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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0000833040-04-000015.txt : 20041028
<SEC-HEADER>0000833040-04-000015.hdr.sgml : 20041028
<ACCEPTANCE-DATETIME>20041027182502
ACCESSION NUMBER:		0000833040-04-000015
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20040831
FILED AS OF DATE:		20041028
DATE AS OF CHANGE:		20041027
EFFECTIVENESS DATE:		20041028

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-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05569
		FILM NUMBER:		041100519

	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>
<DOCUMENT>
<TYPE>NSAR-B
<SEQUENCE>1
<FILENAME>answer.fil
<DESCRIPTION>N-SAR ANSWER FILE
<TEXT>
<PAGE>      PAGE  1
000 B000000 08/31/2004
000 C000000 0000833040
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 FRANKLIN UNIVERSAL TRUST
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001 C000000 6503122000
002 A000000 ONE FRANKLIN PARKWAY
002 B000000 SAN MATEO
002 C000000 CA
002 D010000 94403
002 D020000 1906
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004  000000 N
005  000000 N
006  000000 N
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007 C012300 23
007 C012400 24
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007 C012600 26
007 C012700 27
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<PAGE>      PAGE  2
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010 C040001 1906
011 A000001 UBS PAINEWEBBER INC.
011 B000001 8-16267
011 C010001 NEW YORK
011 C020001 NY
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011 B000002 8-13580
011 C010002 ST.LOUIS
011 C020002 MO
011 C030002 63103
011 A000003 SALOMON SMITH BARNEY INC.
011 B000003 8-00541
011 C010003 NEW YORK
011 C020003 NY
011 C030003 10013
011 A000004 RBC DAIN RAUSCHER INC.
011 B000004 8-45411
011 C010004 MINNEAPOLIS
011 C020004 MN
011 C030004 55402
011 C040004 4422
011 A000005 RAYMOND JAMES & ASSOCIATES
011 B000005 8-04393
011 C010005 ST. PETERSBURG
011 C020005 FL
011 C030005 33733
011 C040005 4508
012 A000001 PFPC INC.
<PAGE>      PAGE  4
012 B000001 84-1761
012 C010001 PROVIDENCE
012 C020001 RI
012 C030001 02940
012 C040001 3027
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 SAN FRANCISCO
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013 B030001 94105
013 B040001 2119
015 A000001 THE BANK OF NEW YORK
015 B000001 C
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015 A000004 NATIONAL AUSTRALIA BANK LIMITED
015 B000004 S
015 C010004 MELBOURNE
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015 A000005 BANK AUSTRIA CREDITANSTALT AG
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015 C010005 VIENNA
015 D010005 AUSTRIA
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<PAGE>      PAGE  5
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015 A000014 EUROCLEAR BANK
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015 B000015 S
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015 A000016 BNP PARIBAS SECURITIES SERVICES
015 B000016 S
015 C010016 PARIS
015 D010016 FRANCE
015 E040016 X
015 A000017 DRESDNER BANK AG
015 B000017 S
015 C010017 FRANKFURT
015 D010017 GERMANY
015 E040017 X
015 A000018 THE HONGKONG & SHANGHAI BANKING CORP., LTD
015 B000018 S
015 C010018 HONG KONG
015 D010018 HONG KONG
<PAGE>      PAGE  6
015 E040018 X
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015 B000019 S
015 C010019 JAKARTA
015 D010019 INDONESIA
015 E040019 X
015 A000020 AIB/BNY TRUST COMPANY LIMITED
015 B000020 S
015 C010020 DUBLIN
015 D010020 IRELAND
015 E040020 X
015 A000021 BANK OF TOKYO-MITSUBISHI LIMITED
015 B000021 S
015 C010021 TOKYO
015 D010021 JAPAN
015 E040021 X
015 A000022 BANQUE ET CAISSE D'EPARGNE DE L'ETAT LUXEM.
015 B000022 S
015 C010022 LUXEMBOURG
015 D010022 LUXEMBOURG
015 E040022 X
015 A000024 BANCO NACIONAL DE MEXICO S.A.
015 B000024 S
015 C010024 MEXICO CITY
015 D010024 MEXICO
015 E040024 X
015 A000025 ING SECURITIES SERVICES NL
015 B000025 S
015 C010025 AMSTERDAM
015 D010025 NETHERLANDS
015 E040025 X
015 A000026 NATIONAL AUSTRALIA BANK
015 B000026 S
015 C010026 AUCKLAND
015 D010026 NEW ZEALAND
015 E040026 X
015 A000027 STANDARD CHARTERED BANK
015 B000027 S
015 C010027 KARACHI
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015 A000028 THE HONGKONG & SHANGHAI BANKING CORP., LTD
015 B000028 S
015 C010028 PASIG CITY
015 D010028 PHILIPPINES
015 E040028 X
015 A000029 BANCO COMERCIAL PORTUGUES, S.A.
015 B000029 S
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015 E040029 X
<PAGE>      PAGE  7
015 A000030 UNITED OVERSEAS BANK LIMITED (UOB)
015 B000030 S
015 C010030 SINGAPORE
015 D010030 SINGAPORE
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015 A000031 STANDARD BANK
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015 C010031 JOHANNESBURG
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015 B000032 S
015 C010032 MADRID
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015 C010033 COLOMBO
015 D010033 SRI LANKA
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015 A000034 SKANDINAVISKA ENSKILDA BANKEN AB
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015 A000035 CREDIT SUISSE ZURICH
015 B000035 S
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015 A000036 THE HONGKONG & SHANGHAI BANKING CORPORATION
015 B000036 S
015 C010036 BANGKOK
015 D010036 THAILAND
015 E040036 X
015 A000038 DELETE
015 A000039 BARCLAYS BANK OF ZAMBIA LIMITED
015 B000039 S
015 C010039 LUSAKA
015 D010039 ZAMBIA
015 E040039 X
015 A000040 BARCLAYS BANK OF ZIMBABWE LIMITED
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015 C010040 HARARE
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<PAGE>      PAGE  8
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015 A000043 BANCA INTESA
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015 C010043 MILAN
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<PAGE>      PAGE  9
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<PAGE>      PAGE  12
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SIGNATURE   DEBBIE BETTENCOURT
TITLE       ASSISTANT TREASURER


