# EDGAR Filing Document

**Accession Number:** 0000833040
**File Stem:** 0001133228-25-011466
**Filing Date:** 2025-10
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## Filing Content

## Filing Summary
**0001133228-25-011466.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001133228-25-011466

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**EFFECTIVENESS DATE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN UNIVERSAL TRUST
- **CENTRAL INDEX KEY:** 0000833040

**ORGANIZATION NAME:**
- **EIN:** 943077602
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05569
- **FILM NUMBER:** 251432140

**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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-05569**

**Franklin Universal Trust**

(Exact name of registrant as specified in charter)

**One Franklin Parkway, San Mateo, CA 94403-1906**

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway,

San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: **(650) 312-2000**

Date of fiscal year end: **August 31**

Date of reporting period: **August 31, 2025**

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

#### Annual

#### Report

#### Franklin

#### Universal

#### Trust
August

31,

2025

#### Not

#### FDIC

#### Insured

#### No

#### Bank

#### Guarantee

#### May

#### Lose

#### Value

#### Distribution

#### Policy
:

The

Fund's

Board

of

Trustees

(the

"Board")

has

authorized

a

distribution

policy

(the

"Distribution

Policy").

Under

the

Distribution

Policy,

the

Fund

pays

monthly

distributions

and

seeks

to

maintain

a

relatively

stable

level

of

distributions

to

shareholders.

With

each

distribution,

the

Fund

will

issue

a

notice

to

its

shareholders

and

an

accompanying

press

release

that

provides

estimates

regarding

the

amount

and

composition

of

the

distribution.

The

Fund

will

send

a

Form

1099-DIV

to

shareholders

for

the

calendar

year

that

will

describe

how

to

report

the

Fund's

distributions

for

federal

income

tax

purposes.

Shareholders

should

not

draw

any

conclusions

about

the

Fund's

investment

performance

from

the

amount

of

distributions

or

from

the

terms

of

the

Fund's

Distribution

Policy.

The

Board

may

amend

or

terminate

the

Distribution

Policy

at

any

time

without

prior

notice

to

shareholders;

however,

at

this

time

there

are

no

reasonably

foreseeable

circumstances

that

might

cause

the

termination

of

the

Distribution

Policy.

franklintempleton.com

Annual

Report

Contents

Fund

Overview

Performance

Summary

Financial

Highlights

and

Schedule

of

Investments

Financial

Statements

Notes

to

Financial

Statements

Report

of

Independent

Registered

Public

Accounting

Firm

Tax

Information

Important

Information

to

Shareholders

Annual

Meeting

of

Shareholders

Dividend

Reinvestment

and

Cash

Purchase

Plan

Board

Members

and

Officers

Shareholder

Information

Visit

#### franklintempleton.com
for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

franklintempleton.com

Annual

Report

Franklin

Universal

Trust

Dear

Shareholder,

This

annual

report

for

Franklin

Universal

Trust

covers

the

fiscal

year

ended

August

31,

2025. Fund

Overview

Q. #### What

#### is

#### the

#### Fund's

#### investment

#### strategy?
A. The

Fund'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.

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.

Q. #### What

#### were

#### the

#### overall

#### market

#### conditions

#### during

#### the

#### Fund's

#### reporting

#### period?
A. Over

the

course

of

the

period,

there

has

been

significant

turmoil

in

the

market

due

to

uncertainties

stemming

from

new

policies

emanating

from

the

current

U.S.

President's

trade

and

economic

priorities.

Following

the

November

2024

election,

market

sentiment

moved

positive

in

anticipation

of

new

tax

and

regulation

policies

which

were

expected

to

benefit

corporations.

This

caused

high

yield

(HY)

bond

spreads

to

tighten

which

carried

through

the

presidential

inauguration

in

January

2025. However,

large,

proposed

tariff

increases,

which

were

announced

on

"Liberation

Day"

in

April

2025,

caused

great

concern

from

investors

which

led

to

a

large

increase

in

HY

bond

spreads.

Spreads

worked

their

way

tighter,

returning

to

levels

seen

before

the

tariff

announcement,

as

most

of

the

increased

duties

were

paused

for

a

time

which

allowed

the

U.S.

to

negotiate

deals

with

many

of

the

country's

leading

trading

partners.

However,

by

the

end

of

the

period

under

review,

permanent

deals

had

not

been

made

with

the

largest

three

partners—China,

Mexico

and

Canada—acting

as

an

overhang

to

the

market.

U.S.

Federal

Reserve

(Fed)

actions

over

the

course

of

the

period

were

another

focus

of

the

market.

The

Fed

continued

its

rate

cutting

cycle

through

the

end

of

2024

before

pausing

to

evaluate

the

impact

on

its

easing

cycle.

A

strong

U.S.

job

market

allowed

the

Fed

to

hold

its

target

fed

funds

to

4.25%

-

4.50%

through

August

2025

as

the

path

of

disinflation

had

slowed.

At

the

end

of

the

period,

rhetoric

from

the

Fed

changed

and

shifted

to

a

more

dovish

stance,

potentially

signaling

near-term

rate

cuts.

Spreads

on

HY

corporate

bonds

returned

to

near

multi-decade

tights

at

the

end

of

August

2025. Q. #### How

#### did

#### we

#### respond

#### to

#### these

#### changing

#### market

#### conditions?
A. Throughout

the

period,

fund

allocations

changed

as

volatility

in

market

conditions

provided

opportunities

to

manage

sector

rotations

and

duration

exposure.

Our

dedicated

credit

research

analysts

looked

to

find

value

across

industry

sectors

and

rating

classifications.

At

the

end

of

August

2025,

the

Fund

was

overweight

to

the

building

and

finance

sectors

while

underweight

to

technology

and

consumer

cyclical

segments.

Performance

Overview

For

the

months

under

review,

the

Fund's

cumulative

total

returns

were

+9.71%

based

on

net

asset

value

and

+16.45%

based

on

market

price.

For

comparison,

the

ICE

BofA

US

High

Yield

Constrained

Index,

which

tracks

the

performance

of

U.S.

dollar-denominated

below

investment-

grade

corporate

debt

publicly

issues

in

the

U.S.

domestic

market,

posted

a

+8.15%

cumulative

total

return

.

Utilities

stocks,

as

measured

by

the

Standard

&

Poor's®

(S&P®)

500

Utilities

Index,

which

consists

of

all

utility

stocks

in

the

S&P

500®

Index,

posted

a

+13.81%

cumulative

total

return

for

the

same

period.

You

can

find

the

Fund's

long-term

performance

data

in

the

Performance

Summary

on

.

The

Fund

has

a

policy

of

seeking

to

maintain

a

relatively

stable

level

of

distributions

to

shareholders.

This

policy

has

no

impact

on

the

Fund's

investment

strategy

and

may

reduce

the

Fund's

net

asset

value.

The

Fund's

investment

manager

believes

the

policy

helps

maintain

the

Fund's

competitiveness

and

may

benefit

the

Fund's

market

price

and

premium/discount

to

the

Fund's

net

asset

value.

For

the

fiscal

year

ended

August

31,

2025,

the

Fund

estimates

that

it

distributed

more

than

its

income

and

net

realized

capital

gains;

therefore,

a

portion

of

the

Fund

distribution

to

shareholders

may

be

a

return

of

capital.

A

return

of

capital

may

occur,

for

example,

when

some

or

all

of

the

money

that

a

shareholder

invested

in

a

Fund

is

paid

back

to

them.

A

return

of

capital

distribution

does

not

necessarily

reflect

the

Fund's

investment

performance

and

should

not

be

confused

with

"yield"

or

"income".

The

Fund

sends

a

Form

1099-DIV

to

shareholders

each

calendar

year

describing

how

to

report

the

Fund's

distributions

for

federal

income

tax

purposes.

1. Source:

Morningstar.

The

indexes

are

unmanaged

and

include

reinvestment

of

any

income

or

distributions.

They

do

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund's

portfolio.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com.

#### The

#### dollar

#### value,

#### number

#### of

#### shares

#### or

#### principal

#### amount,

#### and

#### names

#### of

#### all

#### portfolio

#### holdings

#### are

#### listed

#### in

#### the

#### Fund's

#### Schedule

#### of

#### Investments

#### (SOI).

#### The

#### SOI

#### begins

#### on

#### page

#### 9

#### .
Franklin

Universal

Trust

franklintempleton.com

Annual

Report

*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.*

Q. #### What

#### were

#### the

#### leading

#### contributors

#### to

#### performance?
A. Security

selection

was

a

leading

contributor

to

performance

within

the

portfolio.

In

particular,

our

fundamental

research

led

to

favorable

security

selection

in

the

utilities

sector.

Positioning

in

Talen

Energy

was

a

strong

driver

of

returns

as

the

company

entered

into

a

major

power

purchase

agreement

with

Amazon

Web

Services.

Additionally,

Talen

purchased

two

combined-cycle

gas

turbine

power

plants

that

boosted

free

cash

flow

for

the

company.

Financial

performance

of

the

company

improved

over

the

year

as

net

income

and

earnings

before

interest,

taxes,

depreciation,

and

amortization

(EBITDA)

beat

market

expectations.

Other

utility

companies,

such

as

Entergy

and

Constellation

Energy,

also

saw

strong

performance

due

to

similar

agreements

to

supply

energy

needs

of

data

centers.

The

Fund

also

saw

positive

performance

contributions

from

exposure

to

communication

infrastructure

companies,

including

CommScope

LLC

Holdings

of

MultiPlan,

a

healthcare

analytics

solutions

provider,

was

another

position

that

added

to

relative

results.

Overweight

exposure

to

Great

Canadian

Gaming

Corporate

was

accretive

to

results.

Despite

the

company

being

downgraded

by

Fitch

in

September

2024,

its

bonds

rose

in

value

as

the

company

underwent

a

series

of

sales

of

casinos

in

an

effort

to

manage

debt

and

streamline

operations.

Q. #### What

#### were

#### the

#### leading

#### detractors

#### from

#### performance?
A. In

contrast,

the

Fund's

holdings

in

Nextera

Energy,

one

of

the

world's

largest

generators

of

renewable

energy,

detracted

from

performance.

Over

the

period,

the

company

reduced

its

dividend

growth

forecast

from

12%

-

15%

to

just

5%

-

8%.

This

raised

concerns

about

the

company's

ability

to

maintain

its

growth

trajectory.

The

Fund's

exposure

to

DISH

networks,

a

satellite

television

company,

was

a

detractor

from

performance.

DISH

reported

a

significant

decline

in

its

subscriber

base.

Year-to-date

financial

results

have

seen

both

declining

revenue

and

operating

margins.

Exposure

to

Bausch

Health

was

another

detractor

from

results.

Over

the

course

of

the

period,

the

company

issued

new

debt

and

entered

into

new

credit

lines

in

order

to

meet

near-term

bond

payments.

Although

this

relieved

the

company's

short-term

needs,

it

had

to

issue

longer-term-maturity

debt

at

higher

yields,

putting

pressure

on

its

margins.

This

pushed

the

price

of

bonds

lower,

hindering

the

Fund's

performance.

Q. #### Were

#### there

#### any

#### significant

#### changes

#### to

#### the

#### Fund

#### during

#### the

#### reporting

#### period?
A. The

were

no

changes

to

the

portfolio

management

team

or

material

modifications

as

to

the

way

the

Fund

was

managed

during

the

period

under

review.

Effective

September

30,

2024,

Patricia

O'Connor

was

added

as

a

Portfolio

Manager

of

the

Fund.

Thank

you

for

your

continued

participation

in

Franklin

Universal

Trust.

We

look

forward

to

serving

your

future

investment

needs.

Sincerely,

Glenn

Voyles,

CFA

Jonathan

G. Belk,

CFA

Patricia

O'Connor,

CFA

Portfolio

Management

Team

*The* 

*foregoing* 

*information* 

*reflects* 

*our* 

*analysis,* 

*opinions* 

*and* 

*portfolio* 

*holdings* 

*as* 

*of* 

*August* 

*31,* 

*2025,* 

*the* 

*end* 

*of* 

*the* 

*reporting* 

*period.* 

*The* 

*way* 

*we* 

*implement* 

*our* 

*main* 

*investment* 

*strategies* 

*and* 

*the* 

*resulting* 

*portfolio* 

*holdings* 

#### Portfolio

#### Composition
8/31/25

#### %

#### of

#### Total

#### Investments
Corporate

Bonds

59.8%

Common

Stocks

36.9%

Marketplace

Loans

0.7%

Other

\*

0.4%

Short-Term

Investments

2.2%

\*

Categories

within

the

Other

category

are

listed

in

full

in

the

Fund's

Schedule

of

Investments

(SOI),

which

can

be

found

later

in

this

report.

#### Top

#### 10

#### Holdings
8/31/25

#### Issuer

#### %

#### of

#### Total

#### Net

#### Assets

#### a
NextEra

Energy,

Inc.

3.9%

Sempra,

Inc.

3.5%

Entergy

Corp.

2.5%

Alliant

Energy

Corp.

2.4%

Evergy

,

Inc.

2.4%

Duke

Energy

Corp.

2.3%

CenterPoint

Energy,

Inc.

2.2%

Southern

Co.

(The)

2.2%

CMS

Energy

Corp.

2.0%

DTE

Energy

Co.

1.9%

CFA®

is

a

trademark

owned

by

CFA

Institute.

Franklin

Universal

Trust

franklintempleton.com

Annual

Report

*may* 

*change* 

*depending* 

*on* 

*factors* 

*such* 

*as* 

*market* 

*and* 

*economic* 

*conditions.* 

*These* 

*opinions* 

*may* 

*not* 

*be* 

*relied* 

*upon* 

*as* 

*investment* 

*advice* 

*or* 

*an* 

*offer* 

*for* 

*a* 

*particular* 

*security.* 

*The* 

*information* 

*is* 

*not* 

*a* 

*complete* 

*analysis* 

*of* 

*every* 

*aspect* 

*of* 

*any* 

*market,* 

*country,* 

*industry,* 

*security* 

*or* 

*the* 

*Fund.* 

*Statements* 

*of* 

*fact* 

*are* 

*from* 

*sources* 

*considered* 

*reliable,* 

*but* 

*the* 

*investment* 

*manager* 

*makes* 

*no* 

*representation* 

*or* 

*warranty* 

*as* 

*to* 

*their* 

*completeness* 

*or* 

*accuracy.* 

*Although* 

*historical* 

*performance* 

*is* 

*no* 

*guarantee* 

*of* 

*future* 

*results,* 

*these* 

*insights* 

*may* 

*help* 

*you* 

*understand* 

*our* 

*investment* 

*management* 

*philosophy.*

Performance

Summary

as

of

August

31,

2025

Franklin

Universal

Trust

franklintempleton.com

Annual

Report

Total

return

reflects

reinvestment

of

the

Fund'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.

Total

return

also

does

not

reflect

brokerage

commissions

or

sales

charges

in

connection

with

the

purchase

or

sale

of

Fund

shares

at

the

opening

of

the

first

business

day

and

sale

on

the

closing

of

the

last

business

day

of

each

period.

The

performance

table

and

graph

do

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.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund's

portfolio,

adjusted

for

operating

expenses.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

8/31/25

*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.*

#### Cumulative

#### Total

#### Return

#### 2

#### Average

#### Annual

#### Total

#### Return

#### 2

#### Based

#### on

#### NAV

#### 3

#### Based

#### on

#### market

#### price

#### 4

#### Based

#### on

#### NAV

#### 3

#### Based

#### on

#### market

#### price

#### 4
1-Year

+9.71%

+16.45%

+9.71%

+16.45%

5-Year

+43.00%

+60.27%

+7.41%

+9.89%

10-Year

+110.89%

+146.56%

+7.75%

+9.44%

#### See

#### page

#### 7

#### for

#### Performance

#### Summary

#### footnotes.
Franklin

Universal

Trust

Performance

Summary

franklintempleton.com

Annual

Report

#### See

#### page

#### 7

#### for

#### Performance

#### Summary

#### footnotes.
Total

Return

Index

Comparison

for

a

Hypothetical

$10,000

Investment

Total

return

represents

the

change

in

value

of

an

investment

over

the

period

shown.

It

includes

any

applicable

maximum

sales

charge,

Fund

expenses,

account

fees

and

reinvested

distributions.

The

unmanaged

indexes

include

reinvestment

of

any

income

or

distributions.

They

differ

from

the

Fund

in

composition

and

do

not

pay

management

fees

or

expenses.

One

cannot

invest

directly

in

an

index.

8/31/15–8/31/25

Franklin

Universal

Trust

Performance

Summary

franklintempleton.com

Annual

Report

Share

Prices

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund

is

actively

managed

but

there

is

no

guarantee

that

the

manager's

investment

decisions

will

produce

the

desired

results.

#### All

#### investments

#### involve

#### risks,

#### including

#### possible

#### loss

#### of

#### principal.

#### Fixed

#### income

#### securities
involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

#### Low-rated,

#### high-yield

#### bonds
are

subject

to

greater

price

volatility,

illiquidity

and

possibility

of

default.

#### Equity

#### securities
are

subject

to

price

fluctuation

and

possible

loss

of

principal.

To

the

extent

the

portfolio

invests

in

a

#### concentration

#### of

#### certain

#### securities,

#### regions

#### or

#### industries,
it

is

subject

to

increased

volatility.

#### Dividends
may

fluctuate

and

are

not

guaranteed,

and

a

company

may

reduce

or

eliminate

its

dividend

at

any

time.

The

manager

may

consider

#### environmental,

#### social

#### and

#### governance
(ESG)

#### criteria
in

the

research

or

investment

process;

however,

ESG

considerations

may

not

be

a

determi-

native

factor

in

security

selection.

In

addition,

the

manager

may

not

assess

every

investment

for

ESG

criteria,

and

not

every

ESG

factor

may

be

identified

or

evaluated.

1. Gross

expenses

are

the

Fund's

total

annual

operating

expenses

as

of

the

Fund's

annual

report

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

Net

expenses

reflect

voluntary

fee

waivers,

expense

caps

and/or

reimbursements.

Voluntary

waivers

may

be

modified

or

discontinued

at

any

time

without

notice.

2. 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,

has

not

been

annualized.

3. Assumes

reinvestment

of

distributions

based

on

net

asset

value.

4. Assumes

reinvestment

of

distributions

based

on

the

dividend

reinvestment

and

cash

purchase

plan.

5. Source:

Morningstar.

The

ICE

BofA

US

High

Yield

Constrained

Index

tracks

the

performance

of

U.S.

dollar-denominated

below

investment-grade

corporate

debt

publicly

issued

in

the

U.S.

domestic

market.

The

CS

High

Yield

Index

is

designed

to

mirror

the

investable

universe

of

the

U.S.

dollar-denominated

high-yield

debt

traded

in

the

U.S.

credit

market.

The

S&P®

500

Utilities

Index

is

market

capitalization

weighted

and

consists

of

all

utility

stocks

in

the

S&P

500®

.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com.

#### Symbol:

#### FT

#### 8/31/25

#### 8/31/24

#### Change
Net

Asset

Value

(NAV)

$8.46

$8.20

+$0.26

Market

Price

(NYSE)

$7.93

$7.28

+$0.65

Distributions

Per

Share

(9/1/24–8/31/25)

#### Net

#### Investment

#### Income

#### Tax

#### Return

#### of

#### Capital

#### Total
$0.4859

$0.0241

$0.5100

Franklin

Universal

Trust

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$8.20

$7.36

$8.08

$8.92

$8.12

Income

from

investment

operations:

Net

investment

income

a

.........................

0.36 0.33 0.43 0.41 0.38 Net

realized

and

unrealized

gains

(losses)

...........

0.41 1.02 (0.58)

(0.70)

0.85 Total

from

investment

operations

....................

0.77 1.35 (0.15)

(0.29)

1.23 Less

distributions

from:

Net

investment

income

..........................

(0.49)

(0.30)

(0.31)

(0.51)

(0.43)

Net

realized

gains

.............................

—

—

(0.05)

(0.04)

—

Tax

return

of

capital

............................

(0.02)

(0.21)

(0.21)

—

—

Total

distributions

...............................

(0.51)

(0.51)

(0.57)

(0.55)

(0.43)

Net

asset

value,

end

of

year

.......................

$8.46

$8.20

$7.36

$8.08

$8.92

Market

value,

end

of

year

b

.........................

$7.93

$7.28

$6.76

$8.00

$8.59

Total

return

(based

on

net

asset

value

per

share)

c

.......

9.71%

19.18%

(1.81)%

(3.41)%

15.33%

Total

return

(based

on

market

value

per

share)

c

.........

16.45%

16.20%

(8.24)%

(0.36)%

29.55%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

3.00%

3.32%

2.78%

2.57%

2.50%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

2.99%

3.31%

2.77%

d

2.57%

d,e

2.50%

d,e

Net

investment

income

...........................

4.38%

4.36%

5.66%

4.85%

4.38%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$212,600

$206,193

$184,859

$203,053

$224,246

Portfolio

turnover

rate

............................

21.76%

21.79%

17.73%

22.29%

36.58%

Total

credit

facility

outstanding

at

end

of

year

(000's)

.....

$60,000

$60,000

$—

$—

$—

Total

debt

outstanding

at

end

of

year

(000's)

...........

$—

$—

$65,000

$65,000

$65,000

Asset

coverage

per

$1,000

of

debt

..................

$4,543

$4,437

$3,844

$4,124

$4,450

Average

amount

of

senior

fixed

rate

Notes

per

share

during

the

year

......................................

$—

$0.11

$2.59

$2.59

$2.59

a

Based

on

average

daily

shares

outstanding.

b

Based

on

the

last

sale

on

the

New

York

Stock

Exchange.

c

The

Market

Value

Total

Return

is

calculated

assuming

a

purchase

of

common

shares

on

the

opening

of

the

first

business

day

and

a

sale

on

the

closing

of

the

last

business

day

of

each

period.

Dividends

and

distributions

are

assumed

for

the

purposes

of

this

calculation

to

be

reinvested

at

prices

obtained

under

the

Fund's

Dividend

Reinvestment

and

Cash

Purchase

Plan.

Net

Asset

Value

Total

Return

is

calculated

on

the

same

basis,

except

that

the

Fund's

net

asset

value

is

used

on

the

purchase,

sale

and

dividend

reinvestment

dates

instead

of

market

value.

Total

return

does

not

reflect

brokerage

commissions

or

sales

charges

in

connection

with

the

purchase

or

sale

of

Fund

shares.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Universal

Trust

Schedule

of

Investments,

August

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 46.5%

#### Electric

#### Utilities

#### 25.5%
Alliant

Energy

Corp.

.................................

United

States

80,000

$

5,205,600

American

Electric

Power

Co.,

Inc.

.......................

United

States

36,000

3,996,720

Constellation

Energy

Corp.

............................

United

States

10,000

3,079,800

Duke

Energy

Corp.

..................................

United

States

40,000

4,899,600

Edison

International

.................................

United

States

36,000

2,020,680

Entergy

Corp.

......................................

United

States

60,000

5,285,400

Evergy,

Inc.

........................................

United

States

72,000

5,130,720

Exelon

Corp.

.......................................

United

States

65,000

2,839,200

FirstEnergy

Corp.

...................................

United

States

50,000

2,181,000

NextEra

Energy,

Inc.

.................................

United

States

115,000

8,285,750

Pinnacle

West

Capital

Corp.

...........................

United

States

20,000

1,787,200

PPL

Corp.

.........................................

United

States

24,500

893,515

Southern

Co.

(The)

..................................

United

States

50,000

4,615,000

Xcel

Energy,

Inc.

....................................

United

States

55,000

3,981,450

54,201,635

#### Metals

#### &

#### Mining

#### 2.9%
BHP

Group

Ltd.,

ADR

................................

Australia

25,185

1,404,568

Freeport-McMoRan,

Inc.

..............................

United

States

40,380

1,792,872

Newmont

Corp.

.....................................

United

States

26,000

1,934,400

Rio

Tinto

plc,

ADR

...................................

Australia

15,000

940,800

South32

Ltd.,

ADR

..................................

Australia

10,074

88,953

6,161,593

#### Multi-Utilities

#### 16.3%
CenterPoint

Energy,

Inc.

..............................

United

States

122,800

4,630,788

CMS

Energy

Corp.

..................................

United

States

60,000

4,294,200

Consolidated

Edison,

Inc.

.............................

United

States

20,000

1,964,600

Dominion

Energy,

Inc.

................................

United

States

65,000

3,893,500

DTE

Energy

Co.

....................................

United

States

30,000

4,099,500

NiSource,

Inc.

......................................

United

States

60,000

2,536,200

Public

Service

Enterprise

Group,

Inc.

....................

United

States

45,000

3,704,850

Sempra,

Inc.

.......................................

United

States

90,000

7,430,400

WEC

Energy

Group,

Inc.

..............................

United

States

20,000

2,130,200

34,684,238

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1.6%
a

Amplify

Energy

Corp.

................................

United

States

997

Birch

Permian

Holdings,

Inc.

...........................

United

States

32,490

165,423

California

Resources

Corp.

............................

United

States

2,335

DT

Midstream,

Inc.

..................................

United

States

10,000

1,041,800

Enbridge,

Inc.

......................................

Canada

39,360

1,902,663

Expand

Energy

Corp.

................................

United

States

1,985

192,108

Woodside

Energy

Group

Ltd.,

ADR

......................

Australia

9,101

156,355

3,461,681

#### Pharmaceuticals

#### 0.2%
a,b

Mallinckrodt

ARD

LLC

................................

United

States

2,929

287,042

#### Software

#### 0.0%

#### †
a,b

DSG

Topco,

Inc.

....................................

United

States

2,027

27,871

#### Total

#### Common

#### Stocks

#### (Cost

#### $34,688,961)

#### ....................................

#### 98,824,060
Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Convertible

#### Preferred

#### Stocks

#### 0.1%

#### Aerospace

#### &

#### Defense

#### 0.1%
Boeing

Co.

(The),

6%

................................

United

States

3,000

$

223,260

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $150,000)

#### ............................

#### 223,260

#### Preferred

#### Stocks

#### 0.2%

#### Electric

#### Utilities

#### 0.2%
SCE

Trust

II,

5.1%

..................................

United

States

27,500

465,025

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $598,125)

#### .......................................

#### 465,025

#### Warrants

#### 0.0%

#### †

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.0%

#### †
a

Expand

Energy

Corp.,

2/09/26

.........................

United

States

19,079

#### Total

#### Warrants

#### (Cost

#### $18,168)

#### ...............................................

#### 19,079

#### Principal

#### Amount

#### \*

#### Corporate

#### Bonds

#### 75.4%

#### Aerospace

#### &

#### Defense

#### 2.0%
c

ATI,

Inc.

,

Senior

Note

,

7.25 %

,

8/15/30

....................

United

States

700,000

737,918

d

Axon

Enterprise,

Inc.

,

Senior

Note,

144A,

6.125%,

3/15/30

...................

United

States

300,000

308,976

Senior

Note,

144A,

6.25%,

3/15/33

....................

United

States

250,000

259,053

c,d

Bombardier,

Inc.

,

Senior

Note

,

144A,

%

,

6/01/32

...........

Canada

675,000

705,660

d

Efesto

Bidco

SpA

Efesto

US

LLC

,

XR

,

Senior

Secured

Note

,

144A,

7.5 %

,

2/15/32

...............................

Italy

1,050,000

1,073,436

d

TransDigm,

Inc.

,

Senior

Secured

Note,

144A,

6%,

1/15/33

................

United

States

170,000

172,030

Senior

Sub.

Note,

144A,

6.75%,

1/31/34

................

United

States

1,020,000

1,053,652

4,310,725

#### Automobile

#### Components

#### 2.0%
d

Adient

Global

Holdings

Ltd.

,

c

Senior

Note,

144A,

8.25%,

4/15/31

....................

