Franklin Universal Trust Reports Asset Allocation

SAN MATEO, CA -- (Marketwire) -- 11/03/09 -- 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 September 30, 2009.

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, Fiduciary Trust, Darby and Bissett investment teams. The San Mateo, CA-based company has more than 60 years of investment experience and over $523 billion in assets under management as of September 30, 2009. For more information, please call 1-800/DIAL BEN® or visit franklintempleton.com.

FRANKLIN UNIVERSAL TRUST ASSET ALLOCATION at September 30, 2009
===========================================================================
                                      MARKET                   PERCENTAGE
SECURITY                              VALUE                    OF FUND (1)
-----------------------------     -------------               ------------
High Yield and Investment Grade
 Corporate Bonds & Preferred      $ 142,363,831                       73.0%

Utilities Common and Preferred
 Stocks                           $  50,309,611                       25.8%

Other Investments                 $     917,306                        0.5%

Cash & Other Net Assets           $   1,508,449                        0.8%
                                  -------------               ------------
Total Investments (1,2)           $ 195,099,197                      100.0%
===========================================================================
                                      MARKET                   PERCENTAGE
10 LARGEST HOLDINGS BY ISSUER         VALUE                    OF FUND (1)
-----------------------------     -------------               ------------
FPL Group Inc.                    $   4,142,250                        2.1%
Entergy Corp.                     $   3,993,000                        2.0%
Ford Motor Credit Co. LLC         $   3,984,186                        2.0%
Southern Co.                      $   3,800,400                        1.9%
Charter Communications Holdings   $   3,542,000                        1.8%
Exelon Corp.                      $   3,473,400                        1.8%
Dominion Resources Inc.           $   3,450,000                        1.8%
Centerpoint Energy Inc.           $   3,438,138                        1.8%
HCA Inc.                          $   3,326,918                        1.7%
GMAC LLC                          $   2,649,570                        1.4%
                                  -------------               ------------
Total (2)                         $  35,799,862                       18.3%
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% OF GROSS ASSETS IN DEFAULT:         MARKET                   PERCENTAGE
ISSUER (3)                            VALUE                    OF FUND (1)
-----------------------------     -------------               ------------
Atherton Franchise                $       7,216                        0.0%
Canwest Media Inc.                $   1,580,000                        0.8%
CCH I LLC                         $     152,000                        0.1%
Charter Communications Holdings   $   3,390,000                        1.7%
Dex Media                         $     549,915                        0.3%
Fontainebleau Las Vegas           $      52,000                        0.0%
Idearc Inc.                       $      90,000                        0.0%
Nortel Networks                   $     287,500                        0.1%
Station Casinos Inc.              $     387,500                        0.2%
                                  -------------               ------------
Total (2)                         $   6,496,131                        3.3%

Note: The value of these defaulted securities is reflected in the Fund's
net asset value. Percentages are rounded.
===========================================================================
Number of positions                                      163
NAV per share                                   $       6.09 (4)
Market price per share                          $       5.46 (4)
Number of shares outstanding                      25,131,894
Asset coverage (Investment
 Company Act)                                          464.5%
Total net assets                                $153,099,197

(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) Total figures may not represent exact sum of items as a result of
    rounding.
(3) Includes issuers that have defaulted or have missed scheduled bond
    payments.
(4) These figures are rounded to two decimal places.