Franklin Universal Trust (“FT” or the “Fund”) Announces Notification of Sources of Distributions

Franklin Universal Trust [NYSE: FT]:

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 March 28, 2024 and for the fiscal year 2024 year-to-date are as follows:

Estimated Allocations for March Monthly Distribution as of February 29, 2024:

Distribution Per Share	Net Investment Income	Net Realized Short-Term Capital Gains	Net Realized Long-Term Capital Gains	Return of Capital
$0.0425	$0.0309 (73%)	$0.0012 (3%)	$0.00 (0%)	$0.0104 (24%)

Cumulative Estimated Allocations fiscal year-to-date as of February 29, 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
$0.2550	$0.1394 (55%)	$0.0302 (12%)	$0.00 (0%)	$0.0854 (33%)

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.