United

States

300,000

316,115

Senior

Note,

144A,

7.5%,

2/15/33

.....................

United

States

150,000

156,295

Senior

Secured

Note,

144A,

7%,

4/15/28

................

United

States

150,000

154,657

d

Allison

Transmission,

Inc.

,

Senior

Bond,

144A,

3.75%,

1/30/31

....................

United

States

300,000

277,068

Senior

Note,

144A,

4.75%,

10/01/27

...................

United

States

600,000

595,248

d

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

10/15/29

........................................

United

States

1,550,000

1,347,146

d,e

IHO

Verwaltungs

GmbH

,

Senior

Secured

Note,

144A,

PIK,

7.75%,

11/15/30

.........

Germany

400,000

416,214

Senior

Secured

Note,

144A,

PIK,

8%,

11/15/32

...........

Germany

900,000

940,476

4,203,219

#### Automobiles

#### 0.6%
c,d

Jaguar

Land

Rover

Automotive

plc

,

Senior

Note

,

144A,

5.5 %

,

7/15/29

.........................................

United

Kingdom

700,000

699,789

d

Nissan

Motor

Co.

Ltd.

,

Senior

Bond

,

144A,

8.125 %

,

7/17/35

...

Japan

565,000

598,974

1,298,763

#### Biotechnology

#### 0.6%
d

Emergent

BioSolutions,

Inc.

,

Senior

Note

,

144A,

3.875 %

,

8/15/28

United

States

900,000

754,426

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Biotechnology
(continued)

d

Grifols

SA

,

Senior

Note

,

144A,

4.75 %

,

10/15/28

............

Spain

600,000

$

581,936

1,336,362

#### Broadline

#### Retail

#### 0.7%
c,d

Wayfair

LLC

,

Senior

Secured

Note,

144A,

7.25%,

10/31/29

............

United

States

700,000

715,491

Senior

Secured

Note,

144A,

7.75%,

9/15/30

.............

United

States

800,000

828,523

1,544,014

#### Building

#### Products

#### 2.8%
c,d

Advanced

Drainage

Systems,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

6/15/30

.........................................

United

States

500,000

511,538

d

Cornerstone

Building

Brands,

Inc.

,

Senior

Note

,

144A,

6.125 %

,

1/15/29

.........................................

United

States

300,000

231,977

c,d

EMRLD

Borrower

LP

/

Emerald

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

6.625 %

,

12/15/30

........................

United

States

900,000

925,449

d

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

1/31/31

............

United

States

75,000

75,875

Senior

Secured

Note,

144A,

6.125%,

7/31/32

............

United

States

125,000

126,952

c,d

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/01/32

..............

United

States

500,000

515,744

d

Quikrete

Holdings,

Inc.

,

Senior

Note,

144A,

6.75%,

3/01/33

....................

United

States

150,000

155,594

Senior

Secured

Note,

144A,

6.375%,

3/01/32

............

United

States

300,000

309,593

c,d

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875 %

,

11/15/31

..................................

United

States

1,200,000

1,280,936

c,d

Standard

Building

Solutions,

Inc.

,

Senior

Note,

144A,

6.5%,

8/15/32

.....................

United

States

600,000

619,690

Senior

Note,

144A,

6.25%,

8/01/33

....................

United

States

495,000

505,569

d

Standard

Industries,

Inc.

,

c

Senior

Bond,

144A,

4.75%,

1/15/28

....................

United

States

500,000

495,655

Senior

Bond,

144A,

4.375%,

7/15/30

...................

United

States

100,000

95,891

5,850,463

#### Capital

#### Markets

#### 1.1%
d

Jane

Street

Group

/

JSG

Finance,

Inc.

,

c

Senior

Secured

Note,

144A,

4.5%,

11/15/29

.............

United

States

500,000

483,251

Senior

Secured

Note,

144A,

6.125%,

11/01/32

...........

United

States

500,000

502,671

c

Senior

Secured

Note,

144A,

6.75%,

5/01/33

.............

United

States

600,000

620,392

d

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875 %

,

7/15/32

United

States

285,000

293,145

c,d

StoneX

Group,

Inc.

,

Senior

Secured

Note

,

144A,

7.875 %

,

3/01/31

United

States

500,000

528,893

2,428,352

#### Chemicals

#### 2.7%
d,e

Advancion

Sciences,

Inc.

,

Senior

Note

,

144A,

PIK,

9.25 %

,

11/01/26

........................................

United

States

243,101

208,358

b,d,e,f

Anagram

Holdings

LLC

/

Anagram

International,

Inc.

,

Secured

Note

,

144A,

PIK,

%

,

8/15/26

........................

United

States

257,209

—

d

Avient

Corp.

,

Senior

Note

,

144A,

6.25 %

,

11/01/31

...........

United

States

300,000

305,788

d

Braskem

Idesa

SAPI

,

Senior

Secured

Bond

,

144A,

6.99 %

,

2/20/32

.........................................

Mexico

300,000

207,632

c,d

Cerdia

Finanz

GmbH

,

Senior

Secured

Note

,

144A,

9.375 %

,

10/03/31

........................................

Germany

500,000

530,390

d

Element

Solutions,

Inc.

,

Senior

Note

,

144A,

3.875 %

,

9/01/28

...

United

States

200,000

194,002

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

........................................

United

States

300,000

314,186

d

GPD

Cos.,

Inc.

,

Senior

Note

,

144A,

12.5 %

,

12/31/29

.........

United

States

989,666

833,543

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Chemicals
(continued)

d

Illuminate

Buyer

LLC

/

Illuminate

Holdings

IV,

Inc.

,

Senior

Note

,

144A,

%

,

7/01/28

.................................

United

States

1,000,000

$

1,002,498

d

Qnity

Electronics,

Inc.

,

Senior

Note,

144A,

6.25%,

8/15/33

....................

United

States

140,000

144,896

Senior

Secured

Note,

144A,

5.75%,

8/15/32

.............

United

States

240,000

244,279

c,d

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25 %

,

9/01/29

United

States

1,200,000

1,289,832

d

Vibrantz

Technologies,

Inc.

,

Senior

Note

,

144A,

%

,

2/15/30

...

United

States

1,000,000

531,015

5,806,419

#### Commercial

#### Services

#### &

#### Supplies

#### 2.6%
c,d

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875 %

,

2/15/31

...................................

United

States

1,200,000

1,261,986

c,d

Enviri

Corp.

,

Senior

Note

,

144A,

5.75 %

,

7/31/27

............

United

States

500,000

494,752

c,d

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

3.375 %

,

8/31/27

.............

United

States

600,000

581,795

c,d

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/01/29

.........................................

United

States

1,125,000

1,142,399

d

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5 %

,

11/30/30

........................................

United

States

225,000

243,836

c,d

VM

Consolidated,

Inc.

,

Senior

Note

,

144A,

5.5 %

,

4/15/29

.....

United

States

800,000

793,542

d

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

%

,

2/01/33

........

United

States

200,000

209,626

c,d

Wrangler

Holdco

Corp.

,

Senior

Note

,

144A,

6.625 %

,

4/01/32

...

Canada

700,000

730,197

5,458,133

#### Communications

#### Equipment

#### 1.0%
d

CommScope

LLC

,

Senior

Note

,

144A,

7.125 %

,

7/01/28

.......

United

States

1,600,000

1,606,400

d

Viasat,

Inc.

,

Senior

Note

,

144A,

7.5 %

,

5/30/31

..............

United

States

525,000

493,491

2,099,891

#### Construction

#### &

#### Engineering

#### 0.2%
d

Arcosa,

Inc.

,

c

Senior

Note,

144A,

4.375%,

4/15/29

...................

United

States

300,000

291,508

Senior

Note,

144A,

6.875%,

8/15/32

...................

United

States

100,000

104,396

395,904

#### Consumer

#### Finance

#### 1.8%
d

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note,

144A,

9.25%,

4/01/29

.............

United

States

600,000

634,284

Senior

Secured

Note,

144A,

8.5%,

5/15/30

..............

United

States

400,000

423,001

c,d

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/32

.........

United

States

1,100,000

1,142,829

d

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note

,

144A,

6.5 %

,

3/26/31

.........................................

United

Kingdom

200,000

214,410

OneMain

Finance

Corp.

,

Senior

Bond

,

5.375 %

,

11/15/29

......

United

States

500,000

494,695

c,d

PROG

Holdings,

Inc.

,

Senior

Note

,

144A,

%

,

11/15/29

.......

United

States

900,000

874,827

3,784,046

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.3%
c,d

US

Foods,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

9/15/28

.........

United

States

700,000

722,090

#### Containers

#### &

#### Packaging

#### 1.5%
c,d

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/32

...............................

United

States

1,000,000

1,028,150

d

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note

,

144A,

9.25 %

,

4/15/27

...................................

United

States

1,500,000

1,494,586

c,d

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

Senior

Secured

Note

,

144A,

9.5 %

,

5/15/30

...........

Canada

750,000

750,139

3,272,875

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Distributors

#### 0.5%
d

Gates

Corp.

,

Senior

Note

,

144A,

6.875 %

,

7/01/29

...........

United

States

400,000

$

416,397

d

RB

Global

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

3/15/31

....................

Canada

425,000

446,524

Senior

Secured

Note,

144A,

6.75%,

3/15/28

.............

Canada

125,000

128,097

991,018

#### Diversified

#### Consumer

#### Services

#### 0.4%
Grand

Canyon

University

,

Secured

Note

,

5.125 %

,

10/01/28

....

United

States

800,000

787,950

#### Diversified

#### REITs

#### 1.1%
c,d

Global

Net

Lease,

Inc.

,

Senior

Note

,

144A,

4.5 %

,

9/30/28

.....

United

States

900,000

875,474

c,d

Global

Net

Lease,

Inc.

/

Global

Net

Lease

Operating

Partnership

LP

,

Senior

Note

,

144A,

3.75 %

,

12/15/27

.................

United

States

800,000

776,514

c,d

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75 %

,

2/15/27

...................................

United

States

700,000

692,017

2,344,005

#### Diversified

#### Telecommunication

#### Services

#### 2.2%
d

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

c

Senior

Bond,

144A,

5.375%,

6/01/29

...................

United

States

500,000

496,429

c

Senior

Bond,

144A,

4.5%,

8/15/30

.....................

United

States

1,700,000

1,610,318

Senior

Bond,

144A,

4.25%,

2/01/31

....................

United

States

200,000

184,608

d

Maya

SAS

,

c

Senior

Secured

Note,

144A,

7%,

10/15/28

...............

France

800,000

814,681

Senior

Secured

Note,

144A,

7%,

4/15/32

................

France

425,000

437,639

c,d

Virgin

Media

Secured

Finance

plc

,

Senior

Secured

Bond

,

144A,

4.5 %

,

8/15/30

....................................

United

Kingdom

1,100,000

1,033,360

4,577,035

#### Electric

#### Utilities

#### 1.5%
c,d

California

Buyer

Ltd.

/

Atlantica

Sustainable

Infrastructure

plc

,

Senior

Note

,

144A,

6.375 %

,

2/15/32

....................

United

Kingdom

1,500,000

1,522,317

c,d

NRG

Energy,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

7/15/29

........

United

States

800,000

803,690

d

Vistra

Operations

Co.

LLC

,

c

Senior

Note,

144A,

4.375%,

5/01/29

...................

United

States

400,000

391,213

Senior

Note,

144A,

7.75%,

10/15/31

...................

United

States

100,000

106,310

Senior

Note,

144A,

6.875%,

4/15/32

...................

United

States

400,000

420,053

3,243,583

#### Electrical

#### Equipment

#### 0.4%
c,d

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125 %

,

11/15/28

........................................

United

States

800,000

781,535

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.4%
c,d

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

%

,

3/01/29

......

United

States

500,000

478,814

d

Zebra

Technologies

Corp.

,

Senior

Note

,

144A,

6.5 %

,

6/01/32

..

United

States

300,000

308,294

787,108

#### Energy

#### Equipment

#### &

#### Services

#### 2.3%
c,d

Aris

Water

Holdings

LLC

,

Senior

Note

,

144A,

7.25 %

,

4/01/30

..

United

States

600,000

633,525

d

Enerflex

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

10/15/27

......

Canada

160,000

164,790

c,d

Kodiak

Gas

Services

LLC

,

Senior

Note

,

144A,

7.25 %

,

2/15/29

..

United

States

700,000

724,490

d

Nabors

Industries,

Inc.

,

Senior

Note,

144A,

9.125%,

1/31/30

...................

United

States

300,000

307,638

Senior

Note,

144A,

8.875%,

8/15/31

...................

United

States

1,000,000

901,427

Oceaneering

International,

Inc.

,

Senior

Note

,

%

,

2/01/28

.....

United

States

300,000

303,294

d

Transocean

Titan

Financing

Ltd.

,

Senior

Secured

Note

,

144A,

8.375 %

,

2/01/28

...................................

United

States

80,952

83,234

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Energy

#### Equipment

#### &

#### Services
(continued)

Transocean,

Inc.

,

Senior

Bond,

6.8%,

3/15/38

..........................

United

States

600,000

$

472,477

d

Senior

Note,

144A,

8.25%,

5/15/29

....................

United

States

100,000

96,828

d

Senior

Secured

Note,

144A,

8.75%,

2/15/30

.............

United

States

600,000

635,587

c,d

Weatherford

International

Ltd.

,

Senior

Note

,

144A,

8.625 %

,

4/30/30

.........................................

United

States

500,000

512,766

4,836,056

#### Entertainment

#### 0.6%
c,d

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125 %

,

5/01/29

.........................................

France

800,000

832,841

Warnermedia

Holdings,

Inc.

,

Senior

Note

,

4.054 %

,

3/15/29

....

United

States

520,000

494,408

1,327,249

#### Financial

#### Services

#### 4.0%
d

Freedom

Mortgage

Holdings

LLC

,

Senior

Note,

144A,

9.25%,

2/01/29

....................

United

States

300,000

313,758

c

Senior

Note,

144A,

8.375%,

4/01/32

...................

United

States

650,000

670,844

Senior

Note,

144A,

7.875%,

4/01/33

...................

United

States

325,000

330,670

d

GGAM

Finance

Ltd.

,

Senior

Note,

144A,

8%,

2/15/27

......................

Ireland

200,000

205,298

Senior

Note,

144A,

8%,

6/15/28

......................

Ireland

700,000

743,207

d

Jefferson

Capital

Holdings

LLC

,

Senior

Note,

144A,

6%,

8/15/26

......................

United

States

500,000

500,605

Senior

Note,

144A,

9.5%,

2/15/29

.....................

United

States

1,400,000

1,488,410

d

Nationstar

Mortgage

Holdings,

Inc.

,

Senior

Bond

,

144A,

5.75 %

,

11/15/31

........................................

United

States

640,000

648,071

d

Osaic

Holdings,

Inc.

,

Senior

Note,

144A,

8%,

8/01/33

......................

United

States

215,000

218,014

Senior

Secured

Note,

144A,

6.75%,

8/01/32

.............

United

States

230,000

234,534

d

PHH

Escrow

Issuer

LLC

/

PHH

Corp.

,

Senior

Note

,

144A,

9.875 %

,

11/01/29

..................................

United

States

1,500,000

1,505,964

d

PRA

Group,

Inc.

,

c

Senior

Note,

144A,

8.375%,

2/01/28

...................

United

States

600,000

618,474

Senior

Note,

144A,

5%,

10/01/29

.....................

United

States

300,000

282,158

Senior

Note,

144A,

8.875%,

1/31/30

...................

United

States

400,000

420,643

d

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/33

.......

United

States

400,000

415,590

8,596,240

#### Food

#### Products

#### 1.1%
d,e

Chobani

Holdco

II

LLC

,

Senior

Note

,

144A,

PIK,

8.75 %

,

10/01/29

United

States

625,175

651,127

d

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note,

144A,

7.625%,

7/01/29

...................

United

States

200,000

209,054

c

Senior

Secured

Note,

144A,

4.625%,

11/15/28

...........

United

States

800,000

789,393

d

Darling

Ingredients,

Inc.

,

Senior

Note

,

144A,

%

,

6/15/30

.....

United

States

200,000

202,336

d

Froneri

Lux

FinCo

SARL

,

Senior

Secured

Note

,

144A,

%

,

8/01/32

.........................................

United

Kingdom

200,000

201,260

c,d

Post

Holdings,

Inc.

,

Senior

Bond

,

144A,

4.625 %

,

4/15/30

.....

United

States

400,000

386,107

2,439,277

#### Ground

#### Transportation

#### 0.8%
d

Beacon

Mobility

Corp.

,

Senior

Secured

Note

,

144A,

7.25 %

,

8/01/30

.........................................

United

States

260,000

269,676

c,d

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

7/31/29

.....................

United

States

900,000

854,569

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Ground

#### Transportation
(continued)

d

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

8/01/32

...................................

United

States

500,000

$

523,161

1,647,406

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.7%
d

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375 %

,

10/01/28

........................................

United

States

400,000

417,160

d

Insulet

Corp.

,

Senior

Note

,

144A,

6.5 %

,

4/01/33

............

United

States

100,000

103,759

c,d

Medline

Borrower

LP

,

Senior

Note

,

144A,

5.25 %

,

10/01/29

....

United

States

500,000

495,472

c,d

Neogen

Food

Safety

Corp.

,

Senior

Note

,

144A,

8.625 %

,

7/20/30

United

States

400,000

419,357

1,435,748

#### Health

#### Care

#### Providers

#### &

#### Services

#### 3.3%
c

Centene

Corp.

,

Senior

Bond

,

2.5 %

,

3/01/31

...............

United

States

500,000

426,366

d

CHS/Community

Health

Systems,

Inc.

,

144A,

10.75%,

6/15/33

.............................

United

States

500,000

509,505

Secured

Note,

144A,

6.125%,

4/01/30

..................

United

States

500,000

359,809

Senior

Secured

Note,

144A,

6%,

1/15/29

................

United

States

300,000

289,519

Senior

Secured

Note,

144A,

10.875%,

1/15/32

...........

United

States

500,000

529,741

d

DaVita,

Inc.

,

c

Senior

Note,

144A,

4.625%,

6/01/30

...................

United

States

1,200,000

1,156,169

Senior

Note,

144A,

6.875%,

9/01/32

...................

United

States

200,000

207,059

c,d

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5 %

,

9/01/29

......

Italy

1,500,000

1,474,268

d

MPH

Acquisition

Holdings

LLC

,

Senior

Secured

Note,

144A,

5.75%,

12/31/30

............

United

States

90,027

78,826

e

Senior

Secured

Note,

144A,

PIK,

11.5%,

12/31/30

.........

United

States

141,230

143,646

e

Senior

Secured

Note,

144A,

PIK,

6.75%,

3/31/31

.........

United

States

775,080

622,930

c

Tenet

Healthcare

Corp.

,

Senior

Secured

Note,

6.125%,

6/15/30

.................

United

States

700,000

711,590

Senior

Secured

Note,

6.75%,

5/15/31

..................

United

States

500,000

520,019

7,029,447

#### Health

#### Care

#### REITs

#### 0.4%
c,d

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5 %

,

2/15/32

....................

United

States

750,000

786,907

#### Health

#### Care

#### Technology

#### 0.5%
c,d

IQVIA,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

6/01/32

.............

United

States

925,000

954,662

#### Hotel

#### &

#### Resort

#### REITs

#### 1.0%
c,d

Pebblebrook

Hotel

LP

/

PEB

Finance

Corp.

,

Senior

Note

,

144A,

6.375 %

,

10/15/29

..................................

United

States

700,000

709,686

d

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

c

Senior

Note,

144A,

7.25%,

7/15/28

....................

United

States

300,000

308,981

c

Senior

Note,

144A,

6.5%,

4/01/32

.....................

United

States

700,000

719,900

Senior

Note,

144A,

6.5%,

6/15/33

.....................

United

States

275,000

284,233

d

XHR

LP

,

Senior

Note

,

144A,

6.625 %

,

5/15/30

..............

United

States

200,000

205,535

2,228,335

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 3.5%
b,d,f

Hour

Fitness

Worldwide,

Inc.

,

Senior

Note

,

144A,

%

,

6/01/22

United

States

1,800,000

—

d

Allwyn

Entertainment

Financing

UK

plc

,

Senior

Secured

Note

,

144A,

7.875 %

,

4/30/29

..............................

Czech

Republic

800,000

833,745

c,d

Carnival

Corp.

,

Senior

Note

,

144A,

5.75 %

,

8/01/32

..........

United

States

835,000

849,821

d

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

1/15/30

.................

United

States

1,300,000

1,223,664

c,d

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

Senior

Secured

Note

,

144A,

8.75 %

,

11/15/29

.........................

Canada

900,000

859,668

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

c,d

Mohegan

Tribal

Gaming

Authority

/

MS

Digital

Entertainment

Holdings

LLC

,

Senior

Secured

Note

,

144A,

8.25 %

,

4/15/30

..

United

States

650,000

$

672,162

d

NCL

Corp.

Ltd.

,

Senior

Note,

144A,

5.875%,

3/15/26

...................

United

States

46,000

46,224

c

Senior

Note,

144A,

6.75%,

2/01/32

....................

United

States

500,000

515,969

d

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note,

144A,

6.25%,

3/15/32

....................

United

States

300,000

309,811

Senior

Note,

144A,

6%,

2/01/33

......................

United

States

300,000

307,979

c,d

Station

Casinos

LLC

,

Senior

Note

,

144A,

4.5 %

,

2/15/28

......

United

States

400,000

394,514

c,d

Viking

Cruises

Ltd.

,

Senior

Note

,

144A,

%

,

2/15/29

.........

United

States

600,000

604,466

c,d

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125 %

,

2/15/31

.........................

United

States

800,000

861,634

7,479,657

#### Household

#### Durables

#### 2.3%
d

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

c

Senior

Note,

144A,

4.625%,

8/01/29

...................

United

States

1,200,000

1,151,366

Senior

Note,

144A,

6.875%,

8/01/33

...................

United

States

70,000

70,191

c,d

Dream

Finders

Homes,

Inc.

,

Senior

Note

,

144A,

8.25 %

,

8/15/28

United

States

500,000

519,603

c,d

LGI

Homes,

Inc.

,

Senior

Note

,

144A,

8.75 %

,

12/15/28

........

United

States

800,000

838,482

c

M/I

Homes,

Inc.

,

Senior

Note

,

3.95 %

,

2/15/30

..............

United

States

600,000

564,795

Newell

Brands,

Inc.

,

Senior

Note,

6.375%,

5/15/30

........................

United

States

75,000

74,155

Senior

Note,

6.625%,

5/15/32

........................

United

States

50,000

48,932

d

Senior

Note,

144A,

8.5%,

6/01/28

.....................

United

States

300,000

317,467

c,d

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875 %

,

9/15/28

..............................

United

States

1,300,000

1,270,158

4,855,149

#### Household

#### Products

#### 0.1%
d

Energizer

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375 %

,

3/31/29

..

United

States

200,000

191,670

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 1.3%
c,d

Calpine

Corp.

,

Senior

Note

,

144A,

4.625 %

,

2/01/29

..........

United

States

700,000

692,100

d

Clearway

Energy

Operating

LLC

,

c

Senior

Bond,

144A,

3.75%,

1/15/32

....................

United

States

400,000

360,339

Senior

Note,

144A,

4.75%,

3/15/28

....................

United

States

400,000

395,793

Senior

Note,

144A,

3.75%,

2/15/31

....................

United

States

300,000

276,130

d

Leeward

Renewable

Energy

Operations

LLC

,

Senior

Note

,

144A,

4.25 %

,

7/01/29

...................................

United

States

1,000,000

943,466

2,667,828

#### Insurance

#### 1.6%
d

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note,

144A,

8.5%,

6/15/29

.....................

United

States

400,000

420,894

Senior

Secured

Note,

144A,

7.5%,

11/06/30

.............

United

States

400,000

414,803

d

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note,

144A,

6.75%,

10/15/27

...................

United

States

800,000

802,419

c

Senior

Secured

Note,

144A,

7%,

1/15/31

................

United

States

500,000

517,531

Jones

Deslauriers

Insurance

Management,

Inc.

,

d

Senior

Note,

144A,

10.5%,

12/15/30

...................

Canada

1,200,000

1,275,149

3,430,796

#### Interactive

#### Media

#### &

#### Services

#### 0.0%

#### †
d

Snap,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/33

............

United

States

75,000

75,859

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### IT

#### Services

#### 1.2%
c,d

Cablevision

Lightpath

LLC

,

Senior

Secured

Note

,

144A,

3.875 %

,

9/15/27

.........................................

United

States

500,000

$

493,726

d

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

c

Senior

Note,

144A,

7%,

6/15/27

......................

United

States

700,000

697,453

Senior

Secured

Note,

144A,

6.5%,

7/01/32

..............

United

States

475,000

452,770

c,d

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5 %

,

6/01/31

.........................................

United

States

600,000

631,788

d

Gartner,

Inc.

,

Senior

Note

,

144A,

4.5 %

,

7/01/28

.............

United

States

200,000

197,765

2,473,502

#### Machinery

#### 1.7%
c,d

ATS

Corp.

,

Senior

Note

,

144A,

4.125 %

,

12/15/28

...........

Canada

1,300,000

1,244,596

c,d

Calderys

Financing

LLC

,

Senior

Secured

Note

,

144A,

11.25 %

,

6/01/28

.........................................

France

800,000

847,684

c,d

ESAB

Corp.

,

Senior

Note

,

144A,

6.25 %

,

4/15/29

............

United

States

600,000

617,678

c

Hillenbrand,

Inc.

,

Senior

Note

,

6.25 %

,

2/15/29

..............

United

States

600,000

613,677

d

Terex

Corp.

,

Senior

Note

,

144A,

6.25 %

,

10/15/32

...........

United

States

300,000

303,887

3,627,522

#### Media

#### 3.2%
d

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

....................

United

States

300,000

292,068

Senior

Note,

144A,

7.5%,

6/01/29

.....................

United

States

500,000

465,251

Senior

Secured

Note,

144A,

7.5%,

3/15/33

..............

United

States

700,000

712,966

d

CSC

Holdings

LLC

,

Senior

Bond,

144A,

3.375%,

2/15/31

...................

United

States

300,000

192,104

Senior

Note,

144A,

11.25%,

5/15/28

...................

United

States

700,000

700,225

Senior

Note,

144A,

11.75%,

1/31/29

...................

United

States

200,000

183,573

d

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875 %

,

8/15/27

..................

United

States

200,000

199,154

d

EW

Scripps

Co.

(The)

,

Senior

Secured

Note

,

144A,

9.875 %

,

8/15/30

.........................................

United

States

750,000

705,756

d

Gray

Media,

Inc.

,

Secured

Note,

144A,

9.625%,

7/15/32

..................

United

States

390,000

392,298

Senior

Bond,

144A,

5.375%,

11/15/31

..................

United

States

300,000

221,407

Senior

Secured

Note,

144A,

7.25%,

8/15/33

.............

United

States

355,000

349,989

c,d

McGraw-Hill

Education,

Inc.

,

Senior

Secured

Note

,

144A,

7.375 %

,

9/01/31

...................................

United

States

800,000

840,538

d

News

Corp.

,

Senior

Note

,

144A,

3.875 %

,

5/15/29

...........

United

States

200,000

193,255

d

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Bond,

144A,

4.625%,

3/15/30

...................

United

States

75,000

71,627

Senior

Note,

144A,

5%,

8/15/27

......................

United

States

100,000

99,259

c,d

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125 %

,

2/15/33

...................................

United

States

800,000

820,300

d

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

9.375 %

,

8/01/32

...................................

United

States

275,000

289,772

6,729,542

#### Metals

#### &

#### Mining

#### 1.7%
d

Cleveland-Cliffs,

Inc.