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.J OTHER OPININ
<SEQUENCE>3
<FILENAME>auditorltr.txt
<DESCRIPTION>AUDITORS OPINION
<TEXT>

Report of Independent Registered Public
Accounting Firm


To the Board of Trustees and Shareholders of
 Franklin Universal Trust:

In planning and performing our audit of the
financial statements of the Fund comprising the
Franklin Universal Trust (the "Fund"), for the
year ended August 31, 2004, we considered its
internal control, including control activities
for safeguarding securities, in order to
determine our auditing procedures for the purpose
of expressing our opinion on the financial
statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal
control.

The management of the Fund is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and
judgments by management are required to assess
the expected benefits and related costs of
controls. Generally, controls that are relevant
to an audit pertain to the entity's objective of
preparing financial statements for external
purposes that are fairly presented in conformity
with generally accepted accounting principles.
Those controls include the safeguarding of assets
against unauthorized acquisition, use or
disposition.

Because of inherent limitations in internal
control, errors or fraud may occur and not be
detected.  Also, projection of any evaluation of
internal control to future periods is subject to
the risk that controls may become inadequate
because of changes in conditions or that the
effectiveness of their design and operation may
deteriorate.

Our consideration of internal control would not
necessarily disclose all matters in internal
control that might be material weaknesses under
standards established by the Public Company
Accounting Oversight Board (United States). A
material weakness, for purposes of this report,
is a condition in which the design or operation
of one or more of the internal control components
does not reduce to a relatively low level the
risk that misstatements caused by error or fraud
in amounts that would be material in relation to
the financial statements being audited may occur
and not be detected within a timely period by
employees in the normal course of performing
their assigned functions.  However, we noted no
matters involving internal control and its\
operation, including controls for safeguarding
securities, that we consider to be material
weaknesses as defined above as of August 31,
2004.

This report is intended solely for the
 information and use of the Board of Trustees,
management and the Securities and Exchange
Commission and is not intended to be and should
not be used by anyone other than these specified
parties.



PricewaterhouseCoopers LLP
San Francisco, California
October 8, 2004


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77E LEGAL
<SEQUENCE>4
<FILENAME>legal.txt
<DESCRIPTION>LEGAL ATTACHMENT
<TEXT>
                                1
  REGULATORY MATTERS

  Massachusetts Administrative Proceeding
  On September 20, 2004, Franklin Resources, Inc.
  (Franklin Resources, Inc. and its subsidiaries
  are referred to collectively as the "Company")
  announced that an agreement has been reached by
  two of its subsidiaries, Franklin Advisers, Inc.
  ("Franklin Advisers") and Franklin Templeton
  Alternative Strategies, Inc. ("FTAS"), with the
  Securities Division of the Office of the
  Secretary of the Commonwealth of Massachusetts
  (the "State of Massachusetts") related to an
  administrative complaint filed on February 4,
  2004. The administrative complaint addressed one
  instance of market timing that was also a subject
  of the August 2, 2004 settlement that Franklin
  Advisers reached with the SEC, as described
  below.

