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 30, 2023.
Franklin
Universal Trust [NYSE: FT]:

The Fund’s
estimated sources of the distribution to be paid on March 31, 2023 and for the
fiscal year 2023 year-to-date are as follows:

Estimated Allocations for March Monthly
Distribution as of February 28, 2023:

Distribution Per Share	Net Investment Income	Net Realized Short-Term Capital Gains	Net Realized Long-Term Capital Gains	Return of Capital
$0.0425	$0.0265 (62%)	$0.00 (0%)	$0.00 (0%)	$0.0160 (38%)

Cumulative Estimated Allocations fiscal
year-to-date as of February 28, 2023, for the fiscal year ending August 31,
2023:

Distribution Per Share	Net Investment Income	Net Realized Short-Term Capital Gains	Net Realized Long-Term Capital Gains	Return of Capital
$0.3162	$0.1437 (45%)	$0.0445 (14%)	$0.00 (0%)	$0.1280 (41%)

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.

Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5-year period ended on 2/28/2023)¹	Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 2/28/2023)²	Cumulative Total Return (in relation to the change in NAV for the fiscal period through 2/28/2023)³	Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 2/28/2023)⁴
4.64%	6.82%	-3.52%	4.23%

Fund Performance
and Distribution Rate Information:

1.       
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, 2023. Annual NAV Total Return is the percentage change in the Fund’s NAV
over a year, assuming reinvestment of distributions paid.

2.       
The
Annualized Distribution Rate is the current fiscal period’s distribution rate
annualized as a percentage of the Fund’s NAV through February 28, 2023.

3.       
Cumulative
Total Return is the percentage change in the Fund’s NAV from August 31, 2022
through February 28, 2023, assuming reinvestment of distributions paid.

4.       
The
Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of
distributions for the fiscal period August 31, 2022 through February 28, 2023,
as a percentage of the Fund’s NAV as of February 28, 2023.

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 155 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 offices in more than 30 countries
and approximately 1,300 investment professionals, the California-based company
has over 75 years of investment experience and approximately $1.4 trillion in
assets under management as of February 28, 2023. For more information, please
visit franklintempleton.com.

#                      #                      #

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 27, 2023.
Franklin
Universal Trust [NYSE: FT]:

The Fund’s
estimated sources of the distribution to be paid on April 28, 2023 and for the
fiscal year 2023 year-to-date are as follows:

Estimated Allocations for April Monthly
Distribution as of March 31, 2023:

Distribution Per Share	Net Investment Income	Net Realized Short-Term Capital Gains	Net Realized Long-Term Capital Gains	Return of Capital
$0.0425	$0.0291 (68%)	$0.00 (0%)	$0.00 (0%)	$0.0134 (32%)

Cumulative Estimated Allocations fiscal
year-to-date as of March 31, 2023, for the fiscal year ending August 31, 2023:

Distribution Per Share	Net Investment Income	Net Realized Short-Term Capital Gains	Net Realized Long-Term Capital Gains	Return of Capital
$0.3587	$0.1728 (48%)	$0.0445 (12%)	$0.00 (0%)	$0.1414 (40%)

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.

Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5-year period ended on 3/31/2023)¹	Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 3/31/2023)²	Cumulative Total Return (in relation to the change in NAV for the fiscal period through 3/31/2023)³	Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 3/31/2023)⁴
5.11%	6.68%	-0.91%	4.70%

Fund Performance
and Distribution Rate Information:

1.       
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, 2023. Annual NAV Total Return is the percentage change in the Fund’s NAV
over a year, assuming reinvestment of distributions paid.

2.       
The
Annualized Distribution Rate is the current fiscal period’s distribution rate
annualized as a percentage of the Fund’s NAV through March 31, 2023.

3.       
Cumulative
Total Return is the percentage change in the Fund’s NAV from August 31, 2022
through March 31, 2023, assuming reinvestment of distributions paid.

4.       
The
Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of
distributions for the fiscal period August 31, 2022 through March 31, 2023, as
a percentage of the Fund’s NAV as of March 31, 2023.

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 155 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 offices in more than 30 countries
and approximately 1,300 investment professionals, the California-based company
has over 75 years of investment experience and approximately $1.4 trillion in
assets under management as of March 31, 2023. For more information, please
visit franklintempleton.com.

