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

The Fund’s
estimated sources of the distribution to be paid on September 29, 2023 and for
the fiscal year 2023 year-to-date are as follows:

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

Distribution Per Share	Net Investment Income	Net Realized Short-Term Capital Gains	Net Realized Long-Term Capital Gains	Return of Capital
$0.0425	$0.0333 (78%)	$0.00 (0%)	$0.00 (0%)	$0.0092 (22%)

Cumulative Estimated Allocations fiscal
year-to-date as of August 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
$0.5712	$0.2997 (53%)	$0.0445 (8%)	$0.00 (0%)	$0.2270 (39%)

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 08/31/2023)¹	Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 08/31/2023)²	Cumulative Total Return (in relation to the change in NAV for the fiscal period through 08/31/2023)³	Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 08/31/2023)⁴
4.08%	6.93%	-1.81%	7.76%

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 August 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 August 31, 2023.

3.       
Cumulative Total Return is the percentage
change in the Fund’s NAV from August 31, 2022 through August 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 August 31, 2023, as a percentage of the Fund’s NAV as
of August 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 August 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, October 30, 2023.
Franklin
Universal Trust [NYSE: FT]:

The Fund’s
estimated sources of the distribution to be paid on October 31, 2023 and for
the fiscal year 2024 year-to-date are as follows:

Estimated Allocations for October Monthly
Distribution as of September 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	$0.0236 (56%)	$0.00 (0%)	$0.00 (0%)	$0.0189 (44%)

Cumulative Estimated Allocations fiscal
year-to-date as of September 30, 2023, for the fiscal year ending August 31,
2024:

Distribution Per Share	Net Investment Income	Net Realized Short-Term Capital Gains	Net Realized Long-Term Capital Gains	Return of Capital
$0.0425	$0.0236 (56%)	$0.00 (0%)	$0.00 (0%)	$0.0189 (44%)

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 09/30/2023)¹	Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 09/30/2023)²	Cumulative Total Return (in relation to the change in NAV for the fiscal period through 09/30/2023)³	Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 09/30/2023)⁴
3.39%	7.21%	-3.36%	0.60%

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 September 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 September 30, 2023.

3.          
Cumulative Total Return is the percentage
change in the Fund’s NAV from August 31, 2023 through September 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, 2023 through September 30, 2023, as a percentage of the Fund’s NAV as of September
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
approximately $1.4 trillion in assets under management as of September 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, November 29, 2023.
Franklin
Universal Trust [NYSE: FT]:

The Fund’s
estimated sources of the distribution to be paid on November 30, 2023 and for
the fiscal year 2024 year-to-date are as follows:

Estimated Allocations for November Monthly
Distribution as of October 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	$0.0173 (41%)	$0.00 (0%)	$0.00 (0%)	$0.0252 (59%)

Cumulative Estimated Allocations fiscal
year-to-date as of October 31, 2023, for the fiscal year ending August 31, 2024:

Distribution Per Share	Net Investment Income	Net Realized Short-Term Capital Gains	Net Realized Long-Term Capital Gains	Return of Capital
$0.0850	$0.0409 (48%)	$0.00 (0%)	$0.00 (0%)	$0.0441 (52%)

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 10/31/2023)¹	Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 10/31/2023)²	Cumulative Total Return (in relation to the change in NAV for the fiscal period through 10/31/2023)³	Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 10/31/2023)⁴
3.39%	7.35%	-4.56%	1.22%

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 October 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 October 31, 2023.

3.       
Cumulative Total Return is the percentage
change in the Fund’s NAV from August 31, 2023 through October 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, 2023 through October 31, 2023, as a percentage of the Fund’s NAV as
of October 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 $1.3 trillion in
assets under management as of October 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, December 28, 2023.
Franklin
Universal Trust [NYSE: FT]:

The Fund’s
estimated sources of the distribution to be paid on December 29, 2023 and for
the fiscal year 2024 year-to-date are as follows:

Estimated Allocations for December Monthly
Distribution as of November 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	$0.0332 (78%)	$0.00 (0%)	$0.00 (0%)	$0.0093 (22%)

