]> Press Release - Closed-End - FT 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 27, 2004 -- 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, 2004.

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 $343 billion in assets under management as of January 31, 2004.  For more information, please call 1-800/DIAL BEN® or visit franklintempleton.com.

FRANKLIN UNIVERSAL TRUST (002) ASSET ALLOCATION @ 1/31/04

SECURITY MARKET VALUE PERCENTAGE OF FUND
Corporate Bonds $162,070,489 68.99%
Convertible Bonds $2,525,595 1.08%
Utilities Stocks $48,874,775 20.81%
Natural Resources Equities & Preferred Stocks $2,149,542 0.92%
Misc. Equities & Preferred Stocks $9,757,130 4.15%
Foreign Denominated Corporate Bonds $0 0.00%
Foreign Gov't U.S. Dollar Denominated Bonds $8,885,794 3.78%
Foreign Government Agencies $640,158 0.27%
========================= ============ ============
Total Gross Market Value $234,903,483 100.00%
TEN LARGEST HOLDINGS MARKET VALUE PERCENTAGE OF FUND
Southern Co. $5,066,000 2.16%
FPL Group $4,602,500 1.96%
Dominion Resources $4,491,200 1.91%
United Mexican States $3,918,750 1.67%
IMC Global $3,735,000 1.59%
Republic of Bulgaria $3,703,600 1.58%
Magellan Health Services $3,607,360 1.54%
Legrand S.A. $3,549,975 1.51%
Laidlaw International $3,498,750 1.49%
Exelon Corp. $3,482,960 1.48%
========================= ============ ============
Total $39,656,095 16.89%

% OF GROSS ASSETS IN DEFAULT:
ISSUER

MARKET VALUE PERCENTAGE OF FUND
Atherton Franchise $321,452 0.14%
Century Communications $3,350,000 1.43%
Key3Media $112,500 0.05%
Ormet Corp. $800,000 0.34%
Pindo Deli $2,977,200 1.27%
Poland Telecom $300 0.00%
PSINet $227,125 0.10%
========================= ============ ============
Total $7,788,577 3.33%
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 135
NAV per share $6.48 (a)
Market price per share $5.94 (a)
Number of shares outstanding 27,924,294
Asset coverage (Investment Company Act) 447.82%
Total net assets $180,866,305
(a) These figures are rounded to two decimal places.