FRANKLIN UNIVERSAL TRUST - Audit Report / Information 2025

40-17F2 1 fut17f2-20251.htm 17F-2 FUT Untitled Document PAGEBREAK_END

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-17F-2

CERTIFICATE OF ACCOUNTING OF SECURITIES AND SIMILAR

INVESTMENTS IN THE CUSTODY OF

MANAGEMENT INVESTMENT COMPANIES

PURSUANT TO RULE N-17F-2 [17 CFR 270.17f-2]

1. Investment Company Act File Number:
811-05569			April 28, 2025
2. State Identification Number:
AL	AK	AZ	AR	CA	CO
CT	DE	DC	FL	GA	HI
ID	IL	IN	IA	KS	KY
LA	ME	MD	MA	MI	MN
MS	MO	MT	NE	NV	NH
NJ	NM	NY	NC	ND	OH
OK	OR	PA	RI	SC	SD
TN	TX	UT	VT	VA	WA
WV	WI	WY	PUERTO RICO
3. Exact name of investment
company as specified in registration statement:
Franklin Universal Trust
4. Address of principal executive office: (number, street,
city, state, zip code)

One Franklin Parkway, San Mateo, CA 94403

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Report of Independent Accountants

To the Boards of Trustees and Management of:

Franklin Custodian Funds Franklin ETF Trust Franklin Fund Allocator Series Franklin Global Trust Franklin Gold and Precious Metals Fund Franklin High Income Trust Franklin Investors Securities Trust Franklin Limited Duration Income Trust Franklin Managed Trust Franklin Real Estate Securities Trust Franklin Strategic Mortgage Portfolio Franklin Strategic Series Franklin Templeton ETF Trust Franklin Templeton Variable Insurance Products Trust Franklin U.S. Government Money Fund Franklin Universal Trust Institutional Fiduciary Trust Templeton China World Fund Templeton Developing Markets Trust Templeton Emerging Markets Fund Templeton Emerging Markets Income Fund Templeton Funds Templeton Global Investment Trust Templeton Income Trust Templeton Institutional Funds

And the Boards of Directors and Management of: Templeton Dragon Fund, Inc.

We have examined management's assertion, included in the accompanying Management Statement Regarding Compliance with Certain Provisions of the Investment Company Act of 1940, that the Funds listed in Attachment A (the “Funds”) complied with the requirements of subsections (b) and (c) of Rule 17f-2 under the Investment Company Act of 1940 (“the Act”) (the “specified requirements”) as of June 30, 2024. The Funds’ management is responsible for its assertion and the Funds' compliance with the specified requirements. Our responsibility is to express an opinion on management's assertion about the Funds' compliance with the specified requirements based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management’s assertion about compliance with the specified requirements is fairly stated, in all material respects. An examination involves performing procedures to obtain evidence about whether management’s assertion is fairly stated in all material respects. The nature, timing and extent of the procedures selected depend on our judgment, including an assessment of the risks of material misstatement of management’s assertion, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP, 405 Howard Street, Suite 600, San Francisco, CA 94105 T: (415) 498 5000, www.pwc.com/us

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Included among our procedures were the following tests performed as of June 30, 2024, and with respect to agreement of security purchases and sales or maturities, for the period from March 1, 2024 (the date of our last examination), through June 30, 2024:

Confirmation of all securities held by Franklin Templeton Investors Services, Inc. (the “Transfer Agent”), as they pertain to the security positions owned by the Funds and held in book entry form
Reconciliation of all such securities to the books and records of the Funds and the Transfer Agent
Agreement of 392 security purchases and 465 security sales or maturities since our last report from the books and records of the Funds to the records of the Transfer Agent confirmations

Our examination does not provide a legal determination on the Funds’ compliance with the specified requirements.

We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements related to the engagement.

In our opinion, management's assertion that the Funds complied with the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company Act of 1940 as of June 30, 2024 with respect to securities reflected in the investment accounts of the Funds are fairly stated, in all material respects.

