Franklin Universal Trust : FT Section 19 Notice as of 10/31/23

FRANKLIN UNIVERSAL TRUST

One Franklin Parkway

San Mateo, CA 94403-1906

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

NOTIFICATION OF SOURCES OF DISTRIBUTIONS

Notification of Sources of Distributions

Pursuant to Section 19(a) of the Investment Company Act of 1940

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	Net Investment	Net Realized	Net Realized	Return of
Per Share	Income	Short-Term Capital	Long-Term Capital	Capital
		Gains	Gains
$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	Net Investment	Net Realized	Net Realized	Return of
Per Share	Income	Short-Term Capital	Long-Term Capital	Capital
		Gains	Gains
$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	Annualized	Cumulative Total	Cumulative Fiscal
Return (in relation to	Distribution Rate (as a	Return (in relation	Year-To-Date
the change in net asset	percentage of NAV for	to the change in	Distribution Rate (as
value (NAV) for the 5-	the current fiscal	NAV for the fiscal	a percentage of NAV
year period ended on	period through	period through	as of 9/30/2023)	4
9/30/2023)1	9/30/2023)2	9/30/2023)3
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