Edgar Filing: FRANKLIN UNIVERSAL TRUST

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS 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: 05/31/05

Item 1. Schedule of Investments.

FRANKLIN UNIVERSAL TRUST

QUARTERLY STATEMENT OF INVESTMENTS
MAY 31, 2005

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CONTENTS

Statement of Investments ................................................... 3
Notes to Statement of Investments .......................................... 9

[LOGO](R)
FRANKLIN TEMPLETON
INVESTMENTS

FRANKLIN o Templeton o Mutual Series

Quarterly Statement of Investments | 1

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FRANKLIN UNIVERSAL TRUST

STATEMENT OF INVESTMENTS, MAY 31, 2005 (UNAUDITED)

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COUNTRY SHARES/WARRANTS VALUE
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COMMON STOCKS AND WARRANTS 34.7%
COMMUNICATIONS 2.0%
(a)Call-Net Enterprises Inc., B .......................................... Canada 41,958 $ 304,195
(a),(b)Poland Telecom Finance, wts., 144A, 12/01/07 .......................... Poland 3,000 --
(a)Telewest Global Inc. .................................................. United Kingdom 160,567 3,357,456
(a)USA Mobility Inc. ..................................................... United States 10,186 269,522
------------
3,931,173
------------
ELECTRONIC TECHNOLOGY 0.0%(c)
(a)Loral Space & Communications Ltd., wts., 12/27/06 ..................... United States 21,638 216
(a)Loral Space & Communications Ltd., wts., 1/15/07 ...................... United States 5,000 1
------------
217
------------
NON-ENERGY MINERALS 1.0%
AngloGold Ashanti Ltd., ADR ........................................... South Africa 30,446 1,045,516
Barrick Gold Corp. .................................................... Canada 35,800 823,042
------------
1,868,558
------------
PRODUCER MANUFACTURING 0.0%(c)
(a)Harvard Industries Inc. ............................................... United States 109,618 986
(a)VS Holdings ........................................................... United States 181,875 --
------------
986
------------
UTILITIES 31.7%
Alliant Energy Corp. .................................................. United States 95,000 2,622,000
Ameren Corp. .......................................................... United States 40,000 2,183,200
American Electric Power Co. Inc. ...................................... United States 30,000 1,070,700
Atmos Energy Corp. .................................................... United States 85,000 2,404,650
Cinergy Corp. ......................................................... United States 55,000 2,267,650
Dominion Resources Inc. ............................................... United States 70,000 4,921,700
DTE Energy Co. ........................................................ United States 45,000 2,139,300
Edison International .................................................. United States 65,000 2,388,750
Energy East Corp. ..................................................... United States 42,000 1,176,000
Entergy Corp. ......................................................... United States 28,000 2,011,240
Exelon Corp. .......................................................... United States 104,000 4,872,400
FirstEnergy Corp. ..................................................... United States 75,000 3,322,500
FPL Group Inc. ........................................................ United States 140,000 5,691,000
Nicor Inc. ............................................................ United States 98,000 3,871,000
NiSource Inc. ......................................................... United States 80,000 1,928,000
ONEOK Inc. ............................................................ United States 22,600 697,210
Pepco Holdings Inc. ................................................... United States 68,000 1,532,720
Pinnacle West Capital Corp. ........................................... United States 76,000 3,353,120
Progress Energy Inc. .................................................. United States 70,000 3,096,100
Southern Co. .......................................................... United States 170,000 5,771,500
TXU Corp. ............................................................. United States 39,600 3,179,088
------------
60,499,828
------------
TOTAL COMMON STOCKS AND WARRANTS (COST $48,716,701) ................... 66,300,762
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Quarterly Statement of Investments | 3

FRANKLIN UNIVERSAL TRUST

STATEMENT OF INVESTMENTS, MAY 31, 2005 (UNAUDITED) (CONTINUED)

