]> 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, May 28, 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 April 30, 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 $343 billion in assets under management as of April 30, 2004.  For more information, please call 1-800/DIAL BEN® or visit franklintempleton.com.

FRANKLIN UNIVERSAL TRUST (002) ASSET ALLOCATION @ 4/30/04

SECURITY MARKET VALUE PERCENTAGE OF FUND
Corporate Bonds $159,449,530 68.95%
Convertible Bonds $1,979,250 0.86%
Utilities Common Stocks $49,242,920 21.30%
Natural Resources Equities & Preferred Stocks $1,874,565 0.81%
Misc. Common & Preferred Stocks $5,605,449 2.42%
Foreign Denominated Corporate Bonds $0 0.00%
Foreign Gov't U.S. Dollar Denominated Bonds $8,835,600 3.82%
Foreign Government Agencies $638,625 0.28%
Cash & Other Net Assets $3,600,204 1.56%
========================= ============ ============
Total Assets1 $231,226,143 100.00%
10 LARGEST HOLDINGS BY ISSUER MARKET VALUE PERCENTAGE OF FUND
Southern Co. $4,889,200 2.11%
Dominion Resources $4,466,700 1.93%
FPL Group $4,453,400 1.93%
Mexico Government $3,877,500 1.68%
Republic of Bulgaria $3,703,600 1.60%
IMC Global $3,697,500 1.60%
Legrand S.A. $3,510,000 1.52%
Exelon Corp. $3,480,880 1.51%
D.R. Horton $3,382,500 1.46%
Laidlaw Int'l $3,382,500 1.46%
========================= ============ ============
Total $38,843,780 16.80%

% OF TOTAL ASSETS IN DEFAULT:
ISSUER

MARKET VALUE PERCENTAGE OF FUND
Atherton Franchise $237,262 0.10%
Century Communications $3,375,000 1.46%
Fibermark Inc. $1,605,000 0.69%
Key3Media $62,500 0.03%
Pindo Deli $787,500 0.34%
Poland Telecom $300 0.00%
PSINet $217,250 0.09%
Telewest Communications $2,450,000 1.06%
========================= ============ ============
Total $8,734,812 3.77%
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 2 $6.31 2
Market price per share 2 $5.45 2
Number of shares outstanding 27,924,294
Asset coverage (Investment Company Act) 420.41%
Total net assets $176,226,143
1 Percentage of total assets of the fund (total net assets plus long-term debt issued by the fund).
2 These figures are rounded to two decimal places.