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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                              WASHINGTON, DC 20549

                                    FORM N-PX

          ANNUAL REPORT OF PROXY VOTING RECORD 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:   6/30/07
                          ------------------

ITEM 1. PROXY VOTING RECORDS.




ALLIANT ENERGY CORP.

Ticker:       LNT            Security ID:  018802108
Meeting Date: MAY 10, 2007   Meeting Type: Annual
Record Date:  MAR 20, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director James A. Leach             For       For        Management
1.2   Elect Director Michael L. Bennett         For       For        Management
1.3   Elect Director Darryl B. Hazel            For       For        Management
1.4   Elect Director David A. Perdue            For       For        Management
1.5   Elect Director Judith D. Pyle             For       Withhold   Management
2     Ratify Auditors                           For       For        Management


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

AMEREN CORPORATION

Ticker:       AEE            Security ID:  023608102
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  MAR 6, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Stephen F. Brauer          For       For        Management
1.2   Elect Director Susan S. Elliott           For       For        Management
1.3   Elect Director Gayle P. W. Jackson        For       For        Management
1.4   Elect Director James C. Johnson           For       For        Management
1.5   Elect Director Richard A. Liddy           For       For        Management
1.6   Elect Director Gordon R. Lohman           For       For        Management
1.7   Elect Director Charles W. Mueller         For       For        Management
1.8   Elect Director Douglas R. Oberhelman      For       For        Management
1.9   Elect Director Gary L. Rainwater          For       For        Management
1.10  Elect Director Harvey Saligman            For       For        Management
1.11  Elect Director Patrick T. Stokes          For       For        Management
1.12  Elect Director Jack D. Woodard            For       For        Management
2     Ratify Auditors                           For       For        Management
3     Reduce the Release of Radioactive         Against   Against    Shareholder
      Materials from Callaway Facility


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

AMERICAN ELECTRIC POWER CO.

Ticker:       AEP            Security ID:  025537101
Meeting Date: APR 24, 2007   Meeting Type: Annual
Record Date:  MAR 6, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director E.R. Brooks                For       For        Management
1.2   Elect Director Donald M. Carlton          For       For        Management
1.3   Elect Director Ralph D. Crosby, Jr.       For       For        Management
1.4   Elect Director John P. DesBarres          For       For        Management
1.5   Elect Director Robert W. Fri              For       For        Management
1.6   Elect Director Linda A. Goodspeed         For       For        Management
1.7   Elect Director William R. Howell          For       For        Management
1.8   Elect Director Lester A. Hudson, Jr.      For       For        Management
1.9   Elect Director Michael G. Morris          For       For        Management
1.10  Elect Director Lionel L. Nowell III       For       For        Management
1.11  Elect Director Richard L. Sandor          For       For        Management
1.12  Elect Director Donald G. Smith            For       For        Management
1.13  Elect Director Kathryn D. Sullivan        For       For        Management
2     Amend Executive Incentive Bonus Plan      For       For        Management
3     Ratify Auditors                           For       For        Management


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

ANGLOGOLD ASHANTI LTD.

Ticker:       AU             Security ID:  035128206
Meeting Date: DEC 11, 2006   Meeting Type: Annual
Record Date:  NOV 2, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     SPECIAL RESOLUTION NUMBER 1 THE CREATION  For       For        Management
      OF E ORDINARY SHARES
2     SPECIAL RESOLUTION NUMBER 2 AMENDMENT TO  For       For        Management
      ARTICLES OF ASSOCIATION
3     ORDINARY RESOLUTION NUMBER 1 ADOPTION OF  For       For        Management
      THE BOKAMOSO EMPLOYEE SHARE OWNERSHIP
      PLAN
4     ORDINARY RESOLUTION NUMBER 2 SPECIFIC     For       For        Management
      ISSUE OF SHARES FOR CASH
5     ORDINARY RESOLUTION NUMBER 3 SPECIFIC     For       For        Management
      ISSUE OF SHARES FOR CASH
6     ORDINARY RESOLUTION NUMBER 4 AUTHORITY TO For       For        Management
      GIVE EFFECT TO THE  ABOVE RESOLUTIONS


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

ANGLOGOLD ASHANTI LTD.