PREFERRED STOCKS 1.0%
PROCESS INDUSTRIES 0.0%(c)
(b),(d),(e)Asia Pulp & Paper Co. Ltd., 12.00%, pfd., Perpetual ................... Indonesia 4,000,000 $ 44,960
------------
UTILITIES 1.0%
Heco Capital Trust III, 6.50%, pfd. ................................... United States 75,000 1,949,250
------------
TOTAL PREFERRED STOCKS (COST $5,875,000) .............................. 1,994,210
------------

-------------------
PRINCIPAL AMOUNT(f)
-------------------

CORPORATE BONDS 86.0%
COMMERCIAL SERVICES 1.2%
Corrections Corp. of America, senior note, 7.50%, 5/01/11 ............. United States 2,300,000 2,371,875
------------
COMMUNICATIONS 10.6%
Dobson Cellular Systems Inc., secured note, 144A, 9.875%,
11/01/12 ............................................................. United States 1,900,000 1,957,000
Inmarsat Finance PLC, senior note, 7.625%, 6/30/12 .................... United Kingdom 2,000,000 2,090,000
Intelsat Bermuda Ltd., senior note, 144A, 8.25%, 1/15/13 .............. Bermuda 2,900,000 2,965,250
Millicom International Cellular SA, senior note, 10.00%, 12/01/13 ..... Luxembourg 2,300,000 2,242,500
Nextel Communications Inc., senior note, 7.375%, 8/01/15 .............. United States 3,000,000 3,258,750
(e)Poland Telecom Finance BV, B, 14.00%, 12/01/07 ........................ Poland 3,000,000 300
Qwest Communications International Inc., senior note, 144A, 8.00%,
2/15/14 .............................................................. United States 2,000,000 1,940,000
Rogers Wireless Communications Inc., senior secured note, 7.25%,
12/15/12 ............................................................. Canada 2,700,000 2,902,500
Time Warner Telecom Holdings Inc., senior note, 9.25%, 2/15/14 ........ United States 1,300,000 1,241,500
Time Warner Telecom Holdings Inc., senior note, 144A, 9.25%,
2/15/14 .............................................................. United States 1,700,000 1,623,500
------------
20,221,300
------------
CONSUMER DURABLES 4.8%
D.R. Horton Inc., senior note, 8.50%, 4/15/12 ......................... United States 3,000,000 3,286,818
Jostens IH Corp., senior sub. note, 7.625%, 10/01/12 .................. United States 1,400,000 1,347,500
Simmons Co., senior sub. note, 7.875%, 1/15/14 ........................ United States 1,900,000 1,681,500
William Lyon Homes Inc., senior note, 7.625%, 12/15/12 ................ United States 3,000,000 2,775,000
------------
9,090,818
------------
CONSUMER NON-DURABLES 3.7%
Del Monte Corp., senior sub. note, 144A, 6.75%, 2/15/15 ............... United States 900,000 902,250
Rayovac Corp., senior sub. note, 144A, 7.375%, 2/01/15 ................ United States 3,000,000 2,940,000
Smithfield Foods Inc., senior note, 7.00%, 8/01/11 .................... United States 2,000,000 2,105,000
Smithfield Foods Inc., senior note, 7.75%, 5/15/13 .................... United States 1,000,000 1,095,000
------------
7,042,250
------------
CONSUMER SERVICES 14.8%
(b),(e)Atherton Franchise Capital, 13.073%, 12/01/08 ......................... United States 752,296 11,284
Cablevision Systems Corp., senior note, 144A, 8.00%, 4/15/12 .......... United States 2,900,000 3,063,125
Caesars Entertainment Inc., senior sub. note, 7.875%, 3/15/10 ......... United States 2,400,000 2,664,000

4 | Quarterly Statement of Investments

FRANKLIN UNIVERSAL TRUST

STATEMENT OF INVESTMENTS, MAY 31, 2005 (UNAUDITED) (CONTINUED)

