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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 28, 2003 -- 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, 2003.

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 $289 billion in assets under management as of July 31, 2003.  For more information, please call 1-800/DIAL BEN® or visit franklintempleton.com.

FRANKLIN UNIVERSAL TRUST (002) ASSET ALLOCATION @ 07/31/03

SECURITY MARKET VALUE PERCENTAGE OF FUND
Corporate Bonds $139,347,277 67.69%
Convertible Bonds $3,787,343 1.84%
Utilities Stocks $45,295,537 22.00%
Natural Resources Equities & Preferred Stocks $1,182,679 0.58%
Misc. Equities & Preferred Stocks $6,979,265 3.39%
Foreign Denominated Corporate Bonds $0 0.00%
Foreign Gov't U.S. Dollar Denominated Bonds $8,641,750 4.20%
Foreign Government Agencies $620,540 0.30%
========================= ============ ============
Total Gross Market Value $210,272,453 100.00%
TEN LARGEST HOLDINGS MARKET VALUE PERCENTAGE OF FUND
Southern Co. $4,834,800 2.35%
FPL Group $4,316,900 2.10%
Dominion Resources $4,207,000 2.04%
United Mexican States $3,795,000 1.84%
Republic of Bulgaria $3,605,250 1.75%
Nicor Inc. $3,555,440 1.73%
Gulfterra Energy $3,450,000 1.68%
Legrand S.A. $3,375,000 1.64%
D.R. Horton $3,285,000 1.60%
Hollywood Park $3,283,500 1.60%
========================= ============ ============
Total $37,707,890 18.33%

% OF GROSS ASSETS IN DEFAULT:
ISSUER

MARKET VALUE PERCENTAGE OF FUND
Ameriserve Food $500 0.00%
Atherton Franchise $436,256 0.21%
Century Communications $2,000,000 0.97%
Key3Media $75,000 0.04%
Magellan Health Services $1,840,000 0.89%
Ormet Corp. $1,060,000 0.52%
Pindo Deli $787,500 0.38%
Poland Telecom $300 0.00%
PSINet $177,750 0.09%
XO Communications $25,000 0.01%
========================= ============ ============
Total $6,402,306 3.11%
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 130
NAV per share $5.60(a)
Market price per share $5.25 (a)
Number of shares outstanding 27,924,294
Asset coverage (Investment Company Act) 399.37%
Total net assets $156,316,528
(a) These figures are rounded to two decimal places.