<SEC-DOCUMENT>0000833040-16-000038.txt : 20160429
<SEC-HEADER>0000833040-16-000038.hdr.sgml : 20160429
<ACCEPTANCE-DATETIME>20160429123858
ACCESSION NUMBER:		0000833040-16-000038
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20160229
FILED AS OF DATE:		20160429
DATE AS OF CHANGE:		20160429
EFFECTIVENESS DATE:		20160429

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05569
		FILM NUMBER:		161604410

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

	MAIL ADDRESS:	
		STREET 1:		ONE FRANKLIN PARKWAY
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94403-1906
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>ncsrs_fut-022916.htm
<DESCRIPTION>FUT NCSRS PE: 02-29-16
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Courier New">UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>Washington, DC 20549</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; LAYOUT-GRID-MODE: line" face="Courier New">FORM N-CSRS</FONT></B></P>

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Courier New">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES</FONT></B></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="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Courier New">Investment Company Act file number </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Courier New">811-05569</FONT></U></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; LAYOUT-GRID-MODE: line" 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; LAYOUT-GRID-MODE: line" 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; LAYOUT-GRID-MODE: line" face="Courier New">One Franklin Parkway, San Mateo, CA 94403-1906</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Courier New"><BR>(Address of principal executive offices)&nbsp;&nbsp; (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; LAYOUT-GRID-MODE: line" face="Courier New">Craig S. Tyle, One Franklin Parkway, San Mateo, CA&nbsp; 94403-1906</FONT></U></P>

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

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Courier New">Registrant's telephone number, including area code: (</FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Courier New">650) 312-2000</FONT></U></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">Date of fiscal year end: </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Courier New">8/31</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Courier New">_</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">Date of reporting period: </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Courier New">2/29/16</FONT></U></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">Item 1. Reports to Stockholders.</FONT></B></P></DIV>

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   <TD align=left><B><FONT size=3 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">Contents</FONT></B></TD>

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

<TR vAlign=bottom>

   <TD align=left><B><FONT size=2 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">Semiannual Report</FONT></B></TD>

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

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   <TD align=left><B><FONT size=2 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">Franklin Universal Trust</FONT></B></TD>

   <TD align=right><B><FONT size=2 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">2</FONT></B></TD></TR>

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   <TD style="TEXT-INDENT: 0.003pt" align=left><B><FONT size=2 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">Performance Summary</FONT></B></TD>

   <TD align=right><B><FONT size=2 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">5</FONT></B></TD></TR>

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   <TD style="TEXT-INDENT: 0.003pt" align=left><B><FONT size=2 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">Important Notice to Shareholders</FONT></B></TD>

   <TD align=right><B><FONT size=2 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">6</FONT></B></TD></TR>

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   <TD style="TEXT-INDENT: 0.003pt" align=left><B><FONT size=2 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">Financial Highlights and Statement of Investments</FONT></B></TD>

   <TD align=right><B><FONT size=2 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">7</FONT></B></TD></TR>

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   <TD style="TEXT-INDENT: 0.003pt" align=left><B><FONT size=2 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">Financial Statements</FONT></B></TD>

   <TD align=right><B><FONT size=2 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">17</FONT></B></TD></TR>

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   <TD style="TEXT-INDENT: 0.003pt" align=left><B><FONT size=2 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">Notes to Financial Statements</FONT></B></TD>

   <TD align=right><B><FONT size=2 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">21</FONT></B></TD></TR>

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   <TD style="TEXT-INDENT: 0.003pt" align=left><B><FONT size=2 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">Annual Meeting of Shareholders</FONT></B></TD>

   <TD align=right><B><FONT size=2 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">27</FONT></B></TD></TR>

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   <TD style="TEXT-INDENT: 0.003pt" align=left><B><FONT size=2 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">Dividend Reinvestment and Cash Purchase Plan</FONT></B></TD>

   <TD align=right><B><FONT size=2 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">28</FONT></B></TD></TR>

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   <TD style="TEXT-INDENT: 0.003pt" align=left><B><FONT size=2 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">Shareholder Information</FONT></B></TD>

   <TD align=right><B><FONT size=2 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">30</FONT></B></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&nbsp;1</FONT></P></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=5 face="TimesNewRomanPS,Times New Roman,Times,serif">Franklin Universal Trust</FONT></P>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">This semiannual report for Franklin Universal Trust covers the period ended February 29, 2016.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=ArialNarrowMT-Bold,Arial,Helvetica,sans-serif>Your Fund&#8217;s Goal and Main Investments</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">The Fund&#8217;s primary investment objective is to provide high, current income consistent with preservation of capital. Its secondary objective is growth of income through dividend increases and capital appreciation.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=ArialNarrowMT-Bold,Arial,Helvetica,sans-serif>Performance Overview</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">For the six months under review, the Fund&#8217;s cumulative total returns were -2.96% based on net asset value and +1.75% 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 -6.31% total return,</FONT><SUP><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">1 </FONT></SUP><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">and utilities stocks, as measured by the Standard &amp; Poor&#8217;s</FONT><SUP><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">&#174; </FONT></SUP><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">(S&amp;P</FONT><SUP><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">&#174;</FONT></SUP><FONT size=2 face="TimesNewRomanPS,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="TimesNewRomanPS,Times New Roman,Times,serif">&#174; </FONT></SUP><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">Index, posted a total return of +11.27% for the same period.</FONT><SUP><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">2</FONT></SUP></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face="TimesNewRomanPS-Italic,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=ArialNarrowMT-Bold,Arial,Helvetica,sans-serif>Economic and Market Overview</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">The U.S. economy grew modestly during the period under review amid solid consumer spending. In the third and fourth quarters of 2015, exports slowed and state and local governments reduced their spending. Manufacturing activities mostly contracted, but the services sector expanded throughout the period. Growth in services contributed to new jobs and helped drive down the unemployment rate to 4.9% at period-end, the lowest level in nearly eight years.</FONT><SUP><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">3 </FONT></SUP><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">Retail sales grew modestly, driven by automobile and auto component sales. Inflation, as </FONT><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">measured by the Consumer Price Index, remained subdued largely due to low energy prices.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">In December 2015, the U.S. Federal Reserve (Fed) raised its target range for the federal funds rate to 0.25%&#8211;0.50% and maintained this rate through period-end. At the time of the increase, policymakers cited the labor market&#8217;s considerable improvement and were reasonably confident that inflation would move back to the Fed&#8217;s 2% medium-term objective. Moreover, in January 2016, the Fed indicated that given increased uncertainty arising from declining oil prices and slowing growth in China, it would monitor global economic and financial developments and their implications on the U.S. labor market and inflation.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">The 10-year Treasury yield, which moves inversely to price, generally remained flat from the beginning of the period to the end of 2015, but it began to decline early in 2016. It began the period at 2.21% based partly on upbeat domestic and eurozone economic data as well as the Fed&#8217;s eventual interest rate increases. However, the yield fell to 1.74% at the end of February amid concerns about a slowing global economy.</FONT></P>

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

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

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">During the six-month period ended February 29, 2016, the Fund&#8217;s primary asset classes, high yield corporate bonds and utility stocks, continued to experience divergent returns. While the U.S. economy grew modestly, weakness in commodity prices, particularly oil, and concerns over China&#8217;s moderating economy contributed to investor risk aversion. Although the commodity price decline generally helped ease any concerns of</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>1. Source: Credit Suisse Group.</FONT><BR><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>2. Source: Morningstar.</FONT><BR><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>The indexes are unmanaged and include reinvestment of any income or distributions. One cannot invest directly in an index, and an index is not representative of the</FONT><BR><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>Fund&#8217;s portfolio.</FONT><BR><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>3. Source: Bureau of Labor Statistics.</FONT><BR><BR><B><FONT size=1 face=ArialNarrowMT-Bold,Arial,Helvetica,sans-serif>The dollar value, number of shares or principal amount, and names of all portfolio holdings are listed in the Fund&#8217;s Statement of Investments (SOI). The SOI</FONT></B><BR><B><FONT size=1 face=ArialNarrowMT-Bold,Arial,Helvetica,sans-serif>begins on page 8.</FONT></B><BR><BR><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2 Semiannual Report franklintempleton.com</FONT></P></DIV>

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<FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">inflationary pressures, it also added to fears about global economic growth. The yield on the 10-year Treasury note declined in this environment and amid negative yields in Europe and Japan, as investors sought safety in U.S. Treasuries. High yield corporate bonds, which are sensitive to growth expectations, generated negative returns for most of the period. The energy sector, despite significant declines over the period, remained the largest industry in the CS High Yield Index, and due to oil and natural gas price weakness, energy was among the worst performing sectors. Lower commodity prices also led to weak returns for the metals and mining and utilities sectors. Moreover, utilities also suffered from weak demand due to mild winter conditions.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">Overall, high yield bonds declined 6.31%, as measured by the CS High Yield Index, as spreads over Treasuries widened from 6.2 to 8.3 percentage points. Conversely, utility stocks benefited from the overall interest rate decline as well as beliefs that challenges to global growth would limit Fed rate increases. In addition, many utility stocks are regulated and thus less exposed to commodity prices. Utility stocks generated a double-digit total return in this environment.</FONT></P>
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<B><FONT size=2 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Portfolio Breakdown</FONT></B></TD>
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&nbsp;</TD>
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<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">2/29/16</FONT></TD>
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&nbsp;</TD>
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<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">% of Total</FONT></B></TD>
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<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Investments*</FONT></B></TD>
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	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.007996pt">
<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">61.4</FONT></TD>
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<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
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<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">33.8</FONT></TD>
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<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
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<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Natural Resources Common Stocks</FONT></TD>
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<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1.2</FONT></TD>
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<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
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<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">0.5</FONT></TD>
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<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
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<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Senior Floating Rate Interests</FONT></TD>
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<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">0.3</FONT></TD>
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<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">%</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;" style="TEXT-INDENT:0.007996pt">
<FONT size=1 face="Arial,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;" style="TEXT-INDENT:0.007996pt">
<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">2.7</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="ArialNarrowMT,Arial,Helvetica,sans-serif">*Percentage of total investments of the Fund. Total investments of the Fund include</FONT><BR>
<FONT size=1 face="ArialNarrowMT,Arial,Helvetica,sans-serif">long-term and short-term investments and other net assets, excluding long-term debt</FONT><BR>
<FONT size=1 face="ArialNarrowMT,Arial,Helvetica,sans-serif">issued by the Fund.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="ArialMT-Bold,Arial,Helvetica,sans-serif">High Yield Corporate Bonds</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">The Fund benefited from its overweighted position in the food and beverage sector and its underweighted position in high yield utilities relative to the CS High Yield Index.</FONT><SUP><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">4 </FONT></SUP><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">In general, food and beverage is considered a defensive sector, as demand should be largely immune to economic weakness. Consequently, in a period when concerns about global economic growth led to risk aversion, the sector offered investors a</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="ArialMT-Bold,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">2/29/16 vs. 8/31/15</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="ArialMT-Bold,Arial,Helvetica,sans-serif">Issuer</FONT></B></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">2/29/16</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">2.8</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">NextEra Energy Inc.</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">Duke Energy Corp.</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">2.3</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">Edison International</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">2.2</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">2.1</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">Pinnacle West Capital Corp.</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">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">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">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">CenterPoint Energy Inc.</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">Consolidated Edison 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="ArialMT-Bold,Arial,Helvetica,sans-serif">Issuer</FONT></B></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="ArialMT-Bold,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>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=1 face="ArialNarrowMT,Arial,Helvetica,sans-serif">*Excludes money market funds.</FONT><BR>
<FONT size=1 face="ArialNarrowMT,Arial,Helvetica,sans-serif">**Percentage of total investments of the Fund. Total investments of the Fund include</FONT><BR>
<FONT size=1 face="ArialNarrowMT,Arial,Helvetica,sans-serif">long-term and short-term investments and other net assets, excluding long-term debt</FONT><BR>
<FONT size=1 face="ArialNarrowMT,Arial,Helvetica,sans-serif">issued by the Fund.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">perceived safe haven. High yield utilities have more commodity exposure than the regulated utilities that make up the majority of the Fund&#146;s equity investments. With low natural gas prices and lackluster demand due to warmer than average winter conditions, several high yield energy holdings generated weaker earnings.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">In contrast, detracting from the Fund&#146;s performance in the high yield bond sector were overweighted positions in the energy sector and metals and mining sector relative to the CS High Yield Index.</FONT><SUP><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">5 </FONT></SUP><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">Energy bonds lost value as oil prices steadily declined, and lower natural gas prices further pressured the sector. Investors seemed particularly concerned about energy companies&#146; liquidity profiles as bank regulators increased their focus on each bank&#146;s energy exposure. Metals and mining</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="ArialNarrowMT,Arial,Helvetica,sans-serif">4. Food and beverage holdings are in food, beverage and tobacco in the SOI.</FONT><BR>
<FONT size=1 face="ArialNarrowMT,Arial,Helvetica,sans-serif">5. Metals and mining holdings are in materials in the SOI.</FONT><BR>
<FONT size=1 face="ArialNarrowMT,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">Semiannual Report 3</FONT></P>
</DIV>

