<DOCUMENT>
<TYPE>N-PX
<SEQUENCE>1
<FILENAME>formnpx-fut.txt
<DESCRIPTION>FR UNIVERSAL TRUST N-PX PE 6/30/05
<TEXT>
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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-PX

             ANNUAL REPORT OF PROXY VOTING OF REGISTERED MANAGEMENT
                               INVESTMENT COMPANY

Investment Company Act file number 811-05569
                                   ----------

FRANKLIN UNIVERSAL TRUST
-------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)


ONE FRANKLIN PARKWAY, SAN MATEO, CA 94403-1906
-------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)


MURRAY L. SIMPSON, ONE FRANKLIN PARKWAY, SAN MATEO, CA 94403-1906
--------------------------------------------------------------------------------
(Name and address of agent for service)

Registrant's telephone number, including area code: (650) 312-2000
                                                    ----------------

Date of fiscal year end:   8/31
                         -------

Date of reporting period: 6/30/05
                         ---------

ITEM 1. PROXY VOTING RECORD



ALLIANT ENERGY CORP.

Ticker:       LNT            Security ID:  018802108
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 30, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director William D. Harvey         For       For        Management
1.2   Elect  Director Singleton B. McAllister   For       For        Management
1.3   Elect  Director Anthony R. Weiler         For       For        Management


--------------------------------------------------------------------------------

AMEREN CORPORATION

Ticker:       AEE            Security ID:  023608102
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  MAR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Susan S. Elliott           For       For        Management
1.2   Elect Director Gayle P.W. Jackson         For       For        Management
1.3   Elect Director James C. Johnson           For       For        Management
1.4   Elect Director Richard A. Liddy           For       For        Management
1.5   Elect Director Gordon R. Lohman           For       For        Management
1.6   Elect Director Richard A. Lumpkin         For       For        Management
1.7   Elect Director Paul L. Miller, Jr.        For       For        Management
1.8   Elect Director Charles W. Mueller         For       For        Management
1.9   Elect Director Douglas R. Oberhelman      For       For        Management
1.10  Elect Director Gary L. Rainwater          For       For        Management
1.11  Elect Director Harvey Saligman            For       For        Management
1.12  Elect Director Patrick T. Stokes          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Risks of Nuclear Waste Storage  Against   Against    Shareholder
4     Require Independent Director To Serve As  Against   For        Shareholder
      Chairman Of The Board


--------------------------------------------------------------------------------

AMERICAN ELECTRIC POWER CO.

Ticker:       AEP            Security ID:  025537101
Meeting Date: APR 26, 2005   Meeting Type: Annual
Record Date:  MAR 2, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director E.R. Brooks               For       For        Management
1.2   Elect  Director Donald M. Carlton         For       For        Management
1.3   Elect  Director John P. DesBarres         For       For        Management
1.4   Elect  Director Robert W. Fri             For       For        Management
1.5   Elect  Director William R. Howell         For       For        Management
1.6   Elect  Director Lester A. Hudson, Jr.     For       For        Management
1.7   Elect  Director Michael G. Morris         For       For        Management
1.8   Elect  Director Lionel L. Nowell III      For       For        Management
1.9   Elect  Director Richard L. Sandor         For       For        Management
1.10  Elect  Director Donald G. Smith           For       For        Management
1.11  Elect  Director Kathryn D. Sullivan       For       For        Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Submit Executive Retirement Plan to       Against   Against    Shareholder
      Shareholder Vote


--------------------------------------------------------------------------------

ANGLOGOLD ASHANTI LTD.