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COUNTRY PRINCIPAL AMOUNT(f) VALUE
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CORPORATE BONDS (CONT.)
CONSUMER SERVICES (CONT.)
(e)Century Communications Corp., senior disc. note, B, zero cpn.,
1/15/08 .............................................................. United States 5,000,000 $ 3,050,000
Charter Communications Holdings II, senior note, 10.25%, 9/15/10 ...... United States 2,500,000 2,550,000
Dex Media West LLC, senior sub. note, 9.875%, 8/15/13 ................. United States 2,342,000 2,687,445
DIRECTV Holdings LLC, senior note, 8.375%, 3/15/13 .................... United States 1,283,000 1,427,338
Emmis Operating Co., senior sub. note, 6.875%, 5/15/12 ................ United States 2,700,000 2,676,375
Marquee Inc., senior note, 144A, 8.625%, 8/15/12 ...................... United States 1,900,000 1,995,000
Pinnacle Entertainment Inc., senior sub. note, 8.75%, 10/01/13 ........ United States 800,000 836,000
Radio One Inc., senior sub. note, 144A, 6.375%, 2/15/13 ............... United States 700,000 694,750
Royal Caribbean Cruises Ltd., senior note, 8.00%, 5/15/10 ............. United States 1,200,000 1,326,000
Royal Caribbean Cruises Ltd., senior note, 6.875%, 12/01/13 ........... United States 800,000 842,000
Station Casinos Inc., senior note, 6.00%, 4/01/12 ..................... United States 500,000 503,750
Station Casinos Inc., senior sub. note, 6.50%, 2/01/14 ................ United States 300,000 305,250
Station Casinos Inc., senior sub. note, 6.875%, 3/01/16 ............... United States 2,200,000 2,271,500
Young Broadcasting Inc., senior sub. note, 8.75%, 1/15/14 ............. United States 1,500,000 1,365,000
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28,268,817
------------
ELECTRONIC TECHNOLOGY 2.9%
Flextronics International Ltd., senior sub. note, 6.50%, 5/15/13 ...... Singapore 1,500,000 1,533,750
Sanmina-SCI Corp., sub. note, 144A, 6.75%, 3/01/13 .................... United States 1,500,000 1,425,000
Xerox Corp., senior note, 7.125%, 6/15/10 ............................. United States 2,500,000 2,675,000
------------
5,633,750
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ENERGY MINERALS 4.6%
Chesapeake Energy Corp., senior note, 144A, 6.375%, 6/15/15 ........... United States 1,000,000 1,025,000
Foundation PA Coal Co., senior note, 7.25%, 8/01/14 ................... United States 1,700,000 1,759,500
Markwest Energy Partners LP, senior note, 144A, 6.875%, 11/01/14 ...... United States 1,500,000 1,440,000
Plains Exploration & Production Co., senior note, 7.125%, 6/15/14 ..... United States 1,200,000 1,287,000
Vintage Petroleum, senior sub. note, 7.875%, 5/15/11 .................. United States 3,000,000 3,180,000
------------
8,691,500
------------
HEALTH SERVICES 4.8%
Davita Inc., senior sub. note, 144A, 7.25%, 3/15/15 ................... United States 3,000,000 3,030,000
Tenet Healthcare Corp., senior note, 7.375%, 2/01/13 .................. United States 3,000,000 2,955,000
Vanguard Health Holding Co. II LLC, senior sub. note, 9.00%,
10/01/14 ............................................................. United States 3,000,000 3,255,000
------------
9,240,000
------------
HEALTH TECHNOLOGY 1.5%
Bio-Rad Laboratories Inc., senior sub. note, 144A, 6.125%,
12/15/14 ............................................................. United States 3,000,000 2,955,000
------------
INDUSTRIAL SERVICES 3.8%
Allied Waste North America Inc., senior secured note, 6.50%,
11/15/10 ............................................................. United States 3,000,000 2,947,500
Grant Prideco Escrow, senior note, 9.00%, 12/15/09 .................... United States 1,000,000 1,105,000
Hanover Equipment Trust 01, senior secured note, B, 8.75%, 9/01/11 .... United States 3,000,000 3,127,500
------------
7,180,000
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Quarterly Statement of Investments | 5

FRANKLIN UNIVERSAL TRUST

STATEMENT OF INVESTMENTS, MAY 31, 2005 (UNAUDITED) (CONTINUED)