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<P style="text-align: left;">
<FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">underperformed amid weak commodity pricing. Oversupply in many commodities coupled with concerns over China&#146;s moderating growth led to falling prices and lowered cash flow generation.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Utility Stocks</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">The utilities sector, as measured by the S&amp;P 500 Utilities Index, rose 11.27% over the six-month period, outperforming the S&amp;P 500 Index&#146;s -0.92% total return.</FONT><SUP><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">2 </FONT></SUP><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">Utility stocks benefited from their perceived higher quality and their domestic U.S. focus, which helped protect them from the effects of slowing foreign economic growth. Furthermore, many utilities are regulated, which limited exposure to the weaker commodity prices experienced during the period under review. Finally, although the Fed raised short-term rates during the period, the market expected the Fed to reassess and possibly hold off on further increases due to slow economic growth. Expectations for continued low short-term rates combined with a decline in Treasury yields provided support for the utilities sector.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,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="TimesNewRomanPS,Times New Roman,Times,serif">Sincerely,</FONT></P>
<IMG src="fut_s0416x5x1.jpg" border=0>
<BR>
<P style="text-align: left;">
<I><FONT size=2 face="ArialNarrowMT-Italic,Arial,Helvetica,sans-serif">The foregoing information reflects our analysis, opinion and portfolio holdings as of February 29, 2016, 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 warrant as to their completeness or accuracy. Although historical performance is no guarantee of future result, these insights may help you understand our investment management philosophy.</FONT></I></P>
<P style="text-align: left;">
<FONT size=1 face="ArialNarrowMT,Arial,Helvetica,sans-serif">CFA</FONT><SUP><FONT size=1 face="ArialNarrowMT,Arial,Helvetica,sans-serif">&#174; </FONT></SUP><FONT size=1 face="ArialNarrowMT,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 Semiannual 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="TimesNewRomanPS,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=5 face="TimesNewRomanPS,Times New Roman,Times,serif">Performance Summary as of February 29, 2016</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">Your dividend income will vary depending on dividends or interest paid by securities in the Fund&#8217;s portfolio, adjusted for operating expenses. Capital gain distributions are net profits realized from the sale of portfolio securities. Total return reflects reinvestment of the Fund&#8217;s dividends and capital gain distributions, if any, and any unrealized gains or losses. Total returns do not reflect any sales charges paid at inception or brokerage commissions paid on secondary market purchases. The performance table does not reflect any taxes that a shareholder would pay on Fund dividends, capital gain distributions, if any, or any realized gains on the sale of Fund shares.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

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

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

   <TD width="21%"></TD>

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

   <TD width="19%"></TD>

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

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

<TR>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=ArialMT-Bold,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=ArialMT-Bold,Arial,Helvetica,sans-serif>2/29/16</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=ArialMT-Bold,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=ArialMT-Bold,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>6.66</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>0.45</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>5.96</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>0.14</FONT></TD></TR>

<TR>

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

<TR>

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

<TR vAlign=bottom>

   <TD align=left><B><FONT size=3 face=ArialNarrowMT-Bold,Arial,Helvetica,sans-serif>Distributions</FONT></B><B><SUP><FONT size=3 face=ArialNarrowMT-Bold,Arial,Helvetica,sans-serif>1 </FONT></SUP></B><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(9/1/15&#8211;2/29/16)</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></TR>

<TR>

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

<TR vAlign=bottom>

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&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=ArialMT-Bold,Arial,Helvetica,sans-serif>Income</FONT></B></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&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>0.2370</FONT></TD>

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

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

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="18%"></TD>

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

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

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

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

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

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

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

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

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<TR vAlign=bottom>

   <TD align=left><B><FONT size=3 face=ArialNarrowMT-Bold,Arial,Helvetica,sans-serif>Performance</FONT></B><B><SUP><FONT size=3 face=ArialNarrowMT-Bold,Arial,Helvetica,sans-serif>2</FONT></SUP></B></TD>

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<TR>

   <TD colSpan=13>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Cumulative Total Return</FONT></B><B><SUP><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>3</FONT></SUP></B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Average Annual Total Return</FONT></B><B><SUP><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>3</FONT></SUP></B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Total Return (3/31/16)</FONT></B><B><SUP><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>4</FONT></SUP></B></TD>

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

<TR vAlign=bottom>

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

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

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>NAV</FONT></B><B><SUP><FONT size=1 face=ArialMT-Bold,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=ArialMT-Bold,Arial,Helvetica,sans-serif>market price</FONT></B><B><SUP><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>6</FONT></SUP></B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>NAV</FONT></B><B><SUP><FONT size=1 face=ArialMT-Bold,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=ArialMT-Bold,Arial,Helvetica,sans-serif>market price</FONT></B><B><SUP><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>6</FONT></SUP></B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>NAV</FONT></B><B><SUP><FONT size=1 face=ArialMT-Bold,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=ArialMT-Bold,Arial,Helvetica,sans-serif>market price</FONT></B><B><SUP><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>6</FONT></SUP></B></TD>

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

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-2.96</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>+1.75</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>-2.96</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>+1.75</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=left>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD 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>-11.48</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>-11.42</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>-11.48</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>-11.42</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>-3.02</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>-6.82</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>5-Year</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>+27.82</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>+29.59</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>+5.03</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>+5.32</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>+6.59</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>+6.17</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; TEXT-INDENT: 0.007pt" 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>+82.20</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>+97.63</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>+6.18</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>+7.05</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>+7.15</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>+7.51</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-Italic,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=ArialNarrowMT-Bold,Arial,Helvetica,sans-serif>All investments involve risks, including possible loss of principal. Bond prices generally move in the opposite direction of interest rates. As prices of bonds in 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 principal. Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies, particular industries or sectors, or general market conditions. In addition to having sensitivity to other factors, securities issued by utility companies have historically been sensitive to interest rate 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 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></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=ArialNarrowMT,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=ArialNarrowMT,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. Fund</FONT><BR><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>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=ArialNarrowMT,Arial,Helvetica,sans-serif>3. Total return calculations represent the cumulative and average annual changes in value of an investment over the periods indicated. Return for less than one year, if any,</FONT><BR><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>has not been annualized.</FONT><BR><FONT size=1 face=ArialNarrowMT,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=ArialNarrowMT,Arial,Helvetica,sans-serif>5. Assumes reinvestment of distributions based on net asset value.</FONT><BR><FONT size=1 face=ArialNarrowMT,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>Semiannual Report 5</FONT></P></DIV>

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<P style="text-align: left;">
<FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
<P style="text-align: left;">
<FONT size=5 face="TimesNewRomanPS,Times New Roman,Times,serif">Important Notice to Shareholders</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">The Fund&#146;s Board previously authorized an open-market share repurchase program, pursuant to which the Fund may purchase Fund shares, from time to time, up to 10% of the Fund&#146;s common shares in open-market transactions, at the discretion of management. This authorization remains in effect.</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">6 Semiannual 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="TimesNewRomanPS,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>

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

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   <TD align=right><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Six Months Ended</FONT></B></TD>

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

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   <TD align=right><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>February 29, 2016</FONT></B></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=left>&nbsp;</TD>

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

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>(unaudited)</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=ArialMT-Bold,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=ArialMT-Bold,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=ArialMT-Bold,Arial,Helvetica,sans-serif>2013</FONT></B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=ArialMT-Bold,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=ArialMT-Bold,Arial,Helvetica,sans-serif>2011</FONT></B></TD>

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

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Per share operating performance</FONT></B></TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

   <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 a share outstanding throughout the period)</FONT></TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Net asset value, beginning of period</FONT></TD>

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

   <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>

   <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>Income from investment operations:</FONT></TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Net investment income</FONT><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a</FONT></SUP></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>0.21</FONT></TD>

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

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

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

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

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

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

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

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

   <TD align=right><FONT size=1 face=Arial,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>0.45</FONT></TD>

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&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>(0.42</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>&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>

<TR vAlign=bottom>

   <TD 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>(0.21</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>(0.76</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>

<TR vAlign=bottom>

   <TD 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>(0.24</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>(0.47</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 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Net asset value, end of period</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=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>6.66</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>7.11</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>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Market value, end of period</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>5.96</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>6.10</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>

<TR>

   <TD colSpan=19>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Total return (based on market value per share)</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>1.75</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>(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=19>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=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>2.18</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>e</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>e</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>e</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 style="TEXT-INDENT: 0.001pt" 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>6.27</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>5.63</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=19>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Supplemental data</FONT></B></TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Net assets, end of period (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>167,489</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>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 style="TEXT-INDENT: 0.009pt" 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>9.07</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>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 style="TEXT-INDENT: 0.009pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Total debt outstanding at end of period (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>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 style="TEXT-INDENT: 0.001pt" 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>3,791</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>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 style="TEXT-INDENT: 0.001pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Average amount of senior fixed rate Notes per share</FONT></TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.001pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>during the period</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>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>

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

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>a</FONT></SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>Based on average daily shares outstanding.</FONT><BR><SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>Based on the last sale on the New York Stock Exchange.</FONT><BR><SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>c</FONT></SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>Total return is not annualized for periods less than one year.</FONT><BR><SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>d</FONT></SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>Ratios are annualized for periods less than one year.</FONT><BR><SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>e</FONT></SUP><FONT size=1 face=ArialNarrowMT,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. | Semiannual Report 7</FONT></P></DIV>

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

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

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

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

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

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<TR vAlign=bottom>

   <TD align=left><B><FONT size=3 face=ArialNarrowMT-Bold,Arial,Helvetica,sans-serif>Statement of Investments, February 29, 2016 (unaudited)</FONT></B></TD>

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

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

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

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

<TR vAlign=bottom>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Common Stocks 48.3%</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: 10pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Energy 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: 10pt" 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>2,696,620</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Materials 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: 10pt" 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>505,967</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>613,299</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.05pt" 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 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>44,729</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>1,163,995</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Transportation 0.0%</FONT></B><B><SUP><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>&#8224;</FONT></SUP></B></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.05pt" 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>80,743</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Utilities 46.0%</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: 10pt" 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>2,718,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>4,631,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>3,163,374</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>2,571,400</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>2,940,420</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>90,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6,292,800</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>2,103,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>70,060</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5,204,057</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>5,112,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>30,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,166,300</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>1,731,950</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>2,008,200</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>2,053,800</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>5,641,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>2,836,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>4,818,100</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>2,799,200</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>1,919,700</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>4,825,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>4,203,705</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>2,254,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>2,607,600</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>2,372,400</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>76,974,256</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Total Common Stocks (Cost $44,431,082)</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>80,915,614</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><B><FONT size=2 face=ArialMT-Bold,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: 10pt" align=left><B><FONT size=2 face=ArialMT-Bold,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: 6.05pt" 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>3,672</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.05pt" 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>174,785</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><B><FONT size=2 face=ArialMT-Bold,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>178,457</FONT></TD></TR>

<TR>

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

<TR vAlign=bottom>

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

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

   <TD align=right><B><FONT size=1 face=ArialMT-Bold,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>&nbsp;</TD>

