<PAGE> PAGE 1
000 A000000 02/29/96
000 C000000 0000833040
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 FRANKLIN UNIVERSAL TRUST
001 B000000 811-5569
001 C000000 4153122000
002 A000000 777 MARINERS ISLAND BOULEVARD
002 B000000 SAN MATEO
002 C000000 CA
002 D010000 94404
002 D020000 1585
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 FRANKLIN ADVISERS INC
008 B000001 A
008 C000001 801-26292
008 D010001 SAN MATEO
008 D020001 CA
008 D030001 94404
008 D040001 1585
011 A000001 PAINEWEBBER INCORPORATED
011 B000001 8-00000000
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10019
012 A000001 PNC BANK, NATIONAL ASSOCIATION
012 B000001 85-1119600
012 C010001 WILMINGTON
012 C020001 DE
012 C030001 19809
013 A000001 COOPERS & LYBRAND L.L.P.
<PAGE> PAGE 2
013 B010001 SAN FRANCISCO
013 B020001 CA
013 B030001 94105
013 B040001 2119
015 A000001 THE BANK OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10286
015 E010001 X
015 A000002 THE BANK OF BOSTON
015 B000002 S
015 C010002 BUENOS AIRES
015 D010002 ARGENTINA
015 E040002 X
015 A000003 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B000003 S
015 C010003 MELBOURNE
015 D010003 AUSTRALIA
015 E040003 X
015 A000004 GIROCREDIT BANK AG DER OSTERREICHISCHEN SPARK
015 B000004 S
015 C010004 VIENNA
015 D010004 AUSTRIA
015 E040004 X
015 A000005 STANDARD CHARTERED BANK PLC (SCB)
015 B000005 S
015 C010005 DHAKA
015 D010005 BANGLADESH
015 E040005 X
015 A000006 BANQUE BRUXELLES LAMBERT (BBL)
015 B000006 S
015 C010006 BRUSSELS
015 D010006 BELGIUM
015 E040006 X
015 A000007 THE BANK OF BOSTON
015 B000007 S
015 C010007 SAO PAULO
015 D010007 BRAZIL
015 E040007 X
015 A000008 THE ROYAL TRUST CORPORATION OF CANADA
015 B000008 S
015 C010008 MONTREAL
015 D010008 CANADA
015 E040008 X
015 A000009 THE BANK OF BOSTON
015 B000009 S
015 C010009 SANTIAGO
015 D010009 CHILE
015 E040009 X
015 A000010 STANDARD CHARTERED BANK
<PAGE> PAGE 3
015 B000010 S
015 C010010 SHENZHEN
015 D010010 CHINA
015 E040010 X
015 A000011 CITIBANK, N.A. VIA CITITRUST COLUMBIA S.A.
015 B000011 S
015 C010011 BOGOTA
015 D010011 COLUMBIA
015 E040011 X
015 A000012 CESKOSLOVENSKA OBCHODNI BANKA (CSOB)
015 B000012 S
015 C010012 PRAHA (PRAGUE)
015 D010012 CZECH REPUBLIC
015 E040012 X
015 A000013 DEN DANSKE BANK
015 B000013 S
015 C010013 COPENHAGEN
015 D010013 DENMARK
015 E040013 X
015 A000014 CEDEL
015 B000014 S
015 C010014 LUXEMBOURG
015 D010014 EUROMARKET
015 E040014 X
015 A000015 FIRST CHICAGO CLEARING CENTRE (FCCC)
015 B000015 S
015 C010015 LONDON
015 D010015 EUROMARKET
015 E040015 X
015 A000016 MERITA BANK (MB)
015 B000016 S
015 C010016 HELSINKI
015 D010016 FINLAND
015 E040016 X
015 A000017 BANQUE PARIBAS
015 B000017 S
015 C010017 PARIS
015 D010017 FRANCE
015 E040017 X
015 A000018 DRESDNER BANK AG
015 B000018 S
015 C010018 FRANKFURT
015 D010018 GERMANY
015 E040018 X
015 A000019 ALPHA CREDIT BANK A.E.
015 B000019 S
015 C010019 ATHENS
015 D010019 GREECE
015 E040019 X
015 A000020 THE HONGKONG AND SHANGHAI BANKING CORPORATION
015 B000020 S
<PAGE> PAGE 4
015 C010020 HONG KONG
015 D010020 HONG KONG
015 E040020 X
015 A000021 CITIBANK, N.A.
