]> Press Releases--Closed-End Funds, Franklin Universal Trust Asset Allocation, August 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, September 20, 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 August 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 $236 billion in assets under management as of August 31, 2000. For more information, please call 1-800/DIAL BEN®.

SECURITY MARKET VALUE PERCENTAGE OF FUND
Corporate Bonds $167,977,308 58.02%
Convertible Bonds $3,748,750 1.29%
Utilities Stocks $79,844,547 27.58%
Natural Resources Equities & Preferred Stocks $4,042,050 1.40%
Misc. Equities & Preferred Stocks $15,670,000 5.41%
Foreign Denominated Corporate Bonds $0 0.00%
Foreign Gov't U.S. Dollar Denominated Bonds $14,311,250 4.94%
Foreign Government Agencies $540,436 0.19%
Cash & Equivalents $3,396,584 1.17%
Total Gross Market Value $289,530,925 100.00%
TEN LARGEST HOLDINGS: MARKET VALUE PERCENTAGE OF FUND
Republic of Brazil $7,830,000 2.70%
Duke Energy $6,733,125 2.33%
Southern Company $6,250,950 2.16%
Millicom International Cellular $5,370,000 1.85%
FPL Group Inc. $5,337,500 1.84%
Avecia Group $5,062,500 1.75%
TXU Corp. $4,943,656 1.71%
Williams Communications $4,837,500 1.67%
Consolidated Container $4,567,500 1.58%
Level 3 Communications $4,287,500 1.48%
Total $55,220,231 19.07%
% 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. $384,000 0.13%
Total $1,164,038 0.40%

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   134
NAV per share   $8.21 (a)
NYSE Closing Price Per Share   $7.69 (a)
Number of shares outstanding   26,897,360
Asset Coverage (Investment Comapny Act)   391.92%
Total net assets   $220,741,743
(a) These figures have been rounded to two decimal places.