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Corporate Bonds 83.3%</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: 10pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Automobiles &amp; Components 2.0%</FONT></B></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>2,000,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,895,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>The Goodyear Tire &amp; Rubber Co., 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;&nbsp;&nbsp;&nbsp;&nbsp; 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 align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,162,568</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; 5.125%, 11/15/23</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 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>309,750</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,367,318</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 Semiannual 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: center"><FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR><FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">STATEMENT OF INVESTMENTS (UNAUDITED)</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

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

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

   <TD width="11%"></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=ArialMT-Bold,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=ArialMT-Bold,Arial,Helvetica,sans-serif>Country</FONT></B></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" align=left><B><FONT size=2 face=ArialMT-Bold,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: 8.399pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Banks 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 style="TEXT-INDENT: 8.399pt" 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: 18.399pt" 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><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>517,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" 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>1,207,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.5pt" 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, 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>316,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.699pt" 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>1,032,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.699pt" 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: 18.399pt" 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: 18.399pt" 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>1,100,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,029,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" 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: 18.399pt" 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>947,813</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" 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>382,750</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6,327,438</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Capital Goods 2.4%</FONT></B></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" 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>1,207,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Navistar International Corp., senior bond, 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>488,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" 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>506,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" 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: 18.399pt" 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>500,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>490,000</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; 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>96,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" 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>686,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" 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>576,000</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>4,049,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Commercial &amp; Professional Services 1.1%</FONT></B></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Acosta 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>442,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" 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>1,400,000</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>1,371,720</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>1,814,220</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" align=left><B><FONT size=2 face=ArialMT-Bold,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: 4.449pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Jarden Corp., senior note, 144A, 5.00%, 11/15/23</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>700,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>728,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" 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: 18.399pt" 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>1,047,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" 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>192,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" 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>286,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" 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: 18.399pt" 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>374,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" 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>462,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" 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>1,000,000</FONT></TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" 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 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>714,000</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>4,704,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Consumer 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 style="TEXT-INDENT: 4.449pt" 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: 18.399pt" 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>1,045,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.407pt" 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>510,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" align=left><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>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>765,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=right><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 bond, 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>3,160</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" align=left><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%, 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>2,200,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,974,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Landry&#8217;s Inc., senior note, 144A, 9.375%, 5/01/20</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,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>947,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" align=left><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 style="TEXT-INDENT: 18.399pt" align=left><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>1,204,470</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" align=left><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>810,600</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>Semiannual Report 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="TimesNewRomanPS,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR>
<FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">STATEMENT OF INVESTMENTS (UNAUDITED)</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=61%></TD>
     <TD width=13%></TD>
     <TD width=11%></TD>
     <TD width=2%></TD>
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<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<B><FONT size=1 face="ArialMT-Bold,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="ArialMT-Bold,Arial,Helvetica,sans-serif">Country</FONT></B></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="ArialMT-Bold,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="ArialMT-Bold,Arial,Helvetica,sans-serif">Value</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.949997pt">
<B><FONT size=2 face="ArialMT-Bold,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:3.949997pt">
<B><FONT size=2 face="ArialMT-Bold,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>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 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 align=left style="TEXT-INDENT:8.949997pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">5.50%, 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">1,300,000</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">1,246,375</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">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">800,000</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">742,000</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">9,248,355</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.949997pt">
<B><FONT size=2 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Diversified Financials 4.4%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.949997pt">
<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:13.949997pt">
<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">803,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.949997pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">4.625%, 10/30/20</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">200,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">203,375</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.949997pt">
<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">514,375</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.949997pt">
<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">612,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.949997pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Deutsche Bank AG, sub. bond, 4.296% to 5/24/23, FRN thereafter, 5/24/28</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">900,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">769,725</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.949997pt">
<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:13.949997pt">
<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">312,567</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.949997pt">
<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">393,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.949997pt">
<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:13.949997pt">
<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">961,317</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.949997pt">
<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">794,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.949997pt">
<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">762,000</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">Neuberger Berman Group LLC/Finance Corp., senior note, 144A, 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">700,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">728,875</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">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">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">563,250</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">7,418,234</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.949997pt">
<B><FONT size=2 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Energy 8.1%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.949997pt">
<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:13.949997pt">
<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">73,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.949997pt">
<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">64,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.949997pt">
<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:10.050003pt">
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">secured note, second lien, 144A, 8.00%, 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">615,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">155,287</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.949997pt">
<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">138,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">18,285</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.949997pt">
<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">92,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">12,880</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">Calumet Specialty Products Partners LP/Calumet Finance Corp., senior note, 144A,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.949997pt">
<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">452,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.949997pt">
<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:13.949997pt">
<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">205,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.957993pt">
<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">108,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.966003pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Chaparral Energy 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:13.966003pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior bond, 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">15,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.966003pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior bond, 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">22,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.966003pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior note, 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">72,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.966003pt">
<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">486,000</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">Chesapeake Energy Corp., secured note, second lien, 144A, 8.00%, 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">1,206,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">476,370</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.949997pt">
<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">500,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">252,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.949997pt">
<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=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">172,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.949997pt">
<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=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.949997pt">
<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=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">526,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.949997pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">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=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">540,000</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">Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., senior note,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.949997pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">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=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">343,750</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">10 Semiannual 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: center"><FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR><FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">STATEMENT OF INVESTMENTS (UNAUDITED)</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="56%"></TD>

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

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

   <TD width="2%"></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=ArialMT-Bold,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=ArialMT-Bold,Arial,Helvetica,sans-serif>Country</FONT></B></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" align=left><B><FONT size=2 face=ArialMT-Bold,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: 8.399pt" align=left><B><FONT size=2 face=ArialMT-Bold,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: 8.399pt" 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: 18.399pt" 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 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>1,380,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior secured bond, first lien, 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>166,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" 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>32,906</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" 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>144,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" 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>27,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" 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>650,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=center><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b,e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Goodrich Petroleum Corp., secured note, second lien, 144A, 8.875%, 3/15/18</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</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>90,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>e </FONT></SUP><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: 18.399pt" 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>92,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.5pt" 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 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>80,600</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Linn Energy LLC/Finance Corp., senior secured note, second lien, 144A,</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 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; 12.00%, 12/15/20</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 align=left>&nbsp;</TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>133,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" 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: 13.399pt" 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>805,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" 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>342,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" 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>19,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" 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>85,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Oasis Petroleum Inc.,</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: 18.399pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior bond, 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>116,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 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>123,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 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>245,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 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>236,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" 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 align=left>&nbsp;</TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,206,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=center><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b,e </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Peabody Energy Corp., secured note, 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>1,700,000</FONT></TD>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>68,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" 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>63,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>QEP Resources Inc., senior bond,</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: 18.399pt" 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>486,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" 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>282,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" 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: 18.399pt" 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>959,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" 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>191,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" 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>463,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" 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: 18.399pt" 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>369,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" 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>108,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" 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>60,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" align=left><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=left>&nbsp;</TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>153,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" align=left><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=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>373,500</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>13,549,828</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Food, Beverage &amp; Tobacco 3.3%</FONT></B></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: 8.399pt" align=left><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=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" align=left><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=left>&nbsp;</TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>420,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" align=left><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=left>&nbsp;</TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>520,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 4.75%, 12/01/25</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>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>104,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" align=left><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=left>&nbsp;</TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>633,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" 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>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>294,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" 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=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" align=left><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>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>801,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" align=left><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=left>&nbsp;</TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>302,400</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" align=left><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=left>&nbsp;</TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>680,750</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</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Semiannual Report 11</FONT></P></DIV>

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

<!--$$/page=-->
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<P style="text-align: left;">
<FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR>
<FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">STATEMENT OF INVESTMENTS (UNAUDITED)</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=60%></TD>
     <TD width=14%></TD>
     <TD width=11%></TD>
     <TD width=2%></TD>
     <TD width=11%></TD></TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<B><FONT size=1 face="ArialMT-Bold,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="ArialMT-Bold,Arial,Helvetica,sans-serif">Country</FONT></B></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="ArialMT-Bold,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="ArialMT-Bold,Arial,Helvetica,sans-serif">Value</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.949997pt">
<B><FONT size=2 face="ArialMT-Bold,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:3.949997pt">
<B><FONT size=2 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Food, Beverage &amp; Tobacco </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:3.945999pt">
<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:13.945999pt">
<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>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">851,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.050003pt">
<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">531,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.050003pt">
<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">312,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.050003pt">
<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">109,750</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">5,562,650</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.949997pt">
<B><FONT size=2 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Health Care Equipment &amp; Services 5.6%</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">Acadia Healthcare Co. Inc., senior note, 144A, 6.50%, 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">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:3.949997pt">
<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:13.949997pt">
<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">855,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.949997pt">
<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">362,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.949997pt">
<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">172,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.949997pt">
<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">605,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.949997pt">
<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:13.949997pt">
<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">407,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.949997pt">
<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">528,125</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.949997pt">
<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:13.949997pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior bond, 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">844,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.949997pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">senior bond, 5.875%, 2/15/26</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">1,437,625</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.949997pt">
<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">645,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.949997pt">
<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:13.949997pt">
<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">1,100,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,056,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.949997pt">
<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">387,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.949997pt">
<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>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">988,120</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">Vizient Inc., senior note, 144A, 10.375%, 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">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">636,000</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">9,338,370</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.949997pt">
<B><FONT size=2 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Materials 13.1%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:3.949997pt">
<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:13.949997pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">6.50%, 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">812,812</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.949997pt">
<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">244,500</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">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">517,500</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">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:13.949997pt">
<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>
&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 style="TEXT-INDENT:13.949997pt">
<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">82,224</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.949997pt">
<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">400,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">377,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.949997pt">
<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">460,000</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">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">613,000</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">Blue Cube Spinco Inc., senior bond, 144A, 10.00%, 10/15/25</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">800,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">890,000</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,</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:8.949997pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">7.125%, 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">1,361,500</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">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">542,250</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">963,875</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">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:13.949997pt">
<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">145,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.949997pt">
<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">800,250</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">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">841,250</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">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:13.949997pt">
<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">331,275</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.957993pt">
<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">588,120</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%, 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">1,693,125</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 Semiannual 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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<A name="page_15"></A><BR>

<a name="_bclPageBorder15"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: center;">
<FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR>
<FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">STATEMENT OF INVESTMENTS (UNAUDITED)</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=58%></TD>
     <TD width=16%></TD>
     <TD width=11%></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="ArialMT-Bold,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="ArialMT-Bold,Arial,Helvetica,sans-serif">Country</FONT></B></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="ArialMT-Bold,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="ArialMT-Bold,Arial,Helvetica,sans-serif">Value</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.399994pt">
<B><FONT size=2 face="ArialMT-Bold,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:8.399994pt">
<B><FONT size=2 face="ArialMT-Bold,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 style="TEXT-INDENT:4.449997pt">
<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>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,078,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.407990pt">
<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">652,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.449997pt">
<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:18.399994pt">
<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">1,000,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">985,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.399994pt">
<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">515,938</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.449997pt">
<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,</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:18.399994pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">10.375%, 5/01/21</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">183,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.399994pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">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">900,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">733,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.449997pt">
<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">367,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.399994pt">
<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:18.399994pt">
<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">515,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.399994pt">
<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">997,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.399994pt">
<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">201,260</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.399994pt">
<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">103,125</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.399994pt">
<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">1,000,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">987,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.449997pt">
<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:18.399994pt">
<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">421,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.399994pt">
<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">450,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.399994pt">
<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:18.399994pt">
<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">900,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">846,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.399994pt">
<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">392,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b,g </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Summit Materials LLC/Summit Materials Finance Corp., senior note, 144A,</FONT></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:13.399994pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">8.50%, 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">1,000,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">1,000,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.449997pt">
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">d </FONT></SUP><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">31,320</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">21,921,824</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.399994pt">
<B><FONT size=2 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Media 9.1%</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.399994pt">
<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">745,850</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.399994pt">
<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">1,723,375</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.449997pt">
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">CCOH Safari LLC, senior bond, 144A, 5.75%, 2/15/26</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">502,565</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.449997pt">
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><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:18.399994pt">
<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">483,125</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.399994pt">
<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">618,625</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.399994pt">
<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:18.399994pt">
<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">712,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.399994pt">
<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">603,750</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.399994pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">DISH DBS Corp., senior note, 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">714,875</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:8.399994pt">
<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 align=left style="TEXT-INDENT:18.399994pt">
<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">967,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.399994pt">
<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">838,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.449997pt">
<SUP><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">e </FONT></SUP><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 align=left style="TEXT-INDENT:18.399994pt">
<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">890,500</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.399994pt">
<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">67,375</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.449997pt">
<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">366,250</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.449997pt">
<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 align=left style="TEXT-INDENT:18.399994pt">
<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">842,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:18.399994pt">
<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">700,000</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.449997pt">
<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">616,875</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.449997pt">
<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 align=left style="TEXT-INDENT:13.399994pt">
<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">381,700</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:4.449997pt">
<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">313,125</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">Semiannual Report 13</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_16"></A><BR>