CORPORATE BONDS (CONT.)
NON-ENERGY MINERALS 2.0%
Ispat Inland ULC, senior secured note, 9.75%, 4/01/14 ................. United States 1,863,000 $ 2,141,146
Novelis Inc., senior note, 144A, 7.25%, 2/15/15 ....................... Canada 1,700,000 1,674,500
------------
3,815,646
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PROCESS INDUSTRIES 10.4%
Abitibi-Consolidated Inc., senior note, 8.375%, 4/01/15 ............... Canada 3,000,000 2,947,500
BCP Crystal Holdings Corp., senior sub. note, 9.625%, 6/15/14 ......... United States 1,785,000 2,012,587
Georgia-Pacific Corp., senior note, 8.00%, 1/15/24 .................... United States 3,000,000 3,457,500
JSG Funding PLC, senior sub. note, 144A, 7.75%, 4/01/15 ............... Ireland 3,000,000 2,415,000
Nalco Co., senior sub. note, 8.875%, 11/15/13 ......................... United States 1,500,000 1,575,000
Owens-Brockway Glass Container Inc., senior note, 6.75%, 12/01/14 ..... United States 2,000,000 2,030,000
(b),(d),(g)Pindo Deli Finance Mauritius Ltd., FRN, 4.19%, 4/29/15 ................ Singapore 339,219 78,878
(b),(d),(g)Pindo Deli Finance Mauritius Ltd., FRN, 4.19%, 4/29/18 ................ Singapore 882,036 205,100
(b),(d)Pindo Deli Finance Mauritius Ltd., zero cpn., 4/29/25 ................. Singapore 1,822,397 423,762
PQ Corp., senior sub. note, 144A, 7.50%, 2/15/13 ...................... United States 1,500,000 1,455,000
Rhodia SA, senior note, 10.25%, 6/01/10 ............................... France 3,000,000 3,210,000
------------
19,810,327
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PRODUCER MANUFACTURING 6.9%
Case New Holland Inc., senior note, 144A, 9.25%, 8/01/11 .............. United States 3,000,000 3,165,000
Fimep SA, senior note, 10.50%, 2/15/13 ................................ France 2,000,000 2,260,000
Invensys PLC, senior note, 144A, 9.875%, 3/15/11 ...................... United Kingdom 1,800,000 1,705,500
Milacron Escrow Corp., senior secured note, 11.50%, 5/15/11 ........... United States 2,500,000 2,625,000
Nortek Inc., senior sub. note, 8.50%, 9/01/14 ......................... United States 800,000 720,000
TRW Automotive Inc., senior note, 9.375%, 2/15/13 ..................... United States 1,701,000 1,845,585
Westinghouse Air Brake Technologies Corp., senior note, 6.875%,
7/31/13 .............................................................. United States 800,000 814,000
------------
13,135,085
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REAL ESTATE INVESTMENT TRUSTS 1.6%
Host Marriott LP, senior note, 7.00%, 8/15/12 ......................... United States 2,500,000 2,581,250
Host Marriott LP, senior note, 144A, 6.375%, 3/15/15 .................. United States 500,000 491,250
------------
3,072,500
------------
RETAIL TRADE 2.3%
Leslie's Poolmart, senior note, 144A, 7.75%, 2/01/13 .................. United States 1,600,000 1,588,128
Rite Aid Corp., senior note, 144A, 6.125%, 12/15/08 ................... United States 3,000,000 2,745,000
------------
4,333,128
------------
TECHNOLOGY SERVICES 1.7%
(e)PSINet Inc., senior note, 10.50%, 12/01/06 ............................ United States 700,000 875
(e)PSINet Inc., senior note, 11.00%, 8/01/09 ............................. United States 3,250,000 4,063
UGS Corp., senior sub. note, 10.00%, 6/01/12 .......................... United States 3,000,000 3,315,000
------------
3,319,938
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6 | Quarterly Statement of Investments

FRANKLIN UNIVERSAL TRUST

STATEMENT OF INVESTMENTS, MAY 31, 2005 (UNAUDITED) (CONTINUED)