,

Senior

Note

,

144A,

%

,

3/15/32

........

United

States

340,000

338,435

c

Commercial

Metals

Co.

,

Senior

Bond

,

3.875 %

,

2/15/31

.......

United

States

700,000

652,647

d

Constellium

SE

,

c

Senior

Note,

144A,

3.75%

,

4/15/29

....................

United

States

600,000

569,238

Senior

Note,

144A,

6.375%,

8/15/32

...................

United

States

400,000

408,647

c,d

Fortescue

Treasury

Pty.

Ltd.

,

Senior

Bond

,

144A,

4.375 %

,

4/01/31

.........................................

Australia

500,000

475,758

d

Novelis

Corp.

,

Senior

Bond,

144A,

3.875%,

8/15/31

...................

United

States

100,000

90,753

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Metals

#### &

#### Mining
(continued)

d

Novelis

Corp.,

(continued)

Senior

Note,

144A,

6.875%,

1/30/30

...................

United

States

300,000

$

311,476

Senior

Note,

144A,

6.375%,

8/15/33

...................

United

States

680,000

687,495

3,534,449

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.7%
c,d

Apollo

Commercial

Real

Estate

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

6/15/29

.........................

United

States

1,500,000

1,443,293

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 7.2%
d

Antero

Resources

Corp.

,

Senior

Note,

144A,

7.625%,

2/01/29

...................

United

States

166,000

169,421

c

Senior

Note,

144A,

5.375%,

3/01/30

...................

United

States

700,000

705,588

d

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note,

144A,

8.125%,

1/15/27

...................

United

States

900,000

898,449

c

Senior

Secured

Note,

144A,

9.25%,

7/15/29

.............

United

States

800,000

820,000

d

Coronado

Finance

Pty.

Ltd.

,

Senior

Secured

Note

,

144A,

9.25 %

,

10/01/29

........................................

Australia

950,000

784,239

d

Crescent

Energy

Finance

LLC

,

Senior

Note,

144A,

7.375%,

1/15/33

...................

United

States

295,000

288,423

c

Senior

Note,

144A,

8.375%,

1/15/34

...................

United

States

800,000

812,400

d

DT

Midstream,

Inc.

,

Senior

Note

,

144A,

4.125 %

,

6/15/29

......

United

States

300,000

291,751

c,d

EQT

Corp.

,

Senior

Note

,

144A,

3.125 %

,

5/15/26

............

United

States

300,000

296,569

c,d

Expand

Energy

Corp.

,

Senior

Note

,

144A,

6.75 %

,

4/15/29

.....

United

States

500,000

506,738

c,d

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

6.5 %

,

6/01/29

United

States

500,000

517,305

d

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Bond,

144A,

7.25%,

2/15/35

....................

United

States

200,000

195,282

c

Senior

Note,

144A,

6%,

4/15/30

......................

United

States

300,000

297,084

c

Senior

Note,

144A,

8.375%,

11/01/33

..................

United

States

700,000

731,490

d

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875 %

,

6/15/30

......

United

States

400,000

403,676

d

Martin

Midstream

Partners

LP

/

Martin

Midstream

Finance

Corp.

,

Secured

Note

,

144A,

11.5 %

,

2/15/28

...................

United

States

1,700,000

1,799,535

b,d,f

Murray

Energy

Corp.

,

Secured

Note

,

144A,

%

,

4/15/24

.....

United

States

757,734

—

c,d

Northriver

Midstream

Finance

LP

,

Senior

Secured

Note

,

144A,

6.75 %

,

7/15/32

...................................

Canada

600,000

617,456

c,d

Sunoco

LP

,

Senior

Note

,

144A,

7.25 %

,

5/01/32

.............

United

States

500,000

529,252

Sunoco

LP

/

Sunoco

Finance

Corp.

,

Senior

Note,

6%,

4/15/27

...........................

United

States

500,000

500,715

Senior

Note,

4.5%,

5/15/29

..........................

United

States

200,000

195,074

c,d

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Bond,

144A,

4.125%,

8/15/31

............

United

States

300,000

281,864

Senior

Secured

Note,

144A,

3.875%,

8/15/29

............

United

States

300,000

287,795

d

Venture

Global

LNG,

Inc.

,

c

Senior

Secured

Note,

144A,

8.125%,

6/01/28

............

United

States

600,000

622,097

c

Senior

Secured

Note,

144A,

9.5%,

2/01/29

..............

United

States

500,000

550,019

c

Senior

Secured

Note,

144A,

8.375%,

6/01/31

............

United

States

500,000

524,901

Senior

Secured

Note,

144A,

9.875%,

2/01/32

............

United

States

400,000

435,802

d

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond,

144A,

7.75%,

5/01/35

.............

United

States

200,000

222,815

c

Senior

Secured

Bond,

144A,

6.75%,

1/15/36

.............

United

States

490,000

514,537

Senior

Secured

Note,

144A,

7.5%,

5/01/33

..............

United

States

200,000

219,499

Senior

Secured

Note,

144A,

6.5%,

1/15/34

..............

United

States

295,000

308,155

15,327,931

#### Paper

#### &

#### Forest

#### Products

#### 0.2%
d

Magnera

Corp.

,

Senior

Note

,

144A,

4.75 %

,

11/15/29

.........

United

States

400,000

353,553

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Passenger

#### Airlines

#### 0.7%
d

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5 %

,

4/20/26

....................

United

States

175,000

$

175,457

d

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75 %

,

10/20/28

..............................

United

States

700,000

704,132

d

OneSky

Flight

LLC

,

Senior

Note

,

144A,

8.875 %

,

12/15/29

.....

United

States

250,000

262,896

d

United

Airlines,

Inc.

,

Senior

Secured

Note,

144A,

4.375%,

4/15/26

............

United

States

100,000

99,735

c

Senior

Secured

Note,

144A,

4.625%,

4/15/29

............

United

States

300,000

295,420

1,537,640

#### Personal

#### Care

#### Products

#### 0.7%
c,d

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

,

Senior

Secured

Note

,

144A,

6.625 %

,

7/15/30

.........................................

United

States

600,000

614,255

c,d

Opal

Bidco

SAS

,

Senior

Secured

Note

,

144A,

6.5 %

,

3/31/32

...

France

950,000

967,336

1,581,591

#### Pharmaceuticals

#### 0.5%
d

Endo

Finance

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

4/15/31

.........................................

United

States

200,000

213,171

c

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note,

4.75%,

5/09/27

.........................

Israel

600,000

596,977

Senior

Note,

8.125%,

9/15/31

........................

Israel

300,000

341,209

1,151,357

#### Professional

#### Services

#### 0.2%
d

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

6/15/33

..

United

States

425,000

438,894

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.5%
c,d

Five

Point

Operating

Co.

LP

/

Five

Point

Capital

Corp.

,

Senior

Note

,

144A,

10.5 %

,

1/15/28

..........................

United

States

335,834

338,910

c,d

Forestar

Group,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

3/15/33

.......

United

States

700,000

714,069

1,052,979

#### Software

#### 1.0%
c,d

Camelot

Finance

SA

,

Senior

Secured

Note

,

144A,

4.5 %

,

11/01/26

United

States

86,000

85,041

d

Gen

Digital,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

4/01/33

.........

United

States

250,000

257,701

d

McAfee

Corp.

,

Senior

Note

,

144A,

7.375 %

,

2/15/30

..........

United

States

800,000

739,700

d

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

2/15/29

......

United

States

1,100,000

1,059,302

2,141,744

#### Specialized

#### REITs

#### 1.0%
c,d

Iron

Mountain,

Inc.

,

Senior

Bond,

144A,

5.625%,

7/15/32

...................

United

States

300,000

297,936

Senior

Note,

144A,

7%,

2/15/29

......................

United

States

700,000

721,493

d

Millrose

Properties,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/30

..

United

States

1,125,000

1,135,884

2,155,313

#### Specialty

#### Retail

#### 0.6%
c,d

Evergreen

Acqco

LP

/

TVI,

Inc.

,

Senior

Secured

Note

,

144A,

9.75 %

,

4/26/28

...................................

United

States

584,000

609,045

c,d

Gap,

Inc.

(The)

,

Senior

Note

,

144A,

3.625 %

,

10/01/29

........

United

States

700,000

657,108

1,266,153

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.3%
c,d

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note

,

144A,

5.875 %

,

7/15/30

...................................

United

States

550,000

557,975

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.8%
d,e

Beach

Acquisition

Bidco

LLC

,

Senior

Note

,

144A,

PIK,

%

,

7/15/33

.........................................

United

States

720,000

$

766,048

c,d

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

%

,

2/15/31

..........

United

States

700,000

744,883

d

Under

Armour,

Inc.

,

Senior

Note

,

144A,

7.25 %

,

7/15/30

.......

United

States

250,000

250,237

1,761,168

#### Trading

#### Companies

#### &

#### Distributors

#### 2.0%
c,d

EquipmentShare.com,

Inc.

,

Secured

Note,

144A,

9%,

5/15/28

.....................

United

States

800,000

848,277

Secured

Note,

144A,

8.625%,

5/15/32

..................

United

States

600,000

647,015

d

Herc

Holdings,

Inc.

,

c

Senior

Note,

144A,

6.625%,

6/15/29

...................

United

States

900,000

927,633

Senior

Note,

144A,

7%,

6/15/30

......................

United

States

150,000

156,213

Senior

Note,

144A,

7.25%,

6/15/33

....................

United

States

100,000

104,974

c,d

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/30/32

.........................................

United

States

700,000

724,714

d

WESCO

Distribution,

Inc.

,

Senior

Note,

144A,

6.375%,

3/15/29

...................

United

States

400,000

412,331

Senior

Note,

144A,

6.375%,

3/15/33

...................

United

States

450,000

467,028

4,288,185

#### Wireless

#### Telecommunication

#### Services

#### 1.3%
d,f

Altice

France

Holding

SA

,

Senior

Secured

Note

,

144A,

10.5 %

,

5/15/27

.........................................

Luxembourg

1,500,000

541,057

c,d

Connect

Finco

SARL

/

Connect

US

Finco

LLC

,

Senior

Secured

Note

,

144A,

%

,

9/15/29

............................

United

Kingdom

1,300,000

1,356,003

b,g

Digicel

Group

Holdings

Ltd.

,

29.112%

,

11/17/33

.............

Bermuda

26,671

844

c,d

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625 %

,

7/15/29

.........................................

United

Kingdom

901,000

959,826

2,857,730

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $163,276,393)
...................................

#### 160,286,297
h

#### Senior

#### Floating

#### Rate

#### Interests

#### 0.0%

#### †

#### IT

#### Services

#### 0.0%

#### †
e

Diamond

Sports

Net

LLC,

First

Lien,

Exit

Term

Loan,

PIK,

15%,

1/03/28

.........................................

United

States

39,486

34,674

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $39,284)
............................

#### 34,674
i

#### Marketplace

#### Loans

#### 1.0%
b

#### Financial

#### Services

#### 1.0%
a

a

a

a

a

a

#### Total

#### Marketplace

#### Loans

#### (Cost

#### $2,277,402)
...................................

#### 1,959,866

#### Asset-Backed

#### Securities

#### 0.0%

#### †

#### Financial

#### Services

#### 0.0%

#### †
d,j

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I

,

2019-52,

PT,

144A,

FRN,

16.268%,

1/15/45

..............

United

States

714

2020-2,

PT,

144A,

FRN,

16.26%,

3/15/45

................

United

States

515

2020-7,

PT,

144A,

FRN,

16.119%,

4/17/45

...............

United

States

793

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $1,086)
..................................

#### 793
Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Municipal

#### Bonds

#### 0.2%

#### Arizona

#### 0.2%
d

Maricopa

County

Industrial

Development

Authority

,

Grand

Canyon

University

Obligated

Group

,

Revenue

,

144A,

2024

,

7.375 %

,

10/01/29

........................................

United

States

430,000

$

451,641

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 432,318)
.......................................

#### 451,641

#### Shares
a

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%

#### †
a,b

Endo

GUC

Trust,

Escrow

Account

.......................

United

States

51,454

—

a,b

Endo,

Inc.,

Escrow

Account

............................

United

States

725,000

—

a

Expand

Energy

Corp.,

Escrow

Account

...................

United

States

1,500,000

5,700

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $19,546)

#### ............................

#### 5,700

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $201,501,283)

#### .............................

#### 262,270,395

#### a

#### Short

#### Term

#### Investments

#### 2.7%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 2.7%
k,l

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.25%

...

United

States

5,815,421

5,815,421

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $5,815,421)
.................................

#### 5,815,421

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $5,815,421

####)
...............................

#### 5,815,421

#### a

#### Total

#### Investments

#### (Cost

#### $207,316,704)

#### 126.1%

#### ................................

#### $268,085,816

#### m

#### Credit

#### Facility

#### (28.2)%

#### ......................................................

#### (60,000,000)

#### Other

#### Assets,

#### less

#### Liabilities

#### 2.1%

#### ...........................................

#### 4,513,872

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $212,599,688

#### a
See

Abbreviations

on

.

\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

c

A

portion

or

all

of

the

security

is

pledged

as

collateral

in

connection

with

the

Fund's

credit

facility.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2025,

the

aggregate

value

of

these

securities

was

$151,886,803,

representing

71.4%

of

net

assets.

e

Income

may

be

received

in

additional

securities

and/or

cash.

f

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

6. g

The

rate

shown

represents

the

yield

at

period

end.

h

See

Note

1(c)

regarding

senior

floating

rate

interests.

i

See

Note

1(d)

regarding

Marketplace

Lending.

See

full

breakdown

of

marketplace

loans

holdings

in

the

table

at

the

end

of

this

schedule.

j

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

k

See

Note

3(c)

regarding

investments

in

affiliated

management

investment

companies.

l

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

m

See

Note

regarding

credit

facility.

Franklin

Universal

Trust

Schedule

of

Investments,

August

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

August

31,

2025,

the

Fund

had

the

following

marketplace

loans

outstanding.

See

Note

1(d).

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans

#### -

#### 1.0%
Freedom

Financial

Asset

Management

LLC

APP-10111431.FP.FTS.B,

10.99%,

9/30/25

$

1,139

$

987

APP-10578403.FP.FTS.B,

15.99%,

10/30/25

1,265

1,271

APP-10561192.FP.FTS.B,

8.99%,

11/03/25

925

927

APP-11843242.FP.FTS.B,

12.24%,

12/15/25

1,833

1,842

APP-12378685.FP.FTS.B,

15.99%,

2/01/26

2,205

2,222

APP-10868780.FP.FTS.B,

14.49%,

2/27/26

5,679

5,814

APP-12281543.FP.FTS.B,

16.74%,

3/08/26

5,916

6,029

APP-12397373.FP.FTS.B,

15.99%,

3/15/26

2,346

2,371

APP-11799488.FP.FTS.B,

16.99%,

3/16/26

3,855

3,939

APP-12421465.FP.FTS.B,

17.99%,

3/23/26

872

873

APP-13511680.FP.FTS.B,

12.84%,

5/05/26

3,068

3,094

APP-13477482.FP.FTS.B,

10.34%,

5/18/26

8,080

8,158

APP-13527002.FP.FTS.B,

15.59%,

5/19/26

2,229

2,255

APP-14943761.FP.FTS.B,

15.99%,

6/01/26

5,273

5,335

a

APP-12270812.FP.FTS.B,

16.99%,

6/22/26

4,574

514

APP-15053141.FP.FTS.B,

18.99%,

7/15/26

5,522

5,707

APP-15054013.FP.FTS.B,

17.99%,

7/20/26

4,548

4,670

APP-15109634.FP.FTS.B,

19.49%,

7/21/26

2,838

2,916

APP-15073340.FP.FTS.B,

15.99%,

7/25/26

2,721

2,758

APP-14860724.FP.FTS.B,

20.99%,

7/26/26

5,618

5,886

APP-14956830.FP.FTS.B,

15.74%,

7/28/26

8,889

9,122

APP-10133595.FP.FTS.B,

11.99%,

8/11/26

5,001

5,052

APP-10145662.FP.FTS.B,

18.99%,

9/17/26

6,324

6,514

APP-13256383.FP.FTS.B,

7.99%,

9/18/26

.

11,032

11,168

APP-10460831.FP.FTS.B,

21.99%,

9/19/26

2,370

2,456

APP-10572421.FP.FTS.B,

10.49%,

9/20/26

771

771

APP-10845328.FP.FTS.B,

11.99%,

10/16/26

7,691

7,782

APP-10704368.FP.FTS.B,

14.99%,

10/16/26

5,802

5,896

APP-10745909.FP.FTS.B,

17.99%,

10/16/26

15,845

16,101

APP-10581131.FP.FTS.B,

22.49%,

10/22/26

3,206

3,338

APP-11119432.FP.FTS.B,

11.99%,

11/03/26

6,765

6,837

APP-11187454.FP.FTS.B,

22.49%,

11/10/26

975

974

a

APP-15107872.FP.FTS.B,

20.49%,

11/15/26

3,033

923

APP-10848002.FP.FTS.B,

17.99%,

11/19/26

7,944

8,173

APP-10671079.FP.FTS.B,

11.99%,

11/30/26

8,259

8,342

APP-11094577.FP.FTS.B,

19.49%,

12/08/26

4,350

4,522

APP-11021456.FP.FTS.B,

20.99%,

12/15/26

13,374

13,969

APP-11007668.FP.FTS.B,

19.99%,

12/19/26

6,564

6,821

APP-11111264.FP.FTS.B,

16.49%,

12/20/26

4,120

4,199

APP-11677084.FP.FTS.B,

15.49%,

12/26/26

15,262

15,488

APP-11799609.FP.FTS.B,

10.99%,

1/01/27

10,930

11,055

APP-11036570.FP.FTS.B,

22.99%,

1/20/27

1,920

1,922

APP-11844341.FP.FTS.B,

16.74%,

2/01/27

13,083

13,425

APP-11824892.FP.FTS.B,

16.99%,

2/03/27

6,337

6,436

APP-12397051.FP.FTS.B,

17.49%,

2/06/27

4,721

4,852

APP-11743079.FP.FTS.B,

16.24%,

2/07/27

16,164

9,668

APP-11838245.FP.FTS.B,

19.99%,

2/11/27

2,845

2,902

APP-11752200.FP.FTS.B,

21.49%,

2/23/27

3,488

3,516

APP-10128827.FP.FTS.B,

25.49%,

2/24/27

3,107

3,218

APP-11674918.FP.FTS.B,

20.49%,

2/25/27

10,442

10,890

APP-10848317.FP.FTS.B,

12.24%,

2/28/27

8,057

8,184

APP-12106158.FP.FTS.B,

11.24%,

3/07/27

6,281

6,359

APP-12407302.FP.FTS.B,

18.99%,

3/15/27

4,713

4,865

APP-12341500.FP.FTS.B,

20.49%,

3/20/27

7,060

7,390

APP-12396943.FP.FTS.B,

13.49%,

3/21/27

6,877

7,001

#### Description

#### Principal

#### Amount

#### Value
Freedom

Financial

Asset

Management

LLC

(continued)

APP-12270734.FP.FTS.B,

16.99%,

3/21/27

$

7,532

$

7,696

APP-13531026.FP.FTS.B,

11.59%,

3/28/27

9,899

10,077

APP-13513406.FP.FTS.B,

14.34%,

4/01/27

20,649

20,948

APP-11744634.FP.FTS.B,

19.99%,

4/01/27

8,678

8,996

a

APP-11872928.FP.FTS.B,

11.24%,

4/15/27

7,312

1,445

APP-11801830.FP.FTS.B,

16.49%,

4/30/27

9,144

9,311

APP-13478834.FP.FTS.B,

16.99%,

5/03/27

8,800

9,078

APP-13047632.FP.FTS.B,

11.49%,

5/05/27

3,723

3,761

APP-08710316.FP.FTS.B,

10.99%,

5/13/27

13,470

13,665

APP-13498730.FP.FTS.B,

11.34%,

5/15/27

8,095

8,219

APP-11845152.FP.FTS.B,

11.74%,

5/15/27

8,190

8,258

APP-13453359.FP.FTS.B,

18.24%,

5/15/27

12,123

9,499

APP-13227905.FP.FTS.B,

21.99%,

5/18/27

4,759

4,964

APP-13507352.FP.FTS.B,

20.49%,

5/19/27

4,185

4,331

APP-13485605.FP.FTS.B,

18.99%,

5/20/27

6,140

6,330

APP-12304720.FP.FTS.B,

18.74%,

7/06/27

14,300

14,511

APP-14906773.FP.FTS.B,

9.74%,

7/15/27

.

16,984

17,240

APP-15064429.FP.FTS.B,

14.49%,

7/15/27

12,237

12,446

APP-15057995.FP.FTS.B,

18.99%,

7/23/27

4,828

4,938

APP-15058449.FP.FTS.B,

11.99%,

7/25/27

5,361

5,454

APP-15078317.FP.FTS.B,

13.99%,

7/25/27

9,488

9,675

APP-13302186.FP.FTS.B,

20.49%,

7/25/27

7,598

7,955

APP-15053719.FP.FTS.B,

16.99%,

7/28/27

5,508

5,618

APP-15053776.FP.FTS.B,

17.49%,

7/30/27

5,902

6,090

APP-15048744.FP.FTS.B,

16.49%,

7/31/27

11,347

11,690

APP-15039962.FP.FTS.B,

12.49%,

8/28/27

24,800

25,196

APP-15070181.FP.FTS.B,

19.99%,

9/15/27

8,511

6,260

APP-14958373.FP.FTS.B,

12.24%,

9/16/27

9,121

9,303

APP-10224478.FP.FTS.B,

20.49%,

2/15/28

11,912

12,410

APP-15070551.FP.FTS.B,

24.74%,

4/27/28

10,934

11,527

594,590

LendingClub

Corp.

160809803. LC.FTS.B,

13.08%,

11/08/34

..

1,592

1,588

167747801. LC.FTS.B,

16.12%,

3/15/35

...

3,930

–

1,588

LendingClub

Corp.

-

LCX

PM

185030629. LC.FTS.B,

28.99%,

1/13/27

...

2,612

2,699

185203099. LC.FTS.B,

21.99%,

1/19/27

...

3,983

4,053

185257156. LC.FTS.B,

23.99%,

1/19/27

...

6,088

1,164

185208719. LC.FTS.B,

27.99%,

1/19/27

...

3,872

3,994

185284755. LC.FTS.B,

20.24%,

1/21/27

...

9,162

9,321

184608676. LC.FTS.B,

21.99%,

1/21/27

...

8,063

–

185280664. LC.FTS.B,

21.99%,

1/21/27

...

7,351

7,513

186073191. LC.FTS.B,

23.99%,

1/26/27

...

4,008

4,128

185465019. LC.FTS.B,

21.99%,

1/27/27

...

10,020

10,331

184862697. LC.FTS.B,

13.19%,

1/28/27

...

5,557

5,548

185102499. LC.FTS.B,

17.49%,

1/28/27

...

5,985

5,995

185625736. LC.FTS.B,

17.24%,

1/31/27

...

4,743

4,757

185553869. LC.FTS.B,

17.44%,

1/31/27

...

6,160

6,187

185801067. LC.FTS.B,

15.19%,

2/04/27

...

5,736

5,713

185785605. LC.FTS.B,

16.99%,

2/04/27

...

9,543

9,540

186105140. LC.FTS.B,

14.99%,

2/10/27

...

5,095

–

186037923. LC.FTS.B,

23.49%,

2/12/27

...

3,013

3,090

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

LendingClub

Corp.

-

LCX

PM

(continued)

185962334. LC.FTS.B,

16.49%,

2/14/27

...

$

16,237

$

–

186055580. LC.FTS.B,

19.49%,

2/14/27

...

11,396

–

186114907. LC.FTS.B,

24.99%,

2/14/27

...

2,512

–

185788975. LC.FTS.B,

20.44%,

2/15/27

...

16,612

16,782

185737435. LC.FTS.B,

19.74%,

2/16/27

...

8,294

–

188681928. LC.FTS.B,

22.99%,

4/25/27

...

4,645

–

188818650. LC.FTS.B,

20.99%,

4/26/27

...

2,900

2,955

188684882. LC.FTS.B,

23.99%,

4/26/27

...

2,963

3,007

188844587. LC.FTS.B,

20.99%,

4/27/27

...

4,531

4,619

188821742. LC.FTS.B,

23.99%,

4/27/27

...

9,395

9,727

188832786. LC.FTS.B,

27.99%,

4/27/27

...

2,465

2,565

188770586. LC.FTS.B,

21.49%,

4/28/27

...

8,208

8,317

188825826. LC.FTS.B,

23.49%,

4/28/27

...

4,675

4,833

188877761. LC.FTS.B,

25.99%,

4/28/27

...

3,438

3,566

188729615. LC.FTS.B,

28.99%,

4/28/27

...

12,473

12,935

188806927. LC.FTS.B,

23.99%,

4/30/27

...

7,436

7,586

188652977. LC.FTS.B,

23.99%,

5/24/27

...

1,732

1,770

185215933. LC.FTS.B,

28.99%,

6/25/27

...

11,634

–

185440062. LC.FTS.B,

17.49%,

9/25/27

...

11,730

11,620

186004411. LC.FTS.B,

21.99%,

11/28/27

..

8,605

1,694

185051135. LC.FTS.B,

15%,

12/28/27

....

14,097

11,633

a

188698368. LC.FTS.B,

20.99%,

4/27/28

...

15,061

1,975

184905245. LC.FTS.B,

15.99%,

1/19/35

...

5,143

–

185806351. LC.FTS.B,

18.99%,

2/07/35

...

3,381

–

189,617

Prosper

Funding

LLC

1606127. PS.FTS.B,

15.2%,

8/17/26

.....

2,428

2,447

1608617. PS.FTS.B,

13.7%,

8/20/26

.....

1,549

1,548

1609277. PS.FTS.B,

15.7%,

8/23/26

.....

3,761

3,796

1621428. PS.FTS.B,

20%,

8/26/26

.......

2,866

2,927

1611746. PS.FTS.B,

14.29%,

8/27/26

....

2,527

2,529

1610327. PS.FTS.B,

27.6%,

9/17/26

.....

2,880

3,005

1635897. PS.FTS.B,

12%,

9/23/26

.......

5,937

5,943

1627036. PS.FTS.B,

16.33%,

9/25/26

....

3,946

3,974

1637445. PS.FTS.B,

13.3%,

9/27/26

.....

2,975

2,976

1634247. PS.FTS.B,

16.7%,

10/05/26

....

7,518

7,568

1626046. PS.FTS.B,

15.18%,

10/16/26

...

3,076

3,069

1635735. PS.FTS.B,

14.68%,

10/22/26

...

4,621

4,616

1644875. PS.FTS.B,

11.6%,

10/26/26

....

2,157

2,156

1648324. PS.FTS.B,

12.2%,

10/26/26

....

5,809

5,807

1645337. PS.FTS.B,

18.48%,

10/27/26

...

6,849

7,003

1646123. PS.FTS.B,

13.32%,

10/28/26

...

2,364

2,417

1661010. PS.FTS.B,

12.5%,

11/05/26

....

8,081

8,048

1651868. PS.FTS.B,

9.45%,

11/08/26

....

3,859

3,841

1658185. PS.FTS.B,

10.5%,

11/08/26

....

2,707

2,698

1653323. PS.FTS.B,

16%,

11/09/26

......

3,941

3,956

1666362. PS.FTS.B,

19%,

11/09/26

......

2,406

2,445

1666911. PS.FTS.B,

10.62%,

11/10/26

....

3,919

3,908

1660066. PS.FTS.B,

12.6%,

11/10/26

....

10,896

10,864

1666890. PS.FTS.B,

17%,

11/10/26

......

5,433

5,515

1666359. PS.FTS.B,

21%,

11/15/26

......