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

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

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

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

   <TD width="11%"></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=ArialMT-Bold,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=ArialMT-Bold,Arial,Helvetica,sans-serif>Country</FONT></B></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.949pt" align=left><B><FONT size=2 face=ArialMT-Bold,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: 3.949pt" align=left><B><FONT size=2 face=ArialMT-Bold,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 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: 13.949pt" 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><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>502,187</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.949pt" 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>806,500</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>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>565,500</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: 13.949pt" 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>1,213,800</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.949pt" 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>15,275,227</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.949pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Pharmaceuticals, Biotechnology &amp; Life Sciences 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 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>875,000</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>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: 13.949pt" 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>600,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.949pt" 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>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>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>1,500,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,327,500</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>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 style="TEXT-INDENT: 8.949pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>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>511,250</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>Valeant Pharmaceuticals International, 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 align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,014,750</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>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: 13.949pt" 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>243,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.949pt" 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 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>602,434</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>5,891,434</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.949pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Real Estate 1.3%</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: 3.949pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Equinix 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: 13.949pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>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 align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,397,110</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.949pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5.875%, 1/15/26</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>209,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.949pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>MPT Operating Partnership LP/MPT Finance Corp., senior note, 6.375%, 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>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>618,000</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>2,224,610</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.949pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Retailing 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 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,</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; 5.625%, 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>924,750</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>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>307,500</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>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>534,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.949pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Netflix Inc., senior bond, 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>1,157,750</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,924,375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.949pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Semiconductors &amp; Semiconductor Equipment 1.1%</FONT></B></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b </FONT></SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Microsemi Corp., senior note, 144A, 9.125%, 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>531,250</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>Qorvo Inc., senior bond, 144A, 7.00%, 12/01/25</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>1,300,000</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>1,342,250</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>1,873,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.949pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Software &amp; Services 2.7%</FONT></B></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD 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>1,900,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,213,625</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>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: 13.949pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>second lien, 144A, 5.75%, 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>1,700,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,714,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13.949pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>senior note, 144A, 7.00%, 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>400,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>400,400</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>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>1,400,000</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>1,218,000</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>4,546,900</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 Semiannual 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: center"><FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR><FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">STATEMENT OF INVESTMENTS (UNAUDITED)</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

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

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

   <TD width="11%"></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=ArialMT-Bold,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=ArialMT-Bold,Arial,Helvetica,sans-serif>Country</FONT></B></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" align=left><B><FONT size=2 face=ArialMT-Bold,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: 8.399pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Technology Hardware &amp; Equipment 1.3%</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: 4.449pt" 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>1,100,000</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>891,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=center><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>b,h </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>409,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" 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>895,500</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>2,196,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Telecommunication Services 7.0%</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: 8.399pt" 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: 18.399pt" 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>295,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>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>883,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" 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>696,937</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" 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: 18.399pt" 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>428,437</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" 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>255,719</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" 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: 18.399pt" 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>253,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" 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>139,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" 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>1,010,895</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" 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>850,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" 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: 18.399pt" 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>2,086,200</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" 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>493,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" 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: 18.399pt" 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>371,505</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" 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>500,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>358,750</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" 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: 18.399pt" 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: 18.399pt" 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>508,125</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" 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>832,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" 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>103,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" 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: 18.399pt" 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>1,557,625</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" 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>290,625</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>11,622,193</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Transportation 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: 4.449pt" 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: 18.399pt" 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>401,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" 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>129,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" 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: 18.399pt" 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>609,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" 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>1,000,110</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" 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>389,375</FONT></TD></TR>

<TR vAlign=bottom>

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

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,528,485</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Utilities 1.9%</FONT></B></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" 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></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.399pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>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>1,174,875</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&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>292,000</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>310,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.449pt" 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>690,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" 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>531,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>PPL Energy Supply LLC, senior bond, 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>278,000</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>franklintempleton.com</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Semiannual Report 15</FONT></P></DIV>

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

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

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

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

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

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

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   <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=ArialMT-Bold,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=ArialMT-Bold,Arial,Helvetica,sans-serif>Country</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=ArialMT-Bold,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=ArialMT-Bold,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: 10pt" align=left><B><FONT size=2 face=ArialMT-Bold,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: 10pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Utilities </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: 1.6pt" 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: 15pt" 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><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>206,500</FONT></TD>

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

<TR vAlign=bottom>

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

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,190,625</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Total Corporate Bonds (Cost $169,323,629)</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>139,575,961</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.1pt" align=left><SUP><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>i,j </FONT></SUP><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Senior Floating Rate Interests (Cost $765,759) 0.5%</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: 10pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Household &amp; Personal Products 0.5%</FONT></B></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>733,569</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=ArialMT-Bold,Arial,Helvetica,sans-serif>Shares</FONT></B></TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><B><FONT size=2 face=ArialMT-Bold,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 style="TEXT-INDENT: 1.85pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a,k </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: 10pt" align=left><B><FONT size=2 face=ArialMT-Bold,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=ArialMT-Bold,Arial,Helvetica,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $215,107,563)</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>221,403,601</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Short Term Investments (Cost $3,865,586) 2.3%</FONT></B></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Money Market Funds 2.3%</FONT></B></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.35pt" align=left><SUP><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>a,l </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>3,865,586</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>3,865,586</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Total Investments (Cost $218,973,149) 134.5%</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>225,269,187</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Notes Payable (35.8)%</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: 10pt" align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Other Assets, less Liabilities 1.3%</FONT></B></TD>

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,219,708</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><B><FONT size=2 face=ArialMT-Bold,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>167,488,895</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><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>See Abbreviations on page 26.</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></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>&#8224;</FONT></SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>Rounds to less than 0.1% of net assets.</FONT><BR><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>*The principal amount is stated in U.S. dollars unless otherwise indicated.</FONT><BR><SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>a</FONT></SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>Non-income producing.</FONT><BR><SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>b</FONT></SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers</FONT><BR><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>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 Trustees. At</FONT><BR><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>February 29, 2016, the aggregate value of these securities was $68,558,878, representing 40.93% of net assets.</FONT><BR><SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>c</FONT></SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>Perpetual security with no stated maturity date.</FONT><BR><SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>d</FONT></SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>See Note 8 regarding defaulted securities.</FONT><BR><SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>e</FONT></SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>At February 29, 2016, pursuant to the Fund&#8217;s policies and the requirements of applicable securities law, the Fund is restricted from trading these securities at period end.</FONT><BR><SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>f</FONT></SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>Principal amount is stated in 1,000 Units.</FONT><BR><SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>g</FONT></SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>Security purchased on a when-issued basis. See Note 1(b).</FONT><BR><SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>h</FONT></SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>Income may be received in additional securities and/or cash.</FONT><BR><SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>i</FONT></SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>See Note 1(c) regarding senior floating rate interests.</FONT><BR><SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>j</FONT></SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>The coupon rate shown represents the rate at period end.</FONT><BR><SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>k</FONT></SUP><FONT size=1 face=ArialNarrowMT,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=ArialNarrowMT,Arial,Helvetica,sans-serif>l</FONT></SUP><FONT size=1 face=ArialNarrowMT,Arial,Helvetica,sans-serif>See Note 4(c) regarding investments in affiliated management investment companies.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>16 Semiannual 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="TimesNewRomanPS,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

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

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

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

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

<TR vAlign=bottom>

   <TD align=left><B><FONT size=3 face=ArialNarrowMT-Bold,Arial,Helvetica,sans-serif>Financial Statements</FONT></B></TD>

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

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

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

<TR>

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

<TR vAlign=bottom>

   <TD align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Statement of Assets and Liabilities</FONT></B></TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>February 29, 2016 (unaudited)</FONT></TD>

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

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

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

<TR>

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

<TR vAlign=bottom>

   <TD 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: 5pt" 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: 10pt" 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>215,107,563</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Cost - Non-controlled 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>3,865,586</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>218,973,149</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>221,403,601</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.992pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Value - Non-controlled 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>3,865,586</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>225,269,187</FONT></TD>

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

<TR vAlign=bottom>

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,650</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.007pt" 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: 10.007pt" 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>687,421</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10.007pt" 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>3,667,199</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.016pt" 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>65,543</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; 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>229,693,000</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>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: 5pt" 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: 10pt" 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>1,000,000</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>139,568</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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: 10pt" 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>9,567</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.007pt" 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: 5.016pt" 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>62,260</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; 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>62,204,105</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; 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>167,488,895</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 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: 5pt" 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: 5pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Distributions in excess of net investment income</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(451,023</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5pt" 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>6,296,038</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5pt" 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>(11,341,072</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; 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>167,488,895</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5pt" 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: 5pt" 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>6.66</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,Arial,Helvetica,sans-serif>franklintempleton.com The accompanying notes are an integral part of these financial statements. | Semiannual Report 17</FONT></P></DIV>

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

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="65%"></TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Statement of Operations</FONT></B></TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>for the six months ended February 29, 2016 (unaudited)</FONT></TD>

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

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

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

<TR>

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

<TR vAlign=bottom>

   <TD 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: 5pt" 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>1,559,953</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.007pt" 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>5,651,373</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 27pt" 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>7,211,326</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>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: 5pt" 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>867,287</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5pt" 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>856,217</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5pt" 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>41,547</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5pt" 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>1,130</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.992pt" 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>17,541</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.983pt" 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>28,333</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.975pt" 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>7,562</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.983pt" 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>12,592</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.975pt" 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>30,799</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 27pt" 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>1,863,008</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 27.007pt" 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>(7</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 27.007pt" 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>(3,036</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; 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>1,859,965</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 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>5,351,361</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>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: 5pt" 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>(2,096,765</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.992pt" 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>(8,556,059</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>(10,652,824</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>(5,301,463</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"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>18 Semiannual 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="TimesNewRomanPS,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR>
<FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">FINANCIAL STATEMENTS</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=57%></TD>
     <TD width=2%></TD>
     <TD width=18%></TD>
     <TD width=2%></TD>
     <TD width=2%></TD>
     <TD width=13%></TD>
     <TD width=2%></TD></TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001999pt">
<B><FONT size=2 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Statements of Changes in Net Assets</FONT></B></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Six Months Ended</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">February 29, 2016</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Year Ended</FONT></B></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;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">(unaudited)</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">August 31, 2015</FONT></B></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Increase (decrease) in net assets:</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.000000pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Operations:</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
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&nbsp;</TD>
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&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.000000pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Net investment 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">5,351,361</FONT></TD>
	<TD align=left>
&nbsp;</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">11,191,223</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.000000pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Net realized gain (loss)</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">(2,096,765</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">1,142,567</FONT></TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.000000pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Net change in unrealized appreciation (depreciation)</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">(8,556,059</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;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">(31,349,005</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="TEXT-INDENT:27.001999pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Net increase (decrease) in net assets resulting from operations</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">(5,301,463</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">(19,015,215</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.001999pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Distributions to shareholders from net investment income</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">(5,956,259</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;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">(11,912,519</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="TEXT-INDENT:27.001999pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Net increase (decrease) in net assets</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">(11,257,722</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">(30,927,734</FONT></TD>
	<TD align=left>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.009995pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Net assets:</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.009995pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Beginning of period</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">178,746,617</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">209,674,351</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.001999pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">End of period</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">167,488,895</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">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">178,746,617</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.001999pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Undistributed net investment income (distributions in excess of net investment income)</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.001999pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">included in net assets:</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:5.001999pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">End of period</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">(451,023</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">&#36;</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">153,875</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">franklintempleton.com The accompanying notes are an integral part of these financial statements. | Semiannual Report 19</FONT></P>
</DIV>

