<PAGE> PAGE 1
000 B000000 08/31/97
000 C000000 0000833040
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 FRANKLIN UNIVERSAL TRUST
001 B000000 811-5569
001 C000000 6503122000
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
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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
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
007 C012100 21
007 C012200 22
007 C012300 23
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
<PAGE> PAGE 2
007 C012900 29
007 C013000 30
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
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007 C017700 77
007 C017800 78
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<PAGE> PAGE 3
007 C018000 80
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
010 A000001 FRANKLIN TEMPLETON SERVICES INC
010 C010001 SAN MATEO
010 C020001 CA
010 C030001 94404
010 C040001 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.
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 STANDARD CHARTERED BANK PLC
015 B000002 S
015 C010002 DHAKA
015 D010002 BANGLADESH
015 E040002 X
015 A000003 BANQUE BRUXELLES LAMBERT (BBL)
015 B000003 S
015 C010003 BRUSSELS
015 D010003 BELGIUM
015 E040003 X
015 A000004 THE FIRST NATIONAL BANK OF BOSTON
015 B000004 S
015 C010004 SANTIAGO
015 D010004 CHILE
015 E040004 X
015 A000005 ROYAL BANK OF CANADA
015 B000005 S
<PAGE> PAGE 4
015 C010005 MONTREAL
015 D010005 CANADA
015 E040005 X
015 A000006 THE STANDARD CHERTERED BANK, HONG KONG
015 B000006 S
015 C010006 HONG KONG
015 D010006 CHINA
015 E040006 X
015 A000007 CITIBANK, N.A. VIA CITITRUST COLOMBIA S.A.
015 B000007 S
015 C010007 BOGOTA
015 D010007 COLOMBIA
015 E040007 X
015 A000008 DELETE
015 A000009 MERITA BANK LTD. (MB)
015 B000009 S
015 C010009 HELSINKI
015 D010009 FINLAND
015 E040009 X
015 A000010 DELETE
015 A000011 NATIONAL BANK OF GREECE SA
015 B000011 S
015 C010011 ATHENS
015 D010011 GREECE
015 E040011 X
015 A000012 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000012 S
015 C010012 HONG KONG
015 D010012 HONG KONG
015 E040012 X
015 A000013 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000013 S
015 C010013 MUMBAI
015 D010013 INDIA
015 E040013 X
015 A000014 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000014 S
015 C010014 JAKARTA
015 D010014 INDONESIA
015 E040014 X
015 A000015 ALLIED IRISH BANKS, PLC (AIB)
015 B000015 S
015 C010015 DUBLIN
015 D010015 IRELAND
015 E040015 X
015 A000016 BANCA COMMERCIALE ITALIANA (BCI)
015 B000016 S
015 C010016 MILAN
015 D010016 ITALY
015 E040016 X
015 A000017 BANK OF TOKYO MITSUBISHI (BTM)
<PAGE> PAGE 5
015 B000017 S
015 C010017 TOKYO
015 D010017 JAPAN
015 E040017 X
015 A000018 SEOULBANK (SB)
015 B000018 S
015 C010018 SEOUL
015 D010018 SOUTH KOREA
015 E040018 X
015 A000019 CEDEL (DEPOSITORY)
015 B000019 S
015 C010019 LUXEMBOURG CITY
015 D010019 LUXEMBOURG
015 E040019 X
015 A000020 THE HONGKONG BANK MALAYSIA BERHAD (HBMB)
015 B000020 S
015 C010020 KUALA LUMPUR
015 D010020 MALAYSIA
015 E040020 X
015 A000021 BANCO NACIONAL DE MEXICO
015 B000021 S
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015 D010021 MEXICO
015 E040021 X
015 A000022 MEESPIERSON
015 B000022 S
015 C010022 AMSTERDAM
015 D010022 NETHERLANDS
015 E040022 X
015 A000023 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B000023 S
015 C010023 WELLINGTON
015 D010023 NEW ZEALAND
015 E040023 X
015 A000024 DEN NORSKE BANK ASA
