Franklin Universal Trust (NYSE:FT) provides exposure to both high-yield bonds and utilities. That combination can provide some fairly attractive yields for investors. However, similar to most equity closed-end funds, it will also require capital gains to achieve the fund's current 7.88% distribution yield. The fund is currently trading at a deep discount on an absolute basis. On a relative basis, it's looking fairly attractive, too, but not as much so. FT's investment objective is to "provide high current income consistent with preservation of capital. Its secondary objective is growth of income through dividend increases and capital appreciation."