Franklin Universal Closed Fund

Franklin Universal Trust is a closed-ended balanced mutual fund launched by Franklin Resources, Inc. and managed by Franklin Advisers, Inc. It invests in U.S. public equity and fixed income markets, focusing on companies in the utility sector. Using fundamental analysis, the fund holds a diversified portfolio of corporate bonds and dividend-paying utility stocks. Its equity component is benchmarked against the S&P 500 Electric Utilities Index and its fixed income component against the Credit Suisse High Yield. The fund was formed on September 23, 1988 and is domiciled in the United States.