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)

CRAIG S. TYLE, 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: 11/30/05
--------

Item 1. Schedule of Investments.

FRANKLIN UNIVERSAL TRUST

QUARTERLY STATEMENT OF INVESTMENTS
NOVEMBER 30, 2005

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

CONTENTS

Statement of Investments ................................................... 3
Notes to Statement of Investments .......................................... 8

[LOGO](R)
FRANKLIN TEMPLETON
INVESTMENTS

FRANKLIN o Templeton o Mutual Series

Quarterly Statement of Investments | 1

This page intentionally left blank.

FRANKLIN UNIVERSAL TRUST

STATEMENT OF INVESTMENTS, NOVEMBER 30, 2005 (UNAUDITED)

-----------------------------------------------------------------------------------------------------------------------------------
COUNTRY SHARES VALUE
-----------------------------------------------------------------------------------------------------------------------------------

COMMON STOCKS 34.0%
NON-ENERGY MINERALS 1.1%
AngloGold Ashanti Ltd., ADR ........................................ South Africa 30,446 $ 1,282,081
Barrick Gold Corp. ................................................. Canada 35,800 952,638
-------------
2,234,719
-------------
PRODUCER MANUFACTURING 0.0%(a)
(b) Harvard Industries Inc. ............................................ United States 109,618 1,096
(b),(c) VS Holdings ........................................................ United States 181,875 --
-------------
1,096
-------------
UTILITIES 32.9%
Alliant Energy Corp. ............................................... United States 95,000 2,693,250
Ameren Corp. ....................................................... United States 40,000 2,098,400
American Electric Power Co. Inc. ................................... United States 30,000 1,096,200
Atmos Energy Corp. ................................................. United States 85,000 2,258,450
CenterPoint Energy Inc. ............................................ United States 139,200 1,840,224
Cinergy Corp. ...................................................... United States 55,000 2,259,400
Dominion Resources Inc. ............................................ United States 70,000 5,316,500
DTE Energy Co. ..................................................... United States 45,000 1,963,800
Edison International ............................................... United States 65,000 2,932,800
Energy East Corp. .................................................. United States 42,000 984,900
Entergy Corp. ...................................................... United States 28,000 1,960,000
Exelon Corp. ....................................................... United States 104,000 5,412,160
FirstEnergy Corp. .................................................. United States 75,000 3,522,000
FPL Group Inc. ..................................................... United States 140,000 5,934,600
NiSource Inc. ...................................................... United States 80,000 1,722,400
ONEOK Inc. ......................................................... United States 22,600 619,918
Pepco Holdings Inc. ................................................ United States 68,000 1,473,560
Pinnacle West Capital Corp. ........................................ United States 76,000 3,153,240
Progress Energy Inc. ............................................... United States 70,000 3,134,600
Public Service Enterprise Group Inc. ............................... United States 47,250 2,963,520
The Southern Co. ................................................... United States 170,000 5,900,700
TXU Corp. .......................................................... United States 39,600 4,064,148
-------------
63,304,770
-------------
TOTAL COMMON STOCKS (COST $45,337,494) ............................. 65,540,585
-------------
PREFERRED STOCKS 1.0%
PROCESS INDUSTRIES 0.0%(a)
(c),(d),(e) Asia Pulp & Paper Co. Ltd., 12.00%, pfd., Perpetual ................ Indonesia 4,000,000 45,200
-------------
UTILITIES 1.0%
Heco Capital Trust III, 6.50%, pfd. ................................ United States 75,000 1,930,125
-------------
TOTAL PREFERRED STOCKS (COST $5,875,000) ........................... 1,975,325
-------------

Quarterly Statement of Investments | 3

FRANKLIN UNIVERSAL TRUST

STATEMENT OF INVESTMENTS, NOVEMBER 30, 2005 (UNAUDITED) (CONTINUED)

-----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL
COUNTRY AMOUNT(f) VALUE
-----------------------------------------------------------------------------------------------------------------------------------

