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Franklin Universal Trust is a closed-end investment fund managed by Franklin Advisers, Inc., a subsidiary of Franklin Templeton. The fund seeks to provide high current income and capital appreciation through a diversified portfolio of equity and debt securities. Franklin Universal Trust employs a flexible investment strategy that allows allocation across stocks, bonds, and other securities based on market conditions and opportunities. As a closed-end fund, it has a fixed number of shares that trade on the stock exchange at prices that may be above or below net asset value. The fund may use leverage to seek to enhance returns, which also increases risk.