or the issuer's agent.</FONT></P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">The investment manager or its affiliates may, on behalf of one or more of the proprietary registered investment companies advised by the investment manager or its affiliates, determine to use its best efforts to recall any security on loan where the investment manager or its affiliates (a) learn of a vote on a material event that may affect a security on loan and (b) determine that it is in the best interests of such proprietary registered investment companies to recall the security for voting purposes.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">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>

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<P style="MARGIN: 0in 0in 0pt 45pt; TEXT-INDENT: -45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new">Item 8. Portfolio Managers of Closed-End Management Investment Companies.</FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new">(a)(1)&nbsp; As of October 26, 2015, the portfolio managers of the Fund is as follows:</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new">CHRISTOPHER J. MOLUMPHY CFA</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new">, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new">Director and</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new"> Executive Vice President</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new"> of Advisers</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new">Mr. Molumphy has been a portfolio manager of the Fund since 1991.&nbsp; He has primary responsibility for the investments of the Fund.&nbsp; Mr. Molumphy has final authority over all aspects of the Fund's investment portfolio, including but not limited to, purchases and sales of individual securities, portfolio risk assessment, and the management of daily cash balances in accordance with anticipated management requirements. The degree to which he may perform these functions, and the nature of these functions, may change from time to time.&nbsp; He joined Franklin Templeton Investments in 1988.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new">GLENN I. VOYLES CFA</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new">, Vice President</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new"> of Advisers</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new">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>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new">CFA and Chartered Financial Analyst are trademarks owned by CFA Institute.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new">(a)(2)&nbsp; This section reflects information about the portfolio managers as of the fiscal year ended August 31, 2015.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new">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>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face="courier new">Name</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #a6a6a6; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new">Number of Other Registered Investment Companies Managed<SUP>1</SUP></FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="DISPLAY: none" face="courier new"><FONT style="FONT-SIZE: 9pt" face="courier new"></FONT></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #a6a6a6; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new">Assets of Other Registered Investment Companies Managed</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new">(x $1 million)<SUP>1</SUP></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #a6a6a6; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new">Number of Other Pooled Investment Vehicles Managed<SUP>1</SUP></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #a6a6a6; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new">Assets of Other Pooled Investment Vehicles Managed</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new">(x $1 million)<SUP>1</SUP></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #a6a6a6; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new">Number of Other Accounts Managed<SUP>1</SUP></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #a6a6a6; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="14%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new">Assets of Other Accounts Managed</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new">(x $1 million)<SUP>1</SUP></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new">Christopher J. Molumphy</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new">9</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new">25,295.6 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new">5</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new">3,286.3</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new">3</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new">259.7</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new">Glenn I. Voyles</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new">2</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new">6,103.0</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new">3</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new">211.3</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="13%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new">9</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face="courier new">1,069.4</FONT></P></TD></TR>

<TR>

   <TD width="13%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="11%">&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="DISPLAY: none" face="courier new"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new"></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 37.2pt; TEXT-INDENT: -19.2pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="courier new">1.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face="courier new">The various pooled investment vehicles and accounts listed are managed by a team of investment professionals.&nbsp; Accordingly, the individual managers listed would not be solely responsible for managing such listed amounts.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new">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.&nbsp; 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).&nbsp; 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: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new">Conflicts.&nbsp; </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new">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 focus on a particular investment discipline.&nbsp; 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.&nbsp; 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 </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new">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></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new">The structure of a portfolio manager&#8217;s compensation may give rise to potential conflicts of interest. A portfolio manager&#8217;s base pay and bonus tend to increase with additional and more complex responsibilities that include increased assets under management.&nbsp; As such, there may be an indirect relationship between a portfolio manager&#8217;s marketing or sales efforts and his or her bonus.&nbsp; </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new">Finally, the management of personal accounts by a portfolio manager may give rise to potential conflicts of interest.&nbsp; 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 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new">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: 0in 0in 0pt"><FONT size=2 face="Courier New"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Compensation.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">&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>

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<P style="MARGIN: 0in 0in 0pt 18.75pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Base salary</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">&nbsp; Each portfolio manager is paid a base salary.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt 18.75pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Annual bonus</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">&nbsp; Annual bonuses are structured to align the interests of the portfolio manager with those of the Fund&#8217;s shareholders. Each portfolio manager is eligible to receive an annual bonus. Bonuses generally are split between cash (50% to 65%) and restricted shares of Resources stock (17.5% to 25%) and mutual fund shares (17.5% to 25%). The deferred equity-based compensation is intended to build a vested interest of the portfolio manager in the financial performance of both Resources and mutual funds advised by the investment manager. The bonus plan is intended to provide a competitive level of annual bonus compensation that is tied to the portfolio manager achieving consistently strong investment performance, which aligns the financial incentives of the portfolio manager and Fund shareholders. The Chief Investment Officer of the investment manager and/or other officers of the investment manager, with responsibility for the Fund, have discretion in the granting of </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">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></DIV>

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<LI style="MARGIN: 7.5pt 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new">Investment performance.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new"> 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 style="MARGIN: 7.5pt 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new">Non-investment performance.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new"> 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 style="MARGIN: 7.5pt 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new">Responsibilities.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new"> 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: 0in 0in 0pt 18.75pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 18.75pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Additional long-term equity-based compensation</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"> &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>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Portfolio managers also participate in benefit plans and programs available generally to all employees of the investment manager.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Ownership of Fund shares.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"> &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>