This report is intended solely for the information and use of management and the Boards of Trustees or Boards of Directors of the Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/PRICEWATERHOUSECOOPERS, LLP

April 28, 2025

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Attachment A

| Franklin
Custodian Funds: | Examination Period |
| --- | --- |
| Franklin DynaTech Fund a | March 1, 2024 – June 30, 2024 |
| Franklin
Growth Fund a | March 1, 2024 – June 30, 2024 |
| Franklin Income Fund a | March
1, 2024 – June 30, 2024 |
| Franklin
U.S. Government Securities Fund a | March 1, 2024 – June
30, 2024 |
| Franklin Utilities Fund a | March 1, 2024 – June 30, 2024 |
| Franklin
ETF Trust: | |
| Franklin
Short Duration U.S. Government ETF a | March 1, 2024 – June
30, 2024 |
| Franklin Fund Allocator
Series: | |
| Franklin
Conservative Allocation Fund a | March 1, 2024 – June
30, 2024 |
| Franklin Corefolio Allocation
Fund a | March 1, 2024 – June 30, 2024 |
| Franklin
Emerging Market Core Equity (IU) Fund a | March 1, 2024 – June
30, 2024 |
| Franklin Global Allocation
Fund a | March 1, 2024 – June 30, 2024 |
| Franklin
Growth Allocation Fund a | March 1, 2024 – June 30, 2024 |
| Franklin International Core Equity (IU) Fund a | March 1, 2024 – June 30, 2024 |
| Franklin
LifeSmart Retirement Income Fund a | March 1, 2024 – June
30, 2024 |
| Franklin LifeSmart 2020
Retirement Target Fund a | March 1, 2024 – June 30, 2024 |
| Franklin LifeSmart 2025 Retirement Target Fund a | March 1, 2024 – June 30, 2024 |
| Franklin
LifeSmart 2030 Retirement Target Fund a | March 1, 2024 – June
30, 2024 |
| Franklin LifeSmart 2035
Retirement Target Fund a | March 1, 2024 – June 30, 2024 |
| Franklin LifeSmart 2040 Retirement Target Fund a | March 1, 2024 – June 30, 2024 |
| Franklin
LifeSmart 2045 Retirement Target Fund a | March 1, 2024 – June
30, 2024 |
| Franklin LifeSmart 2050
Retirement Target Fund a | March 1, 2024 – June 30, 2024 |
| Franklin LifeSmart 2055 Retirement Target Fund a | March 1, 2024 – June 30, 2024 |
| Franklin
LifeSmart 2060 Retirement Target Fund a | March 1, 2024 – June
30, 2024 |
| Franklin Moderate Allocation
Fund a | March 1, 2024 – June 30, 2024 |
| Franklin
U.S. Core Equity (IU) Fund a | March 1, 2024 – June
30, 2024 |
| Franklin Global Trust: | |
| Franklin
Emerging Market Debt Opportunities Fund a | March 1, 2024 – June
30, 2024 |
| Franklin International
Growth Fund a | March 1, 2024 – June 30, 2024 |
| Franklin Gold and Precious Metals Fund a | March 1, 2024 – June 30, 2024 |
| Franklin
High Income Trust: | |
| Franklin
High Income Fund a | March 1, 2024 – June 30, 2024 |
| Franklin Investors Securities Trust: | |
| Franklin Convertible
Securities Fund a | March 1, 2024 – June 30, 2024 |
| Franklin Equity Income Fund a | March 1, 2024 – June 30, 2024 |
| Franklin Floating Rate Daily Access Fund a | March
1, 2024 – June 30, 2024 |
| Franklin
Low Duration Credit Fund a | March 1, 2024 – June 30, 2024 |
| Franklin Low Duration Total Return Fund a | March 1, 2024 – June 30, 2024 |