015 B000024 S
015 C010024 OSLO
015 D010024 NORWAY
015 E040024 X
015 A000025 STANDARD CHARTERED BANK (SCB)
015 B000025 S
015 C010025 KARACHI
015 D010025 PAKISTAN
015 E040025 X
015 A000026 CITIBANK, N.A.
015 B000026 S
015 C010026 LIMA
015 D010026 PERU
015 E040026 X
015 A000027 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000027 S
<PAGE> PAGE 6
015 C010027 PASIG CITY MANILA
015 D010027 PHILIPPINES
015 E040027 X
015 A000028 BANCO COMERCIAL PORTUGUES, S.A. (BCP)
015 B000028 S
015 C010028 LISBON
015 D010028 PORTUGAL
015 E040028 X
015 A000029 UNITED OVERSEAS BANK LIMITED (UOB)
015 B000029 S
015 C010029 SINGAPORE
015 D010029 SINGAPORE
015 E040029 X
015 A000030 STANDARD CORPORATE AND MERCHANT BANK (SCMB)
015 B000030 S
015 C010030 JOHANNESBURG
015 D010030 SOUTH AFRICA
015 E040030 X
015 A000031 BANCO BILBAO VIZCAYA (BBV)
015 B000031 S
015 C010031 MADRID
015 D010031 SPAIN
015 E040031 X
015 A000032 STANDARD CHARTERED BANK (SCB)
015 B000032 S
015 C010032 COLOMBO
015 D010032 SRI LANKA
015 E040032 X
015 A000033 SKANDINAVISKA ENSKILDA BANKEN (SEB)
015 B000033 S
015 C010033 STOCKHOLM
015 D010033 SWEDEN
015 E040033 X
015 A000034 UNION BANK OF SWITZERLAND
015 B000034 S
015 C010034 ZURICH
015 D010034 SWITZERLAND
015 E040034 X
015 A000035 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD.
015 B000035 S
015 C010035 BANGKOK
015 D010035 THAILAND
015 E040035 X
015 A000036 OSMANLI BANKASI A.S.(OTTOMAN BANK)
015 B000036 S
015 C010036 ISTANBUL
015 D010036 TURKEY
015 E040036 X
015 A000037 THE BANK OF BOSTON
015 B000037 S
015 C010037 BUENOS AIRES
<PAGE> PAGE 7
015 D010037 ARGENTINA
015 E040037 X
015 A000038 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B000038 S
015 C010038 MELBOURNE
015 D010038 AUSTRALIA
015 E040038 X
015 A000039 CREDITANSTALT BANKVERREIN
015 B000039 S
015 C010039 VIENNA
015 D010039 AUSTRIA
015 E040039 X
015 A000040 THE FIRST NATIONAL BANK OF BOSTON
015 B000040 S
015 C010040 SAO PAULO
015 D010040 BRAZIL
015 E040040 X
015 A000041 DRESDNER BANK AG
015 B000041 S
015 C010041 FRANKFURT/MAIN
015 D010041 GERMANY
015 E040041 X
015 A000042 CESKOSLOVENSKA OBCHODNI BANKA A.S. (CSOB)
015 B000042 S
015 C010042 PRAHA (PRAGUE)
015 D010042 CZECH REPUBLIC
015 E040042 X
015 A000043 CITIBANK BUDAPEST RT.
015 B000043 S
015 C010043 BUDAPEST
015 D010043 HUNGARY
015 E040043 X
015 A000044 BANK LEUMI LE-ISRAEL B.M.
015 B000044 S
015 C010044 TEL AVIV
015 D010044 ISRAEL
015 E040044 X
015 A000045 BANK HANDLOWY W WARSZAWIE, S.A.
015 B000045 S
015 C010045 WARSAW
015 D010045 POLAND
015 E040045 X
015 A000046 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000046 S
015 C010046 TAIPEI
015 D010046 TAIWAN (ROC)
015 E040046 X
015 A000047 THE BANK OF NEW YORK
015 B000047 S
015 C010047 LONDON
015 D010047 UNITED KINGDOM
<PAGE> PAGE 8
015 E040047 X
015 A000048 CITIBANK, N.A.
015 B000048 S
015 C010048 CARACAS
015 D010048 VENEZUELA
015 E040048 X
015 A000049 MERCHANT BANK (GHANA) LIMITED
015 B000049 S
015 C010049 ACCRA
015 D010049 GHANA
015 E040049 X
015 A000050 BANQUE COMMERCIALE DU MAROC (BCM)
015 B000050 S
015 C010050 CASABLANCA
015 D010050 MOROCCO
015 E040050 X
015 A000051 STANBIC BANK BOTSWANA LIMITED (STANBIC)
015 B000051 S
015 C010051 GABARONE
015 D010051 BOTSWANA
015 E040051 X
015 A000052 BANCO DE CHILE
015 B000052 S
015 C010052 SANTIAGO
015 D010052 CHILE
015 E040052 X
015 A000053 FIRST CHICAGO CLEARING CENTRE (FCCC)
015 B000053 S
015 C010053 LONDON