Ticker:       AU             Security ID:  035128206
Meeting Date: MAY 4, 2007    Meeting Type: Annual
Record Date:  MAR 19, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Accept Financial Statements and Statutory For       For        Management
      Reports for Year Ended 12-31-06
2     Reelect F.B. Arisman as Director          For       For        Management
3     Reelect R.E. Bannerman as Director        For       For        Management
4     Reelect W.A. Nairn as Director            For       For        Management
5     Reelect S.R. Thompson as Director         For       For        Management
6     Reelect J.H. Mensah as Director Appointed For       For        Management
      During the Year
7     Reelect W.L. Nkuhlu as Director Appointed For       For        Management
      During the Year
8     Reelect S.M. Pityana as Director          For       For        Management
      Appointed During the Year
9     Place Authorized But Unissued Shares      For       For        Management
      under Control of Directors
10    Approve Issuance of Shares without        For       For        Management
      Preemptive Rights up to a Maximum of 10
      Percent of Issued Capital
11    Approve Remuneration of Directors         For       For        Management
12    Authorize Repurchase of Up to 20 Percent  For       For        Management
      of Issued Share Capital


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

ATMOS ENERGY CORP.

Ticker:       ATO            Security ID:  049560105
Meeting Date: FEB 7, 2007    Meeting Type: Annual
Record Date:  DEC 11, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Robert W. Best             For       For        Management
1.2   Elect Director Thomas J. Garland          For       For        Management
1.3   Elect Director Phillip E. Nichol          For       For        Management
1.4   Elect Director Charles K. Vaughan         For       For        Management
2     Amend Omnibus Stock Plan                  For       For        Management
3     Approve/Amend Executive Incentive Bonus   For       For        Management
      Plan


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

BARRICK GOLD CORP.

Ticker:       ABX            Security ID:  067901108
Meeting Date: MAY 2, 2007    Meeting Type: Annual/Special
Record Date:  MAR 14, 2007

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


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

CENTERPOINT ENERGY INC.

Ticker:       CNP            Security ID:  15189T107
Meeting Date: MAY 24, 2007   Meeting Type: Annual
Record Date:  MAR 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Michael E. Shannon         For       For        Management
1.2   Elect Director Donald R. Campbell         For       For        Management
1.3   Elect Director Milton Carroll             For       Withhold   Management
1.4   Elect Director Peter S. Wareing           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         Against   For        Shareholder
4     Other Business                            None      For        Management


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

CONSTELLATION ENERGY GROUP, INC.

Ticker:       CEG            Security ID:  210371100
Meeting Date: DEC 8, 2006    Meeting Type: Annual
Record Date:  OCT 27, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Douglas L. Becker          For       Withhold   Management
1.2   Elect Director Edward A. Crooke           For       For        Management
1.3   Elect Director Mayo A. Shattuck III       For       For        Management
1.4   Elect Director Michael D. Sullivan        For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Declassify the Board of Directors         None      For        Shareholder


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

CONSTELLATION ENERGY GROUP, INC.

Ticker:       CEG            Security ID:  210371100
Meeting Date: MAY 18, 2007   Meeting Type: Annual
Record Date:  MAR 16, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Yves C. de Balmann         For       For        Management
2     Elect Director Douglas L. Becker          For       Against    Management
3     Elect Director James T. Brady             For       For        Management
4     Elect Director Edward A. Crooke           For       For        Management
5     Elect Director James R. Curtiss           For       Against    Management
6     Elect Director Freeman A. Hrabowski, III  For       Against    Management
7     Elect Director Nancy Lampton              For       For        Management
8     Elect Director Robert J. Lawless          For       Against    Management
9     Elect Director Lynn M. Martin             For       Against    Management
10    Elect Director Mayo A. Shattuck, III      For       For        Management
11    Elect Director Michael D. Sullivan        For       Against    Management
12    Ratify Auditors                           For       For        Management
13    Approve Omnibus Stock Plan                For       For        Management
14    Approve Executive Incentive Bonus Plan    For       For        Management


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

DOMINION RESOURCES, INC.

Ticker:       D              Security ID:  25746U109
Meeting Date: APR 27, 2007   Meeting Type: Annual
Record Date:  FEB 23, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Peter W. Brown             For       For        Management
1.2   Elect Director George A. Davidson, Jr.    For       For        Management
1.3   Elect Director Thomas F. Farrell, II      For       For        Management
1.4   Elect Director John W. Harris             For       For        Management
1.5   Elect Director Robert S. Jepson, Jr.      For       For        Management
1.6   Elect Director Mark J. Kington            For       For        Management
1.7   Elect Director Benjamin J. Lambert, III   For       For        Management
1.8   Elect Director Margaret A. McKenna        For       For        Management
1.9   Elect Director Frank S. Royal, M.D.       For       For        Management
1.10  Elect Director David A. Wollard           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Greenhouse Gas Emissions        Against   Against    Shareholder
4     Report on Impact of Utilizing National    Against   Against    Shareholder
      Interest Electric Transmission Corridor


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

DTE ENERGY CO.