#                      #                      #

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 30, 2023.
Franklin
Universal Trust [NYSE: FT]:

The Fund’s
estimated sources of the distribution to be paid on May 31, 2023 and for the
fiscal year 2023 year-to-date are as follows:

Estimated Allocations for May Monthly
Distribution as of April 30, 2023:

Distribution Per Share	Net Investment Income	Net Realized Short-Term Capital Gains	Net Realized Long-Term Capital Gains	Return of Capital
$0.0425	$0.0194 (46%)	$0.00 (0%)	$0.00 (0%)	$0.0231 (54%)

Cumulative Estimated Allocations fiscal
year-to-date as of April 30, 2023, for the fiscal year ending August 31, 2023:

Distribution Per Share	Net Investment Income	Net Realized Short-Term Capital Gains	Net Realized Long-Term Capital Gains	Return of Capital
$0.4012	$0.1922 (48%)	$0.0445 (11%)	$0.00 (0%)	$0.1645 (41%)

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.

Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5-year period ended on 4/30/2023)¹	Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 4/30/2023)²	Cumulative Total Return (in relation to the change in NAV for the fiscal period through 4/30/2023)³	Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 4/30/2023)⁴
5.23%	6.61%	0.55%	5.20%

Fund Performance
and Distribution Rate Information:

1.          
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, 2023. Annual NAV Total Return is the percentage change in the Fund’s NAV
over a year, assuming reinvestment of distributions paid.

2.          
The
Annualized Distribution Rate is the current fiscal period’s distribution rate
annualized as a percentage of the Fund’s NAV through April 30, 2023.

3.          
Cumulative
Total Return is the percentage change in the Fund’s NAV from August 31, 2022
through April 30, 2023, assuming reinvestment of distributions paid.

4.          
The
Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of
distributions for the fiscal period August 31, 2022 through April 30, 2023, as
a percentage of the Fund’s NAV as of April 30, 2023.

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 155 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 offices in more than 30 countries
and approximately 1,300 investment professionals, the California-based company
has over 75 years of investment experience and approximately $1.4 trillion in
assets under management as of April 30, 2023. For more information, please
visit franklintempleton.com.

#                      #                      #

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 29, 2023.
Franklin
Universal Trust [NYSE: FT]:

The Fund’s
estimated sources of the distribution to be paid on June 30, 2023 and for the
fiscal year 2023 year-to-date are as follows:

Estimated Allocations for June Monthly
Distribution as of May 31, 2023:

Distribution Per Share	Net Investment Income	Net Realized Short-Term Capital Gains	Net Realized Long-Term Capital Gains	Return of Capital
$0.0425	$0.0295 (69%)	$0.00 (0%)	$0.00 (0%)	$0.0130 (31%)

Cumulative Estimated Allocations fiscal
year-to-date as of May 31, 2023, for the fiscal year ending August 31, 2023:

Distribution Per Share	Net Investment Income	Net Realized Short-Term Capital Gains	Net Realized Long-Term Capital Gains	Return of Capital
$0.4437	$0.2217 (50%)	$0.0445 (10%)	$0.00 (0%)	$0.1775 (40%)

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.

Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5-year period ended on 5/31/2023)¹	Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 5/31/2023)²	Cumulative Total Return (in relation to the change in NAV for the fiscal period through 5/31/2023)³	Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 5/31/2023)⁴
4.50%	6.93%	-3.46%	6.03%

Fund Performance
and Distribution Rate Information:

1.       
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, 2023. Annual NAV Total Return is the percentage change in the Fund’s NAV
over a year, assuming reinvestment of distributions paid.

2.       
The
Annualized Distribution Rate is the current fiscal period’s distribution rate
annualized as a percentage of the Fund’s NAV through May 31, 2023.

3.       
Cumulative
Total Return is the percentage change in the Fund’s NAV from August 31, 2022
through May 31, 2023, assuming reinvestment of distributions paid.

4.       
The
Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of
distributions for the fiscal period August 31, 2022 through May 31, 2023, as a
percentage of the Fund’s NAV as of May 31, 2023.

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 155 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 offices in more than 30 countries
and approximately 1,300 investment professionals, the California-based company
has over 75 years of investment experience and approximately $1.4 trillion in
assets under management as of May 31, 2023. For more information, please visit
franklintempleton.com.

