Franklin Universal Trust : Fund Fact Sheet - Advisor

Fund Description

The fund seeks to provide investors with as high a level of income exempt from federal income taxes and Minnesota personal income taxes as is consistent with prudent investment management and the preservation of shareholders' capital.

Fund Overview

Total Net Assets [All Share Classes] $1,070 million

Fund Inception Date		4/3/1985
Dividend Frequency	Monthly, on or near the last
			business day
Number of Holdings		225
Share Class Information
			NASDAQ
Share Class		CUSIP	Symbol
Advisor	354 723 181	FMNZX
A	354 726 820	FMNQX
C	354 723 637	FMNIX
R6	354 724 411	FKTDX
Fund Management
		Years with	Years of
		Firm	Experience
James Conn, CFA		28	33
John Pomeroy		34	34
Nicholas K. Bucklin, CFA	12	12
Maximum Sales Charge
Advisor Class: None
Total Annual Operating Expenses
Share Class
Advisor			0.58%
30-Day Standardized Yield
Share Class
Advisor			1.04%
Taxable Equivalent Yield
Share Class
Advisor			2.11%

Asset Allocation (%)

	Fixed Income	99.86
	Cash & Cash Equivalents	0.14

Franklin Minnesota Tax-Free	Municipals
Income Fund	September 30, 2020

Fund Fact Sheet | Share Class: Advisor

Performance

Growth of a $10,000 Investment (from 04/03/1985-09/30/2020)

$72,500 Advisor Class:

$60,000									$69,309
								Total Value of
$47,500									Investment, Including
								Reinvestment of
$35,000									Dividends and Capital
									Gains
$22,500
									Value of Initial
$10,000	04/85	02/94		12/02	10/11			09/20	Investment:
				$12,730
Total Returns % (as of 9/30/2020)
		CUMULATIVE		AVERAGE ANNUAL
										Since Inception
Share Class			YTD	1 Yr	3 Yrs	5 Yrs 10 Yrs Inception	Date
Advisor			3.62	3.96	3.88		3.18	3.41	5.61	4/3/1985
Calendar Year Total Returns %
Share Class	2019	2018	2017	2016	2015	2014	2013		2012	2011	2010
Advisor	6.77	0.50	4.04	0.37	2.25	8.27	-3.60		6.72	11.05	1.30
	2009	2008	2007	2006	2005	2004	2003		2002	2001	2000
	10.65	-1.00	3.22	4.37	3.28	4.22	5.19		7.95	4.73	11.90

Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. The fund's investment returns and principal values will change with market conditions, and you may have a gain or a loss when you sell your shares. Please call Franklin Templeton at (800) DIAL BEN/(800)

342-5236 or visit franklintempleton.com for the most recent month-end performance.

Advisor Class shares do not have sales charges or 12b-1 fees and are offered only to certain eligible investors as stated in the prospectus.

Fund Measures

AMT Exposure		0.00
Average Duration	5.25	Years
Average Weighted	15.30	Years
Maturity
Standard Deviation (3	3.73%
Yrs) - Advisor Class

Franklin Templeton Distributors, Inc. One Franklin Parkway, San Mateo, CA 94403
Not FDIC Insured | May Lose Value | No Bank Guarantee
tel: (800) DIAL BEN/342-5236franklintempleton.com

Franklin Minnesota Tax-Free Income Fund	September 30, 2020

Composition of Fund

Sector		% of Total
General Obligation Bonds		50.43
Utilities		11.69
Hospital & Health Care		11.28
Higher Education		8.82
Housing		5.79
Transportation		5.57
Refunded		3.33
Subject to Government Appropriation	2.73
Tax Supported Debt		0.22
Cash & Cash Equivalents		0.14
Morningstar Rating	Advisor Class

State / U.S. Territory Exposure	% of Total
Minnesota	98.73
Other	1.27

Overall Morningstar Rating™ As of September 30, 2020 the fund's Advisor Class shares received a 4 star overall Morningstar Rating™, measuring risk-adjusted returns against 45, 41 and 32 U.S.-domiciled Muni Minnesota funds over the 3-, 5- and 10- year periods, respectively. A fund's overall rating is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

What Are the Risks?

