]> Press Releases--Closed-End Funds, Franklin Universal Trust Asset Allocation, July 2002
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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 29, 2002 -- 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, 2002.

Franklin Advisers, Inc. is a wholly owned subsidiary of Franklin Resources, Inc. [NYSE:BEN], a global investment organization operating as Franklin Templeton Investments. Franklin Templeton provides global and domestic investment management services through its Franklin, Templeton, Mutual Series and Fiduciary Trust subsidiaries. The San Mateo, CA-based company has over 50 years of investment experience and more than $257 billion in assets under management as of July 31, 2002. For more information, please call 1-800-DIAL BEN® or visit franklintempleton.com.

FRANKLIN UNIVERSAL TRUST (002) ASSET ALLOCATION @ 7/31/02

SECURITY MARKET VALUE PERCENTAGE OF FUND
 
Corporate Bonds $135,913,680 69.49%
Convertible Bonds $905,625 0.46%
Utilities Stocks $37,412,209 19.12%
Natural Resources Equities & Preferred Stocks $915,008 0.47%
Misc. Equities & Preferred Stocks $10,473,011 5.35%
Foreign Denominated Corporate Bonds $0 0.00%
Foreign Gov't U.S. Dollar Denominated Bonds $8,602,500 4.40%
Foreign Government Agencies $413,284 0.21%
Cash & Equivalents $984,373 0.50%
========================= ============ ============
Total Gross Market Value $195,619,690 100.00%
TEN LARGEST HOLDINGS MARKET VALUE PERCENTAGE OF FUND
 
Riverwood International $5,162,500 2.64%
Station Casinos $5,150,000 2.63%
FPL Group $4,532,000 2.32%
Anchor Glass $4,389,000 2.03%
Echostar Broadband $4,308,750 2.20%
Sinclair Capital $4,200,000 2.15%
DTE Energy $4,096,000 2.09%
Horseshoe Gaming $4,080,000 2.09%
Nortek Inc. $4,060,000 2.08%
Host Marriot $4,035,000 2.06%
========================= ============ ============
Total $44,013,250 22.50%
% OF GROSS ASSETS IN DEFAULT: ISSUER MARKET VALUE PERCENTAGE OF FUND
 
Ameriserve Food $270 0.00%
Anchor Glass $4,389,000 2.24%
Century Communications $625,000 0.32%
Metrocall $55,000 0.03%
Pindo Deli $682,500 0.35%
Poland Telecom $30 0.00%
PSINet $409,813 0.21%
Sheffield Steel $570,000 0.29%
XO Communications $80,000 0.04%
Williams Communications $168,000 0.09%
========================= ============ ============
Total $6,979,613 3.57%
Note: The value of these defaulted securities is reflected in the fund's net asset value. All percentages are rounded to two decimal places.
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Number of Positions 121
NAV per share $5.04 (a)
Market price per share $5.45 (a)
Number of shares outstanding 27,572,909
Asset coverage (Investment Company Act) 328.53%
Total net assets $138,991,761
(a) These figures are rounded to two decimal places.