Franklin Universal Trust Reports Asset Allocation

SAN MATEO, CA--(Marketwire - May 1, 2009) - 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 March 31, 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 $391 billion in assets under management as of March 31, 2009. For more information, please call 1-800/DIAL BEN® or visit franklintempleton.com.

FRANKLIN UNIVERSAL TRUST ASSET ALLOCATION at March 31, 2009
===============================   ============== =============  ==========

                                      MARKET                    PERCENTAGE
SECURITY                              VALUE                     OF FUND (1)
                                  --------------                ----------
High Yield & Investment Grade
 Corporate Bonds & Preferred      $  108,046,994                      70.3%

Utilities Common & Preferred
 Stocks                           $   37,839,810                      24.6%

Other Investments                 $    2,040,474                       1.3%

Cash & Other Net Assets           $    5,834,372                       3.8%
                                  --------------                ----------
Total Investments (1),(2)         $  153,761,650                     100.0%
===============================   ============== =============  ==========

                                      MARKET                    PERCENTAGE
10 LARGEST HOLDINGS BY ISSUER          VALUE                    OF FUND (1)
                                  --------------                ----------
FPL Group Inc.                    $    3,804,750                       2.5%
Ford Motor Credit Co. LLC         $    3,628,846                       2.4%
Entergy Corp.                     $    3,404,500                       2.2%
Exelon Corp.                      $    3,177,300                       2.1%
Edison International              $    3,138,030                       2.0%
Dominion Resources Inc.           $    3,099,000                       2.0%
Charter Communications Holdings   $    2,636,730                       1.7%
Wind Acquisition Fin SA           $    2,487,500                       1.6%
HCA Inc.                          $    2,450,000                       1.6%
Southern Co.                      $    2,449,600                       1.6%
                                  --------------                ----------
Total (2)                         $   30,276,256                      19.7%
===============================   ============== =============  ==========

% OF GROSS ASSETS IN DEFAULT:          MARKET                   PERCENTAGE
ISSUER (3)                              VALUE                   OF FUND (1)
                                  --------------                ----------
Atherton Franchise                $        7,216                       0.0%
Canwest Media Inc.                $      400,000                       0.3%
CCH I LLC                         $       90,000                       0.1%
Charter Communications Holdings   $    2,546,730                       1.7%
Idearc Inc.                       $       78,125                       0.1%
Nortel Networks                   $      370,000                       0.2%
Station Casinos Inc.              $      330,000                       0.2%
                                  --------------                ----------
Total (2)                         $    3,822,071                       2.5%

Note: The value of these
 defaulted securities is
 reflected in the Fund's net
 asset value. Percentages are
 rounded to two decimal places.

===============================   ============== =============  ==========

Number of positions                                       135
NAV per share                                    $       4.45(4)
Market price per share                           $       3.81(4)
Number of shares outstanding                       25,131,894
Asset coverage (Investment
 Company Act)                                          366.10%
Total net assets                                 $111,788,641

(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.

Contact Information: Contact: Franklin Templeton Investments Shareholders/Financial Advisors: (800) 342-5236 Media: (650) 312-2245