CORPORATE BONDS (CONT.)
TRANSPORTATION 2.3%
Great Lakes Dredge & Dock Corp., senior sub. note, 7.75%, 12/15/13 .... United States 1,200,000 $ 930,000
Laidlaw International Inc., senior note, 10.75%, 6/15/11 .............. United States 3,000,000 3,408,750
------------
4,338,750
------------
UTILITIES 6.1%
Aquila Inc., senior note, 14.875%, 7/01/12 ............................ United States 2,000,000 2,605,000
Calpine Corp., senior secured note, 144A, 8.75%, 7/15/13 .............. United States 2,500,000 1,781,250
Dynegy Holdings Inc., senior note, 8.75%, 2/15/12 ..................... United States 2,600,000 2,707,250
Midwest Generation LLC, senior secured note, 8.75%, 5/01/34 ........... United States 3,000,000 3,360,000
Texas Genco LLC, senior note, 144A, 6.875%, 12/15/14 .................. United States 1,200,000 1,239,000
------------
11,692,500
------------
TOTAL CORPORATE BONDS (COST $166,085,404) ............................. 164,213,184
------------
FOREIGN GOVERNMENT AND AGENCY SECURITIES 3.2%
GOVERNMENT BONDS 3.2%
Eskom, E168, 11.00%, 6/01/08 .......................................... South Africa 4,350,000 ZAR 690,181
Russian Federation, 3.00%, 5/14/06 .................................... Russia 1,300,000 1,282,060
United Mexican States, 11.375%, 9/15/16 ............................... Mexico 2,750,000 4,114,275
------------
6,086,516
------------
TOTAL FOREIGN GOVERNMENT AND AGENCY SECURITIES (COST $5,264,153) ...... 6,086,516
------------
TOTAL LONG TERM INVESTMENTS (COST $225,941,258) ....................... 238,594,672
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SHARES
------------------

SHORT TERM INVESTMENT (COST $4,877,443) 2.6%
MONEY FUND 2.6%
(h)Franklin Institutional Fiduciary Trust Money Market Portfolio ......... United States 4,877,443 4,877,443
------------
TOTAL INVESTMENTS (COST $230,818,701) 127.5% .......................... 243,472,115
OTHER ASSETS, LESS LIABILITIES (27.5)% ................................ (52,547,014)
------------
NET ASSETS 100.0% ..................................................... $190,925,101
============

CURRENCY ABBREVIATIONS
ZAR - South African Rand

SELECTED PORTFOLIO ABBREVIATIONS
ADR - American Depository Receipt
FRN - Floating Rate Note
PLC - Public Limited Co.

(a) Non-income producing.

(b) See Note 2 regarding restricted securities.

(d) Subect to certain terms and conditions, the Fund has agreed to sell its
holdings in Asia Pulp & Paper Co. Ltd. and its subsidiaries in November
2006.

(e) Defaulted security.

(f) The principal amount is stated in U.S. dollars unless otherwise indicated.

(g) The coupon shown represents the rate at period end.

(h) The Franklin Institutional Fiduciary Trust Money Market Portfolio is
managed by the Fund's investment manager.

Quarterly Statement of Investments | See Notes to Statement of Investments. | 7

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8 | Quarterly Statement of Investments

FRANKLIN UNIVERSAL TRUST

NOTES TO STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin Universal Trust (the Fund) is registered under the Investment Company
Act of 1940 as a diversified, closed-end investment company.

1. INCOME TAXES

At May 31, 2005, the cost of investments and net unrealized appreciation
(depreciation) for income tax purposes was as follows:

Cost of investments ............................................ $230,983,426
============
Unrealized appreciation ........................................ $ 32,791,749
Unrealized depreciation ........................................ (20,303,060)
------------
Net unrealized appreciation (depreciation) ..................... $ 12,488,689
============

2. RESTRICTED SECURITIES

At May 31, 2005, the Fund held investments in restricted and illiquid securities
as follows:

----------------------------------------------------------------------------------------------------------------
SHARES/PRINCIPAL ACQUISITION
AMOUNT/WARRANTS ISSUER DATE COST VALUE
----------------------------------------------------------------------------------------------------------------