All investments involve risks, including possible loss of principal. Because municipal bonds are sensitive to interest rate movements, the fund's yield and share price will fluctuate with market conditions. Bond prices generally move in the opposite direction of interest rates. Thus, as prices of bonds in the fund adjust to a rise in interest rates, the fund's share price may decline. Because the fund invests principally in a single state, it is subject to greater risk of adverse economic and regulatory changes in that state than a geographically diversified fund. Changes in the credit rating of a bond, or in the credit rating or financial strength of a bond's issuer, insurer or guarantor, may affect the bond's value. The fund may invest a significant part of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project would likely affect all similar projects, thereby increasing market risk. These and other risks are detailed in the fund's prospectus.

Glossary

AMT Exposure: Percentage of a fund's assets invested in bonds with income subject to the alternative minimum tax (AMT). For investors subject to the alternative minimum tax, a small portion of fund dividends may be taxable. Distributions of capital gains are generally taxable.

Average Duration: A measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years. The weighted average duration of a fund reflects the effective duration of the underlying issues, based on the size of each holding.

Average Weighted Maturity (Tax Free): An estimate of the number of years to maturity, taking the possibility of early payments into account, for the underlying holdings.

Standard Deviation: A measure of the degree to which a fund's return varies from the average of its previous returns. The larger the standard deviation, the greater the likelihood (and risk) that a fund's performance will fluctuate from the average return.

Important Information

Investors should carefully consider a fund's investment goals, risks, charges and expenses before investing. To obtain a summary prospectus and/or prospectus, which contains this and other information, talk to your financial professional, call us at (800) DIAL BEN/342-5236 or visit franklintempleton.com. Please carefully read a prospectus before you invest or send money.

Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change.

For investors subject to the alternative minimum tax, a small portion of fund dividends may be taxable. Distributions of capital gains may be taxable.

Fund Description: Because of its historical investment policy of investing net assets in insured municipal securities, the fund's portfolio may consist to a large extent of insured municipal securities.​

Fund Management: CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Performance: The fund offers other share classes subject to different fees and expenses, which will affect their performance.

Advisor: Effective 7/1/09, the fund began offering Advisor Class Shares. For periods prior to the fund's Advisor Class inception date, a restated figure is used based on the fund's oldest share class, Class A1 performance, excluding the effect of Class A1's maximum initial sales charge but reflecting the effect of the Class A1 Rule 12b-1 fees; and for periods after the fund's Advisor Class inception date, actual Advisor Class performance is used, reflecting all charges and fees applicable to that class.

30-DayStandardized Yield: The fund's 30-Day Standardized Yield is calculated using the net income (interest and dividends) per share earned over a trailing 30-day period (annualized), divided by the fund's share price at the end of that period. It may not equal the fund's actual income distribution rate, which reflects the fund's past dividends paid to shareholders.

Taxable Equivalent Yield: The Taxable Equivalent Yield assumes the maximum regular federal income tax rate, maximum state personal income tax, and Medicare tax in effect on June 2020.

Composition of Fund: Percentage may not equal 100% due to rounding. Uninvested cash is not included in the State / U.S. Territory Exposure table.

Morningstar Rating™: Source: Morningstar®, 9/30/20. For each mutual fund and ETF with at least a 3-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance, and does not take into account the effects of sales charges and loads, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The weights are: 100% 3-year rating for 36-59 months of total returns, 60% 5-year rating/40% 3-year rating for 60-119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods. The Fund's Advisor Class shares received a Morningstar Rating of 5, 4 and 3 star(s) for the 3-, 5- and 10-year periods, respectively. Morningstar Rating™ is for the named share class only; other classes may have different performance characteristics. Past performance is not an indicator or a guarantee of future performance. Source: ©Morningstar. Important data provider notices and terms available at www.franklintempletondatasources.com.

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668 FF 09/20 UPD 02/21