Ticker:       VAALY          Security ID:  035128206
Meeting Date: APR 29, 2005   Meeting Type: Annual
Record Date:  MAR 24, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     ORDINARY RESOLUTION NO. 1 ADOPTION OF     For       For        Management
      FINANCIAL STATEMENTS
2     ORDINARY RESOLUTION NO. 2 RE-ELECTION OF  For       For        Management
      DIRECTOR MR CB BRAYSHAW
3     ORDINARY RESOLUTION NO. 3 RE-ELECTION OF  For       For        Management
      DIRECTOR MR AW LEA
4     ORDINARY RESOLUTION NO. 4 RE-ELECTION OF  For       For        Management
      DIRECTOR MR WA NAIRN
5     ORDINARY RESOLUTION NO. 5 RE-ELECTION OF  For       For        Management
      DIRECTOR MR KH WILLIAMS
6     ORDINARY RESOLUTION NO. 6 ELECTION OF     For       For        Management
      DIRECTOR DR SE JONAH
7     ORDINARY RESOLUTION NO. 7 ELECTION OF     For       For        Management
      DIRECTOR MR SR THOMPSON
8     ORDINARY RESOLUTION NO. 8 ELECTION OF     For       For        Management
      DIRECTOR MR PL ZIM
9     ORDINARY RESOLUTION NO. 9 PLACEMENT OF    For       For        Management
      UNISSUED SHARES UNDER THE CONTROL OF THE
      DIRECTORS
10    ORDINARY RESOLUTION NO. 10 AUTHORITY TO   For       For        Management
      ISSUE SHARES FOR CASH
11    SPECIAL RESOLUTION NO. 1 AUTHORITY TO     For       For        Management
      ACQUIRE THE COMPANY S OWN SHARES
12    ORDINARY RESOLUTION NO. 11 APPROVAL OF    For       For        Management
      LONG-TERM INCENTIVE PLAN
13    ORDINARY RESOLUTION NO. 12 APPROVAL OF    For       For        Management
      BONUS SHARE PLAN


--------------------------------------------------------------------------------

ATMOS ENERGY CORP.

Ticker:       ATO            Security ID:  049560105
Meeting Date: FEB 9, 2005    Meeting Type: Annual
Record Date:  DEC 15, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Travis W. Bain, III       For       For        Management
1.2   Elect  Director Dan Busbee                For       For        Management
1.3   Elect  Director Richard K. Gordon         For       For        Management
1.4   Elect  Director Gene C. Koonce            For       For        Management
1.5   Elect  Director Nancy K. Quinn            For       For        Management
2     Increase Authorized Common Stock          For       For        Management


--------------------------------------------------------------------------------

BARRICK GOLD CORP.

Ticker:       ABX.           Security ID:  067901108
Meeting Date: APR 28, 2005   Meeting Type: Annual
Record Date:  MAR 10, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director H.L. Beck                  For       For        Management
1.2   Elect Director C.W.D. Birchall            For       For        Management
1.3   Elect Director G. Cisneros                For       For        Management
1.4   Elect Director M.A. Cohen                 For       For        Management
1.5   Elect Director P.A. Crossgrove            For       For        Management
1.6   Elect Director P.C. Godsoe                For       For        Management
1.7   Elect Director A.A. MacNaughton           For       For        Management
1.8   Elect Director B. Mulroney                For       For        Management
1.9   Elect Director A. Munk                    For       For        Management
1.10  Elect Director P. Munk                    For       For        Management
1.11  Elect Director J.L. Rotman                For       For        Management
1.12  Elect Director S.J. Shapiro               For       For        Management
1.13  Elect Director G.C. Wilkins               For       For        Management
2     Approve PricewaterhouseCoopers LLP as     For       For        Management
      Auditors and Authorize Board to Fix
      Remuneration of Auditors


--------------------------------------------------------------------------------

CALL-NET ENTERPRISES INC.

Ticker:       CNEBF          Security ID:  130910508
Meeting Date: JUN 29, 2005   Meeting Type: Special
Record Date:  MAY 17, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Arrangement Under Section 192 of  For       For        Management
      Canada Business Corporations Act
      Involving the Corporation and Rogers
      Communications Inc.


--------------------------------------------------------------------------------

CALL-NET ENTERPRISES INC.