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| Franklin Low Duration U.S. Government Securities
Fund a | March 1, 2024 – June 30, 2024 |
| --- | --- |
| Franklin
Managed Income Fund a | March 1, 2024 – June 30, 2024 |
| Franklin Total Return Fund a | March 1, 2024 – June 30, 2024 |
| Franklin
Limited Duration Income Trust a | March 1, 2024 – June
30, 2024 |
| Franklin Managed Trust: | |
| Franklin
Rising Dividends Fund a | March 1, 2024 – June 30, 2024 |
| Franklin Real Estate Securities Trust: | |
| Franklin Real Estate
Securities Fund a | March 1, 2024 – June 30, 2024 |
| Franklin Strategic Mortgage Portfolio a | March 1, 2024 – June 30, 2024 |
| Franklin
Strategic Series: | |
| Franklin
Biotechnology Discovery Fund a | March 1, 2024 – June
30, 2024 |
| Franklin Growth Opportunities
Fund a | March 1, 2024 – June 30, 2024 |
| Franklin
Natural Resources Fund a | March 1, 2024 – June 30, 2024 |
| Franklin Small Cap Growth Fund a | March 1, 2024 – June 30, 2024 |
| Franklin
Small-Mid Cap Growth Fund a | March 1, 2024 – June 30, 2024 |
| Franklin Strategic Income Fund a | March 1, 2024 – June 30, 2024 |
| Franklin
Templeton SMACS: Series E a | March 1, 2024 – June 30, 2024 |
| Franklin Templeton SMACS: Series I a | March 1, 2024 – June 30, 2024 |
| Franklin
Templeton ETF Trust: | |
| Franklin Emerging Market Core Dividend Tilt Index ETF b | March 1, 2024 – June 30, 2024 |
| Franklin
Exponential Data ETF a | March 1, 2024 – June 30, 2024 |
| Franklin Focused Growth ETF a | March 1, 2024 – June 30, 2024 |
| Franklin
FTSE Asia ex Japan ETF b | March 1, 2024 – June
30, 2024 |
| Franklin FTSE Australia
ETF b | March 1, 2024 – June 30, 2024 |
| Franklin
FTSE Brazil ETF b | March 1, 2024 – June 30, 2024 |
| Franklin FTSE Canada ETF b | March 1, 2024 – June 30, 2024 |
| Franklin
FTSE China ETF b | March 1, 2024 – June 30, 2024 |
| Franklin FTSE Europe ETF b | March 1, 2024 – June 30, 2024 |
| Franklin FTSE Eurozone ETF a | March
1, 2024 – June 30, 2024 |
| Franklin
FTSE Germany ETF b | March 1, 2024 – June 30, 2024 |
| Franklin FTSE Hong Kong ETF b | March 1, 2024 – June 30, 2024 |
| Franklin FTSE India ETF b | March
1, 2024 – June 30, 2024 |
| Franklin
FTSE Japan ETF a | March 1, 2024 – June 30, 2024 |
| Franklin FTSE Japan Hedged ETF a | March 1, 2024 – June 30, 2024 |
| Franklin FTSE Latin America ETF b | March
1, 2024 – June 30, 2024 |
| Franklin
FTSE Mexico ETF b | March 1, 2024 – June 30, 2024 |
| Franklin FTSE Saudi Arabia ETF b | March 1, 2024 – June 30, 2024 |
| Franklin FTSE South Korea ETF b | March
1, 2024 – June 30, 2024 |
| Franklin
FTSE Switzerland ETF b | March 1, 2024 – June 30, 2024 |
| Franklin FTSE Taiwan ETF b | March 1, 2024 – June 30, 2024 |
| Franklin FTSE United Kingdom ETF b | March
1, 2024 – June 30, 2024 |
| Franklin
International Core Dividend Tilt Index ETF b | March 1, 2024 – June
30, 2024 |
| Franklin Ultra Short
Bond ETF a | March 1, 2024 – June 30, 2024 |
| Franklin U.S. Core Bond ETF a | March 1, 2024 – June 30, 2024 |
| Franklin U.S. Core Dividend Tilt Index ETF a | March 1, 2024 – June 30, 2024 |
| Franklin U.S. Equity Index ETF a | March
1, 2024 – June 30, 2024 |
| Franklin
U.S. Large Cap Multifactor Index ETF a | March 1, 2024 – June
30, 2024 |
| Franklin U.S. Mid Cap
Multifactor Index ETF a | March 1, 2024 – June 30, 2024 |
| Franklin U.S. Small Cap Multifactor Index ETF a | March 1, 2024 – June 30, 2024 |

