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

From: Franklin Advisers, Inc.
Contact: Matt Walsh
Telephone:(650) 312-2245

San Mateo, CA, December 21, 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 November 30, 1999.

Franklin Advisers, Inc. is a wholly-owned subsidiary of Franklin Resources, Inc. [NYSE:BEN], a global investment organization. Through its subsidiaries, Franklin Resources provides global and domestic investment, shareholder and distribution services to the Franklin, Templeton and Mutual Series funds and institutional accounts. The San Mateo, CA-based company has more than $224 billion in assets under management as of November 30, 1999, and over 50 years of investment experience.

SECURITY MARKET VALUE PERCENTAGE OF FUND
Corporate Bonds $203,727,932 68.25%
Convertible Bonds $3,178,695 1.06%
Utilities Stocks $56,950,377 19.08%
Natural Resources Equities & Preferred Stocks $3,000,173 1.01%
Misc. Equities & Preferred Stocks $27,686,772 9.27%
Foreign Denominated Corporate Bonds $0 0.00%
Foeign Gov't U.S. Dollar Denominated Bonds $0 0.00%
Foreign Government Agencies $576,771 0.19%
Cash & Equivalents $3,402,235 1.14%
Total Gross Market Value $298,522,955 100%
TEN LARGEST HOLDINGS: MARKET VALUE PERCENTAGE OF FUND
ZSC Specialty Chemical $5,125,000 1.72%
Texas Utilities Holding $5,067,469 1.70%
Edison International $4,918,400 1.65%
Southern Company $4,880,700 1.63%
Millicom Internatinal Cellular $4,740,000 1.59%
Magnum Hunter Resources $4,725,000 1.58%
Consolidated Container $4,578,750 1.53%
Duke Energy $4,561,875 1.53%
Dominion Resources $4,537,500 1.52%
Dobson/Sygnet Communications $4,430,000 1.48%
Total $47,564,694 15.93%
% OF GROSS ASSENTS IN DEFUALT: ISSUER MARKET VALUE PERCENTAGE OF FUND
Vencor Inc $640,000 0.21%
Total $640,000 0.21%
Number of Postions   138
NAV per share   $8.48 (a)
NYSE Closing Price Per Share   $7.31 (a)
Number of shares outstanding   26,897,360
Asset Coverage (Investment Comapny Act)   403.97%
Nav * # of Shares   $227,980,117 (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.