015 D010053 UNITED KINGDOM
015 E040053 X
015 A000054 THE FIRST NATIONAL BANK OF BOSTON
015 B000054 S
015 C010054 MONTEVIDEO
015 D010054 URUGUAY
015 E040054 X
015 A000055 DEN DANSKE BANK
015 B000055 S
015 C010055 COPENHAGEN
015 D010055 DENMARK
015 E040055 X
015 A000056 CITIBANK, N.A.
015 B000056 S
015 C010056 QUITO
015 D010056 ECUADOR
015 E040056 X
015 A000057 CITIBANK, N.A. - EGYPT BRANCH
015 B000057 S
015 C010057 CAIRO
015 D010057 EGYPT
015 E040057 X
<PAGE> PAGE 9
015 A000058 BANQUE PARIBAS
015 B000058 S
015 C010058 PARIS
015 D010058 FRANCE
015 E040058 X
015 A000059 CREDIT COMMERICAL DE FRANCE
015 B000059 S
015 C010059 PARIS
015 D010059 FRANCE
015 E040059 X
015 A000060 BANQUE PARIBAS SA
015 B000060 S
015 C010060 MILAN
015 D010060 ITALY
015 E040060 X
015 A000061 JASDEC (DEPOSITORY)
015 B000061 S
015 C010061 TOKYO
015 D010061 JAPAN
015 E040061 X
015 A000062 THE BRITISH BANK OF THE MIDDLE EAST
015 B000062 S
015 C010062 AMMAN
015 D010062 JORDAN
015 E040062 X
015 A000063 STANBIC BANK KENYA LIMITED (STANBIC)
015 B000063 S
015 C010063 NAIROBI
015 D010063 KENYA
015 E040063 X
015 A000064 BANQUE INTERNATIONALE A LUXEMBOURG
015 B000064 S
015 C010064 LUXEMBOURG CITY
015 D010064 LUXEMBOURG
015 E040064 X
015 A000065 STANBIC BANK NAMIBIA LIMITED (STANBIC)
015 B000065 S
015 C010065 WINDHOEK
015 D010065 NAMIBIA
015 E040065 X
015 A000066 KAS - ASSOCIATE NV
015 B000066 S
015 C010066 AMSTERDAM
015 D010066 NETHERLANDS
015 E040066 X
015 A000067 STANBIC MERCHANT BANK NIGERIA LTD. (STANBIC)
015 B000067 S
015 C010067 LAGOS
015 D010067 NIGERIA
015 E040067 X
015 A000068 THE PHILIPPINE CENTRAL DEPOSITORY, INC.
<PAGE> PAGE 10
015 B000068 S
015 C010068 MAKATI CITY
015 D010068 PHILIPPINES
015 E040068 X
015 A000069 DELETE
015 A000070 DEVELOPMENT BANK OF SINGAPORE
015 B000070 S
015 C010070 SINGAPORE
015 D010070 SINGAPORE
015 E040070 X
015 A000071 CESKOSLOVENSKA OBCHODNA BANKA AS (CSOB)
015 B000071 S
015 C010071 BRATISLAVA
015 D010071 SLOVAK REPULIC
015 E040071 X
015 A000072 STANBIC BANK SWAZILAND LIMITED (SEB)
015 B000072 S
015 C010072 MBABANE
015 D010072 SWAZILAND
015 E040072 X
015 A000073 BANK LEU LTD.
015 B000073 S
015 C010073 ZURICH
015 D010073 SWITZERLAND
015 E040073 X
015 A000074 BANGKOK BANK PUBLIC COMPANY LTD.
015 B000074 S
015 C010074 BANGKOK
015 D010074 THAILAND
015 E040074 X
015 A000075 STANBIC BANK ZAMBIA LIMITED (STANBIC)
015 B000075 S
015 C010075 LUSAKA
015 D010075 ZAMBIA
015 E040075 X
015 A000076 STANBIC BANK ZIMBABWE LIMITED (STANBIC)
015 B000076 S
015 C010076 HARARE
015 D010076 ZIMBABWE
015 E040076 X
018 000000 Y
019 A000000 Y
019 B000000 206
019 C000000 FRNKTEMGRP
020 A000001 PAINEWEBBER INC.
020 B000001 13-2638166
020 C000001 21
020 A000002 MORGAN STANLEY & CO INC
020 B000002 13-2655998
020 C000002 21
020 A000003 FURMAN SELZ LLC
<PAGE> PAGE 11
020 B000003 13-2753731
020 C000003 11
020 A000004 MORGAN (JP) SECURITIES INC.
020 B000004 13-3224016
020 C000004 5
020 A000005 FORUM CAPITAL
020 B000005 06-1351111
020 C000005 4
020 A000006 SMITH BARNEY SHEARSON
020 B000006 13-1912900
020 C000006 4
020 A000007 EDWARDS (AG) & SONS INC
020 B000007 43-0895447
020 C000007 2
020 A000008 SALOMON BROTHERS INC.
020 B000008 13-3082694
020 C000008 1
020 A000009 LEHMAN BORTHERS INC.
020 B000009 13-2518466
020 C000009 1
020 A000010 GOLDMAN SACHS & CO
020 B000010 13-5108880
020 C000010 1
021 000000 72
022 A000001 UBS SECURITIES, L.L.C.
022 B000001 13-2932996
022 C000001 55664