Ticker:       CNEBF          Security ID:  130910508
Meeting Date: MAY 4, 2005    Meeting Type: Annual/Special
Record Date:  MAR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Amend Incentive Stock Option Plan         For       For        Management
2     Amend Restricted Stock Unit Plan          For       For        Management


--------------------------------------------------------------------------------

CINERGY CORP.

Ticker:       CIN            Security ID:  172474108
Meeting Date: MAY 5, 2005    Meeting Type: Annual
Record Date:  MAR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Thomas E. Petry            For       For        Management
1.2   Elect Director Mary L. Schapiro           For       For        Management
1.3   Elect Director Philip R. Sharp            For       For        Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

DEVON ENERGY CORP.

Ticker:       DVN            Security ID:  25179M103
Meeting Date: JUN 8, 2005    Meeting Type: Annual
Record Date:  APR 11, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John A. Hill               For       For        Management
1.2   Elect Director William J. Johnson         For       For        Management
1.3   Elect Director Robert A. Mosbacher Jr.    For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       Against    Management
4     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors


--------------------------------------------------------------------------------

DOMINION RESOURCES, INC.

Ticker:       D              Security ID:  25746U109
Meeting Date: APR 22, 2005   Meeting Type: Annual
Record Date:  FEB 25, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Peter W. Brown             For       For        Management
1.2   Elect Director Ronald J. Calise           For       For        Management
1.3   Elect Director Thos. E. Capps             For       For        Management
1.4   Elect Director George A. Davidson, Jr.    For       For        Management
1.5   Elect Director Thomas F. Farrell, II      For       For        Management
1.6   Elect Director John W. Harris             For       For        Management
1.7   Elect Director Robert S. Jepson, Jr.      For       For        Management
1.8   Elect Director Mark J. Kington            For       For        Management
1.9   Elect Director Benjamin J. Lambert, III   For       For        Management
1.10  Elect Director Richard L. Leatherwood     For       For        Management
1.11  Elect Director Margaret A. McKenna        For       For        Management
1.12  Elect Director Kenneth A. Randall         For       For        Management
1.13  Elect Director Frank S. Royal             For       For        Management
1.14  Elect Director S. Dallas Simmons          For       For        Management
1.15  Elect Director David A. Wollard           For       For        Management
2     Approve Non-Employee Director Omnibus     For       For        Management
      Stock Plan
3     Approve Omnibus Stock Plan                For       For        Management
4     Ratify Auditors                           For       For        Management
5     Report on Greenhouse Gas Emissions        Against   Against    Shareholder


--------------------------------------------------------------------------------

DTE ENERGY CO.

Ticker:       DTE            Security ID:  233331107
Meeting Date: APR 28, 2005   Meeting Type: Annual
Record Date:  FEB 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Lillian Bauder            For       For        Management
1.2   Elect  Director Josue Robles Jr.          For       For        Management
1.3   Elect  Director Howard F. Sims            For       For        Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

EDISON INTERNATIONAL

Ticker:       EIX            Security ID:  281020107
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John E. Bryson            For       For        Management
1.2   Elect  Director France A. Cordova         For       For        Management
1.3   Elect  Director Thomas C. Sutton          For       Withhold   Management
1.4   Elect  Director Bradford M. Freeman       For       For        Management
1.5   Elect  Director Bruce Karatz              For       For        Management
1.6   Elect  Director Luis G. Nogales           For       For        Management
1.7   Elect  Director Ronald L. Olson           For       Withhold   Management
1.8   Elect  Director James M. Rosser           For       For        Management
1.9   Elect  Director Richard T. Schlosberg,    For       For        Management
      III
1.10  Elect  Director Robert H. Smith           For       For        Management
2     Submit Severance Agreement                Against   For        Shareholder
      (Change-in-Control) to Shareholder Vote


