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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, December 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 November 30, 2004.

Franklin Advisers, Inc., is a wholly owned subsidiary of Franklin Resources, Inc. [NYSE:BEN], a global investment management 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 $388 billion in assets under management as of November 30, 2004.  For more information, please call 1-800/DIAL BEN® or visit franklintempleton.com.

FRANKLIN UNIVERSAL TRUST ASSET ALLOCATION @ 11/30/04

SECURITY MARKET VALUE PERCENTAGE OF FUND1
Corporate Bonds $166,979,858 67.84%
Utilities Common Stocks $55,991,775 22.75%
Natural Resource Common Stocks $2,395,793 0.97%
Misc. Common & Preferred Stocks $7,848,573 3.19%
Foreign Denominated Corporate Bonds $0 0.00%
Foreign Gov't U.S. Dollar Denominated Bonds $8,908,597 3.62%
Foreign Government Agencies $809,194 0.33%
Cash & Other Net Assets $3,201,165 1.30%
========================= ============ ============
Total Investments1 $246,134,955 100.00%
TEN LARGEST HOLDINGS BY ISSUER MARKET VALUE PERCENTAGE OF FUND1
Southern Co. $5,574,300 2.26%
FPL Group $4,923,100 2.00%
Dominion Resources $4,582,900 1.86%
Exelon Corp. $4,337,840 1.76%
Mexico Government $4,001,250 1.63%
Republic of Bulgaria $3,636,597 1.48%
Nicor Inc. $3,616,200 1.47%
Ispat Inland ULC $3,516,250 1.43%
Georgia Pacific Corp. $3,495,000 1.42%
Century Communications Corp. $3,475,000 1.41%
========================= ============ ============
Total $41,158,437 16.72%

% OF GROSS ASSETS IN DEFAULT:
ISSUER

MARKET VALUE PERCENTAGE OF FUND1
Atherton Franchise $37,615 0.02%
Century Communications $3,475,000 1.41%
Fibermark Inc. $2,070,000 0.84%
Key3Media $6,250 0.00%
Pindo Deli $688,590 0.28%
Poland Telecom $300 0.00%
PSINet $59,250 0.02%
========================= ============ ============
Total $6,337,005 2.57%
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 126
NAV per share $6.842
Market price per share $6.002
Number of shares outstanding 27,924,294
Asset coverage (Investment Company Act) 447.52%
Total net assets $191,134,955
1. Percentage of total investments of the fund.  Total investments of the fund include long-term and short-term investments and other net assets, excluding long-term debt issued by the fund.
2. These figures are rounded to two decimal places.