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| [PWC Logo] Franklin U.S. Treasury
Bond ETF a | March 1, 2024 – June 30, 2024 |
| --- | --- |
| Franklin Templeton Variable Insurance Products Trust: | |
| Franklin
Allocation VIP Fund a | March 1, 2024 – June 30, 2024 |
| Franklin DynaTech VIP Fund a | March 1, 2024 – June 30, 2024 |
| Franklin
Income VIP Fund a | March 1, 2024 – June 30, 2024 |
| Franklin Rising Dividends VIP Fund a | March 1, 2024 – June 30, 2024 |
| Franklin Small Cap Value VIP Fund a | March
1, 2024 – June 30, 2024 |
| Franklin
Small-Mid Cap Growth VIP Fund a | March 1, 2024 – June
30, 2024 |
| Franklin Strategic Income
VIP Fund a | March 1, 2024 – June 30, 2024 |
| Franklin VolSmart Allocation VIP Fund a | March 1, 2024 – June 30, 2024 |
| Templeton
Developing Markets VIP Fund a | March 1, 2024 – June
30, 2024 |
| Templeton Foreign VIP
Fund a | March 1, 2024 – June 30, 2024 |
| Templeton Global Bond VIP Fund a | March 1, 2024 – June 30, 2024 |
| Franklin
U.S. Government Money Fund a | March 1, 2024 – June 30, 2024 |

| Franklin
Universal Trust a | March 1, 2024 – June 30, 2024 |
| --- | --- |
| Institutional Fiduciary Trust: | |
| Money Market Portfolio a | March 1, 2024 – June 30, 2024 |
| Templeton
China World Fund a | March 1, 2024 – June 30, 2024 |
| Templeton Developing Markets Trust a | March 1, 2024 – June 30, 2024 |
| Templeton
Emerging Markets Fund a | March 1, 2024 – June 30, 2024 |
| Templeton Emerging Markets Income Fund a | March 1, 2024 – June 30, 2024 |
| Templeton
Funds: | |
| Templeton
International Climate Change Fund a | March 1, 2024 – June
30, 2024 |
| Templeton Global Investment
Trust: | |
| Franklin
Templeton SMACS: Series EM a | March 1, 2024 – June
30, 2024 |
| Templeton Emerging Markets
Small Cap Fund a | March 1, 2024 – June 30, 2024 |
| Templeton Global Balanced Fund a | March 1, 2024 – June 30, 2024 |
| Templeton
Income Trust: | |
| Templeton
Global Bond Fund a | March 1, 2024 – June 30, 2024 |
| Templeton Global Total Return Fund a | March 1, 2024 – June 30, 2024 |
| Templeton
International Bond Fund a | March 1, 2024 – June 30, 2024 |
| Templeton Sustainable Emerging Markets Bond Fund a | March 1, 2024 – June 30, 2024 |
| Templeton
Institutional Funds: | |
| International Equity Series a | March 1, 2024 – June 30, 2024 |
| Templeton
Dragon Fund, Inc. a Legend: a:
February 29, 2024 represents the date of our last examination. b: Fund was not in scope
for the February 29, 2024 examination. | March 1, 2024 – June
30, 2024 |

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Franklin Templeton Services, LLC

3355 Data Drive

Rancho Cordova, CA 95670

tel (800) 632.2350

franklintempleton.com

Management Statement Regarding Compliance with Certain

Provisions of the Investment Company Act of 1940

We, as members of management of the Funds listed in Attachment A (the “Funds”), are responsible for complying with the requirements of subsections (b) and (c) of Rule 17f-2, Custody of Investments by Registered Management Investment Companies, of the Investment Company Act of 1940. We are also responsible for establishing and maintaining effective internal controls over compliance with those requirements. We have performed an evaluation of the Funds' compliance with the requirements of subsections (b) and (c) of Rule 17f-2 as of June 30, 2024, and from March 1, 2024 through June 30, 2024.