CORPORATE BONDS 88.4%
COMMERCIAL SERVICES 2.8%
Corrections Corp. of America, senior note, 7.50%, 5/01/11 .......... United States 2,300,000 $ 2,403,500
Johnsondiversey Inc., senior sub. note, B, 9.625%, 5/15/12 ......... United States 3,000,000 3,015,000
-------------
5,418,500
-------------
COMMUNICATIONS 11.1%
Dobson Cellular Systems Inc., senior secured note, 9.875%,
11/01/12 ......................................................... United States 1,900,000 2,113,750
Inmarsat Finance PLC, senior note, 7.625%, 6/30/12 ................. United Kingdom 645,000 659,512
Inmarsat Finance II PLC, senior note, zero cpn. to 11/15/08,
10.375% thereafter, 11/15/12 ..................................... United Kingdom 2,700,000 2,214,000
(g) Intelsat Bermuda Ltd., senior note, 144A, 8.25%, 1/15/13 ........... Bermuda 2,900,000 2,914,500
Millicom International Cellular SA, senior note, 10.00%, 12/01/13 .. Luxembourg 2,300,000 2,389,125
Qwest Communications International Inc. senior note,
7.50%, 2/15/14 ............................................... United States 2,000,000 2,030,000
(g) 144A, 7.50%, 2/15/14 ......................................... United States 500,000 507,500
Rogers Wireless Inc., senior secured note, 7.25%, 12/15/12 ......... Canada 2,500,000 2,640,625
Time Warner Telecom Holdings Inc., senior note, 9.25%, 2/15/14 ..... United States 3,000,000 3,120,000
(g) Wind Acquisition Fin SA, senior note, 144A, 10.75%, 12/01/15 ....... Italy 2,700,000 2,821,500
-------------
21,410,512
-------------
CONSUMER DURABLES 6.2%
D.R. Horton Inc., senior note, 8.50%, 4/15/12 ...................... United States 3,000,000 3,222,990
General Motors Acceptance Corp., 6.875%, 8/28/12 ................... United States 2,200,000 1,994,725
General Motors Corp., senior deb., 8.25%, 7/15/23 .................. United States 1,000,000 672,500
Jostens IH Corp., senior sub. note, 7.625%, 10/01/12 ............... United States 1,400,000 1,396,500
Simmons Co., senior sub. note, 7.875%, 1/15/14 ..................... United States 2,100,000 1,911,000
William Lyon Homes Inc., senior note, 7.625%, 12/15/12 ............. United States 3,000,000 2,670,000
-------------
11,867,715
-------------
CONSUMER NON-DURABLES 3.0%
Smithfield Foods Inc. senior note,
7.00%, 8/01/11 ............................................... United States 2,000,000 2,047,500
7.75%, 5/15/13 ............................................... United States 1,000,000 1,065,000
Spectrum Brands Inc., senior sub. note, 7.375%, 2/01/15 ............ United States 3,000,000 2,610,000
-------------
5,722,500
-------------
CONSUMER SERVICES 14.3%
AMC Entertainment Inc., senior note, B, 8.625%, 8/15/12 ............ United States 1,900,000 1,980,750
(c),(d) Atherton Franchise Capital, 13.073%, 12/01/08 ...................... United States 733,436 22,003
Cablevision Systems Corp., senior note, B, 8.00%, 4/15/12 .......... United States 2,900,000 2,784,000
(d) Century Communications Corp., senior disc. note, B, zero cpn.,
1/15/08 .......................................................... United States 3,000,000 1,725,000
CCH II LLC, senior note, 10.25%, 9/15/10 ........................... United States 2,500,000 2,500,000
Dex Media West LLC, senior sub. note, 9.875%, 8/15/13 .............. United States 2,342,000 2,602,548
DIRECTV Holdings LLC, senior note,
8.375%, 3/15/13 .............................................. United States 1,283,000 1,398,470
6.375%, 6/15/15 .............................................. United States 1,700,000 1,676,625
Emmis Operating Co., senior sub. note, 6.875%, 5/15/12 ............. United States 2,700,000 2,676,375
Liberty Media Corp., senior note, 5.70%, 5/15/13 ................... United States 3,000,000 2,751,249

4 | Quarterly Statement of Investments

FRANKLIN UNIVERSAL TRUST

STATEMENT OF INVESTMENTS, NOVEMBER 30, 2005 (UNAUDITED) (CONTINUED)