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

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="65%"></TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.007pt" align=left><B><FONT size=2 face=ArialMT-Bold,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 style="TEXT-INDENT: 0.007pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>for the six months ended February 29, 2016 (unaudited)</FONT></TD>

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

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

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

<TR>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.007pt" 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: 5.007pt" 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>7,441,760</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5pt" 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>(971,550</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5pt" 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>(861,000</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.007pt" 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>(19,685,953</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5pt" 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>21,943,533</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Net purchases 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>(1,906,881</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; Cash provided - 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>5,959,909</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.007pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Cash flow used from financing activities - 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>(5,956,259</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: 0.007pt" 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>3,650</FONT></TD>

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Cash at beginning of period</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=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: 0.007pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Cash at end of period</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>3,650</FONT></TD>

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

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

<DIV align=left>

<TABLE 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=ArialMT-Bold,Arial,Helvetica,sans-serif>Reconciliation of Net Increase (Decrease) in Net Assets resulting from Operating Activities to</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><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Net Cash Provided by Operating Activities</FONT></B></TD>

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

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

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

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>for the six months ended February 29, 2016 (unaudited)</FONT></TD>

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

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

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

<TR>

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

<TR vAlign=bottom>

   <TD 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>(5,301,463</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5pt" 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 style="TEXT-INDENT: 15pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>operating activities:</FONT></TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>12,592</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>56,475</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>7,118</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Decrease in dividends and interest receivable</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>166,841</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Increase in payables to affiliates, accrued expenses, and other liabilities</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>19,606</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Decrease in cost of investments</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,442,681</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" 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>8,556,059</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>5,959,909</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,Arial,Helvetica,sans-serif>20 Semiannual 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: center"><FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=ArialNarrowMT-Bold,Arial,Helvetica,sans-serif>Notes to Financial Statements (unaudited)</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>1. Organization And Significant Accounting Policies</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,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="TimesNewRomanPS,Times New Roman,Times,serif">The following summarizes the Fund&#8217;s significant accounting policies.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">a. Financial Instrument Valuation</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">The Fund&#8217;s investments in financial instruments are carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund calculates the net asset value (NAV) per share as of 4 p.m. Eastern time each day the New York Stock Exchange (NYSE) is open for trading. Senior fixed rate notes are carried at cost. Under compliance policies and procedures approved by the Fund&#8217;s Board of Trustees (the Board), the Fund&#8217;s administrator has responsibility for oversight of valuation, including leading the cross-functional Valuation and Liquidity Oversight Committee (VLOC). The VLOC provides administration and oversight of the Fund&#8217;s valuation policies and procedures, which are approved annually by the Board. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,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 4 p.m. Eastern time whichever is earlier. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the day that the value of the security is determined. Over-the-counter (OTC) securities are valued within the range of the most recent quoted bid and ask prices. Securities that trade in multiple markets or on multiple exchanges are valued according to the broadest and most representative market. Certain equity securities are valued based upon fundamental characteristics or relationships to similar securities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">Debt securities generally trade in the OTC market rather than on a securities exchange. The Fund&#8217;s pricing services use </FONT><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">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 4 p.m. Eastern time on the date that the values of the foreign debt securities are determined.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">Investments in open-end mutual funds are valued at the closing NAV.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,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="TimesNewRomanPS,Times New Roman,Times,serif">Trading in securities on foreign securities stock exchanges and OTC markets may be completed before 4 p.m. Eastern time. In addition, trading in certain foreign markets may not take place on every NYSE business day. Occasionally, events occur between the time at which trading in a foreign security is completed and the close of the NYSE that might call into question</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>Semiannual Report 21</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR><FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">NOTES TO FINANCIAL STATEMENTS (UNAUDITED)</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>1. Organization And Significant Accounting</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=ArialMT-Bold,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-Bold,Times New Roman,Times,serif">a. Financial Instrument Valuation </FONT></B><I><FONT size=1 face="TimesNewRomanPS-Italic,Times New Roman,Times,serif">(continued)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">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="TimesNewRomanPS,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-Bold,Times New Roman,Times,serif">b. Securities Purchased on a When-Issued Basis</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">The Fund purchases securities on a when-issued basis, with payment and delivery scheduled for a future date. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of holding the securities, it may sell the securities before the settlement date. Sufficient assets have been segregated for these securities.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">c. Senior Floating Rate Interests</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,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 </FONT><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">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-Bold,Times New Roman,Times,serif">d. Income and Deferred Taxes</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">It is the Fund&#8217;s policy to qualify as a regulated investment company under the Internal Revenue Code. The Fund intends to distribute to shareholders substantially all of its taxable income and net realized gains to relieve it from federal income and excise taxes. As a result, no provision for U.S. federal income taxes is required.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,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="TimesNewRomanPS,Times New Roman,Times,serif">The Fund may recognize an income tax liability related to its uncertain tax positions under U.S. GAAP when the uncertain tax position has a less than 50% probability that it will be sustained upon examination by the tax authorities based on its technical merits. As of February 29, 2016, the Fund has determined that no tax liability is required in its financial statements related to uncertain tax positions for any open tax years (or expected to be taken 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-Bold,Times New Roman,Times,serif">e. Security Transactions, Investment Income, Expenses and Distributions</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,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</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>22 Semiannual 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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<FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR>
<FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">NOTES TO FINANCIAL STATEMENTS (UNAUDITED)</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">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;">
<B><FONT size=2 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">f. Accounting Estimates</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,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-Bold,Times New Roman,Times,serif">g. Guarantees and Indemnifications</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,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="ArialMT-Bold,Arial,Helvetica,sans-serif">2. Shares Of Beneficial Interest</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">At February 29, 2016, there were an unlimited number of shares authorized (&#36;0.01 par value). During the periods ended Febru-ary 29, 2016 and August 31, 2015, 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="TimesNewRomanPS,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 periods ended February 29, 2016 and August 31, 2015, there were no shares repurchased.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="ArialMT-Bold,Arial,Helvetica,sans-serif">3. Senior Fixed Rate Notes</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">On August 28, 2013, the Fund issued &#36;60 million principal amount of a new class of five-year senior fixed rate notes (Notes). The Notes bear interest, payable semi-annually, at a rate of 2.87% per year, to maturity on August 28, 2018. The Notes are general unsecured obligations of the Fund and rank senior to trust shares and all existing or future unsecured indebtedness of the Fund. For the period ended February 29, 2016, total interest paid by the Fund on the Notes was &#36;861,000. 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 period ended February 29, 2016. The issuance costs of &#36;126,916 incurred by the Fund are deferred and amortized on an interest method basis over the term of the Notes. For the period ended February 29, 2016, the Fund amortized &#36;12,592 of Notes issuance costs. Subject to certain restrictions and make whole premiums, the Fund may prepay the Notes at any time. At February 29, 2016, if the Notes were fully prepaid, the make whole premium related to the current balance of the Notes would have been approximately &#36;2,203,000.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">The Fund employs an income-based approach to determine the fair value of the Notes, which uses the Notes&#146; current credit rating, remaining time to maturity, stated coupon rates, the current yield of a comparable asset, and a liquidity premium. At February 29, 2016, the estimated fair value of the Notes was approximately &#36;61,355,000. 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;">
<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">Semiannual Report 23</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR><FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">NOTES TO FINANCIAL STATEMENTS (UNAUDITED)</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>4. Transactions With Affiliates</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">Franklin Resources, Inc. is the holding company for various subsidiaries that together are referred to as Franklin Templeton Investments. Certain officers and trustees of the Fund are also officers and/or directors of the following subsidiaries:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="63%"></TD>

   <TD width="36%"></TD></TR>

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Affiliation</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>Franklin Advisers, Inc. (Advisers)</FONT></TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Franklin Templeton Services, LLC (FT Services)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><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-Bold,Times New Roman,Times,serif">a. Management Fees</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,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&#8217;s gross asset value minus the sum of accrued liabilities, other than the principal amount of the Notes.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">b. Administrative Fees</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,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&#8217;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-Bold,Times New Roman,Times,serif">c. Investments in Affiliated Management Investment Companies</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">The Fund invests in an affiliated management investment company for purposes other than exercising a controlling influence over the management or policies. Management fees paid by the Fund are waived on assets invested in the affiliated management investment company, as noted in the Statement of Operations, in an amount not to exceed the management and administrative fees paid directly or indirectly by each affiliate. Prior to September 1, 2013, the waiver was accounted for as a reduction to management fees.</FONT></P>

<DIV align=left>

<TABLE style="HEIGHT: 208px; WIDTH: 1068px" cellSpacing=0 border=0>



<TR>

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="20%" align=left>&nbsp;</TD>

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

   <TD width="17%" align=left>&nbsp;</TD>

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

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

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

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

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

   <TD width="10%" align=right><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>% of Affiliated</FONT></B></TD>

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

<TR vAlign=bottom>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="11%" align=right><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Number of</FONT></B></TD>

   <TD width="17%" align=left>&nbsp;</TD>

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

   <TD width="9%" align=right><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Number of</FONT></B></TD>

   <TD width="9%" align=left>&nbsp;</TD>

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

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

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

   <TD width="10%" align=right><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Fund Shares</FONT></B></TD>

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

<TR vAlign=bottom>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="11%" align=right><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Shares Held</FONT></B></TD>

   <TD width="17%" align=left>&nbsp;</TD>

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

   <TD width="9%" align=right><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Shares Held</FONT></B></TD>

   <TD width="9%" align=right><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Value</FONT></B></TD>

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

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

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

   <TD width="10%" align=right><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Outstanding</FONT></B></TD>

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

<TR vAlign=bottom>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="11%" align=right><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>at Beginning</FONT></B></TD>

   <TD width="17%" align=right><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Gross </FONT></B></TD>

   <TD width="3%" align=right><FONT style="FONT-FAMILY: arial" size=1><STRONG>&nbsp;Gross</STRONG></FONT></TD>

   <TD width="9%" align=right><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>at End</FONT></B></TD>

   <TD width="9%" align=right><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>at End </FONT></B></TD>

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

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial" size=1><STRONG>Investment&nbsp;</STRONG></FONT></TD>

   <TD width="8%" align=right><FONT style="FONT-FAMILY: arial" size=1><STRONG>Realized</STRONG></FONT></TD>

   <TD width="10%" align=right><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Held at End</FONT></B></TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=left>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="17%" align=right><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Additions</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="3%" align=right><FONT style="FONT-FAMILY: arial" size=1><STRONG>&nbsp;Reductions</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>of Period</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>of Period</FONT></B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial" size=1><STRONG>Income </STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT style="FONT-FAMILY: arial" size=1><STRONG>Gain (Loss)&nbsp;</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>of Period</FONT></B></TD>

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

<TR vAlign=bottom>

   <TD width="20%" align=left><B><FONT size=1 face=ArialMT-Bold,Arial,Helvetica,sans-serif>Non-Controlled Affiliates</FONT></B></TD>

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

   <TD width="17%" align=left>&nbsp;</TD>

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

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

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

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

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

   <TD width="10%" align=left>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Institutional Fiduciary Trust</FONT></TD>

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

   <TD width="17%" align=left>&nbsp;</TD>

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

   <TD width="9%" align=left>&nbsp;</TD>

   <TD width="9%" align=left>&nbsp;</TD>

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

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

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

   <TD width="10%" align=left>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>&nbsp;&nbsp; Money Market Portfolio</FONT></TD>

   <TD width="11%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,958,705 </FONT></TD>

   <TD width="17%" align=right><FONT style="FONT-FAMILY: arial" size=1>21,698,997&nbsp;</FONT></TD>

   <TD width="3%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(19,792,116)</FONT></TD>

   <TD width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,865,586</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$3,865,586</FONT>&nbsp;</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="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$ &#8212;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>$ &#8212;</FONT></TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>0.02</FONT></TD>