Based on this evaluation, we assert that the Funds were in compliance with the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company Act of 1940 as of June 30, 2024, and from March 1, 2024 through June 30, 2024, with respect to securities reflected in the investment account of the Funds.

By:

/s/CHRISTOPHER KINGS Christopher Kings

Chief Executive Officer - Finance and Administration

Franklin Templeton Group of Funds

Date April 28, 2025

/s/JEFFREY W. WHITE Jeffrey W. White

Chief Financial Officer, Chief Accounting Officer and Treasurer

Franklin & Templeton Funds Boards

Date April 28, 2025

/s/VIVEK PAI Vivek Pai

Chief Financial Officer, Chief Accounting Officer and Treasurer

Franklin Templeton ETF Trust

Franklin ETF Trust

Date April 28, 2025

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Attachment A

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Franklin U.S. Treasury Bond ETF a	March 1, 2024 – June 30, 2024
Franklin
Templeton Variable Insurance Products Trust:
Franklin Allocation VIP Fund a	March 1, 2024 – June 30, 2024
Franklin
DynaTech VIP Fund a	March 1, 2024 – June 30, 2024
Franklin Income VIP Fund a	March 1, 2024 – June 30, 2024
Franklin
Rising Dividends VIP Fund a	March 1, 2024 – June 30, 2024
Franklin Small Cap Value VIP Fund a	March 1, 2024 – June 30, 2024
Franklin
Small-Mid Cap Growth VIP Fund a	March 1, 2024 – June
30, 2024
Franklin Strategic Income
VIP Fund a	March 1, 2024 – June 30, 2024
Franklin VolSmart Allocation VIP Fund a	March 1, 2024 – June 30, 2024
Templeton
Developing Markets VIP Fund a	March 1, 2024 – June
30, 2024
Templeton Foreign VIP
Fund a	March 1, 2024 – June 30, 2024
Templeton Global Bond VIP Fund a	March 1, 2024 – June 30, 2024
Franklin
U.S. Government Money Fund a	March 1, 2024 – June 30, 2024

| Franklin
Universal Trust a | March 1, 2024 – June 30, 2024 |
| --- | --- |
| Institutional Fiduciary Trust: | |
| Money Market Portfolio a | March 1, 2024 – June 30, 2024 |
| Templeton
China World Fund a | March 1, 2024 – June 30, 2024 |
| Templeton Developing Markets Trust a | March 1, 2024 – June 30, 2024 |
| Templeton
Emerging Markets Fund a | March 1, 2024 – June 30, 2024 |
| Templeton Emerging Markets Income Fund a | March 1, 2024 – June 30, 2024 |
| Templeton
Funds: | |
| Templeton
International Climate Change Fund a | March 1, 2024 – June
30, 2024 |
| Templeton Global Investment
Trust: | |
| Franklin
Templeton SMACS: Series EM a | March 1, 2024 – June
30, 2024 |
| Templeton Emerging Markets
Small Cap Fund a | March 1, 2024 – June 30, 2024 |
| Templeton Global Balanced Fund a | March 1, 2024 – June 30, 2024 |
| Templeton
Income Trust: | |
| Templeton
Global Bond Fund a | March 1, 2024 – June 30, 2024 |
| Templeton Global Total Return Fund a | March 1, 2024 – June 30, 2024 |
| Templeton
International Bond Fund a | March 1, 2024 – June 30, 2024 |
| Templeton Sustainable Emerging Markets Bond Fund a | March 1, 2024 – June 30, 2024 |
| Templeton
Institutional Funds: | |
| International Equity Series a | March 1, 2024 – June 30, 2024 |
| Templeton
Dragon Fund, Inc. a Legend: a: February 29, 2024 represents the date
of our last examination. b: Fund was not in scope for the February 29, 2024 examination. | March 1, 2024 – June 30, 2024 |

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