015 B000021 S
015 C010021 BUDAPEST
015 D010021 HUNGARY
015 E040021 X
015 A000022 THE HONGKONG AND SHANGHAI BANKING CORPORATION
015 B000022 S
015 C010022 BOMBAY
015 D010022 INDIA
015 E040022 X
015 A000023 THE HONGKONG AND SHANGHAI BANKING CORPORATION
015 B000023 S
015 C010023 JAKARTA
015 D010023 INDONESIA
015 E040023 X
015 A000024 ALLIED IRISH BANK (ATB)
015 B000024 S
015 C010024 DUBLIN
015 D010024 IRELAND
015 E040024 X
015 A000025 ISRAEL DISCOUNT BANK
015 B000025 S
015 C010025 TEL AVIV
015 D010025 ISRAEL
015 E040025 X
015 A000026 BANCA COMMERCIALE ITALIANA (BCI)
015 B000026 S
015 C010026 MILAN
015 D010026 ITALY
015 E040026 X
015 A000027 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B000027 S
015 C010027 TOKYO
015 D010027 JAPAN
015 E040027 X
015 A000028 THE HONGKONG BANK MALAYSIA BERHAD (HBMB)
015 B000028 S
015 C010028 KUALA LUMPUR
015 D010028 MALAYSIA
015 E040028 X
015 A000029 BANCO NACIONAL DE MEXICO
015 B000029 S
015 C010029 MEXICO CITY
015 D010029 MEXICO
015 E040029 X
015 A000030 BANQUE COMMERCIALE DU MAROC (BCM)
015 B000030 S
015 C010030 CASABLANCA
<PAGE> PAGE 5
015 D010030 MOROCCO
015 E040030 X
015 A000031 MEESPIERSON
015 B000031 S
015 C010031 AMSTERDAM
015 D010031 NETHERLANDS
015 E040031 X
015 A000032 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B000032 S
015 C010032 WELLINGTON
015 D010032 NEW ZEALAND
015 E040032 X
015 A000033 DEN NORSKE BANK A.S.
015 B000033 S
015 C010033 BERGEN/OSLO
015 D010033 NORWAY
015 E040033 X
015 A000034 STANDARD CHARTERED BANK (SCB)
015 B000034 S
015 C010034 KARACHI
015 D010034 PAKISTAN
015 E040034 X
015 A000035 CITIBANK, N.A.
015 B000035 S
015 C010035 LIMA
015 D010035 PERU
015 E040035 X
015 A000036 THE HONGKONG AND SHANGHAI BANKING CORPORATION
015 B000036 S
015 C010036 MANILA
015 D010036 PHILIPPINES
015 E040036 X
015 A000037 BANK HANDLOWY W WARSZAWIE S.A.
015 B000037 S
015 C010037 WARSAW
015 D010037 POLAND
015 E040037 X
015 A000038 BANCO COMMERCIAL PORTUGUES, S.A. (BCP)
015 B000038 S
015 C010038 LISBON
015 D010038 PORTUGAL
015 E040038 X
015 A000039 UNITED OVERSEAS BANK (UOB)
015 B000039 S
015 C010039 SINGAPORE
015 D010039 SINGAPORE
015 E040039 X
015 A000040 STANDARD BANK OF SOUTH AFRICA LIMITED (SBSA)
015 B000040 S
015 C010040 JOHANNESBURG
015 D010040 SOUTH AFRICA
<PAGE> PAGE 6
015 E040040 X
015 A000041 SEOULBANK (SB)
015 B000041 S
015 C010041 SEOUL
015 D010041 SOUTH KOREA
015 E040041 X
015 A000042 BANCO BILBAO VIZCAYA (BBV)
015 B000042 S
015 C010042 MADRID/BILBAO
015 D010042 SPAIN
015 E040042 X
015 A000043 STANDARD CHARTERED BANK (SEB)
015 B000043 S
015 C010043 COLOMBO
015 D010043 SRI LANKA
015 E040043 X
015 A000044 SKANDINAVISKA ENSKILDA BANKEN (SEB)
015 B000044 S
015 C010044 STOCKHOLM
015 D010044 SWEDEN
015 E040044 X
015 A000045 UNION BANK OF SWITZERLAND (UBS)
015 B000045 S
015 C010045 ZURICH
015 D010045 SWITZERLAND
015 E040045 X
015 A000046 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000046 S
015 C010046 TAIPEI
015 D010046 TAIWAN (ROC)
015 E040046 X
015 A000047 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD
015 B000047 S
015 C010047 BANGKOK