--------------------------------------------------------------------------------

ENERGY EAST CORPORATION

Ticker:       EAS            Security ID:  29266M109
Meeting Date: JUN 9, 2005    Meeting Type: Annual
Record Date:  APR 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director John T. Cardis            For       For        Management
1.2   Elect  Director Joseph J. Castiglia       For       For        Management
1.3   Elect  Director Lois B. DeFleur           For       For        Management
1.4   Elect  Director G. Jean Howard            For       For        Management
1.5   Elect  Director David M. Jagger           For       For        Management
1.6   Elect  Director Seth A. Kaplan            For       For        Management
1.7   Elect  Director Ben E. Lynch              For       For        Management
1.8   Elect  Director Peter J. Moynihan         For       For        Management
1.9   Elect  Director Walter G. Rich            For       For        Management
1.10  Elect  Director Wesley W.von Schack       For       For        Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

ENTERGY CORP.

Ticker:       ETR            Security ID:  29364G103
Meeting Date: MAY 13, 2005   Meeting Type: Annual
Record Date:  MAR 16, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Maureen Scannell Bateman   For       For        Management
1.2   Elect Director W. Frank Blount            For       For        Management
1.3   Elect Director Simon D. deBree            For       For        Management
1.4   Elect Director Claiborne P. Deming        For       For        Management
1.5   Elect Director Alexis Herman              For       For        Management
1.6   Elect Director Donald C. Hintz            For       For        Management
1.7   Elect Director J. Wayne Leonard           For       For        Management
1.8   Elect Director Robert v.d. Luft           For       For        Management
1.9   Elect Director Kathleen A. Murphy         For       For        Management
1.10  Elect Director James R. Nichols           For       For        Management
1.11  Elect Director William A. Percy, II       For       For        Management
1.12  Elect Director Dennis H. Reilley          For       For        Management
1.13  Elect Director Steven V. Wilkinson        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Require the Chairman of the Board Be an   Against   For        Shareholder
      Independent Director
4     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors


--------------------------------------------------------------------------------

FIBERMARK, INC.

Ticker:       FMKIQ          Security ID:  315646AB5
Meeting Date: JAN 20, 2005   Meeting Type: Written Consent
Record Date:  DEC 9, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     JOINT PLAN OF REORGANIZATION              For       Did Not    Management
                                                          Vote


--------------------------------------------------------------------------------

FIRSTENERGY CORPORATION

Ticker:       FE             Security ID:  337932107
Meeting Date: MAY 17, 2005   Meeting Type: Annual
Record Date:  MAR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Anthony J. Alexander       For       For        Management
1.2   Elect Director Russell W. Maier           For       For        Management
1.3   Elect Director Robert N. Pokelwaldt       For       For        Management
1.4   Elect Director Wes M. Taylor              For       For        Management
1.5   Elect Director Jesse T. Williams, Sr.     For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Political Contributions         Against   Against    Shareholder
4     Amend Vote Requirements to Amend          Against   For        Shareholder
      Articles/Bylaws/Charter
5     Performance- Based/Indexed Options        Against   For        Shareholder


--------------------------------------------------------------------------------

FPL GROUP, INC.

Ticker:       FPL            Security ID:  302571104
Meeting Date: MAY 20, 2005   Meeting Type: Annual
Record Date:  MAR 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Director H. Jesse Arnelle For       For        Management
1.2   Elect  Director Director Sherry S. Barrat For       For        Management
1.3   Elect  Director Director Robert M. Beall, For       For        Management
      II
1.4   Elect  Director Director J. Hyatt Brown   For       For        Management
1.5   Elect  Director Director James L. Camaren For       For        Management
1.6   Elect  Director Director Lewis Hay, III   For       For        Management
1.7   Elect  Director Director Rudy E. Schupp   For       For        Management
1.8   Elect  Director Director Michael H.       For       For        Management
      Thaman
1.9   Elect  Director Director Hansel E.        For       For        Management
      Tookes, II
1.10  Elect  Director Director Paul R.          For       For        Management
      Tregurtha
1.11  Elect  Director Director Frank G. Zarb    For       For        Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

MCMORAN EXPLORATION CO.

