]> Press Releases--Closed-End Funds, Franklin Universal Trust Asset Allocation, May 2000
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Franklin Universal Trust Reports Asset Allocation

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

San Mateo, CA, June 30, 2000 -- 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, 2000.

Franklin Advisers, Inc. is a wholly owned subsidiary of Franklin Resources, Inc. [NYSE:BEN], a global investment organization operating as Franklin Templeton Investments. Through its subsidiaries, Franklin Templeton Investments provides global and domestic investment, shareholder and distribution services to the Franklin, Templeton and Mutual Series funds and institutional accounts, as well as separate account management services. The San Mateo, CA-based company has over 50 years of investment experience and more than $222 billion in assets under management as of May 31, 2000. For more information, please call 1-800/DIAL BEN.

SECURITY MARKET VALUE PERCENTAGE OF FUND
Corporate Bonds $171,500,023 61.12%
Convertible Bonds $4,714,450 1.68%
Utilities Stocks $71,744,781 25.56%
Natural Resources Equities & Preferred Stocks $3,585,808 1.28%
Misc. Equities & Preferred Stocks $14,989,086 5.34%
Foreign Denominated Corporate Bonds $0 0.00%
Foeign Gov't U.S. Dollar Denominated Bonds $13,109,063 4.67%
Foreign Government Agencies $516,036 0.1%
Cash & Equivalents $484,415 0.17%
Total Gross Market Value $280,643,662 100%
TEN LARGEST HOLDINGS: MARKET VALUE PERCENTAGE OF FUND
Republic of Brazil $7,210,000 2.57%
Southern Company $5,415,750 1.93%
Duke Energy $5,242,000 1.87%
TXU Corp. $5,058,625 1.80%
Williams Communications $5,037,500 1.9%
Millicom Internatinal Cellular $5,010,000 1.79%
Avecia Group $4,962,500 1.77%
FPL Group Inc. $4,950,000 1.76%
Magnum Hunter Resources $4,625,000 1.65%
Consolidated Container $4,410,000 1.57%
Total $51,921,875 18.50%
% OF GROSS ASSETS IN DEFUALT: ISSUER MARKET VALUE PERCENTAGE OF FUND
Ameriserve Food $75,000 0.03%
Poland Telecom $765,000 0.27%
Vencor Inc $336,000 0.12%
Total $1,176,500 0.42%
Number of Postions   134
NAV per share   $7.80 (a)
NYSE Closing Price Per Share   $7.25 (a)
Number of shares outstanding   26,897,360
Asset Coverage (Investment Comapny Act)   377.47%
Nav * # of Shares   $209,905,780 (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 asset value per share carried out to eight decimal places, multiplied by the number of shares outstanding.