]> Press Releases--Closed-End Funds, Franklin Universal Trust Asset Allocation, July 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, August 31, 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 July 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 $229 billion in assets under management as of July 31, 2000. For more information, please call 1-800/DIAL BEN.®.

TXU Corp.Level 3 Communications
SECURITY MARKET VALUE PERCENTAGE OF FUND
Corporate Bonds $171,192,387 60,42%
Convertible Bonds $3,530,975 1.25%
Utilities Stocks $70,151,440 24.76%
Natural Resources Equities & Preferred Stocks $3,315,725 1.17%
Misc. Equities & Preferred Stocks $15,539,359 5.48%
Foreign Denominated Corporate Bonds $0 0.00%
Foreign Gov't U.S. Dollar Denominated Bonds $14,266,688 5.04%
Foreign Government Agencies $534,471 0.19%
Cash & Equivalents $4,779,177 1.69%
Total Gross Market Value $283,310,222 100.00%
TEN LARGEST HOLDINGS: MARKET VALUE PERCENTAGE OF FUND
Republic of Brazil $7,820,000 2.76%
Duke Energy $5,551,875 1.96%
Millicom International Cellular $5,310,000 1.87%
Southern Company $5,102,550 1.80%
Avecia Group $5,012,500 1.77%
FPL Group Inc. $4,825,000 1.70%
Williams Communications $4,800,000 1.69%
Consolidated Container $4,545,000 1.60%
$4,421,875 1.56%  
$4,165,000 1.47%  
Total $51,553,000 18.18%
% OF GROSS ASSETS IN DEFAULT: ISSUER MARKET VALUE PERCENTAGE OF FUND
Ameriserve Food $112,500 0.04%
Poland Telecom $457,538 0.16%
Specialty Retailers $210,000 0.07%
Vencor Inc. $288,000 0.10%
Total $1,068,038 0.37%

Note: The value of this defaulted secrity is reflected in the fund's net asset value. All Percentages are rounded to two decimal places.

Number of Postions   131
NAV per share   $7.85 (a)
NYSE Closing Price Per Share   $7.69 (a)
Number of shares outstanding   26,897,360
Asset Coverage (Investment Comapny Act)   379.30%
Nav * # of Shares   $211,278,593 (b)
(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.