]> Press Releases--Closed-End Funds, Franklin Universal Trust Asset Allocation, May 1999
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Franklin Universal Trust Reports Asset Allocation

From: Franklin Advisers, Inc.
Contact: Ashley Razor
Telephone:(650) 312-2245

San Mateo, CA, June 23, 1999 -- Franklin Universal Trust [NYSE:FT], a closed-end investment company managed by Franklin Advisers, Inc., today reported its portfolio composition, certain portfolio characteristics and NYSE closing price as of May 31, 1999.

Franklin Advisers, Inc. is a wholly-owned subsidiary of Franklin Resources, Inc. [NYSE:BEN], a global investment organization with over $223 billion in assets under management as of May 31, 1999. Franklin's headquarters are located at 777 Mariners Island Blvd., San Mateo, CA 94404.

SECURITY MARKET VALUE PERCENTAGE OF FUND
Corporate Bonds $209,753,726 65.10%
Convertible Bonds $2,598,750 0.81%
Utilities Stocks $69,337,293 21.52%
Natural Resources Equities & Preferred Stocks $3,188,569 0.99%
Misc. Equities & Preferred Stocks $35,458,091 11.01%
Foreign Denominated Corporate Bonds $0 0.00%
Foeign Gov't U.S. Dollar Denominated Bonds $0 0.00%
Foreign Government Agencies $538,737 0.17%
Cash & Equivalents $1,302,614 0.40%
Total Gross Market Value $332,177,780 100%
TEN LARGEST HOLDINGS: MARKET VALUE PERCENTAGE OF FUND
Texas Utilities Holding $8,420,475 2.61%
Cinergy $7,016,100 2.18%
Dominion Resources $6,478,125 2.01%
Southern Company $5,924,700 1.84%
Duke Energy $5,428,125 1.68%
Nextel Communication $5,125,000 1.59%
Outdoor Systems Inc. $4,725,000 1.47%
Magnum Hunter Resouces $4,550,000 1.41%
Comcast Cellular $4,480,000 1.39%
Millicom Int'l Cellular $4,470,000 1.39%
Total $56,617,525 17.57%
% OF GROSS ASSENTS IN DEFUALT: ISSUER MARKET VALUE PERCENTAGE OF FUND
Penn Traffic Co. $910,000 0.28%
Penn Traffic Co. $455,000 .14%
Total $1,365,000 0.42%
Number of Postions   145
NAV per share   $9.36 (a)
NYSE Closing Price Per Share   $9.19 (a)
Number of shares outstanding   26,864,621
Asset Coverage (Investment Comapny Act)   435.25%
Nav * # of Shares   $251,439,610 (b)

Note: The lower values of these defaulted securities are reflected in the funds net asset value. All percentages are rounded two decimal places.

(a) These figures have been rounded to two decimal places.
(b) This number represents the net assest value per share carried out to eight decimal places, multiplied by the number of shares outstanding.