022 D000001 0
022 A000002 BEAR, STEARNS & CO INC
022 B000002 13-3299429
022 C000002 48565
022 D000002 3542
022 A000003 DAIWA SECURITIES AMERICA INC
022 B000003 13-5680329
022 C000003 51208
022 D000003 0
022 A000004 FUJI SECURITIES INC
022 B000004 13-3038090
022 C000004 50799
022 D000004 0
022 A000005 CBIC WOOD GUNDY SECURITY
022 B000005 13-3639028
022 C000005 50304
022 D000005 0
022 A000006 LEHMAN BROTHERS, INC.
022 B000006 13-2518466
022 C000006 41721
022 D000006 5764
022 A000007 DONALDSON LUFKIN & JENRETTE
022 B000007 13-2741729
022 C000007 45704
<PAGE> PAGE 12
022 D000007 0
022 A000008 SBCI SWISS BANK CORP INV BANK
022 B000008 13-2639550
022 C000008 40164
022 D000008 0
022 A000009 BT SECURITIES CORPORATION
022 B000009 13-3311934
022 C000009 28770
022 D000009 9445
022 A000010 AUBREY LANSTON & COMPANY
022 B000010 13-5552129
022 C000010 36508
022 D000010 0
023 C000000 672464
023 D000000 144784
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
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
<PAGE> PAGE 13
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
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
<PAGE> PAGE 14
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 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 Y
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 0.7
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062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
<PAGE> PAGE 15
062 P000000 81.4
062 Q000000 0.2
062 R000000 43.7
063 A000000 0
063 B000000 4.9
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
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 Y
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 172070
071 B000000 184093
<PAGE> PAGE 16
071 C000000 334264
071 D000000 51
072 A000000 12
072 B000000 24141
072 C000000 6038
072 D000000 0
072 E000000 0
072 F000000 2539
072 G000000 0
072 H000000 0
072 I000000 127
072 J000000 5
072 K000000 19
072 L000000 7
072 M000000 21
072 N000000 0
072 O000000 0
072 P000000 4232
072 Q000000 0
072 R000000 38
072 S000000 5
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 179
072 X000000 7172
072 Y000000 0
072 Z000000 23007
072AA000000 13161
072BB000000 3717
072CC010000 8097
072CC020000 0
072DD010000 22200
072DD020000 0
072EE000000 375
073 A010000 0.8290
073 A020000 0.0000
073 B000000 0.0140
073 C000000 0.0000
074 A000000 0
074 B000000 1853
074 C000000 0
074 D000000 223203
074 E000000 32372
074 F000000 86563
074 G000000 0
074 H000000 0
074 I000000 217
074 J000000 1105
074 K000000 0
074 L000000 5166
<PAGE> PAGE 17
074 M000000 124
074 N000000 350603
074 O000000 0
074 P000000 218
074 Q000000 74987
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 2225
074 S000000 0
074 T000000 273173
074 U010000 26779
074 U020000 0
074 V010000 10.20
074 V020000 0.00
074 W000000 0.0000
074 X000000 5257
074 Y000000 17001
075 A000000 0
075 B000000 263329
076 000000 9.50
077 A000000 Y
077 B000000 Y
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 C000000 150000
081 A000000 Y
081 B000000 205
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
<PAGE> PAGE 18
088 A000000 Y
088 B000000 N
088 C000000 N
088 D000000 Y
SIGNATURE DIOMEDES LOO-TAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN UNIVERSAL TRUST AUGUST 31, 1997 ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 329,141,505
<INVESTMENTS-AT-VALUE> 344,208,058
<RECEIVABLES> 6,270,840
<ASSETS-OTHER> 124,057