Ticker:       DTE            Security ID:  233331107
Meeting Date: MAY 3, 2007    Meeting Type: Annual
Record Date:  MAR 9, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Anthony F. Earley, Jr.     For       For        Management
1.2   Elect Director Allan D. Gilmour           For       For        Management
1.3   Elect Director Frank M. Hennessey         For       For        Management
1.4   Elect Director Gail J. McGovern           For       For        Management
1.5   Elect Director James H. Vandenberghe      For       For        Management
2     Ratify Auditors                           For       For        Management


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

DUKE ENERGY CORP.

Ticker:       DUK            Security ID:  26441C105
Meeting Date: OCT 24, 2006   Meeting Type: Annual
Record Date:  AUG 25, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Roger Agnelli              For       For        Management
1.2   Elect Director Paul M. Anderson           For       For        Management
1.3   Elect Director William Barnet, III        For       For        Management
1.4   Elect Director G. Alex Bernhardt, Sr.     For       For        Management
1.5   Elect Director Michael G. Browning        For       For        Management
1.6   Elect Director Phillip R. Cox             For       For        Management
1.7   Elect Director William T. Esrey           For       For        Management
1.8   Elect Director Ann Maynard Gray           For       For        Management
1.9   Elect Director James H. Hance, Jr.        For       For        Management
1.10  Elect Director Dennis R. Hendrix          For       For        Management
1.11  Elect Director Michael E.J. Phelps        For       For        Management
1.12  Elect Director James T. Rhodes            For       For        Management
1.13  Elect Director James E. Rogers            For       For        Management
1.14  Elect Director Mary L. Schapiro           For       For        Management
1.15  Elect Director Dudley S. Taft             For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


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

DUKE ENERGY CORP.

Ticker:       DUK            Security ID:  26441C105
Meeting Date: MAY 10, 2007   Meeting Type: Annual
Record Date:  MAR 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director William Barnet, III        For       For        Management
1.2   Elect Director G. Alex Bernhardt, Sr.     For       For        Management
1.3   Elect Director Michael G. Browning        For       For        Management
1.4   Elect Director Phillip R. Cox             For       For        Management
1.5   Elect Director Ann Maynard Gray           For       For        Management
1.6   Elect Director James H. Hance, Jr         For       For        Management
1.7   Elect Director James T. Rhodes            For       For        Management
1.8   Elect Director James E. Rogers            For       For        Management
1.9   Elect Director Mary L. Schapiro           For       For        Management
1.10  Elect Director Dudley S. Taft             For       For        Management
2     Ratify Auditors                           For       For        Management


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

EDISON INTERNATIONAL

Ticker:       EIX            Security ID:  281020107
Meeting Date: APR 26, 2007   Meeting Type: Annual
Record Date:  FEB 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director John E. Bryson             For       For        Management
1.2   Elect Director Vanessa C.L. Chang         For       For        Management
1.3   Elect Director France A. Cordova          For       For        Management
1.4   Elect Director Charles B. Curtis          For       For        Management
1.5   Elect Director Bradford M. Freeman        For       For        Management
1.6   Elect Director Luis G. Nogales            For       For        Management
1.7   Elect Director Ronald L. Olson            For       For        Management
1.8   Elect Director James M. Rosser            For       For        Management
1.9   Elect Director Richard T. Schlosberg, III For       For        Management
1.10  Elect Director Robert H. Smith            For       For        Management
1.11  Elect Director Thomas C. Sutton           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Performance-Based and/or Time-Based       Against   Against    Shareholder
      Equity Awards


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

ENTERGY CORP.

Ticker:       ETR            Security ID:  29364G103
Meeting Date: MAY 4, 2007    Meeting Type: Annual
Record Date:  MAR 6, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Maureen Scannell Bateman   For       For        Management
1.2   Elect Director W. Frank Blount            For       For        Management
1.3   Elect Director Simon D. DeBree            For       For        Management
1.4   Elect Director Gary W. Edwards            For       For        Management
1.5   Elect Director Alexis M. Herman           For       For        Management
1.6   Elect Director Donald C. Hintz            For       For        Management
1.7   Elect Director J. Wayne Leonard           For       For        Management
1.8   Elect Director Stuart L. Levenick         For       For        Management
1.9   Elect Director James R. Nichols           For       For        Management
1.10  Elect Director William A. Percy, II       For       For        Management
1.11  Elect Director W.J. Tauzin                For       For        Management
1.12  Elect Director Steven V. Wilkinson        For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Political Contributions         Against   Against    Shareholder
4     Limit Executive Compensation              Against   Against    Shareholder


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

EXELON CORP.