   <TD width="2%" 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"><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>5. Expense Offset Arrangement</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,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&#8217;s custodian expenses. During the period ended February 29, 2016, the custodian fees were reduced as noted in the Statement of Operations.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=ArialMT-Bold,Arial,Helvetica,sans-serif>6. Income Taxes</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,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 cellSpacing=0 border=0>



<TR>

   <TD width="76%"></TD>

   <TD width="4%"></TD>

   <TD width="19%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face="TimesNewRomanPS,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 style="TEXT-INDENT: 5pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2017</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>161,295</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2018</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>9,083,012</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Total capital loss carryforwards</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>9,244,307</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>24 Semiannual 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: center;">
<FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR>
<FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">NOTES TO FINANCIAL STATEMENTS (UNAUDITED)</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">At February 29, 2016, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows:</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=60%></TD>
     <TD width=21%></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;">
<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">219,355,515</FONT></TD>
	<TD align=left style="border-bottom:1px solid #000000;">
&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:0.000153pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">41,602,704</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">(35,689,032</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:0.000854pt">
<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">5,913,672</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="TimesNewRomanPS,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;">
<B><FONT size=2 face="ArialMT-Bold,Arial,Helvetica,sans-serif">7. Investment Transactions</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">Purchases and sales of investments (excluding short term securities) for the period ended February 29, 2016, aggregated &#36;20,597,161 and &#36;22,436,454, respectively.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="ArialMT-Bold,Arial,Helvetica,sans-serif">8. Credit Risk and Defaulted Securities</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">At February 29, 2016, the Fund had 60.79% 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="TimesNewRomanPS,Times New Roman,Times,serif">The Fund held defaulted securities and/or other securities for which the income has been deemed uncollectible. At February 29, 2016, the aggregate value of these securities was &#36;240,980, representing 0.11% of the Fund&#146;s portfolio. The Fund discontinues accruing income on securities for which income has been deemed uncollectible and provides an estimate for losses on interest receivable. The securities have been identified in the accompanying Statement of Investments.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="ArialMT-Bold,Arial,Helvetica,sans-serif">9. Fair Value Measurements</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund&#146;s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund&#146;s financial instruments and are summarized in the following fair value hierarchy:</FONT></P>
<UL>
<LI>
<FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">Level 1 &#150; quoted prices in active markets for identical financial instruments</FONT></LI>
<LI>
<FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">Level 2 &#150; other significant observable inputs (including quoted prices for similar financial instruments, interest rates, prepay-</FONT> <FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">ment speed, credit risk, etc.)</FONT></LI>
<LI>
<FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">Level 3 &#150; significant unobservable inputs (including the Fund&#146;s own assumptions in determining the fair value of finan-</FONT> <FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">cial instruments)</FONT></LI>
</UL>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,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="TimesNewRomanPS,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=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">Semiannual Report 25</FONT></P>
</DIV>

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<P style="text-align: left;">
<FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT><BR>
<FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">NOTES TO FINANCIAL STATEMENTS (UNAUDITED)</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="ArialMT-Bold,Arial,Helvetica,sans-serif">9. Fair Value Measurements </FONT></B><FONT size=1 face="Arial,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">A summary of inputs used as of February 29, 2016, in valuing the Fund&#146;s assets carried at fair value, is as follows:</FONT></P>
<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=36%></TD>
     <TD width=2%></TD>
     <TD width=22%></TD>
     <TD width=2%></TD>
     <TD width=11%></TD>
     <TD width=2%></TD>
     <TD width=8%></TD>
     <TD width=2%></TD>
     <TD width=10%></TD></TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Level 1</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="ArialMT-Bold,Arial,Helvetica,sans-serif">Level 2</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="ArialMT-Bold,Arial,Helvetica,sans-serif">Level 3</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="ArialMT-Bold,Arial,Helvetica,sans-serif">Total</FONT></B></TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=1 face="ArialMT-Bold,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 style="TEXT-INDENT:5.000000pt">
<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 align=left style="TEXT-INDENT:10.000000pt">
<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 align=left style="TEXT-INDENT:15.000000pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Transportation</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">&#151;</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">259,200</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">&#151;</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">259,200</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">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">80,834,871</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#151;</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#151;</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">80,834,871</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.994003pt">
<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">&#151;</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">139,485,961</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">90,000</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">139,575,961</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.985992pt">
<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">&#151;</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">733,569</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#151;</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">733,569</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:9.977997pt">
<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">&#151;</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#151;</FONT></TD>
	<TD align=right>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">&#151;</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">&#151;</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:10.000000pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Short Term Investments</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">3,865,586</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">&#151;</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">&#151;</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">3,865,586</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:20.000000pt">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Total Investments in Securities</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">84,700,457</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">140,478,730</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">90,000</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">225,269,187</FONT></TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<SUP><FONT size=1 face="ArialNarrowMT,Arial,Helvetica,sans-serif">a </FONT></SUP><FONT size=1 face="ArialNarrowMT,Arial,Helvetica,sans-serif">Includes common and convertible preferred stocks.</FONT><BR>
<SUP><FONT size=1 face="ArialNarrowMT,Arial,Helvetica,sans-serif">b </FONT></SUP><FONT size=1 face="ArialNarrowMT,Arial,Helvetica,sans-serif">For detailed categories, see the accompanying Statement of Investments.</FONT><BR>
<SUP><FONT size=1 face="ArialNarrowMT,Arial,Helvetica,sans-serif">c </FONT></SUP><FONT size=1 face="ArialNarrowMT,Arial,Helvetica,sans-serif">Includes security determined to have no value at February 29, 2016.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,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 period.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="ArialMT-Bold,Arial,Helvetica,sans-serif">10. New Accounting Pronouncements</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,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="ArialMT-Bold,Arial,Helvetica,sans-serif">11. Subsequent Events</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,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=18%></TD>
     <TD width=81%></TD></TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<B><FONT size=2 face="ArialMT-Bold,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="ArialMT-Bold,Arial,Helvetica,sans-serif">Selected Portfolio</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">ADR</FONT></B></TD>
	<TD align=left>
<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="ArialMT-Bold,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="ArialMT-Bold,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 Semiannual 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="TimesNewRomanPS,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
<P style="text-align: left;">
<FONT size=5 face="TimesNewRomanPS,Times New Roman,Times,serif">Annual Meeting of Shareholders</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="ArialNarrowMT-Bold,Arial,Helvetica,sans-serif">March 18, 2016</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">An annual shareholders&#146; meeting of Franklin Universal Trust (Fund) was held on March 18, 2016. At the meeting, the holders of 21,099,305 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=46%></TD>
     <TD width=17%></TD>
     <TD width=10%></TD>
     <TD width=2%></TD>
     <TD width=12%></TD>
     <TD width=7%></TD>
     <TD width=2%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="TimesNewRomanPS,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>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Shares</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">% of</FONT></B></TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">Shares</FONT></B></TD>
	<TD align=right>
<B><FONT size=1 face="ArialMT-Bold,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="ArialMT-Bold,Arial,Helvetica,sans-serif">Nominees</FONT></B></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="ArialMT-Bold,Arial,Helvetica,sans-serif">For</FONT></B></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="ArialMT-Bold,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="ArialMT-Bold,Arial,Helvetica,sans-serif">Withheld</FONT></B></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="ArialMT-Bold,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">19,849,047</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">94.07</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">1,250,258</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">5.93</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">19,932,973</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">94.47</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">1,166,332</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">5.53</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. Holiday</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">19,945,238</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">94.53</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">1,154,067</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">5.47</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">19,915,756</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">94.39</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">1,183,549</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">5.61</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">19,881,411</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">94.23</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">1,217,894</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">5.77</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">19,929,974</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">94.46</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">1,169,331</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">5.54</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">19,860,124</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">93.83</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">1,239,181</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">6.17</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">19,873,201</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">94.19</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">1,226,104</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">5.81</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">19,914,364</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">94.38</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">1,184,941</FONT></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">5.62</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,Arial,Helvetica,sans-serif">franklintempleton.com</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Semiannual Report</FONT></P>
<P style="text-align: left;">
<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="TimesNewRomanPS,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
<P style="text-align: left;">
<FONT size=5 face="TimesNewRomanPS,Times New Roman,Times,serif">Dividend Reinvestment and Cash Purchase Plan</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">The Fund&#146;s Dividend Reinvestment and Cash Purchase Plan (Plan) offers you a prompt and simple way to reinvest dividends and capital gain distributions in shares of the Fund. The Plan also allows you to purchase additional shares of the Fund by making voluntary cash payments. 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="TimesNewRomanPS,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="TimesNewRomanPS,Times New Roman,Times,serif">If the Fund declares a dividend or capital gain distribution payable either in cash or in stock of the Fund and the market price of shares on the valuation date equals or exceeds the net asset value, the Fund will issue new shares to you at the higher of net asset value or 95% of the then current market price. Whenever the Fund declares a distribution from capital gains or an income dividend payable in either cash or shares, if the net asset value per share of the Fund&#146;s common stock exceeds the market price per share on the valuation date, the Plan Agent shall apply the amount of such dividend or distribution payable to participants to the purchase of shares (less their pro rata share of brokerage commissions incurred with respect to open market purchases in connection with the reinvestment of such dividend or distribution). If the price exceeds the net asset value before the Plan Agent has completed its purchases, the average purchase price may exceed the net asset value, resulting in fewer shares being acquired than if the Fund had issued new shares. All reinvestments are in full and fractional shares, carried to three decimal places. The Fund will not issue shares under the Plan at a price below net asset value.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">The Plan permits you on a voluntary basis to submit in cash payments of not less than &#36;100 each up to a total of &#36;5,000 per month to purchase additional shares of the Fund. It is entirely up to you whether you wish to buy additional shares with voluntary cash payments, and you do not have to send in the same amount each time if you do. These payments should be made by check or money order payable to American Stock Transfer &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="TimesNewRomanPS,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="TimesNewRomanPS,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-Italic,Times New Roman,Times,serif">Under no circumstances will interest be paid on your funds held by the Plan Agent</FONT></I><FONT size=2 face="TimesNewRomanPS,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="TimesNewRomanPS,Times New Roman,Times,serif">There is no direct charge to participants for reinvesting dividends and capital gain distributions, since the Plan Agent&#146;s fees are paid by the Fund. However, when shares are purchased in the open market, each participant will pay a pro rata portion of any brokerage commissions incurred. The Plan Agent will deduct a &#36;5.00 service fee from each of your voluntary cash payments.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">The automatic reinvestment of dividends and capital gain distributions does not relieve you of any taxes which may be payable on dividends or distributions. In connection with the reinvestment of dividends and capital gain distributions, if the Fund issues new shares, shareholders receiving such shares generally will be treated as having a distribution equal to the market value of the shares received, and if shares are purchased on the open market, shareholders generally will be treated as having received a distribution equal to the cash distribution that would have been paid.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,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="TimesNewRomanPS,Times New Roman,Times,serif">You will receive a monthly account statement from the Plan Agent showing total dividends and capital gain distributions, date of investment, shares acquired and price per share, and total shares of record held by you and by the Plan Agent for you. You are entitled to vote all shares of record, including shares purchased for you by the Plan Agent, and, if you vote by proxy, your proxy will include all such shares.</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">28 Semiannual 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: left;">
<FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPS,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="TimesNewRomanPS,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="TimesNewRomanPS,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="TimesNewRomanPS,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;">
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<P style="text-align: left;">
<FONT size=1 face="Arial,Arial,Helvetica,sans-serif">Semiannual Report 29</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=5 face="TimesNewRomanPS,Times New Roman,Times,serif">Shareholder Information</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=ArialNarrowMT-Bold,Arial,Helvetica,sans-serif>Board Review of Investment Management Agreement</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">At a meeting held February 23, 2016, the Board of Trustees (Board), including a majority of non-interested or independent Trustees, approved renewal of the investment management agreement for Franklin Universal Trust (Fund). In reaching this decision, the Board took into account information furnished throughout the year at regular Board meetings, as well as information prepared specifically in connection with the annual renewal review process. Information furnished and discussed throughout the year included investment performance reports on the Fund, information on its share price discount to net asset value, and other related financial information, as well as periodic reports on expenses, legal and compliance matters, pricing, brokerage commissions and execution and other services provided by the Investment Manager (Manager) and its affiliates, as well as marketing support payments made to financial intermediaries. Information furnished specifically in connection with the renewal process included a report prepared by Broadridge Financial Services, Inc. (Broadridge), an independent organization, as well as additional material, including a Fund profitability analysis prepared by management. The Broadridge report, which utilizes data from Lipper, Inc. (Lipper), compared the Fund&#8217;s investment performance and expenses with those of other funds deemed comparable to the Fund as selected by Lipper. The Fund profitability analysis discussed the profitability to Franklin Templeton Investments (FTI) from its overall U.S. fund operations, as well as on an individual fund-by-fund basis. Additional material accompanying such profitability analysis included information on a fund-by-fund basis listing portfolio managers and other accounts they manage, as well as information on management fees charged by the Manager and its affiliates to U.S. funds and other accounts, including management&#8217;s explanation of differences where relevant. Such material also included a memorandum prepared by management describing project initiatives and capital investments relating to the services provided to the Fund by the FTI organization, as well as a memorandum relating to economies of scale. The Board also received a report on all marketing support payments made by FTI to financial intermediaries during the past year, as well as a memorandum relating to third-party servicing arrangements in response to a Guidance Update from the U.S. Securities and Exchange Commission (SEC) relating to fund distribution and subaccounting fees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">In considering such materials, the independent Trustees received assistance and advice from and met separately with independent counsel. In approving continuance of the </FONT><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">investment management agreement for the Fund, the Board, including a majority of independent Trustees, determined that the existing management fee structure was fair and reasonable and that continuance of the investment management agreement was in the best interests of the Fund and its shareholders. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board&#8217;s decision.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">NATURE, EXTENT AND QUALITY OF SERVICES. </FONT></B><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">The Board was satisfied with the nature and quality of the overall services provided by the Manager and its affiliates to the Fund and its shareholders. In addition to investment performance and expenses discussed later, the Board&#8217;s opinion was based, in part, upon periodic reports furnished it showing that the investment policies and restrictions for the Fund were consistently complied with as well as other reports periodically furnished the Board covering matters such as the compliance of portfolio managers and other management personnel with the code of ethics adopted throughout the Franklin Templeton fund complex, the adherence to fair value pricing procedures established by the Board, and the accuracy of net asset value calculations. Favorable consideration was given to management&#8217;s efforts and expenditures in establishing effective business continuity plans and developing strategies to address cybersecurity threats. Additionally, the Board noted the Manager&#8217;s continued attention to pricing and valuation issues, particularly with respect to complex securities. Among other factors taken into account by the Board were the Manager&#8217;s best execution trading policies, including a favorable report by an independent portfolio trading analytical firm that also covered FOREX transactions. Consideration was also given to the experience of the Fund&#8217;s portfolio management team, the number of accounts managed and general method of compensation. In this latter respect, the Board noted that a primary factor in management&#8217;s determination of the level of a portfolio manager&#8217;s bonus compensation was the relative investment performance of the funds he or she managed and that a portion of such bonus was required to be invested in a predesignated list of funds within such person&#8217;s fund management area so as to be aligned with the interests of shareholders. Particular attention was given to management&#8217;s conservative approach and diligent risk management procedures, including steps taken by FTI to enhance analytical support to the investment management groups and provide additional oversight of liquidity risk and complex securities. The Board also took into account, among other things, the strong financial position of the Manager&#8217;s parent company and its commitment to the fund business as evidenced by its continued introduction of new funds and reassessment of fund offerings in response to the market environment.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>30 Semiannual 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: center"><FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">FRANKLIN UNIVERSAL TRUST</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=1 face="TimesNewRomanPS,Times New Roman,Times,serif">SHAREHOLDER INFORMATION</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">INVESTMENT PERFORMANCE. </FONT></B><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">The Board placed significant emphasis on the investment performance of the Fund in view of its importance to shareholders. Consideration was given to performance reports and discussions with portfolio managers at Board meetings during the year, as well as the Broadridge report furnished for the agreement renewal. The Broadridge report prepared for the Fund showed its investment performance in comparison with a performance universe consisting of the Fund and all leveraged closed-end high yield funds as selected by Lipper during 2015, as well as the previous 10 years ended December 31, 2015. Such report considered both income return and total return on a net asset value basis without regard to market discounts or premiums to accurately reflect investment performance. The Broadridge report showed the Fund&#8217;s income return to be in the lowest performing quintile of such performance universe for the one-year period and on an annualized basis to also be in the lowest performing quintile for the previous three-, five, and 10-year periods. The Broadridge report showed the Fund&#8217;s total return to be in the lowest performing quintile of its performance universe in 2015, and on an annualized basis to be in the middle performing quintile of such universe for the previous three- and five-year periods, and in the second-highest performing quintile of such universe for the previous 10-year period. The Board noted that the Fund&#8217;s mandate to invest between 20 and 30 percent of its assets in utilities stocks differed from the Lipper performance universe, which included pure high yield funds, and that its performance within such universe during certain periods reflected such difference. While not satisfied, the Board found the Fund&#8217;s overall comparative performance to be acceptable and in keeping with its investment objective of high, current income consistent with preservation of capital. In doing so, the Board noted, as shown in the Broadridge report, that the Fund&#8217;s income return in 2015 and each of the previous annualized three-, five- and 10-year periods, while below the median, exceeded 6%. Its total return was below the median in 2015 and for the previous three- and five-year annualized periods, but exceeded the median for the 10-year annualized period.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">COMPARATIVE EXPENSES. </FONT></B><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">Consideration was given to a comparative analysis of the management fee and total expense ratio of the Fund compared with a Lipper expense group consisting of the Fund and 12 other high yield funds as selected by Lipper. Lipper expense data is based upon information taken from each fund&#8217;s most recent annual report, which reflects historical asset levels that may be quite different from those currently existing, particularly in a period of market volatility. While recognizing such inherent limitation and the fact that expense ratios generally increase as assets decline and decrease </FONT><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">as assets grow, the Board believed the independent analysis conducted by Lipper to be an appropriate measure of comparative expenses. In reviewing comparative costs, Lipper provides information on the Fund&#8217;s contractual investment management fee in comparison with the contractual investment management fee rate that would have been charged by other funds within its Lipper expense group assuming they were similar in size to the Fund, as well as the actual total expenses of the Fund in comparison with those of its Lipper expense group. The Lipper contractual investment management fee analysis considers administrative fees to be part of investment management fees. The Broadridge report showed the Fund&#8217;s contractual management fee rate to be below the median of its Lipper expense group and its actual total expense ratio to be approximately 13 basis points above the median of such group. The Board believed the investment management fee and actual total expense ratio of the Fund, as shown in the Broadridge report, to be acceptable, and noted that the Broadridge report showed the Fund&#8217;s total expense ratio excluding investment-related expenses and taxes to be the third lowest in the Lipper expense group.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">MANAGEMENT PROFITABILITY. </FONT></B><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">The Board also considered the level of profits realized by the Manager and its affiliates in connection with the operation of the Fund. In this respect, the Board reviewed the Fund profitability analysis that addresses the overall profitability of Franklin Templeton&#8217;s U.S. Fund business, as well as its profits in providing management and other services to each of the individual funds during the 12-month period ended September 30, 2015, being the most recent fiscal year-end for Franklin Resources, Inc., the Manager&#8217;s parent. In reviewing the analysis, the Board recognized that allocation methodologies are inherently subjective and various allocation methodologies may be reasonable while producing different results. In this respect, the Board noted that while management continually makes refinements to its methodologies in response to organizational and product related changes, the overall approach as defined by the primary drivers and activity measurements has remained consistent with that used in the Fund&#8217;s profitability report presentations from prior years. Additionally, the Fund&#8217;s independent registered public accounting firm had been engaged by the Manager to periodically review the reasonableness of the allocation methodologies to be used solely by the Fund&#8217;s Board in reference to the profitability analysis. In reviewing and discussing such analysis, management discussed with the Board its belief that costs incurred in establishing the infrastructure necessary for the type of fund operations conducted by the Manager and its affiliates may not be fully reflected in the expenses allocated to each</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Semiannual Report 31</FONT></P></DIV>