Ticker:       MMR            Security ID:  582411104
Meeting Date: MAY 5, 2005    Meeting Type: Annual
Record Date:  MAR 9, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Richard C. Adkerson       For       For        Management
1.2   Elect  Director Gerald J. Ford            For       Withhold   Management
1.3   Elect  Director H. Devon Graham, Jr.      For       Withhold   Management
1.4   Elect  Director James R. Moffett          For       For        Management
1.5   Elect  Director B.M. Rankin, Jr.          For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       Against    Management


--------------------------------------------------------------------------------

METROCALL HOLDINGS, INC.

Ticker:       MTOH           Security ID:  59164X105
Meeting Date: NOV 8, 2004    Meeting Type: Special
Record Date:  OCT 7, 2004

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Approve Merger Agreement                  For       For        Management


--------------------------------------------------------------------------------

NICOR INC.

Ticker:       GAS            Security ID:  654086107
Meeting Date: APR 21, 2005   Meeting Type: Annual
Record Date:  FEB 22, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Robert M. Beavers, Jr.    For       For        Management
1.2   Elect  Director Bruce P. Bickner          For       Withhold   Management
1.3   Elect  Director John H. Birdsall, III     For       Withhold   Management
1.4   Elect  Director Thomas A. Donahoe         For       Withhold   Management
1.5   Elect  Director Thomas L. Fisher          For       For        Management
1.6   Elect  Director John E. Jones             For       Withhold   Management
1.7   Elect  Director Dennis J. Keller          For       For        Management
1.8   Elect  Director William A. Osborn         For       Withhold   Management
1.9   Elect  Director R. Eden Martin            For       For        Management
1.10  Elect  Director John Rau                  For       Withhold   Management
1.11  Elect  Director John F. Riordan           For       For        Management
1.12  Elect  Director Russ M. Strobel           For       For        Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

NISOURCE INC.

Ticker:       NI             Security ID:  65473P105
Meeting Date: MAY 10, 2005   Meeting Type: Annual
Record Date:  MAR 15, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Steven R. McCracken       For       For        Management
1.2   Elect  Director Ian M. Rolland            For       For        Management
1.3   Elect  Director Robert C. Skaggs, Jr.     For       For        Management
1.4   Elect  Director John W. Thompson          For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Amend Omnibus Stock Plan                  For       For        Management
4     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan
5     Declassify the Board of Directors         Against   For        Shareholder
6     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors


--------------------------------------------------------------------------------

ONEOK, INC.

Ticker:       OKE            Security ID:  682680103
Meeting Date: MAY 19, 2005   Meeting Type: Annual
Record Date:  MAR 23, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director James C. Day              For       For        Management
1.2   Elect  Director David L. Kyle             For       For        Management
1.3   Elect  Director Bert H. Mackie            For       For        Management
1.4   Elect  Director Mollie B. Williford       For       For        Management
1.5   Elect  Director Eduardo A. Rodriguez      For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Amend Qualified Employee Stock Purchase   For       For        Management
      Plan
4     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

PEPCO HOLDINGS, INC.

Ticker:       POM            Security ID:  713291102
Meeting Date: MAY 20, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Edmund B. Cronin, Jr.     For       For        Management
1.2   Elect  Director Pauline A. Schneider      For       Withhold   Management
1.3   Elect  Director Dennis R. Wraase          For       For        Management
2     Declassify the Board of Directors         For       For        Management
3     Ratify Auditors                           For       For        Management
4     Require a Majority Vote for the Election  Against   For        Shareholder
      of Directors


--------------------------------------------------------------------------------

PINNACLE WEST CAPITAL CORP.

