]> 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, September 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 August 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 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 $353 billion in assets under management as of August 31, 2004.  For more information, please call 1-800/DIAL BEN® or visit franklintempleton.com.

FRANKLIN UNIVERSAL TRUST ASSET ALLOCATION @ 8/31/04

SECURITY MARKET VALUE PERCENTAGE OF FUND1
Corporate Bonds $159,619,715 67.68%
Convertible Bonds $2,034,375 0.86%
Utilities Common Stocks $52,455,423 22.24%
Natural Resource Common Stocks $2,034,916 0.86%
Misc. Common & Preferred Stocks $7,176,079 3.04%
Foreign Denominated Corporate Bonds $0 0.00%
Foreign Gov't U.S. Dollar Denominated Bonds $8,932,384 3.79%
Foreign Government Agencies $696,000 0.30%
Cash & Other Net Assets $2,901,505 1.23%
========================= ============ ============
Total Assets1 $235,850,397 100.00%
TEN LARGEST HOLDINGS BY ISSUER MARKET VALUE PERCENTAGE OF FUND1
Southern Co. $5,159,500 2.19%
FPL Group $4,844,000 2.05%
Dominion Resources $4,542,300 1.93%
Mexico Government $4,032,188 1.71%
Exelon Corp. $3,832,400 1.62%
Republic of Bulgaria $3,634,322 1.54%
Nicor Inc. $3,513,300 1.49%
Fimep $3,480,000 1.48%
Laidlaw Intl Inc. $3,435,000 1.46%
D.R. Horton $3,420,000 1.45%
========================= ============ ============
Total $39,893,010 16.92%

% OF GROSS ASSETS IN DEFAULT:
ISSUER

MARKET VALUE PERCENTAGE OF FUND1
Atherton Franchise $114,804 0.05%
Century Communications $3,175,000 1.35%
Fibermark Inc. $1,905,000 0.81%
Key3Media $75,000 0.03%
Pindo Deli $870,000 0.37%
Poland Telecom $300 0.00%
PSINet $266,625 0.11%
========================= ============ ============
Total $6,406,729 2.72%
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 128
NAV per share $6.482
Market price per share $5.652
Number of shares outstanding 27,924,294
Asset coverage (Investment Company Act) 428.82%
Total net assets $180,850,398
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.