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

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=ArialNarrowMT-Bold,Arial,Helvetica,sans-serif>Board Review of Investment Management Agreement </FONT></B><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(continued)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">Fund in determining its profitability, as well as the fact that the level of profits, to a certain extent, reflected operational cost savings and efficiencies initiated by management. In addition, the Board considered a third-party study comparing the profitability of the Manager&#8217;s parent on an overall basis to other publicly held managers broken down to show profitability from management operations exclusive of distribution expenses, as well as profitability including distribution expenses. The Board also considered the extent to which the Manager and its affiliates might derive ancillary benefits from fund operations, including potential benefits resulting from personnel and systems enhancements necessitated by fund growth, increased leverage with service providers and counterparties, allocation of fund brokerage and the use of commission dollars to pay for research. Based upon its consideration of all these factors, the Board determined that the level of profits realized by the Manager and its affiliates from providing services to the Fund was not excessive in view of the nature, quality and extent of services provided.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face="TimesNewRomanPS-Bold,Times New Roman,Times,serif">ECONOMIES OF SCALE. </FONT></B><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">The Board also considered whether the Manager realizes economies of scale as the Fund grows larger and the extent to which any such benefit is shared with the Fund and its shareholders. The Board believed that a Manager&#8217;s ability to realize economies of scale and the sharing of such benefit is a more relevant consideration in the case of an open-end fund whose size increases as a result of the continuous sale of its shares. A closed-end investment company such as the Fund does not continuously offer shares, and growth following its initial public offering will primarily result from </FONT><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">market appreciation, which benefits its shareholders. While believing economies of scale to be less of a factor in the context of a closed-end fund, the Board believes at some point an increase in size may lead to economies of scale that should be shared with the Fund and its shareholders and intends to monitor future growth of the Fund accordingly.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=ArialNarrowMT-Bold,Arial,Helvetica,sans-serif>Proxy Voting Policies and Procedures</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,Times New Roman,Times,serif">The Fund&#8217;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&#8217;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&#8217;s proxy voting records are also made available online at franklintempleton.com and posted on the U.S. Securities and Exchange Commission&#8217;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=ArialNarrowMT-Bold,Arial,Helvetica,sans-serif>Quarterly Statement of Investments</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPS,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&#8217;s website at sec.gov. The files form may also be viewed and copied at the Commission&#8217;s Public Reference Room in Washington, DC. Information regarding the operations of the Public Reference Room may be obtained by calling (800) SEC-0330.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>32 Semiannual Report</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="courier new" lang=EN-US style="font-size:10.0pt;font-weight:normal;">Members of the Audit Committee are: </font><font face="courier new" lang=EN-US style="font-size:10.0pt;">Mary C. Choksi, J. Michael Luttig, Larry D. Thompson and John B. Wilson.</font></p>

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

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

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

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

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

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

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

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

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">The investment manager has delegated
its administrative duties with respect to the voting of proxies for 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>