Ticker:       PNW            Security ID:  723484101
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  MAR 18, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Edward N. Basha, Jr.       For       For        Management
1.2   Elect Director Michael L. Gallagher       For       Withhold   Management
1.3   Elect Director Bruce J. Nordstrom         For       For        Management
1.4   Elect Director William J. Post            For       For        Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

PROGRESS ENERGY, INC.

Ticker:       PGN            Security ID:  743263105
Meeting Date: MAY 11, 2005   Meeting Type: Annual
Record Date:  MAR 4, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director W. McCoy                   For       For        Management
1.2   Elect Director J. Mullin, III             For       For        Management
1.3   Elect Director C. Saladrigas              For       For        Management
2     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

SOUTHERN COMPANY

Ticker:       SO             Security ID:  842587107
Meeting Date: MAY 25, 2005   Meeting Type: Annual
Record Date:  MAR 28, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Daniel P. Amos            For       For        Management
1.2   Elect  Director Dorrit J. Bern            For       For        Management
1.3   Elect  Director Francis S. Blake          For       For        Management
1.4   Elect  Director Thomas F. Chapman         For       For        Management
1.5   Elect  Director Bruce S. Gordon           For       For        Management
1.6   Elect  Director Donald M. James           For       For        Management
1.7   Elect  Director Zack T. Pate              For       For        Management
1.8   Elect  Director J. Neal Purcell           For       For        Management
1.9   Elect  Director David M. Ratcliffe        For       For        Management
1.10  Elect  Director Gerald J. St. Pe          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Political Contributions         Against   Against    Shareholder


--------------------------------------------------------------------------------

TELEWEST GLOBAL, INC.

Ticker:       TLWT           Security ID:  87956T107
Meeting Date: MAY 9, 2005    Meeting Type: Annual
Record Date:  APR 1, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director Barry R. Elson            For       For        Management
1.2   Elect  Director Michael J. McGuiness      For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Executive Incentive Bonus Plan    For       For        Management


--------------------------------------------------------------------------------

TXU CORP.

Ticker:       TXU            Security ID:  873168108
Meeting Date: MAY 20, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Derek C. Bonham            For       Withhold   Management
1.2   Elect Director E. Gail de Planque         For       Withhold   Management
1.3   Elect Director William M. Griffin         For       For        Management
1.4   Elect Director Kerney Laday               For       Withhold   Management
1.5   Elect Director Jack E. Little             For       For        Management
1.6   Elect Director Erle Nye                   For       For        Management
1.7   Elect Director J.E. Oesterreicher         For       For        Management
1.8   Elect Director Michael W. Ranger          For       For        Management
1.9   Elect Director Herbert H. Richardson      For       For        Management
1.10  Elect Director C. John Wilder             For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


--------------------------------------------------------------------------------

USA MOBILITY INC

Ticker:       USMO           Security ID:  90341G103
Meeting Date: MAY 18, 2005   Meeting Type: Annual
Record Date:  MAR 21, 2005

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect  Director David Abrams              For       Withhold   Management
1.2   Elect  Director James V. Continenza       For       For        Management
1.3   Elect  Director Nicholas A. Gallopo       For       Withhold   Management
1.4   Elect  Director Vincent D. Kelly          For       For        Management
1.5   Elect  Director Brian O'Reilly            For       For        Management
1.6   Elect  Director Matthew Oristano          For       For        Management
1.7   Elect  Director William E. Redmond, Jr.   For       For        Management
1.8   Elect  Director Samme L. Thompson         For       Withhold   Management
1.9   Elect  Director Royce Yudkoff             For       For        Management




                                   SIGNATURES

Pursuant to the requirements of the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

(Registrant) FRANKLIN UNIVERSAL TRUST
            -------------------------------------------------------------------



By:(Signature and Title)*/s/JIMMY D. GAMBILL
                         ------------------------------------------------------
                         Jimmy D. Gambill,
                         Chief Executive Officer - Finance and Administration


Date  August 26, 2005
    ------------------


*Print the name and title of each signing officer under his or her signature.





</TEXT>
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