Cumulative Estimated Allocations fiscal
year-to-date as of November 30, 2023, for the fiscal year ending August 31, 2024:

Distribution Per Share	Net Investment Income	Net Realized Short-Term Capital Gains	Net Realized Long-Term Capital Gains	Return of Capital
$0.1275	$0.0741 (58%)	$0.00 (0%)	$0.00 (0%)	$0.0534 (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 11/30/2023)¹	Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 11/30/2023)²	Cumulative Total Return (in relation to the change in NAV for the fiscal period through 11/30/2023)³	Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 11/30/2023)⁴
4.45%	6.98%	1.11%	1.74%

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 November 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 November 30, 2023.

3.       
Cumulative Total Return is the percentage
change in the Fund’s NAV from August 31, 2023 through November 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, 2023 through November 30, 2023, as a percentage of the Fund’s NAV as of November
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 November 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, January 30, 2024.
Franklin
Universal Trust [NYSE: FT]:

The Fund’s
estimated sources of the distribution to be paid on January 31, 2024 and for
the fiscal year 2024 year-to-date are as follows:

Estimated Allocations for January Monthly
Distribution as of December 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	$0.0203 (48%)	$0.0222 (52%)	$0.00 (0%)	$0.00 (0%)

Cumulative Estimated Allocations fiscal
year-to-date as of December 31, 2023, for the fiscal year ending August 31, 2024:

Distribution Per Share	Net Investment Income	Net Realized Short-Term Capital Gains	Net Realized Long-Term Capital Gains	Return of Capital
$0.1700	$0.0944 (56%)	$0.0222 (13%)	$0.00 (0%)	$0.0534 (31%)

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 12/31/2023)¹	Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 12/31/2023)²	Cumulative Total Return (in relation to the change in NAV for the fiscal period through 12/31/2023)³	Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 12/31/2023)⁴
6.09%	6.75%	5.02%	2.25%

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 December 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 December 31, 2023.

3.       
Cumulative Total Return is the percentage
change in the Fund’s NAV from August 31, 2023 through December 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, 2023 through December 31, 2023, as a percentage of the Fund’s NAV as
of December 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
approximately $1.5 trillion in assets under management as of December 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, February 28, 2024.
Franklin
Universal Trust [NYSE: FT]:

The Fund’s estimated
sources of the distribution to be paid on February 29, 2024 and for the fiscal
year 2024 year-to-date are as follows:

Estimated Allocations for February Monthly
Distribution as of January 31, 2024:

Distribution Per Share	Net Investment Income	Net Realized Short-Term Capital Gains	Net Realized Long-Term Capital Gains	Return of Capital
$0.0425	$0.0141 (33%)	$0.0068 (16%)	$0.00 (0%)	$0.0216 (51%)

Cumulative Estimated Allocations fiscal
year-to-date as of January 31, 2024, for the fiscal year ending August 31, 2024:

Distribution Per Share	Net Investment Income	Net Realized Short-Term Capital Gains	Net Realized Long-Term Capital Gains	Return of Capital
$0.2125	$0.1085 (51%)	$0.0290 (14%)	$0.00 (0%)	$0.0750 (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.

Average Annual Total Return (in relation to the change in net asset value (NAV) for the 5-year period ended on 01/31/2024)¹	Annualized Distribution Rate (as a percentage of NAV for the current fiscal period through 01/31/2024)²	Cumulative Total Return (in relation to the change in NAV for the fiscal period through 01/31/2024)³	Cumulative Fiscal Year-To-Date Distribution Rate (as a percentage of NAV as of 01/31/2024)⁴
4.54%	6.88%	3.67%	2.87%

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 January 31, 2024. 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 January 31, 2024.

3.          
Cumulative Total Return is the percentage
change in the Fund’s NAV from August 31, 2023 through January 31, 2024,
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, 2023 through January 31, 2024, as a percentage of the Fund’s NAV as
of January 31, 2024.

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 1,400 investment
professionals, and offices in major financial markets around the world, the California-based
company has over 75 years of investment experience and approximately $1.6
trillion in assets under management as of January 31, 2024. For more
information, please visit franklintempleton.com.

#                      #                      #