Ticker:       EXC            Security ID:  30161N101
Meeting Date: MAY 8, 2007    Meeting Type: Annual
Record Date:  MAR 19, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Nicholas DeBenedictis      For       Against    Management
2     Elect Director Sue L. Gin                 For       For        Management
3     Elect Director William C. Richardson,     For       For        Management
      Ph.D.
4     Elect Director Thomas J. Ridge            For       Against    Management
5     Elect Director Don Thompson               For       For        Management
6     Elect Director Stephen D. Steinour        For       For        Management
7     Ratify Auditors                           For       For        Management
8     Declassify the Board of Directors         For       For        Management
9     Submit Severance Agreement (Change in     Against   Against    Shareholder
      Control) to shareholder Vote


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

FIRSTENERGY CORPORATION

Ticker:       FE             Security ID:  337932107
Meeting Date: MAY 15, 2007   Meeting Type: Annual
Record Date:  MAR 21, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Paul T. Addison            For       For        Management
1.2   Elect Director Anthony J. Alexander       For       For        Management
1.3   Elect Director Michael J. Anderson        For       For        Management
1.4   Elect Director Carol A. Cartwright        For       Withhold   Management
1.5   Elect Director William T. Cottle          For       Withhold   Management
1.6   Elect Director Robert B. Heisler, Jr.     For       For        Management
1.7   Elect Director Ernest J. Novak, Jr.       For       For        Management
1.8   Elect Director Catherine A. Rein          For       For        Management
1.9   Elect Director George M. Smart            For       Withhold   Management
1.10  Elect Director Wes M. Taylor              For       For        Management
1.11  Elect Director Jesse T. Williams, Sr.     For       Withhold   Management
2     Ratify Auditors                           For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Reincorporate in Another State [Ohio to   Against   Against    Shareholder
      Delaware  ]
5     Adopt a Policy Establishing an Engagement Against   Against    Shareholder
      Process to Shareholder Proposals
6     Adopt Simple Majority Vote                Against   For        Shareholder


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

FPL GROUP, INC.

Ticker:       FPL            Security ID:  302571104
Meeting Date: DEC 15, 2006   Meeting Type: Annual
Record Date:  OCT 25, 2006

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


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

FPL GROUP, INC.

Ticker:       FPL            Security ID:  302571104
Meeting Date: MAY 25, 2007   Meeting Type: Annual
Record Date:  MAR 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Sherry S. Barrat           For       For        Management
1.2   Elect Director Robert M. Beall, II        For       For        Management
1.3   Elect Director J. Hyatt Brown             For       Withhold   Management
1.4   Elect Director James L. Camaren           For       For        Management
1.5   Elect Director J. Brian Ferguson          For       For        Management
1.6   Elect Director Lewis Hay, III             For       For        Management
1.7   Elect Director Toni Jennings              For       For        Management
1.8   Elect Director Oliver D. Kingsley, Jr.    For       For        Management
1.9   Elect Director Rudy E. Schupp             For       For        Management
1.10  Elect Director Michael H. Thaman          For       For        Management
1.11  Elect Director Hansel E. Tookes, II       For       For        Management
1.12  Elect Director Paul R. Tregurtha          For       For        Management
2     Ratify Auditors                           For       For        Management
3     Approve Non-Employee Director Stock       For       For        Management
      Option Plan


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

FRANKLIN UNIVERSAL TRUST

Ticker:       FT             Security ID:  355145103
Meeting Date: MAR 30, 2007   Meeting Type: Annual
Record Date:  JAN 2, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Harris J. Ashton           For       Did Not    Management
                                                          Vote
1.2   Elect Director Robert F. Carlson          For       Did Not    Management
                                                          Vote
1.3   Elect Director Edith E. Holiday           For       Did Not    Management
                                                          Vote
1.4   Elect Director Edward B. Jamieson         For       Did Not    Management
                                                          Vote
1.5   Elect Director Charles B. Johnson         For       Did Not    Management
                                                          Vote
1.6   Elect Director Rupert H. Johnson, Jr.     For       Did Not    Management
                                                          Vote
1.7   Elect Director Frank W.T. Lahaye          For       Did Not    Management
                                                          Vote
1.8   Elect Director Frank A. Olson             For       Did Not    Management
                                                          Vote
1.9   Elect Director John B. Wilson             For       Did Not    Management
                                                          Vote
2     Approve Open-ending the Fund or Enable    Against   Did Not    Shareholder
      Shareholders to Realize Net Asset Value             Vote


