]> 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, March 31, 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 February 29, 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 Investments provides global and domestic investment management solutions managed by its Franklin, Templeton, Mutual Series and Fiduciary Trust investment teams.  The San Mateo, CA-based company has more than 50 years of investment experience and over $351 billion in assets under management as of February 29, 2004.  For more information, please call 1-800/DIAL BEN® or visit franklintempleton.com.

FRANKLIN UNIVERSAL TRUST (002) ASSET ALLOCATION @ 2/29/04

SECURITY MARKET VALUE PERCENTAGE OF FUND
Corporate Bonds $159,103,480 67.54%
Convertible Bonds $2,602,405 1.10%
Utilities Stocks $49,826,483 21.15%
Natural Resources Equities & Preferred Stocks $2,253,288 0.96%
Misc. Equities & Preferred Stocks $9,629,206 4.09%
Foreign Denominated Corporate Bonds $0 0.00%
Foreign Gov't U.S. Dollar Denominated Bonds $9,054,263 3.84%
Foreign Government Agencies $680,147 0.29%
Cash & Other Net Assets $2,437,325 1.03%
========================= ============ ============
Total Assets1 $235,586,597 100.00%
10 LARGEST HOLDINGS BY ISSUER MARKET VALUE PERCENTAGE OF FUND
Southern Co. $5,154,400 2.19%
FPL Group $4,595,500 1.95%
Dominion Resources $4,398,100 1.87%
United Mexican States $4,077,563 1.73%
IMC Global $3,735,000 1.59%
Republic of Bulgaria $3,705,950 1.57%
Magellan Health Services $3,545,640 1.51%
Nigor Inc. $3,541,720 1.50%
Legrand S.A. $3,540,000 1.50%
Exelon Corp. $3,491,280 1.48%
========================= ============ ============
Total $39,785,153 16.89%

% OF GROSS ASSETS IN DEFAULT:
ISSUER

MARKET VALUE PERCENTAGE OF FUND
Atherton Franchise $267,876 0.11%
Century Communications $3,300,000 1.40%
Key3Media $125,000 0.05%
Pindo Deli $750,000 0.32%
Poland Telecom $300 0.00%
PSINet $227,125 0.10%
========================= ============ ============
Total $4,670,301 1.98%
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 $6.47 (a)
Market price per share $5.87 (a)
Number of shares outstanding 27,924,294
Asset coverage (Investment Company Act) 428.34%
Total net assets $180,586,597
(a) These figures are rounded to two decimal places.