]> Press Releases--Closed-End Funds, Franklin Universal Trust Reports Asset Allocation
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Franklin Universal Trust Reports Asset Allocation

From: Franklin Advisers, Inc.
Contact: Matt Walsh
Telephone:(650) 312-2245
San Mateo, CA, February 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 January 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 $256 billion in assets under management as of January 31, 2003.For more information, please call 1-800/DIAL BEN® or visit franklintempleton.com.

FRANKLIN UNIVERSAL TRUST (002) ASSET ALLOCATION @ 01/31/03

SECURITY MARKET VALUE PERCENTAGE OF FUND
 
Corporate Bonds $122,081,477 65.51%
Convertible Bonds $867,188 0.47%
Utilities Stocks $45,091,674 24.20%
Natural Resources Equities & Preferred Stocks $1,237,448 0.66%
Misc. Equities & Preferred Stocks $8,102,425 4.35%
Foreign Denominated Corporate Bonds $0 0.00%
Foreign Gov't U.S. Dollar Denominated Bonds $8,461,738 4.54%
Foreign Government Agencies $510,661 0.27%
========================= ============ ============
Total Gross Market Value $186,352,611 100.00%
TEN LARGEST HOLDINGS MARKET VALUE PERCENTAGE OF FUND
 
Southern Co. $4,788,900 2.57%
FPL Group $4,087,300 2.19%
Nortek $4,075,000 2.19%
Dominion Resources $3,793,300 2.04%
Universal Compression $3,709,750 1.99%
Republic of Bulgaria $3,640,800 1.95%
United Mexican States $3,626,563 1.95%
Insight Midwest $3,491,250 1.87%
Venetian Casino $3,440,250 1.85%
Yell Finance $3,255,000 1.75%
========================= ============ ============
Total $37,908,113 20.34%

% OF GROSS ASSETS IN DEFAULT:
 ISSUER

MARKET VALUE PERCENTAGE OF FUND
Ameriserve Food $500 0.00%
Century Communications $912,500 0.49%
Key3Media $425,000 0.23%
Pindo Deli $487,500 0.26%
Poland Telecom $300 0.00%
PSINet $202,438 0.11%
XO Communications $30,000 0.02%
========================= ============ ============
Total $2,058,238 1.10%
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 124
NAV per share $4.96(a)
Market price per share $5.42 (a)
Number of shares outstanding 27,804,827
Asset coverage (Investment Company Act) 327.88%
Total net assets $139,007,181
(a) These figures are rounded to two decimal places.