2,180

2,255

1651871. PS.FTS.B,

20.66%,

11/20/26

....

1,989

2,016

1651913. PS.FTS.B,

25.67%,

11/22/26

....

2,814

2,907

1672316. PS.FTS.B,

10.44%,

12/14/26

...

4,153

4,135

1685634. PS.FTS.B,

12.5%,

12/14/26

....

2,946

697

1672730. PS.FTS.B,

13.8%,

12/14/26

....

11,827

11,839

#### Description

#### Principal

#### Amount

#### Value
Prosper

Funding

LLC

(continued)

1678372. PS.FTS.B,

22.8%,

12/14/26

....

$

4,247

$

4,408

1687344. PS.FTS.B,

19%,

12/17/26

......

1,793

1,829

1685997. PS.FTS.B,

12.87%,

12/18/26

...

3,002

2,989

1678354. PS.FTS.B,

11.07%,

12/20/26

....

4,863

4,842

1675010. PS.FTS.B,

12.5%,

12/20/26

....

3,362

3,354

1685637. PS.FTS.B,

11.7%,

12/28/26

....

10,503

10,567

1672718. PS.FTS.B,

14.38%,

1/07/27

....

2,963

2,946

1700808. PS.FTS.B,

11.4%,

1/12/27

.....

3,428

3,414

1701108. PS.FTS.B,

15.7%,

1/12/27

.....

12,804

12,824

1694491. PS.FTS.B,

12.62%,

1/13/27

....

5,239

5,218

1701537. PS.FTS.B,

19.3%,

1/13/27

.....

5,654

5,751

a

1689173. PS.FTS.B,

11.2%,

1/14/27

.....

8,871

–

1695787. PS.FTS.B,

11.7%,

1/14/27

.....

8,610

8,577

1694719. PS.FTS.B,

16.93%,

1/17/27

....

6,725

6,718

1694725. PS.FTS.B,

18.4%,

1/19/27

.....

5,663

5,771

1702455. PS.FTS.B,

15.18%,

1/20/27

....

5,908

5,875

1689251. PS.FTS.B,

19%,

1/21/27

.......

1,551

1,576

1707746. PS.FTS.B,

9.45%,

2/14/27

.....

2,516

2,505

1720917. PS.FTS.B,

13.7%,

2/15/27

.....

4,670

4,678

1714648. PS.FTS.B,

16.7%,

2/15/27

.....

2,925

2,928

1721346. PS.FTS.B,

16.7%,

2/15/27

.....

7,800

7,954

1714642. PS.FTS.B,

18.7%,

2/15/27

.....

4,005

4,083

1714627. PS.FTS.B,

11.4%,

2/17/27

.....

7,611

7,567

a

1703169. PS.FTS.B,

25.6%,

2/25/27

.....

9,121

1,386

1752624. PS.FTS.B,

17.23%,

4/05/27

....

8,646

8,577

1753011. PS.FTS.B,

12%,

4/06/27

.......

6,028

5,965

1754293. PS.FTS.B,

13.4%,

4/12/27

.....

1747163. PS.FTS.B,

16.2%,

4/12/27

.....

10,657

10,600

1744328. PS.FTS.B,

14.89%,

4/15/27

....

8,454

8,396

1752654. PS.FTS.B,

12.76%,

4/30/27

....

6,510

6,432

a

1750735. PS.FTS.B,

16%,

5/15/27

.......

3,319

1650328. PS.FTS.B,

11.2%,

7/29/27

.....

4,608

4,519

1705005. PS.FTS.B,

15%,

1/15/28

.......

14,847

14,601

a

1743776. PS.FTS.B,

20.4%,

4/06/35

.....

12,743

–

1752241. PS.FTS.B,

14.7%,

5/10/35

.....

11,875

11,722

a

1701129. PS.FTS.B,

16.4%,

7/17/35

.....

787

316,348

Upgrade,

Inc.

-

Card

992301470. UG.FTS.B,

28.98%,

12/02/25

.

992238906. UG.FTS.B,

22.97%,

4/03/28

..

2,660

1,705

992460328. UG.FTS.B,

29.49%,

8/01/30

..

1,777

Upstart

Network,

Inc.

FW1729657.UP.FTS.B,

9.44%,

9/17/26

...

1,822

1,324

L1729743.UP.FTS.B,

11.64%,

9/17/26

....

13,396

13,153

L1730112.UP.FTS.B,

15.91%,

9/17/26

....

863

853

FW1730043.UP.FTS.B,

21.14%,

9/17/26

..

1,469

1,446

L1730290.UP.FTS.B,

23.01%,

9/17/26

....

2,444

2,406

L1729627.UP.FTS.B,

24.42%,

9/17/26

....

3,279

3,230

FW1730150.UP.FTS.B,

30.64%,

9/17/26

..

FW1729390.UP.FTS.B,

32.18%,

9/17/26

..

914

690

FW1728926.UP.FTS.B,

32.35%,

9/17/26

..

902

889

FW1902353.UP.FTS.B,

5.71%,

10/22/26

..

3,633

3,529

FW1901571.UP.FTS.B,

16.95%,

10/22/26

.

3,920

3,881

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

L1901212.UP.FTS.B,

19.55%,

10/22/26

...

$

1,984

$

1,955

L1902855.UP.FTS.B,

19.55%,

10/22/26

...

979

965

L1901067.UP.FTS.B,

23.17%,

10/22/26

...

5,480

4,035

L1902683.UP.FTS.B,

25.19%,

10/22/26

...

4,249

4,196

L1901951.UP.FTS.B,

25.24%,

10/22/26

...

851

840

FW1902836.UP.FTS.B,

25.41%,

10/22/26

.

16,427

16,214

a

L1902657.UP.FTS.B,

25.42%,

10/22/26

...

824

FW1902401.UP.FTS.B,

25.71%,

10/22/26

.

1,678

1,657

FW1902199.UP.FTS.B,

26.04%,

10/22/26

.

1,507

1,488

FW1901303.UP.FTS.B,

31.21%,

10/22/26

.

1,461

1,444

FW1900628.UP.FTS.B,

31.23%,

10/22/26

.

FW1902681.UP.FTS.B,

31.63%,

10/22/26

.

2,918

2,886

FW1902299.UP.FTS.B,

31.27%,

10/27/26

.

2,955

2,923

FW1901195.UP.FTS.B,

18.66%,

10/28/26

.

743

732

L1902840.UP.FTS.B,

22.56%,

11/06/26

...

4,760

4,695

L2032896.UP.FTS.B,

9.9%,

11/12/26

.....

2,081

2,032

L2032147.UP.FTS.B,

11.65%,

11/12/26

...

2,451

2,403

L2032600.UP.FTS.B,

12.19%,

11/12/26

...

2,232

2,189

L2032561.UP.FTS.B,

12.57%,

11/12/26

...

4,664

4,574

FW2032727.UP.FTS.B,

12.91%,

11/12/26

.

1,094

1,073

L2032226.UP.FTS.B,

14.31%,

11/12/26

...

7,654

7,510

L2031580.UP.FTS.B,

14.88%,

11/12/26

...

L2032373.UP.FTS.B,

14.92%,

11/12/26

...

3,491

1,931

FW2032722.UP.FTS.B,

14.98%,

11/12/26

.

1,259

1,240

FW2031845.UP.FTS.B,

15.93%,

11/12/26

.

5,531

3,084

L2033008.UP.FTS.B,

17.14%,

11/12/26

...

2,138

2,112

L2031479.UP.FTS.B,

17.32%,

11/12/26

...

5,276

5,211

L2030768.UP.FTS.B,

17.71%,

11/12/26

...

1,683

1,663

L2032284.UP.FTS.B,

17.94%,

11/12/26

...

1,700

1,670

L2032006.UP.FTS.B,

17.99%,

11/12/26

...

1,595

1,569

L2032849.UP.FTS.B,

19.14%,

11/12/26

...

4,127

4,078

L2030806.UP.FTS.B,

19.55%,

11/12/26

...

1,385

1,361

FW2032947.UP.FTS.B,

19.59%,

11/12/26

.

8,738

8,579

L2032060.UP.FTS.B,

20.25%,

11/12/26

...

2,098

2,063

L2032456.UP.FTS.B,

20.93%,

11/12/26

...

526

517

L2032183.UP.FTS.B,

24.12%,

11/12/26

...

3,694

3,629

FW2031174.UP.FTS.B,

25.25%,

11/12/26

.

3,555

3,495

FW2032753.UP.FTS.B,

27.55%,

11/12/26

.

536

527

FW2032946.UP.FTS.B,

27.87%,

11/12/26

.

9,673

9,516

FW2032799.UP.FTS.B,

29.91%,

11/12/26

.

957

941

FW2031644.UP.FTS.B,

30.67%,

11/12/26

.

725

714

FW2032325.UP.FTS.B,

31.07%,

11/12/26

.

FW2031715.UP.FTS.B,

31.33%,

11/12/26

.

1,948

1,918

L2031623.UP.FTS.B,

9.89%,

11/16/26

....

10,237

9,996

a

L2102006.UP.FTS.B,

8.84%,

11/23/26

....

17,550

1,467

L2102059.UP.FTS.B,

12.22%,

11/23/26

...

7,004

6,871

L2101522.UP.FTS.B,

12.34%,

11/23/26

...

10,377

10,191

L2103822.UP.FTS.B,

12.78%,

11/23/26

...

1,561

1,533

L2102939.UP.FTS.B,

13.35%,

11/23/26

...

1,102

1,082

L2076017.UP.FTS.B,

13.49%,

11/23/26

...

1,034

1,017

L2068146.UP.FTS.B,

16.06%,

11/23/26

...

1,277

1,265

L2102751.UP.FTS.B,

16.5%,

11/23/26

....

1,322

1,310

L2050778.UP.FTS.B,

18.01%,

11/23/26

...

3,044

3,016

L2102051.UP.FTS.B,

19.71%,

11/23/26

...

1,952

1,925

FW2102941.UP.FTS.B,

20.37%,

11/23/26

.

7,002

6,906

L2102313.UP.FTS.B,

20.5%,

11/23/26

....

512

505

L2102400.UP.FTS.B,

22.64%,

11/23/26

...

2,103

2,076

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

L2101750.UP.FTS.B,

24.17%,

11/23/26

...

$

2,796

$

2,756

FW2102727.UP.FTS.B,

24.84%,

11/23/26

.

1,493

1,475

L2103842.UP.FTS.B,

25.11%,

11/23/26

...

1,498

1,479

L2101880.UP.FTS.B,

25.39%,

11/23/26

...

1,232

L2102028.UP.FTS.B,

25.89%,

11/23/26

...

2,269

2,242

FW2101678.UP.FTS.B,

26.5%,

11/23/26

..

1,446

1,427

FW2103284.UP.FTS.B,

27.1%,

11/23/26

..

1,443

1,426

FW2103786.UP.FTS.B,

31.2%,

11/23/26

..

547

FW2031117.UP.FTS.B,

18.34%,

11/27/26

.

3,390

3,332

L2250662.UP.FTS.B,

8.88%,

12/14/26

....

3,424

3,340

L2249279.UP.FTS.B,

9.09%,

12/14/26

....

1,567

1,528

L2251398.UP.FTS.B,

9.28%,

12/14/26

....

2,506

2,445

FW2251249.UP.FTS.B,

10.34%,

12/14/26

.

6,057

5,932

a

L2248805.UP.FTS.B,

10.51%,

12/14/26

...

3,745

600

L2249903.UP.FTS.B,

11.03%,

12/14/26

...

966

947

L2250070.UP.FTS.B,

12.15%,

12/14/26

...

1,947

1,911

L2247235.UP.FTS.B,

13.18%,

12/14/26

...

1,333

1,307

L2249248.UP.FTS.B,

16.43%,

12/14/26

...

4,121

4,070

L2249629.UP.FTS.B,

17.8%,

12/14/26

....

2,211

2,170

L2249412.UP.FTS.B,

19.96%,

12/14/26

...

729

721

L2248975.UP.FTS.B,

19.98%,

12/14/26

...

2,743

2,711

L2250558.UP.FTS.B,

20.67%,

12/14/26

...

3,029

2,971

L2251409.UP.FTS.B,

20.71%,

12/14/26

...

4,479

4,402

L2251393.UP.FTS.B,

20.81%,

12/14/26

...

1,790

1,757

L2249780.UP.FTS.B,

21.14%,

12/14/26

...

3,002

2,947

L2250707.UP.FTS.B,

21.52%,

12/14/26

...

2,209

2,184

L2249149.UP.FTS.B,

21.87%,

12/14/26

...

3,791

3,728

FW2248314.UP.FTS.B,

21.92%,

12/14/26

.

1,328

1,304

L2249898.UP.FTS.B,

22.33%,

12/14/26

...

8,277

8,185

L2251333.UP.FTS.B,

22.77%,

12/14/26

...

6,229

4,521

L2250010.UP.FTS.B,

23.56%,

12/14/26

...

1,941

1,907

a

FW2248932.UP.FTS.B,

23.62%,

12/14/26

.

944

L2249765.UP.FTS.B,

23.67%,

12/14/26

...

1,555

1,528

L2250334.UP.FTS.B,

24.44%,

12/14/26

...

3,416

3,360

L2250314.UP.FTS.B,

24.91%,

12/14/26

...

1,394

1,370

L2249782.UP.FTS.B,

24.98%,

12/14/26

...

1,661

1,632

L2248144.UP.FTS.B,

25.08%,

12/14/26

...

1,839

1,806

L2249856.UP.FTS.B,

25.32%,

12/14/26

...

L2249823.UP.FTS.B,

25.41%,

12/14/26

...

1,496

1,479

L2250992.UP.FTS.B,

25.92%,

12/14/26

...

4,230

3,027

FW2248550.UP.FTS.B,

26.2%,

12/14/26

..

L2249257.UP.FTS.B,

26.38%,

12/14/26

...

3,703

3,640

FW2249976.UP.FTS.B,

28.77%,

12/14/26

.

546

537

FW2249951.UP.FTS.B,

30.44%,

12/14/26

.

827

814

FW2249983.UP.FTS.B,

30.63%,

12/14/26

.

825

812

FW2249049.UP.FTS.B,

30.95%,

12/14/26

.

2,750

2,707

FW2249041.UP.FTS.B,

31.12%,

12/14/26

.

FW2250974.UP.FTS.B,

31.12%,

12/14/26

.

1,462

1,055

FW2251410.UP.FTS.B,

31.25%,

12/14/26

.

2,336

654

L2141755.UP.FTS.B,

8.51%,

12/15/26

....

14,640

14,294

L2252339.UP.FTS.B,

8.65%,

12/15/26

....

8,202

5,535

L2252737.UP.FTS.B,

8.71%,

12/15/26

....

6,518

6,360

L2252298.UP.FTS.B,

8.83%,

12/15/26

....

L2252476.UP.FTS.B,

9.18%,

12/15/26

....

3,129

3,053

FW2253701.UP.FTS.B,

10.99%,

12/15/26

.

4,135

4,053

L2253738.UP.FTS.B,

11.28%,

12/15/26

...

9,708

9,516

L2247794.UP.FTS.B,

12.65%,

12/15/26

...

1,488

1,459

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

L2252976.UP.FTS.B,

16.75%,

12/15/26

...

$

2,196

$

2,170

L2253164.UP.FTS.B,

17.76%,

12/15/26

...

745

734

FW2251546.UP.FTS.B,

19.76%,

12/15/26

.

5,529

5,436

L2252318.UP.FTS.B,

20.43%,

12/15/26

...

1,114

1,096

L2251727.UP.FTS.B,

20.77%,

12/15/26

...

938

922

L2252135.UP.FTS.B,

22.59%,

12/15/26

...

1,149

1,130

L2250541.UP.FTS.B,

24.85%,

12/15/26

...

1,174

1,155

L2252209.UP.FTS.B,

25.21%,

12/15/26

...

L2252447.UP.FTS.B,

25.4%,

12/15/26

....

FW2253392.UP.FTS.B,

25.5%,

12/15/26

..

2,934

2,886

FW2248936.UP.FTS.B,

26.48%,

12/15/26

.

2,287

2,251

FW2252023.UP.FTS.B,

28.67%,

12/15/26

.

1,908

1,879

FW2253234.UP.FTS.B,

28.94%,

12/15/26

.

4,405

4,338

FW2252233.UP.FTS.B,

30.05%,

12/15/26

.

1,056

1,041

FW2252687.UP.FTS.B,

30.62%,

12/15/26

.

6,902

2,034

FW2253542.UP.FTS.B,

31.19%,

12/15/26

.

814

802

L2251912.UP.FTS.B,

13.91%,

12/19/26

...

1,182

1,159

L2252296.UP.FTS.B,

8.02%,

12/26/26

....

4,606

4,494

L2251043.UP.FTS.B,

12.11%,

12/28/26

...

10,540

10,331

L2499407.UP.FTS.B,

5.37%,

1/24/27

....

15,545

15,049

L2499766.UP.FTS.B,

6.26%,

1/24/27

....

1,843

1,786

L2500086.UP.FTS.B,

7.95%,

1/24/27

....

3,257

3,186

L2497458.UP.FTS.B,

8.44%,

1/24/27

....

11,337

11,058

L2497353.UP.FTS.B,

9.69%,

1/24/27

....

3,981

3,888

L2500305.UP.FTS.B,

11.35%,

1/24/27

....

FW2499235.UP.FTS.B,

11.45%,

1/24/27

..

2,219

2,176

L2497797.UP.FTS.B,

12.7%,

1/24/27

....

2,447

2,400

L2498730.UP.FTS.B,

14.35%,

1/24/27

....

2,159

2,118

L2500513.UP.FTS.B,

14.9%,

1/24/27

....

7,225

7,091

L2494019.UP.FTS.B,

16.44%,

1/24/27

....

2,216

2,194

L2497377.UP.FTS.B,

16.51%,

1/24/27

....

2,034

2,014

L2500130.UP.FTS.B,

18.16%,

1/24/27

....

2,650

2,612

L2500098.UP.FTS.B,

18.6%,

1/24/27

....

2,858

2,831

L2497754.UP.FTS.B,

19.19%,

1/24/27

....

1,191

1,174

a

L2498546.UP.FTS.B,

19.91%,

1/24/27

....

3,247

L2497528.UP.FTS.B,

19.93%,

1/24/27

....

1,941

1,913

L2499090.UP.FTS.B,

20.13%,

1/24/27

....

2,335

2,302

FW2499205.UP.FTS.B,

20.72%,

1/24/27

..

2,508

2,467

L2499153.UP.FTS.B,

21.13%,

1/24/27

....

L2497527.UP.FTS.B,

21.34%,

1/24/27

....

1,978

1,950

FW2494038.UP.FTS.B,

22.37%,

1/24/27

..

1,605

1,583

FW2497553.UP.FTS.B,

23.05%,

1/24/27

..

6,904

6,808

L2500427.UP.FTS.B,

23.85%,

1/24/27

....

4,179

4,144

L2500298.UP.FTS.B,

25.15%,

1/24/27

....

666

657

L2500230.UP.FTS.B,

25.4%,

1/24/27

....

2,171

2,143

L2500426.UP.FTS.B,

25.41%,

1/24/27

....

543

536

L2497705.UP.FTS.B,

25.44%,

1/24/27

....

1,750

1,724

L2500467.UP.FTS.B,

25.44%,

1/24/27

....

807

a

L2500357.UP.FTS.B,

26.3%,

1/24/27

....

5,013

FW2498744.UP.FTS.B,

26.78%,

1/24/27

..

4,249

4,196

FW2499403.UP.FTS.B,

30.76%,

1/24/27

..

1,248

1,234

FW2502639.UP.FTS.B,

4.89%,

1/25/27

...

4,146

4,014

L2443263.UP.FTS.B,

6.66%,

1/25/27

....

2,699

2,614

L2501608.UP.FTS.B,

7.8%,

1/25/27

.....

6,464

6,262

L2501547.UP.FTS.B,

8.21%,

1/25/27

....

2,066

2,014

L2502319.UP.FTS.B,

8.49%,

1/25/27

....

13,889

13,536

L2502134.UP.FTS.B,

9.38%,

1/25/27

....

10,437

10,183

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

FW2498378.UP.FTS.B,

11.81%,

1/25/27

..

$

10,341

$

10,143

L2501198.UP.FTS.B,

12.05%,

1/25/27

....

4,327

4,244

FW2502179.UP.FTS.B,

12.78%,

1/25/27

..

700

687

L2501977.UP.FTS.B,

12.89%,

1/25/27

....

13,786

13,526

L2502247.UP.FTS.B,

13.43%,

1/25/27

....

1,413

1,387

L2503471.UP.FTS.B,

13.93%,

1/25/27

....

1,786

1,752

L2500808.UP.FTS.B,

14.3%,

1/25/27

....

2,649

2,600

L2501876.UP.FTS.B,

14.91%,

1/25/27

....

1,446

1,419

L2499095.UP.FTS.B,

16.97%,

1/25/27

....

1,117

1,106

L2501997.UP.FTS.B,

17.77%,

1/25/27

....

1,883

1,866

FW2501148.UP.FTS.B,

17.78%,

1/25/27

..

752

745

FW2501125.UP.FTS.B,

17.82%,

1/25/27

..

565

557

L2502439.UP.FTS.B,

18.98%,

1/25/27

....

2,722

2,681

L2500727.UP.FTS.B,

19.88%,

1/25/27

....

3,190

3,144

FW2501295.UP.FTS.B,

20.14%,

1/25/27

..

FW2500961.UP.FTS.B,

20.28%,

1/25/27

..

2,147

2,117

FW2501561.UP.FTS.B,

21.33%,

1/25/27

..

2,078

2,049

L2503424.UP.FTS.B,

21.51%,

1/25/27

....

3,886

3,833

L2502058.UP.FTS.B,

21.83%,

1/25/27

....

4,007

3,950

FW2503468.UP.FTS.B,

24.6%,

1/25/27

...

1,388

1,371

FW2503375.UP.FTS.B,

24.71%,

1/25/27

..

1,286

1,269

FW2503209.UP.FTS.B,

25.12%,

1/25/27

..

2,842

2,806

L2500860.UP.FTS.B,

25.49%,

1/25/27

....

561

554

FW2501330.UP.FTS.B,

26.47%,

1/25/27

..

2,338

2,308

FW2502187.UP.FTS.B,

26.63%,

1/25/27

..

2,119

2,094

FW2501053.UP.FTS.B,

27.35%,

1/25/27

..

FW2502652.UP.FTS.B,

27.68%,

1/25/27

..

2,105

2,081

FW2503169.UP.FTS.B,

27.77%,

1/25/27

..

FW2500797.UP.FTS.B,

28.58%,

1/25/27

..

830

820

FW2502849.UP.FTS.B,

29.19%,

1/25/27

..

FW2501430.UP.FTS.B,

31.03%,

1/25/27

..

932

FW2500654.UP.FTS.B,

31.21%,

1/25/27

..

FW2502276.UP.FTS.B,

33.54%,

1/25/27

..

2,424

2,396

L2500341.UP.FTS.B,

18.83%,

1/28/27

....

959

945

FW2499482.UP.FTS.B,

28.65%,

1/28/27

..

7,165

7,080

FW2498422.UP.FTS.B,

31.2%,

2/01/27

...

FW1729970.UP.FTS.B,

18.27%,

2/17/27

..

12,272

12,058

a

L1729858.UP.FTS.B,

25.05%,

2/17/27

....

13,373

1,197

FW1729684.UP.FTS.B,

29.1%,

2/17/27

...

1,457

1,437

FW1729641.UP.FTS.B,

30.22%,

2/17/27

..

1,703

1,680

L2031108.UP.FTS.B,

11.34%,

4/12/27

....

20,178

5,030

a

L2032268.UP.FTS.B,

15.84%,

4/12/27

....

9,223

673

L2032266.UP.FTS.B,

21.24%,

4/12/27

....

2,586

2,536

L2032337.UP.FTS.B,

26.62%,

4/12/27

....

4,426

4,347

FW2003411.UP.FTS.B,

27.5%,

4/12/27

...

3,841

3,771

L2972334.UP.FTS.B,

6.17%,

4/19/27

....

18,406

17,842

L2971286.UP.FTS.B,

7.38%,

4/19/27

....

9,377

9,093

FW2972190.UP.FTS.B,

7.92%,

4/19/27

...

18,722

11,837

L2971527.UP.FTS.B,

13.17%,

4/19/27

....

4,288

4,209

L2967243.UP.FTS.B,

14.24%,

4/19/27

....

7,049

6,921

L2971759.UP.FTS.B,

16.29%,

4/19/27

....

3,216

3,190

L2971657.UP.FTS.B,

16.32%,

4/19/27

....

912

904

L2971776.UP.FTS.B,

19.69%,

4/19/27

....

2,947

2,923

L2972008.UP.FTS.B,

20.74%,

4/19/27

....

2,480

2,444

a

FW2971643.UP.FTS.B,

24.95%,

4/19/27

..

12,052

868

L2971841.UP.FTS.B,

25.2%,

4/19/27

....

Franklin

Universal

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

a

L2030886.UP.FTS.B,

25.5%,

4/19/27

....

$

13,859

$

2,087

FW2972220.UP.FTS.B,

26.42%,

4/19/27

..

1,891

1,867

L2971662.UP.FTS.B,

26.49%,

4/19/27

....

a

FW2972102.UP.FTS.B,

26.72%,

4/19/27

..

1,927

FW2972305.UP.FTS.B,

27.33%,

4/19/27

..

2,940

2,904

a

L2100737.UP.FTS.B,

22.28%,

4/23/27

....

12,426

907

FW2102410.UP.FTS.B,

22.44%,

5/07/27

..

2,314

2,276

L2250820.UP.FTS.B,

13.59%,

5/14/27

....

1,129

1,106

L2247268.UP.FTS.B,

14.22%,

5/14/27

....

22,268

21,952

L2250559.UP.FTS.B,

14.84%,

5/14/27

....

3,027

2,956

FW2249414.UP.FTS.B,

19.5%,

5/14/27

...

3,356

3,292

L2251037.UP.FTS.B,

19.7%,

5/14/27

....

879

868

FW2248500.UP.FTS.B,

23.6%,

5/14/27

...

1,451

1,423

L2252566.UP.FTS.B,

19.55%,

5/15/27

....

2,674

1,720

L2252234.UP.FTS.B,

21.66%,

5/15/27

....

2,318

578

a

FW2252591.UP.FTS.B,

31.67%,

5/15/27

..

5,227

824

a

L2250389.UP.FTS.B,

13.11%,

5/28/27

....

11,173

811

L2497350.UP.FTS.B,

13.11%,

6/24/27

....

4,594

4,482

FW2497520.UP.FTS.B,

17.89%,

6/24/27

..

3,178

3,140

L2500224.UP.FTS.B,

25.04%,

6/24/27

....

3,117

3,069

L2501796.UP.FTS.B,

9.36%,

6/25/27

....

6,119

5,953

a

FW2502647.UP.FTS.B,

31.05%,

6/25/27

..

5,856

943

FW1729187.UP.FTS.B,

30.3%,

7/17/27

...

3,331

3,283

FW2972075.UP.FTS.B,

9.42%,

9/19/27

...

17,303

16,894

L2971880.UP.FTS.B,

24%,

9/19/27

......

22,369

22,224

FW2101751.UP.FTS.B,

16.63%,

9/23/27

..

8,641

8,540

FW2249158.UP.FTS.B,

11.8%,

10/28/27

..

6,214

6,066

FW2497574.UP.FTS.B,

12.62%,

11/24/27

.

13,939

13,630

a

FW2500185.UP.FTS.B,

30.96%,

11/24/27

.

6,139

L2498668.UP.FTS.B,

13.66%,

11/25/27

...

20,049

19,571

a

L2499062.UP.FTS.B,

17.84%,

12/08/27

...