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">To assist it in analyzing
proxies of equity securities, 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 </font><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">services,&#160; 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&#160; analyses provided by ISS, Glass Lewis, Egan-Jones,
and/or another independent third party proxy service provider (each a &#8220;Proxy
Service&#8221;) 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.&#160; 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;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">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 relate specifically to (1)
shareholder proposals regarding social or environmental issues, (2) &#8220;Other
Business&#8221; without describing the matters that might be considered, or (3) items
the investment manager wishes to vote in opposition to the recommendations of
an issuer&#8217;s management, the Proxy Group may defer to the vote recommendations
of the investment manager rather than sending the proxy directly to the Fund's
board or a board committee for approval. </font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">To avoid certain potential
conflicts of interest, the investment manager will employ echo voting, if
possible, in the following instances: (1) when the Fund invests in an
underlying fund in reliance on any one of Sections 12(d) (1) (E), (F), or (G)
of the 1940 Act, the rules thereunder, or pursuant to a SEC exemptive order
thereunder; (2) when the Fund invests uninvested cash in affiliated money
market funds pursuant to the rules under the 1940 Act or any exemptive orders
thereunder (&#8220;cash sweep arrangement&#8221;); or (3) when required pursuant to the
Fund&#8217;s governing documents or applicable law. Echo voting means that the
investment manager will vote the shares in the same proportion as the vote of
all of the other holders of the underlying fund&#8217;s shares.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">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 </font><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">management&#8217;s position would adversely affect the
investment merits of owning that company&#8217;s shares.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Engagement with issuers.</font></i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;"> The investment manager believes that engagement with
issuers is important to good corporate governance and to assist in making proxy
voting decisions. The investment manager may engage with issuers to discuss
specific ballot items to be voted on in advance of an annual or special meeting
to obtain further information or clarification on the proposals. The investment
manager may also engage with management on a range of environmental, social or
corporate governance issues throughout the year. </font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Investment manager&#8217;s proxy
voting policies and principles 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
(including both management and shareholder proposals) will be considered based
on the relevant facts and circumstances on a case-by-case basis.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Board of directors.</font></i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&#160; 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 supports boards with strong risk management oversight.
The investment manager will generally vote against management efforts to
classify a board and will generally support proposals to declassify the board
of directors. The investment manager will consider withholding votes from
directors who have attended less than 75% of meetings without a valid reason.
While generally in favor of separating Chairman and CEO positions, the
investment manager will review this issue as well as proposals to restore or
provide for cumulative voting on a case-by-case basis, taking into
consideration factors such as the company&#8217;s corporate governance guidelines or
provisions and performance. The investment manager generally will support
non-binding shareholder proposals to require a majority vote standard for the
election of directors; however, if these proposals are binding, the investment
manager will give careful review on a case-by-case basis of the potential
ramifications of such implementation.</font></p>

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

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

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

<p style="margin:0in;margin-bottom:.0001pt;"><i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Ratification of auditors
of portfolio companies.</font></i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;"> The
investment manager will closely scrutinize the independence, role and
performance of auditors. On a case-by-case basis, the investment manager will
examine proposals relating to non-audit relationships and non-audit fees. The
investment manager will also consider, on a case-by-case basis, proposals to
rotate auditors, and will vote against the ratification of auditors when there
is clear and compelling evidence of a lack of independence, accounting
irregularities or negligence. The investment manager may also consider whether
the ratification of auditors has been approved by an appropriate audit
committee that meets applicable composition and independence requirements. </font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Management and director
compensation. </font></i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">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 </font>
<FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Courier New">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; LAYOUT-GRID-MODE: line" 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>

<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 investment manager will review non-binding say-on-pay proposals on a case-by-case basis, and will generally vote in favor of such proposals unless compensation is misaligned with performance and/or shareholders&#8217; interests, the company has not provided reasonably clear disclosure regarding its compensation practices, or there are concerns with the company&#8217;s remuneration practices. </FONT></P>

<P style="MARGIN: 0in 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">Anti-takeover mechanisms and related issues.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Courier New"> 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>

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<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Courier New">Changes to capital structure.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Courier New"> The investment manager realizes that a company's financing decisions have a significant impact on its shareholders, particularly when they involve the issuance of additional shares of common or preferred stock or the assumption of additional debt. The investment manager will review, on a case-by-case basis, proposals by companies to increase authorized shares and the purpose for the increase. The investment manager will generally not vote in favor of dual-class capital structures to increase the number of authorized shares where that class of stock would have superior voting rights. The investment manager will generally vote in favor of the issuance of preferred stock in cases where the company specifies the voting, dividend, conversion and other rights of such stock and the terms of the preferred stock issuance are deemed reasonable. The investment manager will review proposals seeking preemptive rights on a case-by-case basis.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Courier New">Mergers and corporate restructuring.</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face="Courier New"> 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 </FONT>

<font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">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></DIV>

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

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

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

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

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">The investment manager will
consider supporting a shareholder proposal seeking disclosure and greater board
oversight of lobbying and corporate political contributions if the investment
manager believes that there is evidence of inadequate oversight by the
company&#8217;s board, if the company&#8217;s current disclosure is significantly
deficient, or if the disclosure is notably lacking in comparison to the
company&#8217;s peers.&#160; </font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Proxy access.</font></i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;"> In cases where the investment manager is satisfied
with company performance and the responsiveness of management, it will
generally vote against shareholder proxy access proposals not supported by
management.&nbsp;In other instances, the investment manager will consider such
proposals on a case-by-case basis, taking into account factors such as the size
of the company, ownership thresholds and holding periods, nomination limits
(e.g., number of candidates that can be nominated), the intentions of the
shareholder proponent, and shareholder base.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Global corporate
governance.</font></i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;"> 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 </font><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">practices to all issuers. As experienced
money managers, the investment manager's analysts are skilled in understanding
the complexities of the regions in which they specialize and are trained to
analyze proxy issues germane to their regions.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">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, economic or other
sanctions, 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>

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">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 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&#8217;s votes are not received, or properly tabulated, by an
issuer or the issuer&#8217;s agent. </font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">The investment manager or its
affiliates may, on behalf of one or more of the proprietary registered
investment companies advised by the investment manager or its affiliates,
determine to use its best efforts to recall any security on loan where the investment
manager or its affiliates (a) learn of a vote on a material event that may
affect a security on loan and (b) determine that it is in the best interests of
such proprietary registered investment companies to recall the security for
voting purposes. </font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Procedures for meetings
involving fixed income securities. </font></i><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">From
time to time, certain custodians may process events for fixed income securities
through their proxy voting channels rather than corporate action channels for
administrative convenience. In such cases, the Proxy Group will receive ballots
for such events on the ISS voting platform. The Proxy Group will solicit voting
instructions from the investment manager for each Fund involved. If the Proxy
Group does not receive voting instructions from the investment manager, the
Proxy Group will take no action on the event. The investment manager may be
unable to vote a proxy for a fixed income security, or may choose not to vote a
proxy, for the reasons described under the section entitled &#8220;Proxy Procedures.&#8221;</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">The Proxy Group will monitor
such meetings involving fixed income securities for conflicts of interest in
accordance with these procedures for fixed income </font><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">securities.
If a fixed income issuer is flagged as a potential conflict of interest, the
investment manager may nonetheless vote as it deems in the best interests of
the Fund.&#160; The investment manager will report such decisions on an annual basis
to the Fund board as may be required.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">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. 2<sup>nd</sup> Street, Fort Lauderdale, FL 33301-1923,
Attention: Proxy Group. Copies of the Fund&#8217;s proxy voting records are available
online at franklintempleton.com and posted on the SEC website at www.sec.gov.
The proxy voting records are updated each year by August 31 to reflect the most
recent 12-month period ended June 30.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:45.0pt;text-indent:-45.0pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:45.0pt;text-indent:-45.0pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Item 8. Portfolio Managers of Closed-End Management
Investment Companies.&#160;&#160; N/A</font></b></p>

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

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:45.0pt;text-indent:-45.0pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Item 9. Purchases of Equity Securities by Closed-End
Management Investment Company and</font></b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;"> </font><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Affiliated
Purchasers.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:45.0pt;text-indent:-45.0pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:9.0pt;text-indent:.5in;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">N/A</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:45.0pt;text-indent:-45.0pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:45.0pt;text-indent:-45.0pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="courier new" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Item
10</font></b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">. </font><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Submission of Matters to
a Vote of Security Holders. </font></b></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">There have been no changes to the procedures by which
shareholders may recommend nominees to the Registrant's Board of Trustees that
would require disclosure herein.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Item 11. Controls and
Procedures.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">(a)</font></b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&#160; </font><b><u><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Evaluation of Disclosure Controls and
Procedures</font></u></b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">.&#160; The Registrant maintains disclosure controls and
procedures that are designed to ensure that information required to be
disclosed in the Registrant&#8217;s filings under the Securities Exchange Act of 1934
and the Investment Company Act of 1940 is recorded, processed, summarized and
reported within the periods specified in the rules and forms of the Securities
and Exchange Commission.&#160; Such information is accumulated and communicated to
the Registrant&#8217;s management, including its principal executive officer and
principal financial officer, as appropriate, to allow timely decisions
regarding required disclosure.&#160; The Registrant&#8217;s management, including the
principal executive officer and the principal financial officer, recognizes
that any set of controls and procedures, no matter how well designed and
operated, can provide only reasonable assurance of achieving the desired
control objectives.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Within 90 days prior to the
filing date of this Shareholder Report on Form N-CSR, the Registrant had
carried out an evaluation, under the supervision and with the participation of
the Registrant&#8217;s management, including the Registrant&#8217;s principal executive
officer and the Registrant&#8217;s principal financial officer, of the effectiveness
of the design and operation of the Registrant&#8217;s disclosure controls and
procedures.&#160; Based on such evaluation, the Registrant&#8217;s principal executive
officer and principal financial officer concluded that the Registrant&#8217;s
disclosure controls and procedures are effective.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">(b) </font></b><b><u><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Changes in Internal
Controls</font></u></b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">.&#160; There have been no
changes in the </font><a name="page_43"></a><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">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>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_9"></a><a name="_bclPageBorder43"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


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

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

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Item 12. Exhibits.</font></b></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">(a) (1) Code of Ethics </font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">(a) (2) Certifications
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Laura F.
Fergerson, Chief Executive Officer - Finance and Administration, and Gaston
Gardey, Chief Financial Officer and Chief Accounting Officer</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">(b) Certifications pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002 of Laura F. Fergerson, Chief Executive Officer -
Finance and Administration, and Gaston Gardey, Chief Financial Officer and
Chief Accounting Officer</font></p>

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

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

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

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Pursuant to the requirements
of the Securities Exchange Act of 1934 and the Investment Company Act of 1940,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.</font></p>

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

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

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

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

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

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">By </font><u><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">/s/Laura F. Fergerson</font></u></p>

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

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Date&#160; April 26, 2016</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Pursuant to the requirements
of the Securities Exchange Act of 1934 and the Investment Company Act of 1940,
this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.</font></p>

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

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

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">By </font><u><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">/s/Laura F. Fergerson</font></u></p>

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

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Date&#160; April 26, 2016 </font></p>

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

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

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

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

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

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Courier New" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Date&#160; April 26, 2016</font></p>




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<DOCUMENT>
<TYPE>EX-99.CODE ETH
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<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.
</TEXT>
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<FILENAME>fut302certs.htm
<DESCRIPTION>302 CERTS
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<HEAD>
   <TITLE>fut302certs.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<BODY bgcolor="#ffffff">

&nbsp; <A name="page_1"></A>

<a name="_bclPageBorder1"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Exhibit 12(a)(2)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">I, Laura F. Fergerson, certify that:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 50%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">1. I have reviewed this report on Form N-CSR of </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Franklin Universal Trust</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">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 lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">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="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">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="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(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="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 50%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(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="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 50%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(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="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 50%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(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&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">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="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(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="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(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="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 50%" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">4/26/2016</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 50%" color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 50%" color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 50%" color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">S\LAURA F. FERGERSON</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 12pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Laura F. Fergerson</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Chief Executive Officer - Finance and Administration </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

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



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

&nbsp; <A name="page_2"></A>

<a name="_bclPageBorder2"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Exhibit 12(a)(2)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">I, Gaston Gardey, certify that:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 50%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">1. I have reviewed this report on Form N-CSR of </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Franklin Universal Trust</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">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 lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">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="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">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="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0in; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(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="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 50%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(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="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 50%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(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="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 50%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(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&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">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="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(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="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">(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="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 50%" face="times new roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">4/26/2016</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 50%" color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 50%" color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 50%" color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">S\GASTON GARDEY</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 12pt" color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Gaston Gardey</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Chief Financial Officer and Chief Accounting Officer </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>4
<FILENAME>fut906certs.htm
<DESCRIPTION>906 CERTS
<TEXT>

<HTML>
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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
2/29/2016 (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; 4/26/2016</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:1.5in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">S\LAURA F.
FERGERSON</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><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; </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>









</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 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 align=left style="margin:0in;margin-bottom:.0001pt;text-align:left;"><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;">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
2/29/2016 (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; 4/26/2016</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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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