CORPORATE BONDS (CONT.)
CONSUMER SERVICES (CONT.)
Pinnacle Entertainment Inc., senior sub. note, 8.75%, 10/01/13 ..... United States 800,000 $ 848,000
Radio One Inc., senior sub. note, 6.375%, 2/15/13 .................. United States 1,200,000 1,164,000
Royal Caribbean Cruises Ltd., senior note,
8.00%, 5/15/10 ............................................... United States 1,200,000 1,309,500
6.875%, 12/01/13 ............................................. United States 800,000 844,000
Station Casinos Inc.,
senior note, 6.00%, 4/01/12 .................................. United States 500,000 501,250
senior sub. note, 6.50%, 2/01/14 ............................. United States 300,000 303,000
senior sub. note, 6.875%, 3/01/16 ............................ United States 2,200,000 2,244,000
Young Broadcasting Inc., senior sub. note, 8.75%, 1/15/14 .......... United States 300,000 264,750
-------------
27,595,520
-------------
ELECTRONIC TECHNOLOGY 3.2%
Flextronics International Ltd., senior sub. note, 6.50%, 5/15/13 ... Singapore 1,500,000 1,522,500
(g) L-3 Communications Corp., senior sub. note, 144A, 6.375%,
10/15/15 ......................................................... United States 2,800,000 2,772,000
Sanmina-SCI Corp., senior sub. note, 6.75%, 3/01/13 ................ United States 2,000,000 1,915,000
-------------
6,209,500
-------------
ENERGY MINERALS 5.2%
Chesapeake Energy Corp., senior note, 6.25%, 1/15/18 ............... United States 3,000,000 2,887,500
Foundation PA Coal Co., senior note, 7.25%, 8/01/14 ................ United States 1,700,000 1,742,500
(g) Markwest Energy Partners LP, senior note, 144A, 6.875%, 11/01/14 ... United States 1,800,000 1,656,000
Plains Exploration & Production Co., senior note, 7.125%, 6/15/14 .. United States 1,700,000 1,751,000
(g) Pogo Producing Co., senior sub. note, 144A, 6.875%, 10/01/17 ....... United States 2,000,000 1,960,000
-------------
9,997,000
-------------
HEALTH SERVICES 4.7%
Davita Inc., senior sub. note, 7.25%, 3/15/15 ...................... United States 3,000,000 3,078,750
Tenet Healthcare Corp., senior note, 7.375%, 2/01/13 ............... United States 3,000,000 2,745,000
Vanguard Health Holding Co. II LLC, senior sub. note, 9.00%,
10/01/14 ......................................................... United States 3,000,000 3,180,000
-------------
9,003,750
-------------
HEALTH TECHNOLOGY 1.5%
Bio-Rad Laboratories Inc., senior sub. note, 6.125%, 12/15/14 ...... United States 3,000,000 2,962,500
-------------
INDUSTRIAL SERVICES 3.6%
Allied Waste North America Inc. senior secured note,
6.50%, 11/15/10 .............................................. United States 2,100,000 2,089,500
B, 5.75%, 2/15/11 ............................................ United States 900,000 861,750
(g) Grant Prideco Inc., senior note, 144A, 6.125%, 8/15/15 ............. United States 800,000 796,000
Hanover Equipment Trust 01, senior secured note, B, 8.75%,
9/01/11 .......................................................... United States 3,000,000 3,180,000
-------------
6,927,250
-------------
NON-ENERGY MINERALS 1.9%
Ispat Inland ULC, senior secured note, 9.75%, 4/01/14 .............. United States 1,863,000 2,099,228
(g) Novelis Inc., senior note, 144A, 7.25%, 2/15/15 .................... Canada 1,700,000 1,598,000
-------------
3,697,228
-------------

Quarterly Statement of Investments | 5

FRANKLIN UNIVERSAL TRUST

STATEMENT OF INVESTMENTS, NOVEMBER 30, 2005 (UNAUDITED) (CONTINUED)