916

a

FW2971973.UP.FTS.B,

20.05%,

9/19/35

..

1,009

855,946

#### Total

#### Marketplace

#### Loans

#### (Cost

#### $2,277,402

####)
.......................

#### $1,959,866
a

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

6. Franklin

Universal

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

August

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### Universal

#### Trust
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$201,501,283

Cost

-

Non-controlled

affiliates

(Note

c)

........................................................

5,815,421

Value

-

Unaffiliated

issuers

..................................................................

$262,270,395

Value

-

Non-controlled

affiliates

(Note

c)

.......................................................

5,815,421

Cash

....................................................................................

55,756

Receivables:

Investment

securities

sold

...................................................................

2,233,577

Dividends

and

interest

.....................................................................

3,100,257

Total

assets

..........................................................................

273,475,406

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

205,254

Credit

facility

(Note

7)

......................................................................

60,000,000

Management

fees

.........................................................................

169,786

Trustees'

fees

and

expenses

.................................................................

Accrued

interest

(Note

7)

...................................................................

307,417

Accrued

expenses

and

other

liabilities

...........................................................

192,786

Total

liabilities

.........................................................................

60,875,718

Net

assets,

at

value

.................................................................

$212,599,688

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$152,782,049

Total

distributable

earnings

(losses)

.............................................................

59,817,639

Net

assets,

at

value

.................................................................

$212,599,688

Shares

outstanding

.........................................................................

25,131,894

Net

asset

value

per

share

a

....................................................................

$8.46

a

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Universal

Trust

Financial

Statements

Statement

of

Operations

for

the

year

ended

August

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Universal

#### Trust
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$16,499)

Unaffiliated

issuers

........................................................................

$3,204,190

Non-controlled

affiliates

(Note

c)

.............................................................

240,562

Interest:

Unaffiliated

issuers

........................................................................

11,817,658

Total

investment

income

...................................................................

15,262,410

Expenses:

Management

fees

(Note

a)

...................................................................

2,004,982

Transfer

agent

fees

.........................................................................

46,043

Custodian

fees

.............................................................................

2,668

Reports

to

shareholders

fees

..................................................................

73,090

Professional

fees

...........................................................................

153,347

Trustees'

fees

and

expenses

..................................................................

2,555

Marketplace

lending

fees

(Note

d)

.............................................................

299,577

Interest

expense

(Not

e

7)

.....................................................................

3,619,583

Other

....................................................................................

7,628

Total

expenses

.........................................................................

6,209,473

Expenses

waived/paid

by

affiliates

(Note

c)

...................................................

(18,626)

Net

expenses

.........................................................................

6,190,847

Net

investment

income

................................................................

9,071,563

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

3,786,803

Foreign

currency

transactions

................................................................

Net

realized

gain

(loss)

..................................................................

3,787,293

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

6,365,059

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

..............................

(295) Net

change

in

unrealized

appreciation

(depreciation)

............................................

6,364,764

Net

realized

and

unrealized

gain

(loss)

............................................................

10,152,057

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$19,223,620

Franklin

Universal

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### Universal

#### Trust

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Year

#### Ended

#### August

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$9,071,563

$8,253,852

Net

realized

gain

(loss)

.................................................

3,787,293

604,969

Net

change

in

unrealized

appreciation

(depreciation)

...........................

6,364,764

25,292,499

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

19,223,620

34,151,320

Distributions

to

shareholders

..............................................

(12,211,739)

(7,460,217)

Distributions

to

shareholders

from

tax

return

of

capital

...........................

(605,527)

(5,357,049)

Total

distributions

to

shareholders

..........................................

(12,817,266)

(12,817,266)

Net

increase

(decrease)

in

net

assets

...................................

6,406,354

21,334,054

Net

assets:

Beginning

of

year

.......................................................

206,193,334

184,859,280

End

of

year

...........................................................

$212,599,688

$206,193,334

Franklin

Universal

Trust

Financial

Statements

Statement

of

Cash

Flows

for

the

year

ended

August

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Universal

#### Trust
Cash

flow

from

operating

activities:

Dividends,

interest

and

other

income

received

.....................................................

$

14,795,559

Operating

expenses

paid

.....................................................................

(2,613,694)

Interest

expense

paid

........................................................................

(3,619,583)

Realized

gain

on

foreign

currency

transactions

.....................................................

Purchases

of

long-term

investments

.............................................................

(56,560,733)

Sales

and

maturities

of

long-term

investments

.....................................................

62,336,420

Net

purchases

of

short-term

investments

.........................................................

(1,520,237)

Cash

provided

-

operating

activities

..........................................................

12,818,222

Cash

flow

from

financing

activities:

Cash

distributions

to

shareholders

..............................................................

(12,817,266)

Cash

used

-

financing

activities

.............................................................

(12,817,266)

Net

increase

(decrease)

in

cash

.................................................................

956

Cash

at

beginning

of

year

......................................................................

54,800

Cash

at

end

of

year

...........................................................................

$55,756

#### Reconciliation

#### of

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### resulting

#### from

#### Operating

#### Activities

#### to

#### Net

#### Cash

#### Provided

#### by

#### Operating

#### Activities
for

the

year

ended

August

31,

2025

Net

increase

(decrease)

in

net

assets

resulting

from

operating

activities

....................................

$

19,223,620

Adjustments

to

reconcile

net

increase

(decrease)

in

net

assets

resulting

from

operating

activities

to

net

cash

provided

by

operating

activities:

Net

amortization

income

..................................................................

(168,421)

Reinvested

dividends

from

non-controlled

affiliates

...............................................

(240,562)

Interest

received

in

the

form

of

securities

......................................................

(84,518)

Decrease

in

dividends

and

interest

receivable

and

other

assets

.....................................

111,463

Decrease

in

payable

to

affiliates,

accrued

expenses,

and

other

liabilities

...............................

(42,430)

Increase

in

payable

for

investments

purchased

.................................................

184,172

Increase

in

receivable

for

investments

sold

.....................................................

(2,233,577)

Decrease

in

cost

of

investments

.............................................................

2,433,534

Decrease

in

unrealized

depreciation

on

investments.

.............................................

(6,365,059)

Net

cash

provided

by

operating

activities

...........................................................

$12,818,222

Franklin

Universal

Trust

franklintempleton.com

Annual

Report

Notes

to

Financial

Statements

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Franklin

Universal

Trust (Fund)

is

registered under

the

Investment

Company

Act

of

1940

(1940

Act)

as

a

closed-end

management

investment

company.

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

following

summarizes

the Fund's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The

Fund'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

each business

day as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Fund's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

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

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

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.

Debt

securities

generally

trade

in

the OTC

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

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 Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

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.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day. Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

Franklin

Universal

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

p.m.

Eastern

time. In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

p.m.

Eastern

time.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Senior

#### Floating

#### Rate

#### Interests
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

Secured

Overnight

Financing

Rate

(SOFR).

Senior

secured

corporate

loans

often

require

prepayment

of

principal

from

excess

cash

flows

or

at

the

discretion

of

the

borrower.

As

a

result,

actual

maturity

may

be

substantially

less

than

the

stated

maturity.

Senior

secured

corporate

loans

in

which

the Fund

invests

are

generally

readily

marketable,

but

may

be

subject

to

certain

restrictions

on

resale.

d. #### Marketplace

#### Lending
The

Fund

invests

in

loans

obtained

through

marketplace

lending.

Marketplace

lending,

sometimes

referred

to

as

peer-to-peer

lending,

is

a

method

of

financing

in

which

a

platform

facilitates

the

borrowing

and

lending

of

money.

It

is

considered

an

alternative

to

more

traditional

forms

of

debt

financing.

Prospective

borrowers

are

required

to

provide

certain

financial

information

to

the

platform,

including,

but

not

limited

to,

the

intended

purpose

of

the

loan,

income,

employment

information,

credit

score,

debt-to-income

ratio,

credit

history

(including

defaults

and

delinquencies)

and

home

ownership

status.

Based

on

this

and

other

information,

the

platform

assigns

its

own

credit

rating

to

the

borrower

and

sets

the

interest

rate

for

the

requested

loan.

The

platform

then

posts

the

borrowing

requests

online,

giving

investors

the

opportunity

to

purchase

the

loans

based

on

factors

such

as

the

interest

rates

and

expected

yields

of

the

loans,

the

borrower

background

data,

and

the

credit

rating

assigned

by

the

platform.

When

the

Fund

invests

in

these

loans,

it

usually

purchases

all

rights,

title

and

interest

in

the

loans

pursuant

to

a

loan

purchase

agreement

directly

from

the

platform.

The

platform

or

a

third-party

servicer

typically

continues

to

service

the

loans,

collecting

payments

and

distributing

them

to

the

Fund,

less

any

servicing

fees

assessed.

The

servicer

is

typically

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Franklin

Universal

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

responsible

for

taking

actions

against

a

borrower

in

the

event

of

a

default

on

the

loan.

Servicing

fees,

along

with

other

administration

fees,

are

included

in

marketplace

lending

fees

in

the

Statement

of

Operations.

The Fund,

as

an

investor

in

a

loan,

would

be

entitled

to

receive

payment

only

from

the

borrower

and

would

not

be

able

to

recover

any

deficiency

from

the

platform,

except

under

very

narrow

circumstances.

The

loans

in

which

the

Fund

may

invest

are

unsecured.

e. #### Income

#### and

#### Deferred

#### Taxes
It

is the Fund'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.

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.

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

August

31,

2025, 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

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

f. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

The

Fund

may

receive

other

income

from

investments

in

senior

secured

corporate

loans

or

unfunded

commitments,

including

amendment

fees,

consent

fees

or

commitment

fees.

These

fees

are

recorded

as

income

when

received

by

the

Fund.

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

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

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.

g. #### Accounting

#### Estimates
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.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Marketplace

#### Lending
(continued)

Franklin

Universal

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

h. #### Guarantees

#### and

#### Indemnifications
Under

the Fund'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'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.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

August

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

($0.01

par

value).

During

the years

ended

August

31,

2025 and

August

31,

2024,

there

were

no

shares

issued;

all

reinvested

distributions

were

satisfied

with

previously

issued

shares

purchased

in

the

open

market.

Under

the

Board

approved

open-market

share

repurchase

program,

the

Fund

may

purchase,

from

time

to

time,

Fund

shares

in

open-market

transactions,

at

the

discretion

of

management.

During

the

years ended

August

31,

2025

and

2024,

there

were

no

shares

repurchased.

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the Fund are

also

officers

and/or

directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Fund

pays

an

investment

management

fee,

calculated weekly

and

paid

monthly,

to Advisers

of

0.75%

per

year

of

the

average weekly

managed

assets.

Managed

assets

are

defined

as

the

Fund's

gross

asset

value

minus

the

sum

of

accrued

liabilities,

other

than

the

principal

amount

of

the

Credit

Facility.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by Advisers

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

c. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

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

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

year

ended

August

31,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Franklin

Universal

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

4. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

During

the

year

ended

August

31,

2025,

the

Fund

utilized

$816,586

of

capital

loss

carryforwards.

The

tax

character

of

distributions

paid

during

the

years

ended

August

31,

2025

and

2024,

was

as

follows:

At

August

31,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

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,

bond

discounts

and

premiums

and

corporate

actions.

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

year

ended

August

31,

2025,

aggregated

$56,744,905 and

$65,249,820,

respectively.

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Franklin

#### Universal

#### Trust

#### Non-Controlled

#### Affiliates
Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.25%

.

$4,054,622

$50,104,807

$(48,344,008)

$—

$—

$5,815,421

5,815,421

$240,562

#### Total

#### Affiliated

#### Securities

#### ...
$4,054,622

$50,104,807

$(48,344,008)

$—

$—

$5,815,421

$240,562

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

..........................................................

$8,557,992

$7,460,217

Long

term

capital

gain

......................................................

3,653,747

—

Return

of

capital

...........................................................

605,527

5,357,049

$12,817,266

$12,817,266

Cost

of

investments

..........................................................................

$208,268,311

Unrealized

appreciation

........................................................................

$71,728,148

Unrealized

depreciation

........................................................................

(11,910,643)

Net

unrealized

appreciation

(depreciation)

..........................................................

$59,817,505

3. #### Transactions

#### with

#### Affiliates
(continued)

c. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

Universal

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

6. #### Credit

#### Risk

#### and

#### Defaulted

#### Securities
At

August

31,

2025,

the

Fund

had 55.1% of

its

portfolio

invested

in

high

yield

securities,

senior

secured

floating

rate

loans,

or

other

securities rated

below

investment

grade

and

unrated

securities.

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.

The

Fund held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

August

31,

2025,

the

aggregate

value

of

these

securities was

$559,845, representing 0.3%

of

the

Fund's

net

assets.

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 Schedule

of

Investments.

7. #### Credit

#### Facility
On

September

15,

2023,

the

Fund

entered

into

a

senior

secured

margin

loan

and

security

agreement

(Credit

Facility)

with

Bank

of

America,

N.A.

(BofA)

pursuant

to

which

the

Fund

borrowed

the

maximum

commitment

amount

of

$60

million

for

a

3-year

term,

which

matures

on

September

15,

2026. The

Credit

Facility

provides

a

source

of

funds

to

the

Fund

to

purchase

additional

investments

as

part

of

its

investment

strategy.

Under

the

terms

of

the

Credit

Facility,

the

Fund

pays

interest

on

outstanding

borrowings

at

a

fixed

rate

of

5.95%.

Collateral

pledged

by

the

Fund

associated

with

outstanding

borrowings

is

held

in

a

segregated

account

with

the

Fund's

custodian

and

the

securities

are

indicated

in

the

Schedule

of

Investments.

At

August

31,

2025,

the

Fund

had

outstanding

borrowings

of

$60,000,000,

which

approximates

fair

value.

The

borrowings

are

categorized

as

Level

within

the

fair

value

hierarchy.

The

average

borrowings

and

the

average

interest

rate

for

the

days

with

outstanding

borrowings

during

the year

ended

August

31,

2025,

were

$60,000,000

and

5.95%,

respectively.

8. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

August

31,

2025,

in

valuing

the

Fund's assets carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Universal

#### Trust

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Electric

Utilities

........................

$

54,201,635

$

—

$

—

$

54,201,635

Metals

&

Mining

.......................

6,161,593

—

—

6,161,593

Multi-Utilities

..........................

34,684,238

—

—

34,684,238

Franklin

Universal

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Universal

#### Trust
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Oil,

Gas

&

Consumable

Fuels

.............

$

3,296,258

$

165,423

$

—

$

3,461,681

Pharmaceuticals

.......................

—

—

287,042

287,042

Software

.............................

—

—

27,871

27,871

Convertible

Preferred

Stocks

................

223,260

—

—

223,260

Preferred

Stocks

.........................

465,025

—

—

465,025

Warrants

...............................

19,079

—

—

19,079

Corporate

Bonds

:

Aerospace

&

Defense

...................

—

4,310,725

—

4,310,725

Automobile

Components

.................

—

4,203,219

—

4,203,219

Automobiles

..........................

—

1,298,763

—

1,298,763

Biotechnology

.........................

—

1,336,362

—

1,336,362

Broadline

Retail

.......................

—

1,544,014

—

1,544,014

Building

Products

......................

—

5,850,463

—

5,850,463

Capital

Markets

........................

—

2,428,352

—

2,428,352

Chemicals

...........................

—

5,806,419

—

a

5,806,419

Commercial

Services

&

Supplies

...........

—

5,458,133

—

5,458,133

Communications

Equipment

..............

—

2,099,891

—

2,099,891

Construction

&

Engineering

...............

—

395,904

—

395,904

Consumer

Finance

.....................

—

3,784,046

—

3,784,046

Consumer

Staples

Distribution

&

Retail

......

—

722,090

—

722,090

Containers

&

Packaging

.................

—

3,272,875

—

3,272,875

Distributors

...........................

—

991,018

—

991,018

Diversified

Consumer

Services

............

—

787,950

—

787,950

Diversified

REITs

......................

—

2,344,005

—

2,344,005

Diversified

Telecommunication

Services

.....

—

4,577,035

—

4,577,035

Electric

Utilities

........................

—

3,243,583

—

3,243,583

Electrical

Equipment

....................

—

781,535

—

781,535

Electronic

Equipment,

Instruments

&

Components

........................

—

787,108

—

787,108

Energy

Equipment

&

Services

.............

—

4,836,056

—

4,836,056

Entertainment

.........................

—

1,327,249

—

1,327,249

Financial

Services

......................

—

8,596,240

—

8,596,240

Food

Products

........................

—

2,439,277

—

2,439,277

Ground

Transportation

..................

—

1,647,406

—

1,647,406

Health

Care

Equipment

&

Supplies

.........

—

1,435,748

—

1,435,748

Health

Care

Providers

&

Services

..........

—

7,029,447

—

7,029,447

Health

Care

REITs

.....................

—

786,907

—

786,907

Health

Care

Technology

.................

—

954,662

—

954,662

Hotel

&

Resort

REITs

...................

—

2,228,335

—

2,228,335

Hotels,

Restaurants

&

Leisure

.............

—

7,479,657

—

a

7,479,657

Household

Durables

....................

—

4,855,149

—

4,855,149

Household

Products

....................

—

191,670

—

191,670

Independent

Power

and

Renewable

Electricity

Producers

..........................

—

2,667,828

—

2,667,828

Insurance

............................

—

3,430,796

—

3,430,796

Interactive

Media

&

Services

..............

—

75,859

—

75,859

IT

Services

...........................

—

2,473,502

—

2,473,502

Machinery

............................

—

3,627,522

—

3,627,522

Media

...............................

—

6,729,542

—

6,729,542

Metals

&

Mining

.......................

—

3,534,449

—

3,534,449

Mortgage

Real

Estate

Investment

Trusts

(REITs)

............................

—

1,443,293

—

1,443,293

Oil,

Gas

&

Consumable

Fuels

.............

—

15,327,931

—

a

15,327,931

Paper

&

Forest

Products

.................

—

353,553

—

353,553

8. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Universal

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

A

reconciliation

in

which

Level

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

year.

At

August

31,

2025,

the

reconciliation

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Universal

#### Trust
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Corporate

Bonds:

(continued)

Passenger

Airlines

.....................

$

—

$

1,537,640

$

—

$

1,537,640

Personal

Care

Products

.................

—

1,581,591

—

1,581,591

Pharmaceuticals

.......................

—

1,151,357

—

1,151,357

Professional

Services

...................

—

438,894

—

438,894

Real

Estate

Management

&

Development

....

—

1,052,979

—

1,052,979

Software

.............................

—

2,141,744

—

2,141,744

Specialized

REITs

......................

—

2,155,313

—

2,155,313

Specialty

Retail

........................

—

1,266,153

—

1,266,153

Technology

Hardware,

Storage

&

Peripherals

.

—

557,975

—

557,975

Textiles,

Apparel

&

Luxury

Goods

..........

—

1,761,168

—

1,761,168

Trading

Companies

&

Distributors

..........

—

4,288,185

—

4,288,185

Wireless

Telecommunication

Services

.......

—

2,856,886

844

2,857,730

Senior

Floating

Rate

Interests

...............

—

34,674

—

34,674

Marketplace

Loans

.......................

—

—

1,959,866

1,959,866

Asset-Backed

Securities

...................

—

793

—

793

Municipal

Bonds

.........................

—

451,641

—

451,641

Escrows

and

Litigation

Trusts

...............

—

5,700

—

a

5,700

Short

Term

Investments

...................

5,815,421

—

—

5,815,421

Total

Investments

in

Securities

...........

$104,866,509

$160,943,684

$2,275,623

$268,085,816

a

Includes

financial

instruments

determined

to

have

no

value.

#### Balance

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### a

#### Sales

#### b

#### Transfer

#### Into

#### Level

#### 3

#### c

#### Transfer

#### Out

#### of

#### Level

#### 3

#### Net

#### Accretion

#### (Amortiza-

#### tion)

#### Net

#### Realized

#### Gain
(Loss)

#### Net

#### Unr

#### ealized

#### Appreciatio

#### n

#### (#### Depreciation

####)

#### Balance

#### at

#### End

#### of

#### Year

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### on

#### Assets

#### Held

#### at

#### Year

#### End

#### a

#### Franklin

#### Universal

#### Trust

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Pharmaceuticals

....

$

—

$

253,358

$

—

$

—

$

—

$

—

$

—

$

33,684

$

287,042

$

33,684

Software

..........

—

1,299,500

—

—

—

—

—

(1,271,629)

27,871

(1,271,629)

Corporate

Bonds

:

Chemicals

........

—

—

—

3,851

—

—

—

(3,851)

—

d

(3,851)

Hotels,

Restaurants

&

Leisure

.........

—

d

—

—

—

—

—

—

—

—

d

—

Oil,

Gas

&

Consumable

Fuels

..........

—

d

—

—

—

—

—

—

—

—

d

—

Wireless

Telecommunication

Services

........

893

—

(316) —

—

612

(637) 844

Marketplace

Loans

:

Financial

Services

...

5,201,571

37,700

(3,513,118)

—

—

—

(116,187)

349,900

1,959,866

(63,397)

Escrows

and

Litigation

Trusts

:

—

d

—

d

(7,052)

—

—

—

7,052

—

—

d

—

Total

Investments

in

Securities

............

$5,202,464

$1,590,558

$(3,520,486)

$3,851

$—

$612

$(108,843)

$(892,533)

$2,275,623

$(1,305,096)

8. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Universal

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

Significant

unobservable

valuation

inputs

for

material

Level

3 assets

and/or

liabilities and

impact

to

fair

value

as

a

result

of

changes

in

unobservable

valuation

inputs

as

of

August

31,

2025,

are

as

follows:

9. #### Operating

#### Segments
The

Fund has adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Fund's

financial

position

or

results

of

operations.

The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within

the

Fund's

Investment

manager serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

b

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

c

Transferred

into

Level

as

a

result

of

the

unavailability

of

a

quoted

market

price

in

an

active

market

for

identical

securities

and

other

significant

observable

valuation

inputs.

May

include

amounts

related

to

a

corporate

action.

d

Includes

financial

instruments

determined

to

have

no

value.

#### Description

#### Fair

#### Value

#### at

#### End

#### of

#### Year

#### Valuation

#### Technique

#### Unobservable

#### Inputs

#### Amount

#### (Weighted

#### Average)

#### a

#### Impact

#### to

#### Fair

#### Value

#### if

#### Input

#### Increases

#### b

#### Franklin

#### Universal

#### Trust

#### Assets:
Investments

in

Securities:

Marketplace

Loans:

Financial

Services

..............

$1,959,866

Discounted

cash

flow

Loss-adjusted

discount

rate

2.6%

-

13.8%

(7.8%)

Decrease

Projected

loss

rate

1.8%

-

49.5%

(15.7%)

Decrease

All

Other

Investments

.............

315,757

c,d

Total

$2,275,623

a

Weighted

based

on

the

relative

fair

value

of

the

financial

instruments.

b

Represents

the

directional

change

in

the

fair

value

of

the

Level

financial

instruments

that

would

result

from

a

significant

and

reasonable

increase

in

the

corresponding

input.

A

significant

and

reasonable

decrease

in

the

input

would

have

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

c

Includes

fair

value

of

immaterial

assets

and/or

liabilities

developed

using

various

valuation

techniques

and

unobservable

inputs.

d

Includes

financial

instruments

determined

to

have

no

value.

8. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Universal

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

10. #### New

#### Accounting

#### Pronouncements
In

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Tax

Disclosures.

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disaggregation

in

the

rate

reconciliation

and

income

taxes

paid

by

jurisdiction,

while

removing

certain

disclosure

requirements.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

11. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Abbreviations

#### Selected

#### Portfolio

#### ADR
American

Depositary

Receipt

#### FRN
Floating

Rate

Note

#### PIK
Payment-In-Kind

#### REIT
Real

Estate

Investment

Trust

Franklin

Universal

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

and

Shareholders

of

Franklin

Universal

Trust

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Franklin

Universal

Trust

(the

"Fund")

as

of

August

31,

2025,

the

related

statements

of

operations

and

cash

flows

for

the

year

ended

August

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

August

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

August

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

August

31,

2025,

the

results

of

its

operations

and

its

cash

flows

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

August

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

August

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

August

31,

2025

by

correspondence

with

the

custodians,

transfer

agent,

private

placement

agents,

agent

banks

and

broker.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

San

Francisco,

California

October

20,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Franklin

Templeton

Group

of

Funds

since

1948. Franklin

Universal

Trust

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Fund

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Fund

hereby

reports

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

August

31,

2025:

#### Pursuant

#### to:

#### Amount

#### Reported
Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$3,653,747

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$2,973,293

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$3,214,389

Qualified

Net

Interest

Income

(QII)

§871(k)(1)(C)

$5,360,093

Section

163(j)

Interest

Earned

§163(j)

$6,646,085

Franklin

Universal

Trust

franklintempleton.com

Annual

Report

Important

Information

to

Shareholders

(unaudited)

#### Share

#### Repurchase

#### Program
The

Fund'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's

common

shares

in

open-market

transactions,

at

the

discretion

of

management.

This

authorization

remains

in

effect.

#### Portfolio

#### Management

#### Changes
Effective

September

30,

2024,

Patricia

O'Connor

was

added

as

a

Portfolio

Manager

of

the

Fund.

#### Information

#### About

#### the

#### Fund's

#### Goal

#### and

#### Main

#### Investments,

#### Principal

#### Investment

#### Strategy,

#### and

#### Principal

#### Risks

#### Your

#### Fund's

#### Goal

#### and

#### Main

#### Investments
The

Fund'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.

#### Principal

#### Investment

#### Strategy
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.

In

seeking

to

obtain

higher

income,

the

Fund

may

invest

in

a

significant

portion

of

its

portfolio

in

lower-rated

U.S.

debt

securities

that

have

high

income

producing

characteristics,

including

obligations

of

corporations

and

other

business

organizations.

Lower-rated

securities

generally

pay

higher

yields

than

more

highly

rated

securities

to

compensate

investors

for

the

higher

risk.

The

Fund

may

also

invest

in

income

producing

debt

obligations

of

the

U.S.

Government,

its

agencies

and

instrumentalities,

and

foreign

governments

and

supranational

organizations.

Under

normal

market

conditions,

the

Fund

generally

will

invest

between

60%

and

80%

of

its

total

assets

in

high

income

producing

debt

securities

of

U.S.

and

foreign

issuers,

allocated

among

issuers,

geographic

regions,

and

currency

denominations

in

a

manner

that

is

consistent

with

its

objectives

based

upon

relative

interest

rates

among

various

instruments

denominated

in

different

currencies,

the

outlook

for

changes

in

these

interest

rates,

and

anticipated

changes

in

currency

exchange

rates.

Under

normal

market

conditions,

the

Fund

will

invest

approximately

20%

to

40%

of

its

assets

in

dividend-paying

common

and

preferred

stocks.

The

Fund

will

emphasize

investment

in

common

stocks

paying

high

current

dividends

with

a

focus

on

public

utility

companies.

The

Fund

may

also

invest

a

small

portion

of

its

total

assets

in

loans

originated

through

on-line

marketplace

lending

platforms

that

provide

a

marketplace

for

lending

through

the

purchase

of

loans

(either

individually

or

in

aggregations)

and

other

types

of

marketplace

lending

instruments

(See

the

Notes

to

Financial

Statements

for

further

information).

Securities

may

be

purchased

by

the

Fund

on

a

"when

issued"

or

on

a

"forward

delivery"

basis,

which

means

that

the

obligations

will

be

delivered

at

a

future

date

beyond

customary

settlement

time.

The

Fund

employs

leverage

through

the

use

of

a

senior

secured

revolving

credit

facility

which

provided

the

Fund

with

the

opportunity

to

retire

and

refinance

prior

leverage.

