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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000833040-04-000008.txt : 20040429
<SEC-HEADER>0000833040-04-000008.hdr.sgml : 20040429
<ACCEPTANCE-DATETIME>20040429121607
ACCESSION NUMBER:		0000833040-04-000008
CONFORMED SUBMISSION TYPE:	NSAR-A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20040229
FILED AS OF DATE:		20040429
EFFECTIVENESS DATE:		20040429

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FRANKLIN UNIVERSAL TRUST
		CENTRAL INDEX KEY:			0000833040
		IRS NUMBER:				943077602
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		NSAR-A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05569
		FILM NUMBER:		04763480

	BUSINESS ADDRESS:	
		STREET 1:		ONE FRANKLIN PARKWAY
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94403-1906
		BUSINESS PHONE:		650-312-2000

	MAIL ADDRESS:	
		STREET 1:		ONE FRANKLIN PARKWAY
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94403-1906
</SEC-HEADER>
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<TEXT>
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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SIGNATURE   DIOMEDES LOO-TAM
TITLE       TREASURER


</TEXT>
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<DOCUMENT>
<TYPE>EX-99.77C VOTES
<SEQUENCE>3
<FILENAME>lgl77c.txt
<DESCRIPTION>LEGAL 77C
<TEXT>
NAME OF REGISTRANT
Franklin Universal Trust
File No. 811-5569


EXHIBIT ITEM No. 77C: Submission of matters to vote of security
holders.






                    FRANKLIN UNIVERSAL TRUST
        MINUTES OF THE 2004 ANNUAL SHAREHOLDERS' MEETING

                        February 24, 2004





The Annual Shareholders' Meeting of Franklin Universal Trust (the
"Fund")  was held on February 24, 2004 at 2:00 p.m. Pacific  Time
at  the  offices  of the Fund, One Franklin Parkway,  San  Mateo,
California, 94403.

Steven Gray presided at the Meeting and acted as Secretary.   Mr.
Gray appointed Joyce L. Sanns to serve as Inspector of Election.

The  reading of the "Notice of 2004 Annual Shareholders' Meeting"
dated  January 16, 2004, was waived. Mr. Gray indicated that  the
Notice of the Meeting and the accompanying Proxy Statement  would
be entered into the Minutes of the Meeting.

An  alphabetical list of shareholders entitled  to  vote  at  the
Meeting  and  the  proxies  which  had  been  executed   by   the
shareholders  were  then presented.  The  Inspector  of  Election
reported  that on the record date, December 12, 2003, there  were
27,924,293.784  shares  of  the  Fund  issued,  outstanding   and
entitled  to  vote  at the Meeting, and that a majority  of  such
shares was represented by proxy at the Meeting and there was  the
quorum needed to transact the business of the Meeting.

Mr.  Gray then called for voting on the matters set forth in  the
Proxy Statement. Ms. Sanns then reported that the proposal passed
and the voting was as follows:
1.


Regarding the election of a Board of Trustees of the Fund:



                                  % of                %
                      Shares    Outstan               of
      Trustees          For       ding   Withheld  Outstan
                                 Shares     Or       ding
                                          Abstain   Shares
  Harris J. Ashton  24,184,212  86.606%  251,521.   0.901%
  Robert F.         .961        86.575%     002     0.933%
  Carlson           24,175,334  86.699%  260,399.   0.808%
  S. Joseph         .814        86.619%     149     0.889%
  Fortunato         24,210,089  86.650%  225,644.   0.858%
  Edith E. Holiday  .757        86.622%     206     0.885%
  Edward B.         24,187,618  86.652%  248,115.   0.855%
  Jamieson          .961        86.574%     002     0.933%
  Charles B.        24,196,282  86.560%  239,451.   0.948%
  Johnson           .709                    255
  Rupert H.         24,188,589           247,144.
  Johnson, Jr.      .814                    149
  Frank W.T.        24,196,960           238,773.
  LaHaye            .709                    255
  Gordon S.         24,175,151           260,582.
  Macklin           .814                    149
                    24,171,142           264,591.
                    .814                    149



There being no further business to come before the meeting, upon
motion duly made, seconded and carried, the Meeting was
adjourned.



Dated:  February 24, 2004
/s/ Steven Gray
Steven Gray

Acting Secretary



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77E LEGAL
<SEQUENCE>4
<FILENAME>lgl77e.txt
<DESCRIPTION>LEGAL 77E
<TEXT>
1

NAME OF REGISTRANT:
Franklin Univeral Trust
File No. 811-5569

EXHIBIT ITEM No. 77I(e): Legal Proceedings


REGULATORY MATTERS

On February 4, 2004, the Securities Division of the Office of the
Secretary of the Commonwealth of
Massachusetts filed an administrative complaint against Franklin
Resources, Inc. and certain of its
subsidiaries (the "Company"), alleging violations of the
Massachusetts Uniform Securities Act. The
complaint arises from activity that occurred in 2001 during which
time an officer of a Company sub-
sidiary was negotiating an agreement with an investor relating to
investments in a mutual fund and
a hedge fund.

The Fund, in addition to other entities within Franklin Templeton
Investments, including the Company
and other funds, has been named in shareholder class actions
related to the matter described above.
The Fund's management believes that the claims made in the lawsuit
are without merit and it intends to
defend vigorously against the allegations. It is anticipated that
the Funds may be named in additional
similar civil actions related to the matter described above.

In addition, as part of ongoing investigations by the U.S.
Securities and Exchange Commission (the
"SEC"), the U.S. Attorney for the Northern District of California,
the New York Attorney General,
the California Attorney General, the U.S. Attorney for the District
of Massachusetts, the Florida
Department of Financial Services, and the Commissioner of
Securities and the Attorney General of
the State of West Virginia, relating to certain practices in the
mutual fund industry, including late
trading, market timing and sales compensation arrangements, the
Company and its subsidiaries, as
well as certain current or former executives and employees of the
Company, have received requests
for information and/or subpoenas to testify or produce documents.
The Company and its current
employees are providing documents and information in response to
these requests and subpoenas. In
addition, the Company has responded to requests for similar kinds
of information from regulatory
authorities in some of the foreign countries where the Company
conducts its global asset manage-
ment business.

The Staff of the SEC has informed the Company that it intends to
recommend that the Commission
authorize an action against the Fund's investment adviser and a
senior executive officer relating to the
frequent trading issues that are the subject of the SEC's
investigation. These issues were previously dis-
closed as being under investigation by government authorities and
the subject of an internal inquiry by
the Company in its Annual Report on Form 10-K and on its public
website. The Company currently is
in discussions with the SEC Staff in an effort to resolve the
issues raised in their investigation. Such
discussions are preliminary and the Fund's management has been
advised that the Company cannot
predict the likelihood of whether those discussions will result in
a settlement and, if so, the terms
of such settlement. The impact, if any, of these matters on the
Funds is uncertain at this time. If the
Company finds that it bears responsibility for any unlawful or
improper conduct, it has committed
to making the Funds or its shareholders whole, as appropriate.



</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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