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Franklin Universal Trust Reports Asset Allocation

From: Franklin Advisers, Inc.
Contact: Matt Walsh
Telephone:(650) 312-2245

San Mateo, CA, July 29, 2005 -- 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, 2005.

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 $425 billion in assets under management as of June 30, 2005.  For more information, please call 1-800/DIAL BEN® or visit franklintempleton.com.

FRANKLIN UNIVERSAL TRUST ASSET ALLOCATION @ 6/30/05

SECURITY MARKET VALUE PERCENTAGE OF FUND1
Corporate Bonds $173,232,151 69.16%
Utilities Common Stocks $62,795,326 25.07%
Natural Resource Common Stocks $1,983,910 0.79%
Misc. Common & Preferred Stocks $2,252,124 0.90%
Foreign Denominated Corporate Bonds $0 0.00%
Foreign Gov't U.S. Dollar Denominated Bonds $5,378,188 2.15%
Foreign Government Agencies $709,467 0.28%
Cash & Other Net Assets $4,129,031 1.65%
========================= ============ ============
Total Investments1 $250,480,197 100.00%
TEN LARGEST HOLDINGS BY ISSUER MARKET VALUE PERCENTAGE OF FUND1
Southern Co. $5,893,900 2.36%
FPL Group $5,888,400 2.35%
Exelon Corp. $5,338,320 2.13%
Dominion Resources $5,137,300 2.05%
Mexico Government $4,092,000 1.63%
Nicor Inc. $3,771,172 1.51%
Firstenergy Corp. $3,608,250 1.44%
Laidlaw Intl $3,515,040 1.40%
Georgia-Pacific Corp. $3,465,000 1.38%
Pinncale West Capital Corp. $3,378,200 1.35%
========================= ============ ============
Total $44,087,582 17.60%

% OF GROSS ASSETS IN DEFAULT:
ISSUER

MARKET VALUE PERCENTAGE OF FUND1
Atherton Franchise $11,284 0.00%
Century Communications $3,075,000 1.23%
Poland Telecom $3 0.00%
PSINet $4,938 0.00%
========================= ============ ============
Total $3,091,225 1.23%
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 $7.002
Market price per share $6.172
Number of shares outstanding 27,924,294
Asset coverage (Investment Company Act) 455.42%
Total net assets $195,480,196
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.