015 D010047 THAILAND
015 E040047 X
015 A000048 CITIBANK, N.A.
015 B000048 S
015 C010048 ISTANBUL
015 D010048 TURKEY
015 E040048 X
015 A000049 THE BANK OF NEW YOK
015 B000049 S
015 C010049 LONDON
015 D010049 UNITED KINGDOM
015 E040049 X
015 A000050 THE BANK OF BOSTON
015 B000050 S
015 C010050 MONTEVIDEO
015 D010050 URUGUAY
015 E040050 X
<PAGE> PAGE 7
015 A000051 CITIBANK, N.A.
015 B000051 S
015 C010051 CARACAS
015 D010051 VENEZUELA
015 E040051 X
015 A000052 STANDARD CHARTERED BANK
015 B000052 S
015 C010052 SHANGHAI
015 D010052 CHINA
015 E040052 X
015 A000053 BANK OF AMERICA NT & SA
015 B000053 C
015 C010053 SAN FRANCISCO
015 C020053 CA
015 C030053 94104
015 C040053 1502
015 E010053 X
015 A000054 BANCO DE CHILE
015 B000054 S
015 C010054 SANTIAGO
015 D010054 CHILE
015 E040054 X
018 000000 Y
019 A000000 Y
019 B000000 195
019 C000000 FRNKTEMGRP
020 A000001 MORGAN STANLEY & CO INC
020 B000001 13-2655998
020 C000001 20
020 A000002 JEFFERIES & CO INC
020 B000002 95-2622900
020 C000002 10
020 A000003 MERRILL LYNCH PIERCE FENNER
020 B000003 13-5674085
020 C000003 3
020 A000004 SMITH BARNEY SHEARSON
020 B000004 13-1912900
020 C000004 1
020 A000005 SALOMON BROTHERS INC
020 B000005 13-3082694
020 C000005 1
020 A000006 NATWEST SECURITIES CORPORATION
020 B000006 11-0773597
020 C000006 1
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 36
022 A000001 SBCI SWISS BANK CORP INV BANK
022 B000001 13-2639550
<PAGE> PAGE 8
022 C000001 125971
022 D000001 0
022 A000002 DAIWA SECURITIES AMERICA INC
022 B000002 13-5680329
022 C000002 108711
022 D000002 0
022 A000003 DONALDSON LUFKIN & JENRETTE
022 B000003 13-2741729
022 C000003 71055
022 D000003 0
022 A000004 UBS SECURITIES INC
022 B000004 13-2932996
022 C000004 65397
022 D000004 0
022 A000005 LEHMAN BROTHERS SECS
022 B000005 13-2518466
022 C000005 62868
022 D000005 0
022 A000006 FUJI SECURITIES
022 B000006 13-3038090
022 C000006 56878
022 D000006 0
022 A000007 BEAR,STEARNS & CO INC
022 B000007 13-3299429
022 C000007 55190
022 D000007 0
022 A000008 NIKKO SECURITIES CO INT'L INC
022 B000008 94-1302123
022 C000008 38546
022 D000008 0
022 A000009 NATWEST SECURITIES CORPORATION
022 B000009 11-0773597
022 C000009 35073
022 D000009 302
022 A000010 CHASE MANHATTAN NA (THE)
022 B000010 13-2633612
022 C000010 29517
022 D000010 0
023 C000000 690569
023 D000000 13231
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
<PAGE> PAGE 9
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
<PAGE> PAGE 10
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.750
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
<PAGE> PAGE 11
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 0
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 2.6
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 82.2
062 Q000000 0.3
062 R000000 42.7
063 A000000 0
063 B000000 7.2
064 A000000 N
064 B000000 Y
065 000000 N
066 A000000 N
067 000000 Y
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
<PAGE> PAGE 12
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 Y
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 688136
071 B000000 28635