(See

the

Notes

to

Financial

Statements

for

further

information).

The

Fund

may

also

invest

in

short-term

U.S.

government

securities

and

other

money

market

instruments

(including

certificates

of

deposit,

commercial

paper,

bankers'

acceptances,

short-term

foreign

government

securities,

and

repurchase

agreements)

although

it

typically

will

not

invest

more

than

5%

of

its

total

assets

in

such

securities

except

for

temporary

defensive

purposes.

#### Principal

#### Investment

#### Risks
You

could

lose

money

by

investing

in

the

Fund.

Closed-end

fund

shares

are

not

deposits

or

obligations

of,

or

guaranteed

or

endorsed

by,

any

bank,

and

are

not

insured

by

the

Federal

Deposit

Insurance

Corporation,

the

Federal

Reserve

Board,

or

any

other

agency

of

the

U.S.

government.

#### High-Yield

#### Debt

#### Instruments
Issuers

of

lower-rated

or

"high-yield"

debt

instruments

(also

known

as

"junk

bonds")

and

lower-rated

or

high

yield

loans

are

not

as

strong

financially

as

those

issuing

higher

credit

quality

debt

instruments.

High-yield

debt

instruments

are

generally

considered

predominantly

speculative

by

the

applicable

rating

agencies

as

their

issuers

are

more

likely

to

encounter

financial

difficulties

because

they

may

be

more

Franklin

Universal

Trust

Important

Information

to

Shareholders

(unaudited)

franklintempleton.com

Annual

Report

highly

leveraged,

or

because

of

other

considerations.

In

addition,

high

yield

debt

instruments

generally

are

more

vulnerable

to

changes

in

the

relevant

economy,

such

as

a

recession

or

a

sustained

period

of

rising

interest

rates,

that

could

affect

their

ability

to

make

interest

and

principal

payments

when

due.

The

prices

of

high-yield

debt

instruments

generally

fluctuate

more

than

those

of

higher

credit

quality.

High-yield

debt

instruments

are

generally

more

illiquid

(harder

to

sell)

and

harder

to

value.

#### Interest

#### Rate
When

interest

rates

rise,

debt

security

prices

generally

fall.

The

opposite

is

also

generally

true:

debt

security

prices

rise

when

interest

rates

fall.

Interest

rate

changes

are

influenced

by

a

number

of

factors,

including

government

policy,

monetary

policy,

inflation

expectations,

perceptions

of

risk,

and

supply

of

and

demand

for

bonds.

In

general,

securities

with

longer

maturities

or

durations

are

more

sensitive

to

interest

rate

changes.

#### Credit
An

issuer

of

debt

securities

may

fail

to

make

interest

payments

or

repay

principal

when

due,

in

whole

or

in

part.

Changes

in

an

issuer's

financial

strength

or

in

a

security's

or

government's

credit

rating

may

affect

a

security's

value.

#### Utilities

#### Industry
Utility

company

equity

securities,

to

the

extent

they

are

purchased

for

their

dividend

yield,

historically

have

been

sensitive

to

interest

rate

movements:

when

interest

rates

have

risen,

the

stock

prices

of

these

companies

have

tended

to

fall.

In

some

states,

utility

companies

and

their

rates

are

regulated;

other

states

have

moved

to

deregulate

such

companies

thereby

causing

non-regulated

companies'

returns

to

generally

be

more

volatile

and

more

sensitive

to

changes

in

revenue

and

earnings

Certain

utilities

companies

face

risks

associated

with

the

operation

of

nuclear

facilities

for

electric

generation,

including,

among

other

considerations,

litigation,

the

problems

associated

with

the

use

of

radioactive

materials

and

the

effects

of

natural

or

man-made

disasters.

In

general,

all

utility

companies

may

face

additional

regulation

and

litigation

regarding

their

power

plant

operations;

increased

costs

from

new

or

greater

regulation

of

these

operations;

the

need

to

purchase

expensive

emissions

control

equipment

or

new

operations

due

to

regulations;

and

the

availability

and

cost

of

fuel,

all

of

which

may

lower

their

earnings.

The

distribution

side

of

the

utilities

industry

also

faces

increased

operational

costs

related

to

the

natural

aging

of

equipment

and

the

related

costs

required

to

provide

maintenance,

upgrades

or

replacements

to

such

equipment

to

ensure

safe

and

reliable

utility

operations.

#### Market
The

market

values

of

securities

or

other

investments

owned

by

the

Fund

will

go

up

or

down,

sometimes

rapidly

or

unpredictably.

The

market

value

of

a

security

or

other

investment

may

be

reduced

by

market

activity

or

other

results

of

supply

and

demand

unrelated

to

the

issuer.

This

is

a

basic

risk

associated

with

all

investments.

When

there

are

more

sellers

than

buyers,

prices

tend

to

fall.

Likewise,

when

there

are

more

buyers

than

sellers,

prices

tend

to

rise.

In

addition,

the

value

of

the

Fund's

investments

may

go

up

or

down

due

to

general

market

or

other

conditions

that

are

not

specifically

related

to

a

particular

issuer,

such

as:

real

or

perceived

adverse

economic

changes,

including

widespread

liquidity

issues

and

defaults

in

one

or

more

industries;

changes

in

interest,

inflation

or

exchange

rates;

unexpected

natural

and

man-made

world

events,

such

as

diseases

or

disasters;

financial,

political

or

social

disruptions,

including

terrorism

and

war;

and

U.S.

trade

disputes

or

other

disputes

with

specific

countries

that

could

result

in

additional

tariffs,

trade

barriers

and/or

investment

restrictions

in

certain

securities

in

those

countries.

Any

of

these

conditions

can

adversely

affect

the

economic

prospects

of

many

companies,

sectors,

nations,

regions

and

the

market

in

general,

in

ways

that

cannot

necessarily

be

foreseen

#### Leverage
The

Fund

employs

leverage

through

a

senior

secured

revolving

credit

facility

which

provides

the

Fund

with

a

source

to

refinance

and

retire

other

leverage.

The

Fund's

use

of

leverage

creates

an

opportunity

for

increased

returns,

but

it

also

creates

special

risks.

The

cost

of

leverage

rises

and

falls

with

changes

in

short-term

interest

rates.

The

costs

of

using

leverage

may

be

greater

than

the

proceeds

of

the

leverage.

The

Fund's

leveraging

strategy

may

not

be

successful.

#### Foreign

#### Securities

#### (non-U.S.)
Investing

in

foreign

securities

typically

involves

different

risks

than

investing

in

U.S.

securities,

and

includes

risks

associated

with:

(i) internal

and

external

political

and

economic

developments

–

e.g.,

the

political,

economic

and

Franklin

Universal

Trust

Important

Information

to

Shareholders

(unaudited)

franklintempleton.com

Annual

Report

social

policies

and

structures

of

some

foreign

countries

may

be

less

stable

and

more

volatile

than

those

in

the

U.S.

or

some

foreign

countries

may

be

subject

to

trading

restrictions

or

economic

sanctions;

diplomatic

and

political

developments

could

affect

the

economies,

industries,

and

securities

and

currency

markets

of

the

countries

in

which

the

Fund

is

invested,

which

can

include

rapid

and

adverse

political

changes;

social

instability;

regional

conflicts;

sanctions

imposed

by

the

United

States,

other

nations

or

other

governmental

entities,

including

supranational

entities;

terrorism;

and

war;

(ii) trading

practices

–

e.g.,

government

supervision

and

regulation

of

foreign

securities

and

currency

markets,

trading

systems

and

brokers

may

be

less

than

in

the

U.S.;

(iii) availability

of

information

–

e.g.,

foreign

issuers

may

not

be

subject

to

the

same

disclosure,

accounting

and

financial

reporting

standards

and

practices

as

U.S.

issuers;

(iv) limited

markets

–

e.g.,

the

securities

of

certain

foreign

issuers

may

be

less

liquid

(harder

to

sell)

and

more

volatile;

and

(v) currency

exchange

rate

fluctuations

and

policies

–

e.g.,

fluctuations

may

negatively

affect

investments

denominated

in

foreign

currencies

and

any

income

received

or

expenses

paid

by

the

Fund

in

that

foreign

currency.

The

risks

of

foreign

investments

may

be

greater

in

developing

or

emerging

market

countries.

#### Management
The

Fund

is

subject

to

management

risk

because

it

is

an

actively

managed

investment

portfolio.

The

Fund's

investment

manager

applies

investment

techniques

and

risk

analyses

in

making

investment

decisions

for

the

Fund,

but

there

can

be

no

guarantee

that

these

decisions

will

produce

the

desired

results.

#### Prepayment
Prepayment

risk

occurs

when

a

debt

security

can

be

repaid

in

whole

or

in

part

prior

to

the

security's

maturity

and

the

Fund

must

reinvest

the

proceeds

it

receives,

during

periods

of

declining

interest

rates,

in

securities

that

pay

a

lower

rate

of

interest.

Also,

if

a

security

has

been

purchased

at

a

premium,

the

value

of

the

premium

would

be

lost

in

the

event

of

prepayment.

Prepayments

generally

increase

when

interest

rates

fall.

#### Cybersecurity
Cybersecurity

incidents,

both

intentional

and

unintentional,

may

allow

an

unauthorized

party

to

gain

access

to

Fund

assets,

Fund

or

customer

data

(including

private

shareholder

information),

or

proprietary

information,

cause

the

Fund,

the

investment

manager,

the

sub-advisor,

and/or

their

service

providers

(including,

but

not

limited

to,

Fund

accountants,

custodians,

sub-custodians,

transfer

agents

and

financial

intermediaries)

to

suffer

data

breaches,

data

corruption

or

loss

of

operational

functionality

or

prevent

Fund

investors

from

purchasing

redeeming

or

exchanging

or

receiving

distributions.

The

investment

manager

has

limited

ability

to

prevent

or

mitigate

cybersecurity

incidents.

Issuers

of

securities

in

which

the

Fund

invests

are

also

subject

to

cybersecurity

risks,

and

the

value

of

these

securities

could

decline

if

the

issuers

experience

cybersecurity

incidents.

Because

technology

is

frequently

changing,

new

ways

to

carry

out

cyber

attacks

are

always

developing.

Therefore,

there

is

a

chance

that

some

risks

have

not

been

identified

or

prepared

for,

or

that

an

attack

may

not

be

detected,

which

puts

limitations

on

the

Fund's

ability

to

plan

for

or

respond

to

a

cyber

attack.

Like

other

funds

and

business

enterprises,

the

Fund,

the

investment

manager,

the

sub-advisor,

and

their

service

providers

are

subject

to

the

risk

of

cyber

incidents

occurring

from

time

to

time.

#### The

#### following

#### information

#### is

#### a

#### summary

#### of

#### certain

#### changes

#### since

#### the

#### last

#### fiscal

#### year.

#### This

#### information

#### may

#### not

#### reflect

#### all

#### of

#### the

#### changes

#### that

#### have

#### occurred

#### since

#### you

#### purchased

#### the

#### Fund.
There

have

not

been

any

material

changes

during

the

last

fiscal

year.

Franklin

Universal

Trust

Annual

Meeting

of

Shareholders:

March

6,

2025

(unaudited)

franklintempleton.com

Annual

Report

The

Annual

Meeting

of

Shareholders

of

Franklin

Universal

Trust

(the

"Fund")

was

held

at

the

Fund's

offices,

S.E.

2nd

Street,

Fort

Lauderdale,

Florida,

on

March

6,

2025. The

purpose

of

the

meeting

was

to

elect

three

Trustees

of

the

Fund.

At

the

meeting,

the

following

persons

were

elected

by

the

shareholders

to

serve

as

Trustees

of

the

Fund:

Gregory

E. Johnson,

J. Michael

Luttig

and

Valerie

M. Williams.\*

No

other

business

was

transacted

at

the

meeting

with

respect

to

the

Fund.

The

results

of

the

voting

at

the

Annual

Meeting

are

as

follows:

Election

of

three

Trustees:

The

Fund

is

not

aware

of

broker

non-votes

received

with

respect

to

this

item.

\*

*Harris* 

J. *Ashton,* 

*Terrence* 

J. *Checki,* 

*Mary* 

C. *Choksi,* 

*Edith* 

E. *Holiday,* 

*Rupert* 

H. *Johnson,* 

*Jr.,* 

*and* 

*Larry* 

D. *Thompson* 

*are* 

*Trustees* 

*of* 

*the* 

*Fund* 

*who* 

*are* 

*currently* 

*serving* 

*and* 

*whose* 

*terms* 

*of* 

*office* 

*continued* 

*after* 

*the* 

*Annual* 

*Meeting* 

*of* 

*Shareholders.*

#### Term

#### Expiring

#### 2028

#### For

#### %

#### of

#### Outstanding

#### Shares

#### %

#### of

#### Shares

#### Present

#### Withheld

#### %

#### of

#### Outstanding

#### Shares

#### %

#### of

#### Shares

#### Present
Gregory

E. Johnson

16,932,888

67.38%

95.40%

816,600

3.25%

4.60%

J. Michael

Luttig

16,928,844

67.36%

95.38%

820,644

3.27%

4.62%

Valerie

M. Williams

16,929,438

67.36%

95.38%

820,050

3.26%

4.62%

Franklin

Universal

Trust

franklintempleton.com

Annual

Report

Dividend

Reinvestment

and

Cash

Purchase

Plan

(unaudited)

The

Fund'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.

Equiniti

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.

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.

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'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.

The

Plan

permits

you

on

a

voluntary

basis

to

submit

in

cash

payments

of

not

less

than

$100

each

up

to

a

total

of

$5,000

per

month

to

purchase

additional

shares

of

the

Fund.

It

is

entirely

up

to

you

whether

you

wish

to

buy

additional

shares

with

voluntary

cash

payments,

and

you

do

not

have

to

send

in

the

same

amount

each

time

if

you

do.

These

payments

should

be

made

by

check

or

money

order

payable

to

Equiniti

Trust

Company,

LLC

and

sent

to

Equiniti

Trust

Company,

LLC,

P.O.

Box

922,

Wall

Street

Station,

New

York,

NY

10269-0560,

Attn:

Franklin

Universal

Trust.

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.

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.

Under

no

circumstances

will

interest

be

paid

on

your

funds

held

by

the

Plan

Agent.

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

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

hours

before

an

investment

date.

There

is

no

direct

charge

to

participants

for

reinvesting

dividends

and

capital

gain

distributions,

since

the

Plan

Agent's

fees

are

paid

by

the

Fund.

However,

when

shares

are

purchased

in

the

open

market,

each

participant

will

pay

a

pro

rata

portion

of

any

brokerage

commissions

incurred.

The

Plan

Agent

will

deduct

a

$5.00

service

fee

from

each

of

your

voluntary

cash

payments.

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.

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.

Franklin

Universal

Trust

Dividend

Reinvestment

and

Cash

Purchase

Plan

(unaudited)

franklintempleton.com

Annual

Report

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.

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.

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.

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

our

nominee

will

participate

in

the

Plan

on

your

behalf.

The

Fund

or

the

Plan

Agent

may

amend

or

terminate

the

Plan.

You

will

receive

written

notice

at

least

days

before

the

effective

date

of

termination

or

of

any

amendment.

In

the

case

of

termination,

you

will

receive

written

notice

at

least

days

before

the

record

date

of

any

dividend

or

capital

gain

distribution

by

the

Fund.

Franklin

Universal

Trust

Board

Members

and

Officers

(unaudited)

franklintempleton.com

Annual

Report

The

name,

year

of

birth

and

address

of

the

officers

and

board

members,

as

well

as

their

affiliations,

positions

held

with

the

Trust,

principal

occupations

during

at

least

the

past

five

years

and

number

of

U.S.

registered

portfolios

overseen

in

the

Franklin

Templeton

fund

complex,

are

shown

below.

Generally,

each

board

member

serves

until

that

person's

successor

is

elected

and

qualified.

Independent

Board

Members

#### Name,

#### Year

#### of

#### Birth

#### and

#### Address

#### Position

#### Length

#### of

#### Time

#### Served

#### Number

#### of

#### Portfolios

#### in

#### Fund

#### Complex

#### Overseen

#### by

#### Board

#### Member

#### 1

#### Other

#### Directorships

#### Held

#### During

#### at

#### Least

#### the

#### Past

#### 5

#### Years

#### Harris
J. #### Ashton
(1932) Trustee

Since

1988

Bar-S

Foods

(meat

packing

company)

(1981-2010).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

#### Principal

#### Occupation

#### During

#### at

#### Least

#### the

#### Past

#### 5

#### Years:
Director

of

various

companies;

and

#### formerly
,

Director,

RBC

Holdings,

Inc.

(bank

holding

company)

(until

2002);

and

President,

Chief

Executive

Officer

and

Chairman

of

the

Board,

General

Host

Corporation

(nursery

and

craft

centers)

(until

1998).

#### Terrence
J. #### Checki
(1945) Trustee

Since

2018

Hess

Corporation

(exploration

of

oil

and

gas)

(2014-present).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

#### Principal

#### Occupation

#### During

#### at

#### Least

#### the

#### Past

#### 5

#### Years:
Member

of

the

Council

on

Foreign

Relations

(1996-present);

Member

of

the

National

Committee

on

U.S.-China

Relations

(1999-present);

member

of

the

board

of

trustees

of

the

Economic

Club

of

New

York

(2013-present);

member

of

the

board

of

trustees

of

the

Foreign

Policy

Association

(2005-present);

member

of

the

board

of

directors

of

Council

of

the

Americas

(2007-present)

and

the

Tallberg

Foundation

(2018-present);

and

#### formerly
,

Executive

Vice

President

of

the

Federal

Reserve

Bank

of

New

York

and

Head

of

its

Emerging

Markets

and

Internal

Affairs

Group

and

Member

of

Management

Committee

(1995-2014);

and

Visiting

Fellow

at

the

Council

on

Foreign

Relations

(2014).

#### Mary
C. #### Choksi
(1950) Trustee

Since

2014

Omnicom

Group

Inc.

(advertising

and

marketing

communications

services)

(2011-present)

and

White

Mountains

Insurance

Group,

Ltd.

(holding

company)

(2017-present);

and

#### formerly
,

Avis

Budget

Group

Inc.

(car

rental)

(2007-2020).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

#### Principal

#### Occupation

#### During

#### at

#### Least

#### the

#### Past

#### 5

#### Years:
Director

of

various

companies;

and

#### formerly
,

Founder

and

Senior

Advisor,

Strategic

Investment

Group

(investment

management

group)

(2015-2017);

Founding

Partner

and

Senior

Managing

Director,

Strategic

Investment

Group

(1987-2015);

Founding

Partner

and

Managing

Director,

Emerging

Markets

Management

LLC

(investment

management

firm)

(1987-2011);

and

Loan

Officer/Senior

Loan

Officer/Senior

Pension

Investment

Officer,

World

Bank

Group

(international

financial

institution)

(1977-1987).

Franklin

Universal

Trust

franklintempleton.com

Annual

Report

#### Name,

#### Year

#### of

#### Birth

#### and

#### Address

#### Position

#### Length

#### of

#### Time

#### Served

#### Number

#### of

#### Portfolios

#### in

#### Fund

#### Complex

#### Overseen

#### by

#### Board

#### Member

#### 1

#### Other

#### Directorships

#### Held

#### During

#### at

#### Least

#### the

#### Past

#### 5

#### Years

#### Edith
E. #### Holiday
(1952) Lead

Independent

Trustee

Trustee

since

2004

and

Lead

Independent

Trustee

since

2019

Hess

Corporation

(exploration

of

oil

and

gas)

(1993-present);

Santander

Holdings

USA

(holding

company)

(2019-present);

and

#### formerly
,

Santander

Consumer

USA

Holdings,

Inc.

(consumer

finance)

(2016-2023),

Canadian

National

Railway

(railroad)

(2001-2021),

White

Mountains

Insurance

Group,

Ltd.

(holding

company)

(2004-

2021),

RTI

International

Metals,

Inc.

(manufacture

and

distribution

of

titanium)

(1999-2015)

and

H.J.

Heinz

Company

(processed

foods

and

allied

products)

(1994-2013).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

#### Principal

#### Occupation

#### During

#### at

#### Least

#### the

#### Past

#### 5

#### Years:
Director

or

Trustee

of

various

companies

and

trusts;

and

#### formerly
,

Assistant

to

the

President

of

the

United

States

and

Secretary

of

the

Cabinet

(1990-1993);

General

Counsel

to

the

United

States

Treasury

Department

(1989-1990);

and

Counselor

to

the

Secretary

and

Assistant

Secretary

for

Public

Affairs

and

Public

Liaison-United

States

Treasury

Department

(1988-1989).

J. #### Michael

#### Luttig
(1954) Trustee

Since

2009

Boeing

Capital

Corporation

(aircraft

financing)

(2006-2010).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

#### Principal

#### Occupation

#### During

#### at

#### Least

#### the

#### Past

#### 5

#### Years:
Counselor

and

Special

Advisor

to

the

CEO

and

Board

of

Directors

of

The

Coca-Cola

Company

(beverage

company)

(2021-present);

and

#### formerly
,

Counselor

and

Senior

Advisor

to

the

Chairman,

CEO,

and

Board

of

Directors,

of

The

Boeing

Company

(aerospace

company),

and

member

of

the

Executive

Council

(2019-2020);

Executive

Vice

President,

General

Counsel

and

member

of

the

Executive

Council,

The

Boeing

Company

(2006-2019);

and

Federal

Appeals

Court

Judge,

United

States

Court

of

Appeals

for

the

Fourth

Circuit

(1991-2006).

#### Larry
D. #### Thompson
(1945) Trustee

Since

2007

Graham

Holdings

Company

(education

and

media

organization)

(2011-2021);

The

Southern

Company

(energy

company)

(2014-2020;

previously

2010-

2012)

and

Cbeyond,

Inc.

(business

communications

provider)

(2010-

2012).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

#### Principal

#### Occupation

#### During

#### at

#### Least

#### the

#### Past

#### 5

#### Years:
Director

of

various

companies;

Counsel,

Finch

McCranie,

LLP

(law

firm)

(2015-present);

John

A. Sibley

Professor

of

Corporate

and

Business

Law,

University

of

Georgia

School

of

Law

(2015-present;

previously

2011-2012);

and

#### formerly
,

Independent

Compliance

Monitor

and

Auditor,

Volkswagen

AG

(manufacturer

of

automobiles

and

commercial

vehicles)

(2017-2020);

Executive

Vice

President

-

Government

Affairs,

General

Counsel

and

Corporate

Secretary,

PepsiCo,

Inc.

(consumer

products)

(2012-2014);

Senior

Vice

President

-

Government

Affairs,

General

Counsel

and

Secretary,

PepsiCo,

Inc.

(2004-2011);

Senior

Fellow

of

The

Brookings

Institution

(2003-2004);

Visiting

Professor,

University

of

Georgia

School

of

Law

(2004);

and

Deputy

Attorney

General,

U.S.

Department

of

Justice

(2001-2003).

Independent

Board

Members

(continued)

Franklin

Universal

Trust

franklintempleton.com

Annual

Report

Interested

Board

Members

and

Officers

#### Name,

#### Year

#### of

#### Birth

#### and

#### Address

#### Position

#### Length

#### of

#### Time

#### Served

#### Number

#### of

#### Portfolios

#### in

#### Fund

#### Complex

#### Overseen

#### by

#### Board

#### Member

#### 1

#### Other

#### Directorships

#### Held

#### During

#### at

#### Least

#### the

#### Past

#### 5

#### Years

#### Valerie
M. #### Williams
(1956) Trustee

Since

2021

Omnicom

Group,

Inc.

(advertising

and

marketing

communications

services)

(2016-present),

DTE

Energy

Co.

(gas

and

electric

utility)

(2018-present),

Devon

Energy

Corporation

(exploration

and

production

of

oil

and

gas)

(2021-present);

and

#### formerly
,

WPX

Energy,

Inc.

(exploration

and

production

of

oil

and

gas)

(2018-

2021).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

#### Principal

#### Occupation

#### During

#### at

#### Least

#### the

#### Past

#### 5

#### Years:
Director

of

various

companies;

and

#### formerly
,

Regional

Assurance

Managing

Partner,

Ernst

&

Young

LLP

(public

accounting)

(2005-2016)

and

various

roles

of

increasing

responsibility

at

Ernst

&

Young

(1981-2005).

#### Gregory
E. #### Johnson

#### 2
(1961) Chairman

of

the

Board,

Senior

Vice

President

and

Trustee

Chairman

of

the

Board

and

Senior

Vice

President

since

2023

and

Trustee

since

2013

None

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

#### Principal

#### Occupation

#### During

#### at

#### Least

#### the

#### Past

#### 5

#### Years:
Executive

Chairman,

Chairman

of

the

Board

and

Director,

Franklin

Resources,

Inc.;

officer

and/or

director

or

trustee,

as

the

case

may

be,

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

certain

funds

in

the

Franklin

Templeton

fund

complex;

Vice

Chairman,

Investment

Company

Institute;

and

#### formerly
,

Chief

Executive

Officer

(2013-2020)

and

President

(1994-2015)

Franklin

Resources,

Inc.

#### Rupert
H. #### Johnson,

#### Jr.

#### 3
(1940) Trustee

Since

1988

None

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

#### Principal

#### Occupation

#### During

#### at

#### Least

#### the

#### Past

#### 5

#### Years:
Director

(Vice

Chairman),

Franklin

Resources,

Inc.;

Director,

Franklin

Advisers,

Inc.;

and

officer

and/or

director

or

trustee,

as

the

case

may

be,

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

certain

funds

in

the

Franklin

Templeton

fund

complex.

#### Name,

#### Year

#### of

#### Birth

#### and

#### Address

#### Position

#### Length

#### of

#### Time

#### Served

#### Number

#### of

#### Portfolios

#### in

#### Fund

#### Complex

#### Overseen

#### by

#### Board

#### Member

#### 1

#### Other

#### Directorships

#### Held

#### During

#### at

#### Least

#### the

#### Past

#### 5

#### Years

#### Bjorn
A. #### Davis
(1965) Chief

Compliance

Officer

Since

October

2024

Not

Applicable

Not

Applicable

First

Stamford

Place

Stamford,

CT

06902

#### Principal

#### Occupation

#### During

#### at

#### Least

#### the

#### Past

#### 5

#### Years:
Vice

President,

Franklin

Templeton

Global

Regulatory

Compliance

US

Advisory

Services;

Chief

Compliance

Officer,

Franklin

Advisers,

Inc.,

Franklin

Mutual

Advisers

LLC,

Franklin

Templeton

Institutional

LLC,

Templeton

Investment

Counsel

LLC

and

Templeton

Global

Advisors

Limited

(since

2023);

#### formerly
,

Director,

Franklin

Templeton

Global

Regulatory

Compliance;

Chief

Compliance

Officer,

K2

Advisors,

LLC

and

K2/D&S

Management

Co.,

LLC

(2011

-

2023).

#### Sonal

#### Desai,

#### Ph.D.
(1963) President

and

Chief

Executive

Officer

-

Investment

Management

Since

2018

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

#### Principal

#### Occupation

#### During

#### at

#### Least

#### the

#### Past

#### 5

#### Years:
Director

and

Executive

Vice

President,

Franklin

Advisers,

Inc.;

Executive

Vice

President,

Franklin

Templeton

Institutional,

LLC;

and

officer

of

certain

funds

in

the

Franklin

Templeton

fund

complex.

Independent

Board

Members

(continued)

Franklin

Universal

Trust

franklintempleton.com

Annual

Report

Note

1:

Rupert

H. Johnson,

Jr.

is

the

uncle

of

Gregory

E. Johnson.

Note

2:

Officer

information

is

current

as

of

the

date

of

this

report.

It

is

possible

that

after

this

date,

information

about

officers

may

change.