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

INSTITUTIONAL FIDUCIARY TRUST

Ticker:       INFXX          Security ID:  457756500
Meeting Date: MAY 11, 2007   Meeting Type: Special
Record Date:  JAN 5, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Trustee Harris J. Ashton            For       Echo       Management
                                                          Vote
1.2   Elect Trustee Robert F. Carlson           For       Echo       Management
                                                          Vote
1.3   Elect Trustee Sam L. Ginn                 For       Echo       Management
                                                          Vote
1.4   Elect Trustee Edith E. Holiday            For       Echo       Management
                                                          Vote
1.5   Elect Trustee Frank W. T. LaHaye          For       Echo       Management
                                                          Vote
1.6   Elect Trustee Frank A. Olson              For       Echo       Management
                                                          Vote
1.7   Elect Trustee Larry D. Thompson           For       Echo       Management
                                                          Vote
1.8   Elect Trustee John B. Wilson              For       Echo       Management
                                                          Vote
1.9   Elect Trustee Charles B. Johnson          For       Echo       Management
                                                          Vote
1.10  Elect Trustee Gregory E. Johnson          For       Echo       Management
                                                          Vote
2     Approve Conversion to Series of Delaware  For       Echo       Management
      Business Trust                                      Vote
3     Approve Change of Fundamental Investment  For       Echo       Management
      Policy                                              Vote
4     Approve Change of Fundamental Investment  For       Echo       Management
      Policy                                              Vote
5     Approve Change of Fundamental Investment  For       Echo       Management
      Policy                                              Vote
6     Approve Change of Fundamental Investment  For       Echo       Management
      Policy                                              Vote
7     Approve Change of Fundamental Investment  For       Echo       Management
      Policy                                              Vote
8     Approve Change of Fundamental Investment  For       Echo       Management
      Policy                                              Vote
9     Approve Change of Fundamental Investment  For       Echo       Management
      Policy                                              Vote
10    Approve Change of Fundamental Investment  For       Echo       Management
      Policy                                              Vote
11    Approve Elimination of Fundamental        For       Echo       Management
      Investment Policy                                   Vote
12    Approve Change of Fundamental Investment  For       Echo       Management
      Policy                                              Vote

For all items above, voted shares in the same proportion as the vote of all
 other shareholders.


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

NISOURCE INC.

Ticker:       NI             Security ID:  65473P105
Meeting Date: MAY 8, 2007    Meeting Type: Annual
Record Date:  MAR 13, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director Steven C. Beering          For       For        Management
2     Elect Director Dennis E. Foster           For       For        Management
3     Elect Director Marty K. Kittrell          For       For        Management
4     Elect Director Peter McCausland           For       For        Management
5     Elect Director Steven R. McCracken        For       For        Management
6     Elect Director W. Lee Nutter              For       For        Management
7     Elect Director Ian M. Rolland             For       For        Management
8     Elect Director Robert C. Skaggs, Jr       For       For        Management
9     Elect Director Richard L. Thompson        For       For        Management
10    Elect Director Carolyn Y. Woo             For       For        Management
11    Elect Director Roger A. Young             For       For        Management
12    Ratify Auditors                           For       For        Management


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

NSTAR

Ticker:       NST            Security ID:  67019E107
Meeting Date: MAY 3, 2007    Meeting Type: Annual
Record Date:  MAR 6, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Gary L. Countryman         For       Withhold   Management
1.2   Elect Director Daniel Dennis              For       For        Management
1.3   Elect Director Thomas J. May              For       For        Management
2     Approve Omnibus Stock Plan                For       For        Management
3     Ratify Auditors                           For       For        Management


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

PINNACLE WEST CAPITAL CORP.

