Franklin Universal Trust Reports Asset Allocation.

Business Editors

SAN MATEO, Calif.--(BUSINESS WIRE)--Nov. 26, 2003

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

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 provides global and domestic investment management services through its Franklin, Templeton, Mutual Series and Fiduciary Trust subsidiaries. The San Mateo, CA-based company has over 50 years of investment experience and more than $314 billion in assets under management as of October 31, 2003. For more information, please call 1-800/DIAL BEN(R) or visit franklintempleton.com.

FRANKLIN UNIVERSAL TRUST (002) ASSET ALLOCATION @ 10/31/03
======================================================================
                                  MARKET                    PERCENTAGE
SECURITY                          VALUE                     OF FUND
-----------------------------     ------------              ----------
Corporate Bonds                   $146,798,473                  68.35%

Convertible Bonds                   $4,949,305                   2.30%

Utilities Stocks                   $47,101,368                  21.93%

Natural Resources Equities &
 Preferred Stocks                   $1,362,648                   0.63%

Misc. Equities & Preferred
 Stocks                             $5,071,788                   2.36%

Foreign Denominated Corporate
 Bonds                                      $0                   0.00%

Foreign Gov't U.S. Dollar
 Denominated Bonds                  $8,834,813                   4.11%

Foreign Government Agencies           $680,732                   0.32%

Total Gross Market Value          $214,799,127                 100.00%
======================================================================
                                  MARKET                    PERCENTAGE
TEN LARGEST HOLDINGS              VALUE                     OF FUND
-----------------------------     ------------              ----------
Southern Co.                        $5,066,000                   2.36%
FPL Group                           $4,461,800                   2.08%
Dominion Resources                  $4,312,000                   2.01%
United Mexican States               $3,880,938                   1.81%
Republic of Bulgaria                $3,702,625                   1.72%
Gulfterra Energy                    $3,547,500                   1.65%
Legrand S.A.                        $3,435,000                   1.60%
D.R. Horton                         $3,390,000                   1.58%
Hollywood Park                      $3,386,625                   1.58%
Nicor Inc.                          $3,358,460                   1.56%
-----------------------------     ------------              ----------
Total                              $38,540,948                  17.95%
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% OF GROSS ASSETS IN DEFAULT:     MARKET                    PERCENTAGE
ISSUER                            VALUE                     OF FUND
-----------------------------     ------------              ----------
Ameriserve Food                           $500                   0.00%
Atherton Franchise                    $413,295                   0.19%
Century Communications              $2,450,000                   1.14%
Key3Media                              $75,000                   0.03%
Magellan Health Services            $2,300,000                   1.07%
Ormet Corp.                           $940,000                   0.44%
Pindo Deli                            $615,000                   0.29%
Poland Telecom                            $300                   0.00%
PSINet                                $207,375                   0.10%
XO Communications                      $25,000                   0.01%
-----------------------------     ------------              ----------
Total                               $7,026,470                   3.27%

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                                         $6.02 (a)
Market price per share                                $5.51 (a)
Number of shares outstanding                     27,924,294
Asset coverage (Investment
 Company Act)                                        424.61%
Total net assets                               $169,635,073

(a) These figures are rounded to two decimal places.