Franklin Universal Trust is a closed-end management investment company. 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. It invests primarily in two asset classes: high yield bonds and utility stocks. Within utility portion of portfolio, it focuses on companies with attractive dividend yields and with history of increasing their dividends. It invests in various industrial sectors, such as energy; materials; transportation; utilities; automobiles and components; banks; capital goods; commercial and professional services; consumer durables and apparel; food, beverage and tobacco; healthcare equipment and services; media; real estate; software and services; technology hardware and equipment; pharmaceuticals, biotechnology and life sciences, and telecommunication services. Franklin Advisers, Inc. is its investment manager.