4,000,000 Asia Pulp & Paper Co. Ltd., 12.00%, pfd.,
Perpetual ...................................... 2/14/97 $4,000,000 $ 44,960
752,296 Atherton Franchise Capital, 13.073%,
12/01/08 ....................................... 4/28/94 752,296 11,284
339,219 Pindo Deli Finance Mauritius Ltd., FRN,
4.19%, 4/29/15 ................................. 4/29/05 78,821 78,878
882,036 Pindo Deli Finance Mauritius Ltd., FRN,
4.19%, 4/29/18 ................................. 4/29/05 204,950 205,100
1,822,397 Pindo Deli Finance Mauritius Ltd., zero cpn.,
4/29/25 ........................................ 4/29/05 423,452 423,762
3,000 Poland Telecom Finance, wts., 144A,
12/01/07 ....................................... 11/24/97 18,000 --
--------
TOTAL RESTRICTED SECURITIES (0.40% OF NET ASSETS) ............................. $763,984
========

For information on the Fund's policy regarding valuation of investments and
other significant accounting policies, please refer to the Fund's most recent
semiannual or annual shareholder report.

Quarterly Statement of Investments | 9

Item 2. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures. The Registrant maintains
disclosure controls and procedures that are designed to ensure that information
required to be disclosed in the Registrant's filings under the Securities
Exchange Act of 1934 and the Investment Company Act of 1940 is recorded,
processed, summarized and reported within the periods specified in the rules and
forms of the Securities and Exchange Commission. Such information is accumulated
and communicated to the Registrant's management, including its principal
executive officer and principal financial officer, as appropriate, to allow
timely decisions regarding required disclosure. The Registrant's management,
including the principal executive officer and the principal financial officer,
recognizes that any set of controls and procedures, no matter how well designed
and operated, can provide only reasonable assurance of achieving the desired
control objectives.

Within 90 days prior to the filing date of this Quarterly Schedule of Portfolio
Holdings on Form N-Q, the Registrant had carried out an evaluation, under the
supervision and with the participation of the Registrant's management, including
the Registrant's principal executive officer and the Registrant's principal
financial officer, of the effectiveness of the design and operation of the
Registrant's disclosure controls and procedures. Based on such evaluation, the
Registrant's principal executive officer and principal financial officer
concluded that the Registrant's disclosure controls and procedures are
effective.

(b) Changes in Internal Controls. There have been no significant changes in the
Registrant's internal controls or in other factors that could significantly
affect the internal controls subsequent to the date of their evaluation in
connection with the preparation of this Quarterly Schedule of Portfolio Holdings
on Form N-Q.

Item 3. Exhibits.

(A) Certification pursuant to Section 30a-2 under the Investment Company Act of
1940 of Jimmy D. Gambill, Chief Executive Officer - Finance and Administration,
and Galen G. Vetter, Chief Financial Officer.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and 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.

FRANKILN UNIVERSAL TRUST

By /s/JIMMY D. GAMBILL
---------------------
Jimmy D. Gambill
Chief Executive Officer - Finance and Administration
Date July 22, 2005

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

By /s/JIMMY D. GAMBILL
---------------------
Jimmy D. Gambill
Chief Executive Officer - Finance and Administration
Date July 22, 2005

By /s/GALEN G. VETTER
---------------------
Galen G. Vetter
Chief Financial Officer
Date July 22, 2005

Exhibit (A)

I, Jimmy D. Gambill, certify that:

1. I have reviewed this report on Form N-Q of Franklin Universal Trust;

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this
report fairly present in all material respects the investments of the registrant
as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the registrant's most
recent fiscal quarter that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting;
and

5. The registrant's other certifying officer(s) and I have disclosed to
the registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over
financial reporting.

July 22, 2005

/s/JIMMY D. GAMBILL
Chief Executive Officer - Finance and Administration

I, Galen G. Vetter, certify that:

1. I have reviewed this report on Form N-Q of Franklin Universal Trust;

(b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over
financial reporting.

July 22, 2005

/s/GALEN G. VETTER
Chief Financial Officer