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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 0bidTCiXR+RZMHHl6t+yYQ==

<SEC-DOCUMENT>0001209191-08-049811.txt : 20080902
<SEC-HEADER>0001209191-08-049811.hdr.sgml : 20080901
<ACCEPTANCE-DATETIME>20080902101047
ACCESSION NUMBER:		0001209191-08-049811
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080829
FILED AS OF DATE:		20080902
DATE AS OF CHANGE:		20080902

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FRANKLIN UNIVERSAL TRUST
		CENTRAL INDEX KEY:			0000833040
		IRS NUMBER:				943077602
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	BUSINESS ADDRESS:	
		STREET 1:		ONE FRANKLIN PARKWAY
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94403-1906
		BUSINESS PHONE:		650-312-2000

	MAIL ADDRESS:	
		STREET 1:		ONE FRANKLIN PARKWAY
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94403-1906

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			METROPOLITAN LIFE INSURANCE CO/NY
		CENTRAL INDEX KEY:			0000728618
		STANDARD INDUSTRIAL CLASSIFICATION:	INSURANCE AGENTS BROKERS & SERVICES [6411]
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05569
		FILM NUMBER:		081050529

	BUSINESS ADDRESS:	
		STREET 1:		ONE MADISON AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10010
		BUSINESS PHONE:		2125785914

	MAIL ADDRESS:	
		STREET 1:		ONE MADISON AVENUE LAW DEPARTMENT
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10010-3690
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>c75003_3.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0203</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2008-08-29</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000833040</issuerCik>
        <issuerName>FRANKLIN UNIVERSAL TRUST</issuerName>
        <issuerTradingSymbol>FT</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000728618</rptOwnerCik>
            <rptOwnerName>METROPOLITAN LIFE INSURANCE CO/NY</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>10 PARK AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MORRISTOWN</rptOwnerCity>
            <rptOwnerState>NJ</rptOwnerState>
            <rptOwnerZipCode>07962</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Assistant Secretary</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Franklin Universal Trust 5.87% Senior Notes due 8-28-13</value>
            </securityTitle>
            <postTransactionAmounts>
                <valueOwnedFollowingTransaction>
                    <value>64000000.00</value>
                </valueOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <ownerSignature>
        <signatureName>Thomas C. Hoi</signatureName>
        <signatureDate>2008-09-02</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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