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 October 15, 2021 and for the 2021 year-to-date are as follows:

Estimated Allocations for Monthly Distribution as of September 30, 2021:

Distribution Per Share	Net Investment Income	Net Realized Short-Term Capital Gains	Net Realized Long-Term Capital Gains	Return of Capital
$0.0425	$0.0425 (100%)	$0.0000 (0%)	$0.0000 (0%)	$0.0000 (0%)

Cumulative Estimated Allocations for 2021 through August 31, 2021:

Distribution Per Share	Net Investment Income	Net Realized Short-Term Capital Gains	Net Realized Long-Term Capital Gains	Return of Capital
$0.4262	$0.4229 (99%)	$0.0031 (1%)	$0.0000 (0%)	$0.0000 (0%)

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. 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.