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 350,602,955
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 74,986,950
<OTHER-ITEMS-LIABILITIES> 2,443,105
<TOTAL-LIABILITIES> 77,430,055
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 246,865,542
<SHARES-COMMON-STOCK> 26,779,333
<SHARES-COMMON-PRIOR> 26,779,333
<ACCUMULATED-NII-CURRENT> 2,066,401
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,175,056
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,065,901
<NET-ASSETS> 273,172,900
<DIVIDEND-INCOME> 6,038,496
<INTEREST-INCOME> 24,140,630
<OTHER-INCOME> 0
<EXPENSES-NET> (7,172,299)
<NET-INVESTMENT-INCOME> 23,006,827
<REALIZED-GAINS-CURRENT> 9,444,319
<APPREC-INCREASE-CURRENT> 8,096,901
<NET-CHANGE-FROM-OPS> 40,548,047
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (22,200,067)
<DISTRIBUTIONS-OF-GAINS> (374,911)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 17,973,069
<ACCUMULATED-NII-PRIOR> 1,252,117
<ACCUMULATED-GAINS-PRIOR> 107,572
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,539,333
<INTEREST-EXPENSE> 4,231,752
<GROSS-EXPENSE> 7,172,299
<AVERAGE-NET-ASSETS> 263,329,041
<PER-SHARE-NAV-BEGIN> 9.530
<PER-SHARE-NII> 0.860
<PER-SHARE-GAIN-APPREC> 0.650
<PER-SHARE-DIVIDEND> (0.830)
<PER-SHARE-DISTRIBUTIONS> (0.010)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.200
<EXPENSE-RATIO> 2.720
<AVG-DEBT-OUTSTANDING> 75,000,000
<AVG-DEBT-PER-SHARE> 2.800
</TABLE>
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Trustees
of the Franklin Universal Trust:
In planning and performing our audit of the financial
statements and financial highlights of the Franklin
Universal Trust for the year ended August 31, 1997, we
considered its internal control structure, including
procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and
financial highlights and to comply with the requirements of
Form N-SAR, not to provide assurance on the internal control
structure.
The management of the Franklin Universal Trust is
responsible for establishing and maintaining an internal
control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess
the expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of
an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance
with management's authorization and recorded properly to
permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the
structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or
that the effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control structure would
not necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the
design or operation of the specific internal control
structure elements does not reduce to a relatively low level
the risk that errors or irregularities in amounts that would
be material in relation to the financial statements and
financial highlights being audited may occur and not be
detected within a timely period by employees in the normal
course of performing their assigned functions. However, we
noted no matters involving the internal control structure,
including procedures for safeguarding securities, that we
consider to be material weaknesses, as defined above, as of
August 31, 1997.
This report is intended solely for the information and use
of management of the Franklin Universal Trust and the
Securities and Exchange Commission.
S\COOPERS & LYBRAND L.L.P.
Coopers & Lybrand L.L.P.
San Francisco, California
October 3, 1997
