FRANKLIN UNIVERSAL TRUST

Franklin Universal Trust is a closed-ended balanced mutual fund that invests in the public equity and fixed income markets of the United States. Launched by Franklin Resources, Inc. and managed by Franklin Advisers, Inc., the fund focuses its investments on companies within the utility sector. It utilizes fundamental analysis to build a diversified portfolio consisting of corporate bonds and dividend-paying utility stocks. For its balanced portfolio, the fund benchmarks the equity portion against the S&P 500 Electric Utilities Index and the fixed income portion against the Credit Suisse High Yield. Franklin Universal Trust was established on September 23, 1988, and is domiciled in the United States.