Franklin Universal Trust (the Fund) is a diversified, closed-end 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. The Fund’s portfolio includes corporate bonds, utilities common stocks, natural resources common stocks and other investments. The Fund may invest in the Institutional Fiduciary Trust Money Market Portfolio (Sweep Money Fund), an open-ended investment company managed by the Fund’s investment adviser. The Fund’s investment manager is Franklin Advisers, Inc. Its administrative manager is Franklin Templeton Services, LLC.