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<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 327.599pt; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; MARGIN-LEFT: 35.75pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new">Portfolio Manager</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new">Dollar Range of Fund Shares Beneficially Owned</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="courier new">Christopher J. Molumphy</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="courier new">None</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="courier new">Glenn I. Voyles</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face="courier new">None</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Affiliated Purchasers. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Item 10. Submission of Matters to a Vote of Security Holders.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"> </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">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></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Item 11. Controls and Procedures.</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">(a)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">&nbsp; </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Evaluation of Disclosure Controls and Procedures</FONT></U></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">.&nbsp; 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.&nbsp; 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.&nbsp; 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 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">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.&nbsp; 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 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">(b)&nbsp;&nbsp; </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Changes in Internal Controls</FONT></U></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">.&nbsp; 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 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Item 12. Exhibits.</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">(a)(1) </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Code of Ethics</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">(a) (2)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"> Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Laura F. Fergerson, Chief Executive Officer - Finance and Administration, and Gaston Gardey, Chief Financial Officer and Chief Accounting Officer</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">(b) </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">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 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT></B>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">SIGNATURES</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">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 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">FRANKLIN UNIVERSAL TRUST</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">By </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">/s/Laura F. Fergerson</FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">&nbsp;&nbsp; Laura F. Fergerson </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">&nbsp;&nbsp; Chief Executive Officer - Finance and </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">&nbsp;&nbsp; Administration</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Date:&nbsp; October 26, 2015</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">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 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">By </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">/s/Laura F. Fergerson</FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">&nbsp;&nbsp; Laura F. Fergerson </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">&nbsp;&nbsp; Chief Executive Officer - Finance and </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">&nbsp;&nbsp; Administration</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Date:&nbsp; October 26, 2015</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">By </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">/s/Gaston Gardey</FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">&nbsp;&nbsp; Gaston Gardey </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">&nbsp;&nbsp; Chief Financial Officer and</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">&nbsp;&nbsp; Chief Accounting Officer</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="courier new">Date:&nbsp; October 26, 2015</FONT></P></DIV>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>2
<FILENAME>ncsr_code1209amd1213.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 2013

FRANKLIN GROUP OF FUNDS

Edward B. Jamieson        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


FRANKLIN ALTERNATIVE STRTEGIES FUNDS

William Yun	          Chief Executive Officer-Investment Management
Laura Fergerson           Chief Executive Officer - Finance and Administration
Robert G. Kubilis         Chief Financial Officer and Chief Accounting Officer


TEMPLETON GROUP OF FUNDS

Mark Mobius               President and Chief Executive Officer - Investment
                          Management
Christopher J. Molumphy   President and Chief Executive Officer - Investment
                          Management
Norman Boersma            President and Chief Executive Officer - Investment
                          Management
Donald F. Reed            President and Chief Executive Officer - Investment
                          Management
Laura Fergerson           Chief Executive Officer - Finance and Administration
Mark H. Otani             Chief Financial Officer and Chief Accounting Officer





                                    EXHIBIT B

                               ACKNOWLEDGMENT FORM
                                    DECEMBER

                    FRANKLIN TEMPLETON FUNDS CODE OF ETHICS
             FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

INSTRUCTIONS:
1. Complete all sections of this form.
2. Print the completed form, sign, and date.
3. Submit completed form to FT's General Counsel c/o Code of Ethics
   Administration within 10 days of becoming a Covered Officer and by February
   15th of each subsequent year.

INTER-OFFICE MAIL: Code of Ethics Administration, Global Compliance  SM-920/2
Fax: 		   (650) 312-5646
E-MAIL:            Preclear-Code of Ethics (internal address);
                   lpreclear@frk.com (external address)

------------------------------------------------------------------------------
COVERED OFFICER'S NAME:
------------------------------------------------------------------------------
TITLE:
------------------------------------------------------------------------------
DEPARTMENT:
------------------------------------------------------------------------------
LOCATION:
------------------------------------------------------------------------------
CERTIFICATION FOR YEAR ENDING:
------------------------------------------------------------------------------

TO: Franklin Resources General Counsel, Legal Department

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's
Code of Ethics for Principal Executive Officers and Senior Financial Officers
(the "Code"). I will comply fully with all provisions of the Code to the extent
they apply to me during the period of my employment. I further understand and
acknowledge that any violation of the Code may subject me to disciplinary
action, including termination of employment.




       ----------------------------       ----------------------
                Signature                     Date signed






-----------------------------

1. Reporting of these affiliations or other relationships shall be made by
completing the annual Directors and Officers Questionnaire and returning the
questionnaire to Franklin Resources Inc, General Counsel or Deputy General
Counsel.

2. Any activity or relationship that would present a conflict for a Covered
Officer may also present a conflict for the Covered Officer if a member of the
Covered Officer's immediate family engages in such an activity or has such a
relationship. The Cover Person should also obtain written approval by FT's
General Counsel in such situations.

3. Franklin Resources General Counsel and Deputy General Counsel are authorized
to consult, as appropriate, with members of the Audit Committee, counsel to the
FT Funds and counsel to the Independent Directors, and are encouraged to do so.

4. Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of
a material departure from a provision of the code of ethics" and "implicit
waiver," which must also be disclosed, as "the registrant's failure to take
action within a reasonable period of time regarding a material departure from
a provision of the code of ethics that has been made known to an executive
officer" of the registrant. See Part X.

5. See Part X.
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<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Exhibit
12(a)(2)</font></b></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;">10/26/2015</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>









</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="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Exhibit
12(a)(2)</font></b></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></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;">10/26/2015</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>




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<TYPE>EX-99.906 CERT
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<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Exhibit
12(b)</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;">&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
8/31/2015 (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; 10/26/2015</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; S\LAURA F.
FERGERSON</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Laura F.
Fergerson </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:2.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Chief Executive Officer - Finance
and Administration</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:2.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p>









</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="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<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;">&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;">&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;">&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;">&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;">&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;">&nbsp;</font></b></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Exhibit 12(b)</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;">&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, 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
8/31/2015 (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; 10/26/2015</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;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>




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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
