Franklin Universal Trust Reports PortfolioBreakdown.

SAN MATEO, Calif.--(BUSINESS WIRE)--Sept. 30, 1998--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 Aug. 31, 1998.

Franklin Advisers,

Inc. is a wholly-owned subsidiary of Franklin Resources, Inc. (NYSE:BEN) whose primary business is the Franklin Templeton Group with over $208 billion in assets under management as of Aug. 31, 1998. Franklin Resources provides global and domestic investment management, shareholder and distribution services to the Franklin Templeton mutual funds and institutional accounts, servicing over 8.9 million shareholder accounts in over 100 different nations worldwide. Franklin's headquarters are located at 777 Mariners Island Blvd., San Mateo, CA 94404. -0-

Franklin Universal Trust (002)         Portfolio Breakdown @ 8/31/98
                                              Market          Percentage
Security                                      Value            of Fund
Corporate Bonds                            $217,793,695       68.16%
Convertible Bonds                           $  4,462,500        1.40%
Utilities Stocks                           $ 63,331,997       19.82%
Natural Resources Equities & Preferred
 Stocks                                    $  3,734,763        1.17%
Misc. Equities, Preferred Stocks,
 Cash & Equivalents                           $ 29,784,972        9.32%
Foreign Denominated Corporate Bonds                     $0        0.00%
Foreign Gov't U.S. Dollar
 Denominated Bonds                                     $0        0.00%
Foreign Government Agencies                   $        417,990        0.13%
                                           ------------      -------
Total Gross Market Value                   $319,525,917      100.00%

                                              Market          Percentage
Ten Largest Holdings:                              Value             of Fund
Cinergy                                     $ 7,144,600        2.24%
Dominion Resources                            $ 6,253,125        1.96%
Texas Utilities Holding                     $ 6,013,750        1.88%
Southern Company                            $ 5,872,500        1.84%
American Electric Power                     $ 5,592,500        1.75%
Nextel Communications                            $ 4,875,000        1.53%
New Century Energies                            $ 4,612,500        1.44%
Magnum Hunter Resources                     $ 4,575,000        1.43%
Outdoor Systems Inc                            $ 4,545,000        1.42%
Sygnet Wireless Inc                            $ 4,540,000        1.42%
                                            -----------      -------
Total                                            $54,023,975       16.91%
% in Default of Gross Assets:                      Market          Percentage
Issuer                                              Value             of Fund
Harvard Industries Inc.                      $1,500,000        0.47%
                                            -----------      -------
Total                                             $1,500,000        0.47%
Note: The lower value of this defaulted security is reflected in the
      fund's net asset value. All percentages are rounded to two
      decimal places.
Number of Positions                                               151
NAV per share                                                    $ 9.28 (a)
NYSE Closing Price per share                                    $ 9.13 (a)
Number of shares outstanding                             26,779,333.48
Asset Coverage (Investment Company Act)                    431.22%
NAV Multiplied By # of Shares                             $ 248,418,585 (b)
(a)  These figures are rounded to two decimal places.
(b)  This number represents the net asset value per share carried out
     to eight decimal places, multiplied by the number of shares
     outstanding.