1. Information

is

for

the

calendar

year

ended

December

31,

2024,

unless

otherwise

noted.

We

base

the

number

of

portfolios

on

each

separate

series

of

the

U.S.

registered

investment

companies

within

the

Franklin

Templeton

fund

complex.

These

portfolios

have

a

common

investment

manager

or

affiliated

investment

managers.

2. Gregory

E. Johnson

is

considered

to

be

an

interested

person

of

the

Fund

under

the

federal

securities

laws

due

to

his

position

as

an

officer

and

director

of

Franklin

Resources,

Inc.

(Resources),

which

is

the

parent

company

of

the

Fund's

investment

manager

and

distributor.

3. Rupert

H. Johnson,

Jr.

is

considered

to

be

an

interested

person

of

the

Fund

under

the

federal

securities

laws

due

to

his

position

as

an

officer

and

director

and

a

major

shareholder

of

Resources,

which

is

the

parent

company

of

the

Fund's

investment

manager

and

distributor.

#### The

#### Sarbanes-Oxley

#### Act

#### of

#### 2002

#### and

#### Rules

#### adopted

#### by

#### the

#### Securities

#### and

#### Exchange

#### Commission

#### require

#### the

#### Fund

#### to

#### disclose

#### whether

#### the

#### Fund's

#### Audit

#### Committee

#### includes

#### at

#### least

#### one

#### member

#### who

#### is

#### an

#### audit

#### committee

#### financial

#### expert

#### within

#### the

#### meaning

#### of

#### such

#### Act

#### and

#### Rules.

#### The

#### Fund's

#### Board

#### has

#### determined

#### that

#### there

#### is

#### at

#### least

#### one

#### such

#### financial

#### expert

#### on

#### the

#### Audit

#### Committee

#### and

#### has

#### designated

#### Mary
C. #### Choksi

#### as

#### its

#### audit

#### committee

#### financial

#### expert.

#### The

#### Board

#### believes

#### that

#### Ms.

#### Choksi

#### qualifies

#### as

#### such

#### an

#### expert

#### in

#### view

#### of

#### her

#### extensive

#### business

#### background

#### and

#### experience.

#### She

#### served

#### as

#### a

#### director

#### of

#### Avis

#### Budget

#### Group,

#### Inc.

#### (2007

#### to

#### 2020)

#### and

#### formerly,

#### Founder

#### and

#### Senior

#### Advisor,

#### Strategic

#### Investment

#### Group

#### (1987

#### to

#### 2017).

#### Ms.

#### Choksi

#### has

#### been

#### a

#### Member

#### of

#### the

#### Fund's

#### Audit

#### Committee

#### since
2014. #### As

#### a

#### result

#### of

#### such

#### background

#### and

#### experience,

#### the

#### Board

#### believes

#### that

#### Ms.

#### Choksi

#### has

#### acquired

#### an

#### understanding

#### of

#### generally

#### accepted

#### accounting

#### principles

#### and

#### financial

#### statements,

#### the

#### general

#### application

#### of

#### such

#### principles

#### in

#### connection

#### with

#### the

#### accounting

#### estimates,

#### accruals

#### and

#### reserves,

#### and

#### analyzing

#### and

#### evaluating

#### financial

#### statements

#### that

#### present

#### a

#### breadth

#### and

#### level

#### of

#### complexity

#### of

#### accounting

#### issues

#### generally

#### comparable

#### to

#### those

#### of

#### the

#### Fund,

#### as

#### well

#### as

#### an

#### understanding

#### of

#### internal

#### controls

#### and

#### procedures

#### for

#### financial

#### reporting

#### and

#### an

#### understanding

#### of

#### audit

#### committee

#### functions.

#### Ms.

#### Choksi

#### is

#### an

#### independent

#### Board

#### member

#### as

#### that

#### term

#### is

#### defined

#### under

#### the

#### relevant

#### Securities

#### and

#### Exchange

#### Commission

#### Rules

#### and

#### Releases.

#### Name,

#### Year

#### of

#### Birth

#### and

#### Address

#### Position

#### Length

#### of

#### Time

#### Served

#### Number

#### of

#### Portfolios

#### in

#### Fund

#### Complex

#### Overseen

#### by

#### Board

#### Member

#### 1

#### Other

#### Directorships

#### Held

#### During

#### at

#### Least

#### the

#### Past

#### 5

#### Years

#### Susan

#### Kerr
(1949) Vice

President

-

AML

Compliance

Since

2021

Not

Applicable

Not

Applicable

One

Madison

Avenue

New

York,

NY

10010

#### Principal

#### Occupation

#### During

#### at

#### Least

#### the

#### Past

#### 5

#### Years:
Senior

Compliance

Analyst,

Franklin

Templeton;

Chief

Anti-Money

Laundering

Compliance

Officer,

Legg

Mason

&

Co.,

or

its

affiliates;

Anti

Money

Laundering

Compliance

Officer;

Senior

Compliance

Officer,

Franklin

Distributors,

LLC;

and

officer

of

certain

funds

in

the

Franklin

Templeton

fund

complex.

#### Christopher

#### Kings
(1974) Chief

Executive

Officer

-

Finance

and

Administration

Since

2024

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

#### Principal

#### Occupation

#### During

#### at

#### Least

#### the

#### Past

#### 5

#### Years:
Senior

Vice

President,

Franklin

Templeton

Services,

LLC;

and

officer

of

certain

funds

in

the

Franklin

Templeton

fund

complex.

#### Navid
J. #### Tofigh
(1972) Vice

President

and

Secretary

Vice

President

since

2015

and

Secretary

since

2023

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

#### Principal

#### Occupation

#### During

#### at

#### Least

#### the

#### Past

#### 5

#### Years:
Senior

Associate

General

Counsel,

Franklin

Templeton;

and

officer

of

certain

funds

in

the

Franklin

Templeton

fund

complex.

#### Jeffrey
W. #### White
(1971) Chief

Financial

Officer,

Chief

Accounting

Officer

and

Treasurer

Since

2024

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

#### Principal

#### Occupation

#### During

#### at

#### Least

#### the

#### Past

#### 5

#### Years:
Chief

Financial

Officer,

Chief

Accounting

Officer

&

Treasurer

and

officer

of

certain

funds

in

the

Franklin

Templeton

fund

complex;

and

#### formerly
,

Director

and

Assistant

Treasurer

within

Franklin

Templeton

Global

Fund

Tax

and

Fund

Administration

and

Financial

Reporting

(2017-2023).

Interested

Board

Members

and

Officers

(continued)

Franklin

Universal

Trust

Shareholder

Information

franklintempleton.com

Annual

Report

Board

Approval

of

Investment

Management

Agreements

(unaudited)

#### FRANKLIN

#### UNIVERSAL

#### TRUST
(Fund)

At

an

in-person

meeting

held

on

April

15,

2025

(Meeting),

the

Board

of

Trustees

(Board)

of

the

Fund,

including

a

majority

of

the

trustees

who

are

not

"interested

persons"

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Fund

(Management

Agreement)

for

an

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

to

consider

the

renewal

of

the

Management

Agreement.

In

considering

the

continuance

of

the

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters,

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

also

considered

prior

to

and

at

the

Meeting.

The

Board

further

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

the

Management

Agreement,

including,

but

not

limited

to:

(i) the

nature,

extent

and

quality

of

the

services

provided

by

the

Manager;

(ii) the

investment

performance

of

the

Fund;

(iii) the

costs

of

the

services

provided

and

profits

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

the

Fund;

(iv) the

extent

to

which

economies

of

scale

are

realized

as

the

Fund

grows;

and

(v) whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

In

approving

the

continuance

of

the

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined,

through

the

exercise

of

its

business

judgment,

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

the

Management

Agreement

is

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's

determination.

#### Nature,

#### Extent

#### and

#### Quality

#### of

#### Services
The

Board

reviewed

the

information

it

received

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

the

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-party

service

providers;

investment

performance

reports

and

related

financial

information

for

the

Fund

(including

its

share

price

discount

to

net

asset

value);

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

the

Manager

and

its

affiliates;

and

management

fees

charged

by

the

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management's

explanation

of

differences

among

accounts

where

relevant.

The

Board

acknowledged

the

ongoing

integration

of

acquired

third-party

fund

families

into

the

Franklin

Templeton

(FT)

family

of

funds

and

management's

continued

development

of

strategies

to

address

evolving

changes

in

domestic

policy

and

continuing

geopolitical

concerns.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Manager's

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

continued

reassessment

of

the

fund

offerings

in

response

to

FT

acquisitions

and

the

market

environment,

as

well

as

its

evaluation

of

ways

to

incorporate

private

assets

into

more

traditional

investment

vehicles.

The

Board

specifically

noted

FT's

commitment

to

technological

innovation

and

advancement,

including

its

continued

focus

on

developing

potential

use

cases

for

tokenization

and

the

blockchain

and

the

use

of

artificial

intelligence

tools

to

help

streamline

day-to-day

tasks.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

Franklin

Universal

Trust

Shareholder

Information

franklintempleton.com

Annual

Report

#### Fund

#### Performance
The

Board

reviewed

and

considered

the

performance

results

of

the

Fund

over

various

time

periods

ended

December

31,

2024. The

Board

considered

the

performance

returns

for

the

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

the

Fund's

performance

results

is

below.

Such

results

are

based

on

net

asset

value

without

regard

to

market

discounts

or

premiums.

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

leveraged

closed-end

high

yield

funds.

The

Board

noted

that

the

Fund's

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

of

its

Performance

Universe.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

#### Comparative

#### Fees

#### and

#### Expenses
The

Board

reviewed

and

considered

information

regarding

the

Fund's

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

underlying

fund

expenses;

investment-related

expenses;

and

other

non-management

fees.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

the

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund's

most

recent

annual

or

semi-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

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

the

Expense

Group.

The

Expense

Group

for

the

Fund

included

the

Fund

and

other

high

yield

(leveraged)

funds.

The

Board

noted

that

the

Management

Rate

and

annual

total

expense

ratio

for

the

Fund

were

below

the

medians

of

its

Expense

Group.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

#### Profitability
The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

the

Manager

and

its

affiliates

in

connection

with

the

operation

of

the

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

by

the

Manager

that

addresses

the

overall

profitability

of

FT's

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2024,

being

the

most

recent

fiscal

year-

end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Fund's

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

an

independent

registered

public

accounting

firm

has

been

engaged

by

the

Manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Fund's

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management's

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

the

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

the

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management's

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

by

the

Manager,

but

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management's

expenditures

in

improving

shareholder

services

provided

to

the

Fund,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

to

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

Franklin

Universal

Trust

Shareholder

Information

franklintempleton.com

Annual

Report

factors,

the

Board

concluded

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,

extent

and

quality

of

services

provided

to

the

Fund.

#### Economies

#### of

#### Scale
The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

the

Fund

grows

larger

and

whether

the

Fund's

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

The

Board

believes

that

the

Manager'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

fund,

such

as

the

Fund,

does

not

continuously

offer

shares,

and

growth

following

its

initial

public

offering

will

primarily

result

from

market

appreciation,

which

benefits

its

shareholders.

While

believing

economies

of

scale

to

be

less

of

a

factor

in

the

context

of

a

closed-end

fund,

the

Board

believes

at

some

point

an

increase

in

size

may

lead

to

economies

of

scale

that

would

be

shared

with

the

Fund

and

its

shareholders

and

intends

to

monitor

future

growth

of

the

Fund

accordingly.

The

Board

recognized

that

there

would

not

likely

be

any

economies

of

scale

for

the

Fund

until

the

Fund's

assets

grow.

The

Board

considered

the

Manager's

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

FT

family

of

funds

as

a

whole.

#### Conclusion
Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuance

of

the

Management

Agreement

for

an

additional

one-year

period.

Proxy

Voting

Policies

and

Procedures

The

Trust's

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Trust

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Trust'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,

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Trust's

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission's

website

at

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30. Quarterly

Schedule

of

Investments

The

Trust

files

a

complete

schedule

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission's

website

at

sec.

gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission's

Public

Reference

Room

in

Washington,

DC. Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800) SEC-0330.

FUT-A

10/25©

2025

Franklin

Templeton

Investments.

All

rights

reserved.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

#### Annual

#### Report

#### Franklin

#### Universal

#### Trust

#### Investment

#### Manager

#### Transfer

#### Agent
Franklin

Advisers,

Inc.

(800) DIAL

BEN®

/

342-5236

Equiniti

Trust

Company,

LLC

6201

15th

Avenue

Brooklyn,

NY

11219

www.equiniti.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(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.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Mary C. Choksi possesses the technical attributes identified in Item 3 to Form N-CSR to qualify as "audit committee financial expert," and has designated Mary C. Choksi as the Audit Committee's financial expert. Mary C. Choksi is an "independent" Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending August 31, 2024 and August 31, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $92,823 in August 31, 2024 and $96,837 in August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in August 31, 2024 and $0 in August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $0 in August 31, 2024 and $11,000 in August 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

The aggregate fees billed for tax services by the Auditors to the Registrant's investment manager and any entity controlling, controlled by, or under common control with the investment manager that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee were $140,000 in August 31, 2024 and $0 in August 31, 2025. The services for which these fees were paid included global access to tax platform International Tax View.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in August 31, 2024 and $0 in August 31, 2025.

The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Service Affiliates, other than the services reported in paragraphs (a) through (c) of this item, were $115,834 in August 31, 2024 and $0 in August 31, 2025. The services for which these fees were paid included professional fees relating to security counts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Audit Committee is directly responsible for approving the services to be provided by the Auditors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pre-approval of all audit and audit related services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pre-approval of all non-audit related services to be provided to the Registrant by the Auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) pre-approval of all non-audit related services to be provided by the Auditors to the Registrant and the Service Affiliates where the non-audit services relate directly to the operations or financial reporting of the Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) establishment by the Audit Committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the Auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of Audit Committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $255,834 in August 31, 2024 and $359,647 in August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The independent board members are acting as the registrant's audit committee as specified in Section 3(a)(58)(B) of the Exchange Act. The Audit Committee consists of the following Board members:

Terrence J. Checki

Mary C. Choksi

Edith E. Holiday

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Michael Luttig

Larry D. Thompson

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 1 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 1 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

**FRANKLIN EQUITY GROUP**

<u>Proxy Voting Policies & Procedures</u>

An SEC Compliance Rule Policy and Procedures\*

**RESPONSIBILITY OF THE INVESTMENT MANAGERS TO VOTE PROXIES**

Franklin Equity Group, a separate investment group within Franklin Templeton, comprised of investment personnel from the SEC registered investment advisers listed on Appendix A (hereinafter individually an "Investment Manager" and collectively the "Investment Managers") have delegated the administrative duties with respect to voting proxies for securities to the Franklin Templeton Proxy Group. Proxy duties consist of disseminating proxy materials and analyses of issuers whose stock is owned by any client (including both investment companies and any separate accounts managed by the Investment Managers) that has either delegated proxy voting administrative responsibility to the Investment Managers or has asked for information and/or recommendations on the issues to be voted. The Investment Managers will inform advisory clients that have not delegated the voting responsibility but that have requested voting advice about the Investment Managers' views on such proxy votes. The Proxy Group also provides these services to other advisory affiliates of the Investment Managers.

The Proxy Group will process proxy votes on behalf of, and the Investment Managers vote proxies solely in the best interests of, separate account clients, the Investment Managers'-managed investment company shareholders, or shareholders of funds that have appointed Franklin Templeton International Services S.à.r.l. ("FTIS S.à.r.l.") as the Management Company, provided such funds or clients have properly delegated such responsibility in writing, or, where employee benefit plan assets subject to the Employee Retirement Income Security Act of 1974, as amended, are involved ("ERISA accounts"), in the best interests of the plan participants and beneficiaries (collectively, "Advisory Clients"), unless (i) the power to vote has been specifically retained by the named fiduciary in the documents in which the named fiduciary appointed the Investment Managers or (ii) the documents otherwise expressly prohibit the Investment Managers from voting proxies. The Investment Managers recognize that the exercise of voting rights on securities held by ERISA plans for which the Investment Managers have voting responsibility is a fiduciary duty that must be exercised with care, skill, prudence and diligence.

In certain circumstances, Advisory Clients are permitted to direct their votes in a solicitation pursuant to the Investment Management Agreement. An Advisory Client that wishes to direct its vote shall give reasonable prior written notice to the Investment Managers indicating such intention and provide written instructions directing the Investment Managers or the Proxy Group to vote regarding the solicitation. Where such prior written notice is received, the Proxy Group will vote proxies in accordance with such written notification received from the Advisory Client.

The Investment Managers have adopted and implemented Proxy Voting Policies and Procedures ("Proxy Policies") that they believe are reasonably designed to ensure that proxies are voted in the best interest of Advisory Clients in accordance with their fiduciary duties and rule 206(4)-6 under the Investment Advisers Act of 1940. To the extent that the Investment Managers have a subadvisory agreement with an affiliated investment manager (the "Affiliated Subadviser") with respect to a particular Advisory Client, the Investment Managers may delegate proxy voting responsibility to the Affiliated Subadviser. The Investment Managers may also delegate proxy voting responsibility to a subadviser that is not an Affiliated Subadviser in certain limited situations as disclosed to fund shareholders (e.g., where an Investment Manager to a pooled investment vehicle has engaged a subadviser that is not an Affiliated Subadviser to manage all or a portion of the assets).

*<sup>\*</sup>* <sup>Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").</sup>

**HOW THE INVESTMENT MANAGERS VOTE PROXIES**

**Proxy Services**

All proxies received by the Proxy Group will be voted based upon the Investment Managers' instructions and/or policies. To assist it in analyzing proxies of equity securities, the Investment Managers subscribe to Institutional Shareholder Services Inc. ("ISS"), an unaffiliated third-party corporate governance research service that provides in-depth analyses of shareholder meeting agendas and vote recommendations. In addition, the Investment Managers subscribe to ISS's Proxy Voting Service and Vote Disclosure Service. These services include receipt of proxy ballots, custodian bank relations, account maintenance, vote execution, ballot reconciliation, vote record maintenance, comprehensive reporting capabilities, and vote disclosure services. Also, the Investment Managers subscribe to Glass, Lewis & 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.

In addition, the Investment Manager may request in-house voting research from Franklin Templeton's Stewardship Team (FT Stewardship). FT Stewardship provides customized research on specific corporate governance issues that is tailored to the investment manager and corporate engagement undertaken. This research may include opinions on voting decisions; however, there is no obligation or inference for the Investment Manager to formally vote in line with these opinions. This research supports the independent vote decision making process and may reduce reliance on third-party advice for certain votes.

Although analyses provided by ISS, Glass Lewis, and/or another independent third-party proxy service provider (each a "Proxy Service") are thoroughly reviewed and considered in making a final voting decision, the Investment Managers do not consider recommendations from a Proxy Service or any third-party to be determinative of the Investment Managers' ultimate decision. Rather, the Investment Managers exercise their independent judgment in making voting decisions. As a matter of policy, the officers, directors and employees of the Investment Managers and the Proxy Group will not be influenced by outside sources whose interests conflict with the interests of Advisory Clients.

For ease of reference, the Proxy Policies often refer to all Advisory Clients. However, our processes and practices seek to ensure that proxy voting decisions are suitable for individual Advisory Clients. In some cases, the Investment Managers' evaluation may result in an individual Advisory Client or Investment Manager voting differently, depending upon the nature and objective of the fund or account, the composition of its portfolio, whether the Investment Manager has adopted a specialty or custom voting policy, and other factors.

**Conflicts of Interest**

All conflicts of interest will be resolved in the best interests of the Advisory Clients. The Investment Managers are affiliates of a large, diverse financial services firm with many affiliates and make their best efforts to mitigate conflicts of interest. However, as a general matter, the Investment Managers take the position that relationships between certain affiliates that do not use the "Franklin Templeton" name ("Independent Affiliates") and an issuer (e.g., an investment management relationship between an issuer and an Independent Affiliate) do not present a conflict of interest for an Investment Manager in voting proxies with respect to such issuer because: (i) the Investment Managers operate as an independent business unit from the Independent Affiliate business units, and (ii) informational barriers exist between the Investment Managers and the Independent Affiliate business units.

Material conflicts of interest could arise in a variety of situations, including as a result of the Investment Managers' or an affiliate's (other than an Independent Affiliate as described above): (i) material business relationship with an issuer or proponent, (ii) direct or indirect pecuniary interest in an issuer or proponent; or (iii) significant personal or family relationship with an issuer or proponent. 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. The Proxy Group gathers and analyzes this information on a best-efforts basis, as much of this information is provided

directly by individuals and groups other than the Proxy Group, and the Proxy Group relies on the accuracy of the information it receives from such parties.

Nonetheless, even though a potential conflict of interest between the Investment Managers or an affiliate (other than an Independent Affiliate as described above) and an issuer may exist: (1) the Investment Managers may vote in opposition to the recommendations of an issuer's management even if contrary to the recommendations of a third-party proxy voting research provider; (2) if management has made no recommendations, the Proxy Group may defer to the voting instructions of the Investment Managers; and (3) with respect to shares held by Franklin Resources, Inc. or its affiliates for their own corporate accounts, such shares may be voted without regard to these conflict procedures.

Otherwise, in situations where a material conflict of interest is identified between the Investment Managers or one of its affiliates (other than Independent Affiliates) and an issuer, the Proxy Group may vote consistent with the voting recommendation of a Proxy Service or send the proxy directly to the relevant Advisory Clients with the Investment Managers' recommendation regarding the vote for approval. To address certain affiliate conflict situations, the Investment Managers will employ pass-through voting or mirror voting when required pursuant to a fund's governing documents or applicable law.

Where the Proxy Group refers a matter to an Advisory Client, it may rely upon the instructions of a representative of the Advisory Client, such as the board of directors or trustees, a committee of the board, or an appointed delegate in the case of a U.S. registered investment company, a conducting officer in the case of a fund that has appointed FTIS S.à.r.l as its Management Company, the Independent Review Committee for Canadian investment funds, or a plan administrator in the case of an employee benefit plan. A quorum of the board of directors or trustees or of a committee of the board can be reached by a majority of members, or a majority of non-recused members. The Proxy Group may determine to vote all shares held by Advisory Clients of the Investment Managers and affiliated Investment Managers (other than Independent Affiliates) in accordance with the instructions of one or more of the Advisory Clients.

The Investment Managers may also decide whether to vote proxies for securities deemed to present conflicts of interest that are sold following a record date, but before a shareholder meeting date. The Investment Managers may consider various factors in deciding whether to vote such proxies, including the Investment Managers' long-term view of the issuer's securities for investment, or it may defer the decision to vote to the applicable Advisory Client. The Investment Managers also may be unable to vote, or choose not to vote, a proxy for securities deemed to present a conflict of interest for any of the reasons outlined in the first paragraph of the section of these policies entitled "Proxy Procedures."

**Weight Given Management Recommendations**

One of the primary factors the Investment Managers consider when determining the desirability of investing in a particular company is the quality and depth of that company's management. Accordingly, the recommendation of management on any issue is a factor that the Investment Managers consider in determining how proxies should be voted. However, the Investment Managers do not consider recommendations from management to be determinative of the Investment Managers' ultimate decision. Each issue is considered on its own merits, and the Investment Managers will not support the position of a company's management in any situation where it determines that the ratification of management's position would adversely affect the investment merits of owning that company's shares.

**Engagement with Issuers**

The Investment Managers believe that engagement with issuers is important to good corporate governance and to assist in making proxy voting decisions. The Investment Managers 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 Managers may also engage with management on a range of issues throughout the year.

**THE PROXY GROUP**

The Proxy Group's 'full-time staff members and support staff are devoted to proxy voting administration and oversight and providing support and assistance where needed. On a daily basis, the Proxy Group will review each proxy upon receipt as well as any agendas, materials and recommendations that they receive from a Proxy Service or other sources. The Proxy Group maintains a record of all shareholder meetings that are scheduled for companies whose securities are held by the Investment Managers' managed funds and accounts. For each shareholder meeting, a member of the Proxy Group will consult with the research analyst that follows the security and provide the analyst with the agenda, analyses of one or more Proxy Services, recommendations and any other information provided to the Proxy Group. Except in situations identified as presenting material conflicts of interest, the Investment Managers' research analyst and relevant portfolio manager(s) are responsible for making the final voting decision based on their review of the agenda, analyses of one or more Proxy Services, proxy statements, their knowledge of the company and any other information publicly available.

In situations where the Investment Managers have not responded with vote recommendations to the Proxy Group by the deadline date, the Proxy Group may vote consistent with the vote recommendations of a Proxy Service. Except in cases where the Proxy Group is voting consistent with the voting recommendation of a Proxy Service, the Proxy Group must obtain voting instructions from the Investment Managers' research analysts, relevant portfolio manager(s), legal counsel and/or the Advisory Client prior to submitting the vote. In the event that an account holds a security that an Investment Manager did not purchase on its behalf, and the Investment Manager does not normally consider the security as a potential investment for other accounts, the Proxy Group may vote consistent with the voting recommendations of a Proxy Service or take no action on the meeting.

**PROXY ADMINISTRATION PROCEDURES**

**Situations Where Proxies Are Not Voted**

The Proxy Group is fully cognizant of its responsibility to process proxies and maintain proxy records as may be required by relevant rules and regulations. In addition, the Investment Managers understand their fiduciary duty to vote proxies and that proxy voting decisions may affect the value of shareholdings. Therefore, the Investment Managers will generally attempt to process every proxy they receive for all domestic and foreign securities.

However, there may be situations in which the Investment Managers may be unable to successfully 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 an 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) additional documentation or the disclosure of beneficial owner details is required; (vi) the Investment Managers held shares on the record date but has sold them prior to the meeting date; (vii) the Advisory Client held shares on the record date, but the Advisory Client closed the account prior to the meeting date; (viii) a proxy voting service is not offered by the custodian in the market; (ix) due to either system error or human error, the Investment Managers' intended vote is not correctly submitted; (x) the Investment Managers believe it is not in the best interest of the Advisory Client to vote the proxy for any other reason not enumerated herein; or (xi) a security is subject to a securities lending or similar program that has transferred legal title to the security to another person.

**Rejected Votes**

Even if the Investment Managers use reasonable efforts to vote a proxy on behalf of their Advisory Clients, 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 Managers do not have sufficient notice; or (c) the exercise by the issuer of its discretion to reject the vote of the Investment Managers. In addition, despite the best efforts of the Proxy Group and its agents, there may be situations where the Investment Managers' votes are not received, or properly tabulated, by an issuer or the issuer's agent.

**Securities on Loan**

The Investment Managers or their affiliates may, on behalf of one or more of the proprietary registered investment companies advised by the Investment Managers or their affiliates, make efforts to recall any security on loan where the Investment Manager or its affiliates (a) learn of a vote on an event that may materially 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. The ability to timely recall shares is not entirely within the control of the Investment Managers. Under certain circumstances, the recall of shares in time for such shares to be voted may not be possible due to applicable proxy voting record dates or other administrative considerations.

**Split Voting**

There may be instances in certain non-U.S. markets where split voting is not allowed. Split voting occurs when a position held within an account is voted in accordance with two differing instructions. Some markets and/or issuers only allow voting on an entire position and do not accept split voting. In certain cases, when more than one Franklin Templeton investment manager has accounts holding shares of an issuer that are held in an omnibus structure, the Proxy Group will seek direction from an appropriate representative of the Advisory Client with multiple Investment Managers (such as a conducting officer of the Management Company in the case of a SICAV), or the Proxy Group will submit the vote based on the voting instructions provided by the Investment Manager with accounts holding the greatest number of shares of the security within the omnibus structure.

**Bundled Items**

If several issues are bundled together in a single voting item, the Investment Managers will assess the total benefit to shareholders and the extent that such issues should be subject to separate voting proposals.