071 C000000 324310
071 D000000 9
072 A000000 6
072 B000000 11417
072 C000000 3164
072 D000000 0
072 E000000 0
072 F000000 1252
072 G000000 0
072 H000000 0
072 I000000 58
072 J000000 15
072 K000000 20
072 L000000 16
072 M000000 11
072 N000000 0
072 O000000 0
072 P000000 2116
072 Q000000 0
072 R000000 21
072 S000000 2
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 100
072 X000000 3611
<PAGE> PAGE 13
072 Y000000 0
072 Z000000 10970
072AA000000 5990
072BB000000 1898
072CC010000 9171
072CC020000 0
072DD010000 11890
072DD020000 0
072EE000000 0
073 A010000 0.4440
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 6858
074 C000000 0
074 D000000 217134
074 E000000 18861
074 F000000 92816
074 G000000 0
074 H000000 0
074 I000000 452
074 J000000 0
074 K000000 0
074 L000000 5263
074 M000000 310
074 N000000 341694
074 O000000 1254
074 P000000 214
074 Q000000 74967
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 2183
074 S000000 0
074 T000000 263076
074 U010000 26779
074 U020000 0
074 V010000 9.82
074 V020000 0.00
074 W000000 0.0000
074 X000000 6071
074 Y000000 0
075 A000000 0
075 B000000 258122
076 000000 9.25
077 A000000 N
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 C000000 130000
081 A000000 Y
<PAGE> PAGE 14
081 B000000 195
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 COMMON STOCK
087 A020000 355145103
087 A030000 FT
088 A000000 Y
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE DIOMEDES LOO-TAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN UNIVERSAL TRUST FEBRUARY 29, 1996 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> FEB-29-1996
<INVESTMENTS-AT-COST> 313,642,386
<INVESTMENTS-AT-VALUE> 329,263,195
<RECEIVABLES> 12,121,081
<ASSETS-OTHER> 310,023
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 341,694,299
<PAYABLE-FOR-SECURITIES> 1,253,555
<SENIOR-LONG-TERM-DEBT> 74,967,411
<OTHER-ITEMS-LIABILITIES> 2,397,111
<TOTAL-LIABILITIES> 78,618,077
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 246,871,139
<SHARES-COMMON-STOCK> 26,779,333
<SHARES-COMMON-PRIOR> 26,779,333
<ACCUMULATED-NII-CURRENT> 1,028,488
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (442,614)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,619,209
<NET-ASSETS> 263,076,222
<DIVIDEND-INCOME> 3,164,460
<INTEREST-INCOME> 11,416,738
<OTHER-INCOME> 0
<EXPENSES-NET> (3,611,016)
<NET-INVESTMENT-INCOME> 10,970,182
<REALIZED-GAINS-CURRENT> 4,091,989
<APPREC-INCREASE-CURRENT> 9,170,555
<NET-CHANGE-FROM-OPS> 24,232,726
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,890,024)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 12,342,702
<ACCUMULATED-NII-PRIOR> 1,948,330
<ACCUMULATED-GAINS-PRIOR> (4,534,603)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,252,267
<INTEREST-EXPENSE> 2,115,877
<GROSS-EXPENSE> 3,611,016
<AVERAGE-NET-ASSETS> 333,370,085
<PER-SHARE-NAV-BEGIN> 9.360
<PER-SHARE-NII> .410
<PER-SHARE-GAIN-APPREC> .490
<PER-SHARE-DIVIDEND> (.440)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.820
<EXPENSE-RATIO> 2.170
<AVG-DEBT-OUTSTANDING> 75000000
<AVG-DEBT-PER-SHARE> 2.80
</TABLE>