Ticker:       PNW            Security ID:  723484101
Meeting Date: MAY 23, 2007   Meeting Type: Annual
Record Date:  MAR 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Declassify the Board of Directors         For       For        Management
2.1   Elect Director Roy A. Herberger, Jr.      For       For        Management
2.2   Elect Director Humberto S. Lopez          For       For        Management
2.3   Elect Director Kathryn L. Munro           For       For        Management
2.4   Elect Director William L. Stewart         For       For        Management
2.5   Elect Director Edward N. Basha, Jr.       For       For        Management
2.6   Elect Director Jack E. Davis              For       For        Management
2.7   Elect Director Michael L. Gallagher       For       Withhold   Management
2.8   Elect Director Pamela Grant               For       For        Management
2.9   Elect Director William S. Jamieson, Jr.   For       For        Management
2.10  Elect Director Bruce J. Nordstrom         For       For        Management
2.11  Elect Director William J. Post            For       For        Management
3     Approve Omnibus Stock Plan                For       For        Management
4     Ratify Auditors                           For       For        Management


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PROGRESS ENERGY, INC.

Ticker:       PGN            Security ID:  743263105
Meeting Date: MAY 9, 2007    Meeting Type: Annual
Record Date:  MAR 2, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1     Elect Director James E. Bostic, Jr.       For       For        Management
2     Elect Director David L. Burner            For       For        Management
3     Elect Director Richard L. Daugherty       For       For        Management
4     Elect Director Harris E. DeLoach, Jr.     For       For        Management
5     Elect Director Robert W. Jones            For       For        Management
6     Elect Director W. Steven Jones            For       For        Management
7     Elect Director Robert B. McGehee          For       For        Management
8     Elect Director E. Marie McKee             For       For        Management
9     Elect Director John H. Mullin, III        For       For        Management
10    Elect Director Carlos A. Saladrigas       For       For        Management
11    Elect Director Theresa M. Stone           For       For        Management
12    Elect Director Alfred C. Tollison, Jr.    For       For        Management
13    Ratify Auditors                           For       For        Management
14    Approve Omnibus Stock Plan                For       For        Management


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PUBLIC SERVICE ENTERPRISE GROUP INC.

Ticker:       PEG            Security ID:  744573106
Meeting Date: NOV 21, 2006   Meeting Type: Annual
Record Date:  SEP 29, 2006

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Caroline Dorsa *           For       For        Management
1.2   Elect Director E. James Ferland *         For       For        Management
1.3   Elect Director Albert R. Gamper, Jr. *    For       For        Management
1.4   Elect Director Ralph Izzo **              For       For        Management
2     Ratify Auditors                           For       For        Management
3     Limit Executive Compensation              Against   Against    Shareholder


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PUBLIC SERVICE ENTERPRISE GROUP INC.

Ticker:       PEG            Security ID:  744573106
Meeting Date: APR 17, 2007   Meeting Type: Annual
Record Date:  FEB 19, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Ernest H. Drew             For       For        Management
1.2   Elect Director William V. Hickey          For       For        Management
1.3   Elect Director Ralph Izzo                 For       For        Management
1.4   Elect Director Richard J. Swift           For       For        Management
2     Increase Authorized Common Stock          For       For        Management
3     Approve Non-Employee Director Stock       For       For        Management
      Option Plan
4     Declassify the Board of Directors         For       For        Management
5     Eliminate Cumulative Voting               For       For        Management
6     Eliminate Preemptive Rights               For       For        Management
7     Ratify Auditors                           For       For        Management


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SOUTHERN COMPANY

Ticker:       SO             Security ID:  842587107
Meeting Date: MAY 23, 2007   Meeting Type: Annual
Record Date:  MAR 26, 2007

#     Proposal                                  Mgt Rec   Vote Cast  Sponsor
1.1   Elect Director Juanita Powell Baranco     For       For        Management
1.2   Elect Director Dorrit J. Bern             For       For        Management
1.3   Elect Director Francis S. Blake           For       For        Management
1.4   Elect Director Thomas F. Chapman          For       For        Management
1.5   Elect Director H.William Habermeyer, Jr.  For       For        Management
1.6   Elect Director Donald M. James            For       For        Management
1.7   Elect Director J.Neal Purcell             For       For        Management
1.8   Elect Director David M. Ratcliffe         For       For        Management
1.9   Elect Director William G. Smith, Jr.      For       For        Management
1.10  Elect Director Gerald J. St. Pe           For       For        Management
2     Ratify Auditors                           For       For        Management
3     Report on Emission Reduction Goals        Against   Against    Shareholder



                                   SIGNATURES

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

(Registrant) FRANKLIN UNIVERSAL TRUST

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

Date  AUGUST 27, 2007
      ----------------------

* PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.