Franklin Universal Trust (the Fund) 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. The Fund invests primarily in two asset classes: high-yield bonds and utility stocks. The Fund invests in sectors, such as non-energy minerals, utilities, commercial services, communications, consumer durables, consumer non-durables, electronic technology, industrial services, process industries, technology services and transportation. The Fund invests in the Franklin Institutional Fiduciary Trust Money Market Portfolio (the Sweep Money Fund), an open-end investment company managed by its investment manager. The Fund also invests in restricted securities. The Fund�s investment manager is Franklin Advisers Inc. Its administrative manager is Franklin Templeton Services, LLC.