**PROCEDURES FOR MEETINGS INVOLVING FIXED INCOME SECURITIES & PRIVATELY HELD ISSUERS**

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 Managers for each account or fund involved. If the Proxy Group does not receive voting instructions from the Investment Managers, the Proxy Group will take no action on the event. The Investment Managers 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 "Proxy Procedures."

In the rare instance where there is a vote for a privately held issuer, the decision will generally be made by the relevant portfolio managers or research analysts.

The Proxy Group will monitor such meetings involving fixed income securities or privately held issuers for conflicts of interest in accordance with these procedures. If a fixed income or privately held issuer is flagged as a potential conflict of interest, the Investment Managers may nonetheless vote as it deems in the best interests of its Advisory Clients. The Investment Managers will report such decisions on an annual basis to Advisory Clients as may be required.

**Appendix A**

These Proxy Policies apply to accounts managed by personnel within Franklin Equity Group, which includes the following Investment Managers:

Franklin Advisers, Inc. (FAV)

Franklin Templeton Institutional, LLC

The following Proxy Policies apply to FAV only:

**HOW THE INVESTMENT MANAGERS VOTE PROXIES**

**Proxy Services**

Certain of the Investment Managers' separate accounts or funds (or a portion thereof) are included under Franklin Templeton Investment Solutions ("FTIS"), a separate investment group within Franklin Templeton, and employ a quantitative strategy.

For such accounts, FTIS's proprietary methodologies rely on a combination of quantitative, qualitative, and behavioral analysis rather than fundamental security research and analyst coverage that an actively-managed portfolio would ordinarily employ. Accordingly, absent client direction, in light of the high number of positions held by such accounts and the considerable time and effort that would be required to review proxy statements and ISS or Glass Lewis recommendations, the Investment Manager may review ISS's guidelines'' or Glass Lewis's US guidelines (the "ISS and Glass Lewis Proxy Voting Guidelines") and determine, consistent with the best interest of its clients, to provide standing instructions to the Proxy Group to vote proxies according to the recommendations of ISS or Glass Lewis.

The Investment Manager, however, retains the ability to vote a proxy differently than ISS or Glass Lewis recommends if the Investment Manager determines that it would be in the best interests of Advisory Clients.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a)(1) As of August 31, 2025, the portfolio managers of the Fund are as follows:

**GLENN I. VOYLES CFA**, *Senior Vice President of Advisers*

Mr. Voyles has been a manager of the Fund since 1999, providing research and advice on the purchases and sales of individual securities, and portfolio risk assessment for the global income component of the Fund. He joined Franklin Templeton Investments in 1993.

**JONATHAN G. BELK CFA**, *Portfolio Manager of Advisers*

Mr. Belk has been a portfolio manager of the Fund since August 2020. He joined Franklin Templeton in 2004.

**PATRICIA O'CONNOR, CFA**, *Vice President of Advisers*

Ms. O'Connor has been a portfolio manager of the Fund since September 30, 2025. She joined Franklin Templeton in 1997.

CFA and Chartered Financial Analyst are trademarks owned by CFA Institute.

(a)(2) This section reflects information about the portfolio managers as of the fiscal year ended August 31, 2025.

The following table shows the number of other accounts managed by each portfolio manager and the total assets in the accounts managed within each category:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Name | Number of Other Registered Investment Companies Managed<sup>1</sup> | Assets of Other Registered Investment Companies Managed<br> (x $1 million)<sup>1</sup> | Number of Other Pooled<br> Investment Vehicles Managed<sup>1</sup> | Assets of Other Pooled Investment Vehicles Managed<br> (x $1 million)<sup>1</sup> | Number of Other<br> Accounts Managed<sup>1</sup> | Assets of Other<br> Accounts Managed<br> (x $1 million)<sup>1</sup> |
| Glenn I. Voyles | 8 | 6827.0 | 11 | 3211.9 | 3 | 46.6 |
| Jonathan G. Belk | 4 | 1689.7 | 4 | 1.134.2 | 1 | 46.9 |
| Patricia O'Connor | 6 | 7032.0 | 5 | 2647.3 | 4 | 86.2 |

---

 

<sup>1</sup>The various pooled investment vehicles and accounts listed are managed by a team of investment professionals. Accordingly, the individual managers listed would not be solely responsible for managing such listed amounts.

Portfolio managers that provide investment services to the Fund may also provide services to a variety of other investment products, including other funds, institutional accounts and private accounts. The advisory fees for some of such other products and accounts may be different than that charged to the Fund and may include performance based compensation (as noted, in the chart above, if any). This may result in fees that are higher (or lower) than the advisory fees paid by the Fund. As a matter of policy, each fund or account is managed solely for the benefit of the beneficial owners thereof. As discussed below, the separation of the trading execution function from the portfolio management function and the application of objectively based trade allocation procedures help to mitigate potential conflicts of interest that may arise as a result of the portfolio managers managing accounts with different advisory fees.

*Conflicts.* The management of multiple funds, including the Fund, and accounts may also give rise to potential conflicts of interest if the funds and other accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. The investment manager seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment strategies that are used in connection with the management of the Fund. Accordingly, portfolio holdings, position sizes, and industry and sector exposures tend to be similar across similar portfolios, which may minimize the potential for conflicts of interest. As noted above, the separate management of the trade execution and valuation functions from the portfolio management process also helps to reduce potential conflicts of interest. However, securities selected for funds or accounts other than the Fund may outperform the securities selected for the Fund. Moreover, if a portfolio manager identifies a limited investment opportunity that may be suitable for more than one fund or other account, the Fund may not be able to take full advantage of that opportunity due to an allocation of that opportunity across all eligible funds and other accounts. The investment manager seeks to manage such potential conflicts by using procedures intended to provide a fair allocation of buy and sell opportunities among funds and other accounts.

The structure of a portfolio manager's compensation may give rise to potential conflicts of interest. A portfolio manager's base pay and bonus tend to increase with additional and more complex responsibilities that include increased assets under management. As such, there may be an indirect relationship between a portfolio manager's marketing or sales efforts and his or her bonus.

Finally, the management of personal accounts by a portfolio manager may give rise to potential conflicts of interest. While the funds and the manager have adopted a code of ethics which they believe contains provisions reasonably necessary to prevent a wide range of prohibited activities by portfolio managers and others with respect to their personal trading activities, there can be no assurance that the code of ethics addresses all individual conduct that could result in conflicts of interest.

The manager and the Fund have adopted certain compliance procedures that are designed to address these, and other, types of conflicts. However, there is no guarantee that such procedures will detect each and every situation where a conflict arises.

*Compensation.* The investment manager seeks to maintain a compensation program that is competitively positioned to attract, retain and motivate top-quality investment professionals. Portfolio managers receive a base salary, a cash incentive bonus opportunity, an equity compensation opportunity, and a benefits package. Portfolio manager compensation is reviewed annually and the level of compensation is based on individual performance, the salary range for a portfolio manager's level of responsibility and Franklin Templeton guidelines. Portfolio managers are provided no financial incentive to favor one fund or account over another. Each portfolio manager's compensation consists of the following three elements:

**Base salary** Each portfolio manager is paid a base salary.

**Annual bonus** Annual bonuses are structured to align the interests of the portfolio manager with those of the Fund's shareholders. Each portfolio manager is eligible to receive an annual bonus. Bonuses generally are split between cash (50% to 65%) and restricted shares of Resources stock (17.5% to 25%) and mutual fund shares (17.5% to 25%). The deferred equity-based compensation is intended to build a vested interest of the portfolio manager in the financial performance of both Resources and mutual funds advised by the investment manager. The bonus plan is intended to provide a competitive level of annual bonus compensation that is tied to the portfolio manager achieving consistently strong investment performance, which aligns the financial incentives of the portfolio manager and Fund shareholders. The Chief Investment Officer of the investment manager and/or other officers of the investment manager, with responsibility for the Fund, have discretion in the granting of annual bonuses to portfolio managers in accordance with Franklin Templeton guidelines. The following factors are generally used in determining bonuses under the plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Investment performance.* Primary consideration is given to the historic
 investment performance over the 1, 3 and 5 preceding years of all accounts managed by the portfolio manager. The pre-tax performance of
 each fund managed is measured relative to a relevant peer group and/or applicable benchmark as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Non-investment performance.* The more qualitative contributions of the portfolio
 manager to the investment manager's business and the investment management team, including professional knowledge, productivity,
 responsiveness to client needs and communication, are evaluated in determining the amount of any bonus award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Responsibilities.* The characteristics and complexity of funds managed by
 the portfolio manager are factored in the investment manager's appraisal.

**Additional long-term equity-based compensation** Portfolio managers may also be awarded restricted shares or units of Resources stock or restricted shares or units of one or more mutual funds. Awards of such deferred equity-based compensation typically vest over time, so as to create incentives to retain key talent.

**Benefits** Portfolio managers also participate in benefit plans and programs available generally to all employees of the investment manager.

*Ownership of Fund shares.* The investment manager has a policy of encouraging portfolio managers to invest in the funds they manage. Exceptions arise when, for example, a fund is closed to new investors or when tax considerations or jurisdictional constraints cause such an investment to be inappropriate for the portfolio manager. The following is the dollar range of Fund shares beneficially owned by the portfolio manager (such amounts may change from time to time):

---

| | |
|:---|:---|
| Portfolio Manager | Dollar Range of Fund<br> Shares Beneficially<br> Owned |
| Glenn I. Voyles | None |
| Johnathan G. Belk | None |
| Patricia O'Connor | None |

---

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

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.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive officer and principal financial officer have concluded that the Registrant's disclosure controls
 and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective
 as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their
 evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange
 Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting
 and administrative services for the Registrant that are subject to Franklin Templeton's oversight.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](fut-efp18158_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](fut-efp18158_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](fut-efp18158_ex99906cert.htm)

Exhibit 99.906CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(c) Pursuant to the Securities and Exchange Commission's Order granting relief from Section 19(b) of the Investment Company Act of 1940, the 19(a) Notices to Beneficial Owners are attached hereto as Exhibit.](fut-efp18158_ex99press.htm)

SIGNATURES

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, there unto duly authorized.

**Franklin Universal Trust**

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | October 29, 2025 |

---

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.

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | October 29, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | October 29, 2025 |

---

## Ex-99.Codeeth

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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") 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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 <u>Code of Ethics and Business Conduct</u> ("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 <u>FTI Personal Investments and Insider Trading Policy</u> 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 superseded 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 a position 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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> 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.

<sup>2</sup> 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 Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 FTI Personal Investments and Insider Trading Policy, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

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

<sup>3</sup> 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.

<sup>4</sup> 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.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;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 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.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*** |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin Universal Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

Date: October 29, 2025

---

| |
|:---|
| /s/ Christopher Kings |
| Christopher Kings |
| Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin Universal Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, 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;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

Date: October 29, 2025

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Franklin Universal Trust.** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **August 31, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer –** | **Chief Financial Officer, Chief** |
| **Finance and Administration** | **Accounting Officer and Treasurer** |
| Franklin Universal Trust | Franklin Universal Trust |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: October 29, 2025 | Date: October 29, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.

## Ex-99.Press

**FRANKLIN UNIVERSAL TRUST**

One Franklin Parkway

San Mateo, CA 94403-1906

**FOR IMMEDIATE RELEASE:**

For more information, please contact Franklin Templeton at 1-800-342-5236.

**FRANKLIN UNIVERSAL TRUST ("FT" or the "Fund")**

**ANNOUNCES NOTIFICATION OF SOURCES OF DISTRIBUTIONS**

San Mateo, CA, March 28, 2025.

Franklin Universal Trust [NYSE: FT]:<br>

The Fund's estimated sources of the distribution to be paid on March 31, 2025 and for the fiscal year 2025 year-to-date are as follows:

Estimated Allocations for March Monthly Distribution as of February 28, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.0425  | &nbsp;&nbsp; $0.0357 (84%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0068 (16%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of February 28, 2025, for the fiscal year ending August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital<br> Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.2550  | &nbsp;&nbsp; $0.1602 (63%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0948 (37%) |

---

**Shareholders should not draw any conclusions about the Fund's investment performance from the amount of the current distribution or from the terms of the Fund's Distribution Policy. FT estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the FT distribution to shareholders may be a return of capital. A return of capital may occur, for example, when some or all of the money that a shareholder invested in a Fund is paid back to them. A return of capital distribution does not necessarily reflect FT's investment performance and should not be confused with 'yield' or 'income'. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send a Form 1099-DIV to shareholders for the calendar year that will describe how to report the Fund's distributions for federal income tax purposes.**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5-year period ended on 2/28/2025)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 2/28/2025)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 2/28/2025)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 2/28/2025)<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.08% |

---

**Fund Performance and Distribution Rate Information:**

**1. &nbsp;&nbsp;&nbsp;&nbsp;** 

**Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through February 28, 2025. Annual NAV Total Return is the percentage change in the Fund's NAV over a year, assuming reinvestment of distributions paid.**

**2. &nbsp;&nbsp;&nbsp;&nbsp;** 

**The Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV through February 28, 2025.**

**3. &nbsp;&nbsp;&nbsp;&nbsp;** 

**Cumulative Total Return is the percentage change in the Fund's NAV from August 31, 2024 through February 28, 2025, assuming reinvestment of distributions paid.**

**4. &nbsp;&nbsp;&nbsp;&nbsp;** 

**The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period August 31, 2024 through February 28, 2025, as a percentage of the Fund's NAV as of February 28, 2025.**

<br> The Fund'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. Distributions may vary based on the Fund's net investment income. Past distributions are not indicative of future trends.

**For further information on Franklin Universal Trust, please visit our web site at:

www.franklintempleton.com**

**<br>** 

<br> Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and $1.58 trillion in assets under management as of February 28, 2025. For more information, please visit franklintempleton.com.

#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #

**FRANKLIN UNIVERSAL TRUST**

One Franklin Parkway

San Mateo, CA 94403-1906

**FOR IMMEDIATE RELEASE:**

For more information, please contact Franklin Templeton at 1-800-342-5236.

**FRANKLIN UNIVERSAL TRUST ("FT" or the "Fund")**

**ANNOUNCES NOTIFICATION OF SOURCES OF DISTRIBUTIONS**

San Mateo, CA, April 29, 2025.

Franklin Universal Trust [NYSE: FT]:<br>

The Fund's estimated sources of the distribution to be paid on April 30, 2025, and for the fiscal year 2025 year-to-date are as follows:

Estimated Allocations for April Monthly Distribution as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.0425  | &nbsp;&nbsp; $0.0289 (68%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0136 (32%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of March 31, 2025, for the fiscal year ending August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital<br> Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.2975  | &nbsp;&nbsp; $0.1891 (64%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.1084 (36%) |

---

**Shareholders should not draw any conclusions about the Fund's investment performance from the amount of the current distribution or from the terms of the Fund's Distribution Policy. FT estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the FT distribution to shareholders may be a return of capital. A return of capital may occur, for example, when some or all of the money that a shareholder invested in a Fund is paid back to them. A return of capital distribution does not necessarily reflect FT's investment performance and should not be confused with 'yield' or 'income'. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send a Form 1099-DIV to shareholders for the calendar year that will describe how to report the Fund's distributions for federal income tax purposes.**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5-year period ended on 3/31/2025)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 3/31/2025)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 3/31/2025)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 3/31/2025)<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63% |

---

**Fund Performance and Distribution Rate Information:**

&nbsp;&nbsp;&nbsp;&nbsp;

**1. &nbsp;&nbsp;&nbsp;&nbsp;** 

**Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through March 31, 2025. Annual NAV Total Return is the percentage change in the Fund's NAV over a year, assuming reinvestment of distributions paid.**

&nbsp;&nbsp;&nbsp;&nbsp;

**2. &nbsp;&nbsp;&nbsp;&nbsp;** 

**The Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV through March 31, 2025.**

&nbsp;&nbsp;&nbsp;&nbsp;

**3. &nbsp;&nbsp;&nbsp;&nbsp;** 

**Cumulative Total Return is the percentage change in the Fund's NAV from August 31, 2024 through March 31, 2025, assuming reinvestment of distributions paid.**

&nbsp;&nbsp;&nbsp;&nbsp;

**4. &nbsp;&nbsp;&nbsp;&nbsp;** 

**The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period August 31, 2024 through March 31, 2025, as a percentage of the Fund's NAV as of March 31, 2025.**

**<br>** 

<br> The Fund'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. Distributions may vary based on the Fund's net investment income. Past distributions are not indicative of future trends.

**For further information on Franklin Universal Trust, please visit our web site at:

www.franklintempleton.com**

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and $1.53 trillion in assets under management as of March 31, 2025. For more information, please visit franklintempleton.com.

#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #

**FRANKLIN UNIVERSAL TRUST**

One Franklin Parkway

San Mateo, CA 94403-1906

**FOR IMMEDIATE RELEASE:**

For more information, please contact Franklin Templeton at 1-800-342-5236.

**FRANKLIN UNIVERSAL TRUST ("FT" or the "Fund")**

**ANNOUNCES NOTIFICATION OF SOURCES OF DISTRIBUTIONS**

San Mateo, CA, May 29, 2025.

Franklin Universal Trust [NYSE: FT]:<br>

The Fund's estimated sources of the distribution to be paid on May 30, 2025, and for the fiscal year 2025 year-to-date are as follows:

Estimated Allocations for May Monthly Distribution as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.0425  | &nbsp;&nbsp; $0.0247 (58%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0178 (42%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of April 30, 2025, for the fiscal year ending August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital<br> Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.3400  | &nbsp;&nbsp; $0.2138 (63%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.1262 (37%) |

---

**Shareholders should not draw any conclusions about the Fund's investment performance from the amount of the current distribution or from the terms of the Fund's Distribution Policy. FT estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the FT distribution to shareholders may be a return of capital. A return of capital may occur, for example, when some or all of the money that a shareholder invested in a Fund is paid back to them. A return of capital distribution does not necessarily reflect FT's investment performance and should not be confused with 'yield' or 'income'. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send a Form 1099-DIV to shareholders for the calendar year that will describe how to report the Fund's distributions for federal income tax purposes.**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5-year period ended on 4/30/2025)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 4/30/2025)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 4/30/2025)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 4/30/2025)<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20% |

---

**Fund Performance and Distribution Rate Information:**

**1. &nbsp;&nbsp;&nbsp;&nbsp;** 

**Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through April 30, 2025. Annual NAV Total Return is the percentage change in the Fund's NAV over a year, assuming reinvestment of distributions paid.**

**2. &nbsp;&nbsp;&nbsp;&nbsp;** 

**The Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV through April 30, 2025.**

**3. &nbsp;&nbsp;&nbsp;&nbsp;** 

**Cumulative Total Return is the percentage change in the Fund's NAV from August 31, 2024 through April 30, 2025, assuming reinvestment of distributions paid.**

**4. &nbsp;&nbsp;&nbsp;&nbsp;** 

**The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period August 31, 2024 through April 30, 2025, as a percentage of the Fund's NAV as of April 30, 2025.**

**<br>** 

<br> The Fund'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. Distributions may vary based on the Fund's net investment income. Past distributions are not indicative of future trends.

**For further information on Franklin Universal Trust, please visit our web site at:

www.franklintempleton.com**

**<br>** 

<br> Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and $1.53 trillion in assets under management as of April 30, 2025. For more information, please visit franklintempleton.com.

#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #

**FRANKLIN UNIVERSAL TRUST**

One Franklin Parkway

San Mateo, CA 94403-1906

**FOR IMMEDIATE RELEASE:**

For more information, please contact Franklin Templeton at 1-800-342-5236.

**FRANKLIN UNIVERSAL TRUST ("FT" or the "Fund")**

**ANNOUNCES NOTIFICATION OF SOURCES OF DISTRIBUTIONS**

San Mateo, CA, June 27, 2025.

Franklin Universal Trust [NYSE: FT]:<br>

The Fund's estimated sources of the distribution to be paid on June 30, 2025, and for the fiscal year 2025 year-to-date are as follows:

Estimated Allocations for June Monthly Distribution as of May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.0425  | &nbsp;&nbsp; $0.0345 (81%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0080 (19%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of May 31, 2025, for the fiscal year ending August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital<br> Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.3825  | &nbsp;&nbsp; $0.2483 (65%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.1342 (35%) |

---

**Shareholders should not draw any conclusions about the Fund's investment performance from the amount of the current distribution or from the terms of the Fund's Distribution Policy. FT estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the FT distribution to shareholders may be a return of capital. A return of capital may occur, for example, when some or all of the money that a shareholder invested in a Fund is paid back to them. A return of capital distribution does not necessarily reflect FT's investment performance and should not be confused with 'yield' or 'income'. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send a Form 1099-DIV to shareholders for the calendar year that will describe how to report the Fund's distributions for federal income tax purposes.**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5-year period ended on 5/31/2025)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 5/31/2025)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 5/31/2025)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 5/31/2025)<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% |

---

**Fund Performance and Distribution Rate Information:**

**1. &nbsp;&nbsp;&nbsp;&nbsp;** 

**Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through May 31, 2025. Annual NAV Total Return is the percentage change in the Fund's NAV over a year, assuming reinvestment of distributions paid.**

**2. &nbsp;&nbsp;&nbsp;&nbsp;** 

**The Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV through May 31, 2025.**

**3. &nbsp;&nbsp;&nbsp;&nbsp;** 

**Cumulative Total Return is the percentage change in the Fund's NAV from August 31, 2024 through May 31, 2025, assuming reinvestment of distributions paid.**

**4. &nbsp;&nbsp;&nbsp;&nbsp;** 

**The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period August 31, 2024 through May 31, 2025, as a percentage of the Fund's NAV as of May 31, 2025.**

**<br>** 

<br> The Fund'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. Distributions may vary based on the Fund's net investment income. Past distributions are not indicative of future trends.

**For further information on Franklin Universal Trust, please visit our web site at:

www.franklintempleton.com**

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and $1.57 trillion in assets under management as of May 31, 2025. For more information, please visit franklintempleton.com.

#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #

**FRANKLIN UNIVERSAL TRUST**

One Franklin Parkway

San Mateo, CA 94403-1906

**FOR IMMEDIATE RELEASE:**

For more information, please contact Franklin Templeton at 1-800-342-5236.

**FRANKLIN UNIVERSAL TRUST ("FT" or the "Fund")**

**ANNOUNCES NOTIFICATION OF SOURCES OF DISTRIBUTIONS**

San Mateo, CA, July 30, 2025.

Franklin Universal Trust [NYSE: FT]:<br>

The Fund's estimated sources of the distribution to be paid on July 31, 2025, and for the fiscal year 2025 year-to-date are as follows:

Estimated Allocations for July Monthly Distribution as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.0425  | &nbsp;&nbsp; $0.0135 (32%) | &nbsp;&nbsp; $0.0119 (28%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0171 (40%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of June 30, 2025, for the fiscal year ending August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital<br> Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.4250  | &nbsp;&nbsp; $0.2618 (62%) | &nbsp;&nbsp; $0.0119 (3%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.1513 (35%) |

---

**Shareholders should not draw any conclusions about the Fund's investment performance from the amount of the current distribution or from the terms of the Fund's Distribution Policy. FT estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the FT distribution to shareholders may be a return of capital. A return of capital may occur, for example, when some or all of the money that a shareholder invested in a Fund is paid back to them. A return of capital distribution does not necessarily reflect FT's investment performance and should not be confused with 'yield' or 'income'. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send a Form 1099-DIV to shareholders for the calendar year that will describe how to report the Fund's distributions for federal income tax purposes.**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5-year period ended on 6/30/2025)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 6/30/2025)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 6/30/2025)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 6/30/2025)<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14% |

---

**Fund Performance and Distribution Rate Information:**

**1. &nbsp;&nbsp;&nbsp;&nbsp;** 

**Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through June 30, 2025. Annual NAV Total Return is the percentage change in the Fund's NAV over a year, assuming reinvestment of distributions paid.**

**2. &nbsp;&nbsp;&nbsp;&nbsp;** 

**The Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV through June 30, 2025.**

**3. &nbsp;&nbsp;&nbsp;&nbsp;** 

**Cumulative Total Return is the percentage change in the Fund's NAV from August 31, 2024 through June 30, 2025, assuming reinvestment of distributions paid.**

**4. &nbsp;&nbsp;&nbsp;&nbsp;** 

**The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period August 31, 2024 through June 30, 2025, as a percentage of the Fund's NAV as of June 30, 2025.**

**<br>** 

<br> The Fund'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. Distributions may vary based on the Fund's net investment income. Past distributions are not indicative of future trends.

**For further information on Franklin Universal Trust, please visit our web site at:

www.franklintempleton.com**

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and $1.61 trillion in assets under management as of June 30, 2025. For more information, please visit franklintempleton.com.

#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #

**FRANKLIN UNIVERSAL TRUST**

One Franklin Parkway

San Mateo, CA 94403-1906

**FOR IMMEDIATE RELEASE:**

For more information, please contact Franklin Templeton at 1-800-342-5236.

**FRANKLIN UNIVERSAL TRUST ("FT" or the "Fund")**

**ANNOUNCES NOTIFICATION OF SOURCES OF DISTRIBUTIONS**

San Mateo, CA, August 28, 2025.

Franklin Universal Trust [NYSE: FT]:<br>

The Fund's estimated sources of the distribution to be paid on August 29, 2025, and for the fiscal year 2025 year-to-date are as follows:

Estimated Allocations for August Monthly Distribution as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.0425  | &nbsp;&nbsp; $0.0329 (77%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.0096 (23%) |

---

Cumulative Estimated Allocations fiscal year-to-date as of July 31, 2025, for the fiscal year ending August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Distribution <br> Per Share  | &nbsp;&nbsp; Net Investment <br> Income  | &nbsp;&nbsp; Net Realized <br> Short-Term Capital<br> Gains  | &nbsp;&nbsp; Net Realized <br> Long-Term Capital<br> Gains  | &nbsp;&nbsp; Return of Capital  |
| &nbsp;&nbsp; $0.4675  | &nbsp;&nbsp; $0.2947 (63%) | &nbsp;&nbsp; $0.0119 (3%) | &nbsp;&nbsp; $0.00 (0%) | &nbsp;&nbsp; $0.1609 (34%) |

---

**Shareholders should not draw any conclusions about the Fund's investment performance from the amount of the current distribution or from the terms of the Fund's Distribution Policy. FT estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the FT distribution to shareholders may be a return of capital. A return of capital may occur, for example, when some or all of the money that a shareholder invested in a Fund is paid back to them. A return of capital distribution does not necessarily reflect FT's investment performance and should not be confused with 'yield' or 'income'. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send a Form 1099-DIV to shareholders for the calendar year that will describe how to report the Fund's distributions for federal income tax purposes.**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5-year period ended on 7/31/2025)<sup>1</sup> | &nbsp;&nbsp; Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 7/31/2025)<sup>2</sup> | &nbsp;&nbsp;&nbsp; Cumulative Total Return (in relation to the change in NAV for the fiscal period through 7/31/2025)<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 7/31/2025)<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% |

---

**Fund Performance and Distribution Rate Information:**

**1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

**Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ended through July 31, 2025. Annual NAV Total Return is the percentage change in the Fund's NAV over a year, assuming reinvestment of distributions paid.**

**2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

**The Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV through July 31, 2025.**

**3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

**Cumulative Total Return is the percentage change in the Fund's NAV from August 31, 2024 through July 31, 2025, assuming reinvestment of distributions paid.**

**4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

**The Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of distributions for the fiscal period August 31, 2024 through July 31, 2025, as a percentage of the Fund's NAV as of July 31, 2025.**

**<br>** 

<br> The Fund'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. Distributions may vary based on the Fund's net investment income. Past distributions are not indicative of future trends.

**For further information on Franklin Universal Trust, please visit our web site at:

www.franklintempleton.com**

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and $1.62 trillion in assets under management as of July 31, 2025. For more information, please visit franklintempleton.com.

#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; #