CORPORATE BONDS (CONT.)
PROCESS INDUSTRIES 10.6%
Abitibi-Consolidated Co. of Canada, senior note, 8.375%, 4/01/15 ... Canada 3,000,000 $ 2,917,500
BCP Crystal Holdings Corp., senior sub. note, 9.625%, 6/15/14 ...... United States 1,785,000 1,988,044
(g) Crown Americas Inc., senior note, 144A, 7.75%, 11/15/15 ............ United States 3,000,000 3,075,000
Georgia-Pacific Corp., senior note, 8.00%, 1/15/24 ................. United States 2,000,000 1,935,000
JSG Funding PLC, senior sub. note, 7.75%, 4/01/15 .................. Ireland 3,000,000 2,475,000
Nalco Co., senior sub. note, 8.875%, 11/15/13 ...................... United States 2,000,000 2,085,000
Owens-Brockway Glass Container Inc., senior note, 6.75%, 12/01/14 .. United States 2,000,000 1,925,000
(b),(c),(e) Pindo Deli Finance Mauritius Ltd., 144A,
(h) FRN, 5.248%, 4/29/15 ......................................... Indonesia 339,219 79,411
(h) FRN, 5.248%, 4/29/18 ......................................... Indonesia 882,036 206,485
zero cpn., 4/29/25 ........................................... Indonesia 1,822,397 426,623
Rhodia SA, senior note, 10.25%, 6/01/10 ............................ France 3,000,000 3,307,500
-------------
20,420,563
-------------
PRODUCER MANUFACTURING 6.4%
Case New Holland Inc., senior note, 9.25%, 8/01/11 ................. United States 3,000,000 3,195,000
Fimep SA, senior note, 10.50%, 2/15/13 ............................. France 2,000,000 2,272,500
(g) Invensys PLC, senior note, 144A, 9.875%, 3/15/11 ................... United Kingdom 1,800,000 1,773,000
Milacron Escrow Corp., senior secured note, 11.50%, 5/15/11 ........ United States 1,500,000 1,297,500
(g) Nell AF Sarl, senior note, 144A, 8.375%, 8/15/15 ................... Luxembourg 1,200,000 1,182,000
Nortek Inc., senior sub. note, 8.50%, 9/01/14 ...................... United States 800,000 772,000
TRW Automotive Inc., senior note, 9.375%, 2/15/13 .................. United States 1,701,000 1,841,332
-------------
12,333,332
-------------
REAL ESTATE INVESTMENT TRUSTS 1.6%
Host Marriott LP senior note,
O, 6.375%, 3/15/15 ........................................... United States 500,000 498,750
M, 7.00%, 8/15/12 ............................................ United States 2,500,000 2,590,625
-------------
3,089,375
-------------
RETAIL TRADE 2.8%
(g) GSC Holdings Corp., senior note, 144A, 8.00%, 10/01/12 ............. United States 2,600,000 2,522,000
(g) Rite Aid Corp., senior note, 144A, 6.125%, 12/15/08 ................ United States 3,000,000 2,820,000
-------------
5,342,000
-------------
TECHNOLOGY SERVICES 2.7%
(d) PSINet Inc.,
10.50%, 12/01/06 ............................................. United States 700,000 875
senior note, 11.00%, 8/01/09 ................................. United States 3,250,000 4,063
(g) SunGard Data Systems Inc.,
senior note, 144A, 9.125%, 8/15/13 ........................... United States 900,000 936,000
senior sub. note, 144A, 10.25%, 8/15/15 ...................... United States 900,000 913,500
UGS Corp., senior sub. note, 10.00%, 6/01/12 ....................... United States 3,000,000 3,285,000
-------------
5,139,438
-------------
TRANSPORTATION 0.6%
Great Lakes Dredge & Dock Co., senior sub. note, 7.75%, 12/15/13 ... United States 1,200,000 1,065,000
-------------

6 | Quarterly Statement of Investments

FRANKLIN UNIVERSAL TRUST

STATEMENT OF INVESTMENTS, NOVEMBER 30, 2005 (UNAUDITED) (CONTINUED)

CORPORATE BONDS (CONT.)
UTILITIES 6.2%
Aquila Inc., senior note, 14.875%, 7/01/12 ......................... United States 2,000,000 $ 2,690,000
(e),(g),(j) Calpine Corp., senior secured note, 144A, 8.75%, 7/15/13 ........... United States 2,500,000 1,887,500
Dynegy Holdings Inc., senior note, 8.75%, 2/15/12 .................. United States 2,600,000 2,782,000
Midwest Generation LLC, senior secured note, 8.75%, 5/01/34 ........ United States 3,000,000 3,322,500
(g) Texas Genco LLC, senior note, 144A, 6.875%, 12/15/14 ............... United States 1,200,000 1,290,000
-------------
11,972,000
-------------
TOTAL CORPORATE BONDS (COST $171,692,973) .......................... 170,173,683
-------------
FOREIGN GOVERNMENT AND AGENCY SECURITIES 3.2%
Eskom, E168, 11.00%, 6/01/08 ....................................... South Africa 4,350,000 ZAR 718,959
Government of Mexico, 11.375%, 9/15/16 ............................. Mexico 2,750,000 4,060,513
Government of Russia, 3.00%, 5/14/06 ............................... Russia 1,300,000 1,287,000
-------------
TOTAL FOREIGN GOVERNMENT AND AGENCY SECURITIES
(COST $5,303,889) ................................................ 6,066,472
-------------
TOTAL LONG TERM INVESTMENTS (COST $228,209,356) .................... 243,756,065
-------------

