Franklin Universal Trust
FT
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- Franklin Universal Trust (FT) is a closed-end management investment trust that seeks high current income consistent with preservation of capital, with a secondary objective of growth of income through dividend increases and capital appreciation. The fund invests primarily in a diversified portfolio of high-yield corporate bonds; dividend-paying utility stocks; and to a lesser extent, debt, equity, precious metals, and natural resources securities, with current allocations of approximately 60% fixed income, 36% equity (predominantly utilities), and 4% cash equivalents. It employs fundamental research to select securities, benchmarking the equity portion against the S&P 500 Electric Utilities Index and the fixed income portion against the ICE BofA US High Yield Constrained Index. The fund, launched in 1988 and domiciled in the United States, operates under the management of Franklin Advisers, Inc., a subsidiary of Franklin Resources, Inc. (NYSE: BEN), with headquarters in San Mateo, California. Shares trade on the New York Stock Exchange, targeting income-oriented investors seeking exposure to U.S. high-yield and utility sectors through a balanced, closed-end structure. In September 2024, Franklin Universal Trust announced an update to its portfolio management team, effective September 30, 2024, naming Glenn Voyles, CFA (managing since 2006), Jonathan G. Belk, CFA (since 2020), and Patricia O'Connor, CFA (since 2024) as the team responsible for day-to-day oversight. The fund has maintained consistent monthly distributions, recently at $0.0425 per share (e.g., payable December 31, 2025), with sources including net investment income (typically 60-85%), short-term capital gains, and return of capital, alongside an annualized distribution rate of approximately 6% at market price. No recent acquisitions, funding rounds, or major strategic expansions beyond routine portfolio adjustments and benchmark changes (e.g., high yield index update in January 2024) have been reported.