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Franklin Universal Trust Reports Asset Allocation

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

San Mateo, CA, November 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 October 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 $252 billion in assets under management as of October 31, 2002. For more information, please call 1-800/DIAL BENĀ® or visit franklintempleton.com.

FRANKLIN UNIVERSAL TRUST (002) ASSET ALLOCATION @ 10/31/02

SECURITY MARKET VALUE PERCENTAGE OF FUND
 
Corporate Bonds $118,936,963 65.47%
Convertible Bonds $885,000 0.49%
Utilities Stocks $34,931,136 19.23%
Natural Resources Equities & Preferred Stocks $999,061 0.55%
Misc. Equities & Preferred Stocks $10,050,517 5.53%
Foreign Denominated Corporate Bonds $0 0.00%
Foreign Gov't U.S. Dollar Denominated Bonds $7,649,175 4.21%
Foreign Government Agencies $414,183 0.23%
Cash & Equivalents $7,788,574 4.29%
========================= ============ ============
Total Gross Market Value $181,654,609 100.00%
TEN LARGEST HOLDINGS MARKET VALUE PERCENTAGE OF FUND
 
Riverwood International $5,100,000 2.81%
Echostar Broadband $4,657,500 2.56%
DTE Energy $4,509,000 2.48%
Station Casinos $4,240,000 2.33%
Chancellor Media $4,217,500 2.32%
Sinclair Capital $4,195,000 2.31%
Southern Co. $4,158,000 2.29%
FPL Group $4,069,620 2.24%
Anchor Glass $3,969,000 2.18%
Host Marriott $4,020,000 2.21%
========================= ============ ============
Total $43,135,620 23.75%
% OF GROSS ASSETS IN DEFAULT ISSUER MARKET VALUE PERCENTAGE OF FUND
Ameriserve Food $770 0.00%
Century Communications $625,000 0.34%
Metrocall $50,000 0.03%
Pindo Deli $697,500 0.38%
Poland Telecom $300 0.00%
PSINet $444,375 0.24%
XO Communications $30,000 0.02%
========================= ============ ============
Total $1,847,945 1.01%
Note: The value of these defaulted securities is reflected in the fund's net asset value.
All percentages are rounded to two decimal places.
============================== ==============================
 
Number of Positions 117
NAV per share $4.71 (a)
Market price per share $5.05 (a)
Number of shares outstanding 27,660,297
Asset coverage (Investment Company Act) 314.12%
Total net assets $130,328,155
(a) These figures are rounded to two decimal places.