#                      #                      #

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 28, 2023.
Franklin Universal Trust
[NYSE: FT]:

The Fund’s
estimated sources of the distribution to be paid on July 31, 2023 and for the
fiscal year 2023 year-to-date are as follows:

Estimated Allocations for July Monthly
Distribution as of June 30, 2023:

Distribution Per Share	Net Investment Income	Net Realized Short-Term Capital Gains	Net Realized Long-Term Capital Gains	Return of Capital
$0.0425	$0.0222 (52%)	$0.00 (0%)	$0.00 (0%)	$0.0203 (48%)

Cumulative Estimated Allocations fiscal
year-to-date as of June 30, 2023, for the fiscal year ending August 31, 2023:

Distribution Per Share	Net Investment Income	Net Realized Short-Term Capital Gains	Net Realized Long-Term Capital Gains	Return of Capital
$0.4862	$0.2439 (50%)	$0.0445 (9%)	$0.00 (0%)	$0.1978 (41%)

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.

Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5-year period ended on 6/30/2023)¹	Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 6/30/2023)²	Cumulative Total Return (in relation to the change in NAV for the fiscal period through 6/30/2023)³	Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 6/30/2023)⁴
4.66%	6.81%	-1.20%	6.49%

Fund Performance
and Distribution Rate Information:

1.          
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, 2023. Annual NAV Total Return is the percentage change in the Fund’s
NAV over a year, assuming reinvestment of distributions paid.

2.          
The
Annualized Distribution Rate is the current fiscal period’s distribution rate
annualized as a percentage of the Fund’s NAV through June 30, 2023.

3.          
Cumulative
Total Return is the percentage change in the Fund’s NAV from August 31, 2022
through June 30, 2023, assuming reinvestment of distributions paid.

4.          
The
Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of
distributions for the fiscal period August 31, 2022 through June 30, 2023, as a
percentage of the Fund’s NAV as of June 30, 2023.

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
1,300 investment professionals, and offices in major financial markets around
the world, the California-based company has over 75 years of investment
experience and over $1.4 trillion in assets under management as of June 30,
2023. For more information, please visit franklintempleton.com
.

#                      #                      #

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 30, 2023.
Franklin
Universal Trust [NYSE: FT]:

The Fund’s
estimated sources of the distribution to be paid on August 31, 2023 and for the
fiscal year 2023 year-to-date are as follows:

Estimated Allocations for August Monthly
Distribution as of July 31, 2023:

Distribution Per Share	Net Investment Income	Net Realized Short-Term Capital Gains	Net Realized Long-Term Capital Gains	Return of Capital
$0.0425	$0.0225 (53%)	$0.00 (0%)	$0.00 (0%)	$0.0200 (47%)

Cumulative Estimated Allocations fiscal
year-to-date as of July 31, 2023, for the fiscal year ending August 31, 2023:

Distribution Per Share	Net Investment Income	Net Realized Short-Term Capital Gains	Net Realized Long-Term Capital Gains	Return of Capital
$0.5287	$0.2664 (50%)	$0.0445 (8%)	$0.00 (0%)	$0.2178 (42%)

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.

Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5-year period ended on 7/31/2023)¹	Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 7/31/2023)²	Cumulative Total Return (in relation to the change in NAV for the fiscal period through 7/31/2023)³	Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 7/31/2023)⁴
4.87%	6.68%	1.21%	6.93%

Fund Performance
and Distribution Rate Information:

1.          
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, 2023. Annual NAV Total Return is the percentage change in the Fund’s NAV
over a year, assuming reinvestment of distributions paid.

2.          
The
Annualized Distribution Rate is the current fiscal period’s distribution rate
annualized as a percentage of the Fund’s NAV through July 31, 2023.

3.          
Cumulative
Total Return is the percentage change in the Fund’s NAV from August 31, 2022
through July 31, 2023, assuming reinvestment of distributions paid.

4.          
The
Cumulative Fiscal Year-To-Date Distribution Rate is the dollar value of
distributions for the fiscal period August 31, 2022 through July 31, 2023, as a
percentage of the Fund’s NAV as of July 31, 2023.

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 1,300 investment
professionals, and offices in major financial markets around the world, the
California-based company has over 75 years of investment experience and over
$1.4 trillion in assets under management as of July 31, 2023. For more
information, please visit franklintempleton.com.

#                     #                      #