]> Press Release - Closed-End - FT Asset Allocation
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Franklin Universal Trust Reports Asset Allocation

From: Franklin Advisers, Inc.
Contact: Franklin Templeton Fund Information
Telephone:(800) 342-5236

San Mateo, CA, July 30, 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 June 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 $350 billion in assets under management as of June 30, 2004.  For more information, please call 1-800/DIAL BEN® or visit franklintempleton.com.

FRANKLIN UNIVERSAL TRUST ASSET ALLOCATION @ 6/30/04

SECURITY MARKET VALUE PERCENTAGE OF FUND
Corporate Bonds $156,729,739 68.26%
Convertible Bonds $2,021,250 0.88%
Utilities Stocks $50,086,651 21.81%
Natural Resources Equities & Preferred Stocks $1,931,047 0.84%
Misc. Equities & Preferred Stocks $5,443,955 2.37%
Foreign Denominated Corporate Bonds $0 0.00%
Foreign Gov't U.S. Dollar Denominated Bonds $8,866,350 3.86%
Foreign Government Agencies $726,181 0.32%
Cash & Other Net Assets $3,805,199 1.66%
========================= ============ ============
Total Gross Market Value $229,610,372 100.00%
TEN LARGEST HOLDINGS BY ISSUER MARKET VALUE PERCENTAGE OF FUND1
Southern Co. $4,955,500 2.15%
FPL Group $4,476,500 1.95%
Dominion Resources $4,415,600 1.92%
Mexico Government $3,852,750 1.68%
Republic of Bulgaria $3,762,350 1.64%
Exelon Corp. $3,462,160 1.51%
Legrand S.A. $3,435,000 1.50%
D.R. Horton $3,330,000 1.45%
Nicor Inc. $3,329,060 1.45%
Laidlaw International $3,288,750 1.43%
========================= ============ ============
Total $38,307,670 16.68%

% OF GROSS ASSETS IN DEFAULT:
ISSUER

MARKET VALUE PERCENTAGE OF FUND1
Atherton Franchise $122,458 0.05%
Century Communications $3,175,000 1.38%
Fibermark Inc. $1,860,000 0.81%
Key3Media $53,125 0.02%
Pindo Deli $802,500 0.35%
Poland Telecom $300 0.00%
PSINet $226,000 0.10%
Telewest Communications $2,285,000 1.00%
========================= ============ ============
Total $8,524,383 3.71%
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 131
NAV per share $6.252
Market price per share $5.392
Number of shares outstanding 27,924,294
Asset coverage (Investment Company Act) 417.47%
Total net assets $174,610,372
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.