  Under the terms of the settlement consent order
  issued by the State of Massachusetts, Franklin
  Advisers and FTAS have consented to the entry of
  a cease-and-desist order and agreed to pay a $5
  million administrative fine to the State of
  Massachusetts. The consent order has multiple
  sections, including "Statements of Fact" and
  "Violations of Massachusetts Securities Laws."
  The Company admitted the "Statements of Fact."
  The Company did not admit or deny the "Violations
  of the Massachusetts Securities Laws." While
  Franklin Advisers and FTAS did not admit or deny
  engaging in any wrongdoing, the Company believes
  that it is in its best interest and the interests
  of its funds' shareholders to settle this issue
  now and move forward.

  U.S. Securities and Exchange Commission (SEC)
  Settlement
  On August 2, 2004, the Company announced that an
  agreement has been reached by Franklin Advisers
  with the SEC that resolves the issues resulting
  from the SEC's investigation of market timing
  activity and the SEC issued an "Order instituting
  administrative and cease-and-desist proceedings
  pursuant to sections 203(e) and 203(k) of the
  Investment Advisers Act of 1940 and sections 9(b)
  and 9(f) of the Investment Company Act of 1940,
  making findings and imposing remedial sanctions
  and a cease-and-desist order" (the "Order"). The
  SEC's Order concerns the activities of a limited
  number of third parties that ended in 2000 and
  those that are the subject of the Massachusetts
  administrative complaint described above.

  Under the terms of the SEC's Order, pursuant to
  which Franklin Advisers neither admits nor denies
  any wrongdoing, Franklin Advisers has agreed to
  pay $50 million, of which $20 million is a civil
  penalty, to be distributed to shareholders of
  certain funds in accordance with a plan to be
  developed by an Independent Distribution
  Consultant. At this time, it is unclear which
  funds will receive distributions or which
  shareholders of any particular fund will receive
  distributions. The SEC Order also requires
  Franklin Advisers to, among other things, enhance
  and periodically review compliance policies and
  procedures.

  Other Governmental Investigations
  As part of ongoing investigations by 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, the West Virginia
  Attorney General, the Vermont Department of
  Banking, Insurance, Securities, and Health Care
  Administration and the National Association of
  Securities Dealers, relating to certain practices
  in the mutual fund industry, including late
  trading, market timing and payments to securities
  dealers who sell fund shares, 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 have been
  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 management
  business.



  The staff of the SEC has also informed the
  Company that it is considering recommending a
  civil action or proceeding against Franklin
  Advisers and Franklin Templeton Distributors,
  Inc. ("FTDI") concerning payments to securities
  dealers who sell fund shares (commonly referred
  to as "revenue sharing"). The staff of the
  California Attorney General's Office ("CAGO")
  also has advised the Company that the California
  Attorney General is authorized to bring a civil
  action against the Company and FTDI arising from
  the same events. Even though the Company
  currently believes that the charges the SEC staff
  and CAGO staff are contemplating are unwarranted,
  it also believes that it is in the best interest
  of the Company's and funds' shareholders to
  resolve these issues voluntarily, to the extent
  the Company can reasonably do so. The Company
  continues to have discussions towards resolving
  these governmental investigations.

  Other Legal Proceedings
  The Company, in addition to other entities within
  Franklin Templeton Investments, including certain
  of its subsidiaries, other funds, and current and
  former officers, employees, and directors have
  been named in multiple lawsuits in different
  federal courts in Nevada, California, Illinois,
  New York and Florida, alleging violations of
  various federal securities laws and seeking,
  among other things, monetary damages and costs.
  Specifically, the lawsuits claim breach of duty
  with respect to alleged arrangements to permit
  market timing and/or late trading activity, or
  breach of duty with respect to the valuation of
  the portfolio securities of certain funds managed
  by Company subsidiaries, resulting in alleged
  market timing activity. The majority of these
  lawsuits duplicate, in whole or in part, the
  allegations asserted in the Massachusetts
  administrative complaint described above. The
  lawsuits are styled as class actions or
  derivative actions on behalf of either the named
  funds or the Company.

  Various subsidiaries of the Company have also
  been named in multiple lawsuits filed in state
  courts in Illinois alleging breach of duty with
  respect to valuation of the portfolio securities
  of certain funds managed by such subsidiaries.

  In addition, the Company and certain of its
  subsidiaries, as well as certain current and
  former officers, employees, and directors have
  been named in multiple lawsuits alleging
  violations of various securities laws and pendent
  state law claims relating to the disclosure of
  directed brokerage payments and/or payment of
  allegedly excessive advisory, commission, and
  distribution fees. These lawsuits are styled as
  class actions and derivative actions brought on
  behalf of certain funds.

  The Company's management strongly believes that
  the claims made in each of these lawsuits are
  without merit and intends to vigorously defend
  against them.

  The Company cannot predict with certainty the
  eventual outcome of the foregoing  governmental
  investigations or class actions or other
  lawsuits. If the Company finds that it bears
  responsibility for any unlawful or inappropriate
  conduct that caused losses to the Trust, it is
  committed to making the Trust or its shareholders
  whole, as appropriate.




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