---------
SHARES
---------
SHORT TERM INVESTMENT (COST $497,384) 0.3%
MONEY FUND 0.3%
(i) Franklin Institutional Fiduciary Trust Money Market Portfolio ...... United States 497,384 497,384
-------------
TOTAL INVESTMENTS (COST $228,706,740) 126.9% ....................... 244,253,449
NOTES PAYABLE (28.6)% .............................................. (55,000,000)
OTHER ASSETS, LESS LIABILITIES 1.7% ................................ 3,248,979
-------------
NET ASSETS 100.0% .................................................. $ 192,502,428
=============

CURRENCY ABBREVIATIONS

ZAR - South African Rand

SELECTED PORTFOLIO ABBREVIATIONS

ADR - American Depository Receipt
FRN - Floating Rate Note

(a) Rounds to less than 0.05% of net assets.

(b) Non-income producing.

(d) Defaulted security.

(e) See Note 3 regarding other considerations.

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

(g) Security was purchased pursuant to Rule 144A under the Securities Act of
1933 and may be sold in transactions exempt from registration only to qualified
institutional buyers or in a public offering registered under the Securities Act
of 1933. These securities have been deemed liquid under the guidelines approved
by the Fund's Board of Trustees. At November 30, 2005, the value of these
securities was $31,424,500, representing 16.32% of net assets.

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

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

(j) Subsequent to November 30, 2005, the security defaulted.

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

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 November 30, 2005, the cost of investments and net unrealized appreciation
(depreciation) for income tax purposes were as follows:

Cost of investments ........................................... $ 228,892,309
=============
Unrealized appreciation ....................................... $ 31,710,656
Unrealized depreciation ....................................... (16,349,516)
-------------
Net unrealized appreciation (depreciation) .................... $ 15,361,140
=============

2. RESTRICTED AND ILLIQUID SECURITIES

At November 30, 2005, the Fund held investments in restricted and illiquid
securities, valued in accordance with procedures approved by the Fund's Board of
Trustees as reflecting fair value, as follows:

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

4,000,000 Asia Pulp & Paper Co. Ltd., 12.00%, pfd.,
Perpetual .................................. 2/14/97 $4,000,000 $ 45,200
733,436 Atherton Franchise Capital, 13.073%,
12/01/08 ................................... 4/28/94 733,436 22,003
339,219 Pindo Deli Finance Mauritius Ltd., 144A, FRN,
5.248%, 4/29/15 ............................ 4/29/05 78,821 79,411
882,036 Pindo Deli Finance Mauritius Ltd., 144A, FRN,
5.248%, 4/29/18 ............................ 4/29/05 204,950 206,485
1,822,397 Pindo Deli Finance Mauritius Ltd., 144A,
zero cpn., 4/29/25 ......................... 4/29/05 423,452 426,623
181,875 VS Holdings ................................. 12/06/01 181,875 --
--------
TOTAL RESTRICTED AND ILLIQUID SECURITIES (0.41% of Net Assets) .......... $779,722
========

8 | Quarterly Statement of Investments

FRANKLIN UNIVERSAL TRUST

NOTES TO STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)

3. OTHER CONSIDERATIONS

Subject to certain terms and conditions, the Fund has agreed to sell its
holdings in Asia Pulp & Paper Co. Ltd. and Pindo Deli Finance Mauritius Ltd. in
November 2006. Until completion of the sale, the transaction is being accounted
for as a secured borrowing with a pledge of collateral and any preliminary sales
proceeds or other interest and cash distributions received are deferred until
the completion of the transaction and are recorded as part of the net sales
proceeds.

Directors or employees of Advisers, as the Fund's Investment Manager, may serve
as members of various bondholders' steering committees, on credit committees, or
may represent the Fund in certain corporate restructuring negotiations. At
January 6, 2006, such individuals serve in one or more of these capacities for
Calpine Corp. As a result of this involvement, such individuals may be in
possession of certain material non-public information. If the Fund's Investment
Manager, while in possession of such information, seeks to sell any of its
holdings in these securities it will comply with all applicable federal
securities laws.

For information regarding 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 January 23, 2006

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 January 23, 2006

By /S/ GALEN G. VETTER
-----------------------
Galen G. Vetter
Chief Financial Officer
Date January 23, 2006

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.

January 23, 2006

/S/JIMMY D. GAMBILL
----------------------
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.

January 23, 2006

/S/GALEN G. VETTER
-----------------------
Galen G. Vetter
Chief Financial Officer