]> Press Releases--Closed-End Funds, FUT Asset Allocation
tagline

Franklin Universal Trust Reports Asset Allocation

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

San Mateo, CA, March 31, 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 February 28, 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 approximately $254 billion in assets under management as of February 28, 2003. For more information, please call 1-800/DIAL BEN® or visit franklintempleton.com.

FRANKLIN UNIVERSAL TRUST (002) ASSET ALLOCATION @ 02/28/03

SECURITY MARKET VALUE PERCENTAGE OF FUND
 
Corporate Bonds $121,345,501 65.80%
Convertible Bonds $873,750 0.47%
Utilities Stocks $43,195,048 23.42%
Natural Resources Equities & Preferred Stocks $1,159,025 0.63%
Misc. Equities & Preferred Stocks $7,974,668 4.32%
Foreign Denominated Corporate Bonds $0 0.00%
Foreign Gov't U.S. Dollar Denominated Bonds $8,602,000 4.66%
Foreign Government Agencies $544,080 0.30%
Cash & Equivalents $715,341 0.39%
========================= ============ ============
Total Gross Market Value $184,409,413 100.00%
TEN LARGEST HOLDINGS MARKET VALUE PERCENTAGE OF FUND
 
Southern Co. $4,795,700 2.60%
FPL Group $3,920,700 2.13%
Dominion Resources $3,773,000 2.05%
United Mexican States $3,753,750 2.04%
Universal Compression $3,731,938 2.02%
Republic of Bulgaria $3,636,000 1.97%
Yell Finance $3,300,000 1.79%
Echostar $3,277,000 1.78%
El Paso Energy Partners $3,210,000 1.74%
Sinclair Capital $3,187,500 1.73%
========================= ============ ============
Total $36,585,588 19.84%

% OF GROSS ASSETS IN DEFAULT:
 ISSUER

MARKET VALUE PERCENTAGE OF FUND
Ameriserve Food $500 0.00%
Century Communications $900,000 0.49%
Key3Media $175,000 0.09%
Pindo Deli $532,500 0.29%
Poland Telecom $31,200 0.02%
PSINet $217,250 0.12%
XO Communications $25,000 0.01%
========================= ============ ============
Total $1,881,450 1.02%
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 $4.88(a)
Market price per share $5.25 (a)
Number of shares outstanding 27,884,362
Asset coverage (Investment Company Act) 324.84%
Total net assets $136,186,871
(a) These figures are rounded to two decimal places.