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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: 6/30/10

Item 1. Proxy Voting Records.

ALLIANT ENERGY CORP.

Ticker: LNT Security ID: 018802108

Meeting Date: MAY 20, 2010 Meeting Type: Annual

Record Date: MAR 18, 2010

# Proposal Mgt Rec Vote Cast Sponsor

1.1 Elect Director Michael L. Bennett For For Management

1.2 Elect Director Darryl B. Hazel For For Management

1.3 Elect Director David A. Perdue For For Management

1.4 Elect Director Judith D. Pyle For For Management

2 Approve Omnibus Stock Plan For For Management

3 Ratify Auditors For For Management

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AMERICAN ELECTRIC POWER COMPANY, INC.

Ticker: AEP Security ID: 025537101

Meeting Date: APR 27, 2010 Meeting Type: Annual

Record Date: MAR 1, 2010

# 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 James F. Cordes For For Management

1.4 Elect Director Ralph D. Crosby, Jr. For For Management

1.5 Elect Director Linda A. Goodspeed For For Management

1.6 Elect Director Thomas E. Hoaglin For For Management

1.7 Elect Director Lester A. Hudson, Jr. For For Management

1.8 Elect Director Michael G. Morris For For Management

1.9 Elect Director Lionel L. Nowell III For For Management

1.10 Elect Director Richard L. Sandor For For Management

1.11 Elect Director Kathryn D. Sullivan For For Management

1.12 Elect Director Sara Martinez Tucker For For Management

1.13 Elect Director John F. Turner For For Management

2 Amend Omnibus Stock Plan For For Management

3 Ratify Auditors For For Management

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ATMOS ENERGY CORP.

Ticker: ATO Security ID: 049560105

Meeting Date: FEB 3, 2010 Meeting Type: Annual

Record Date: DEC 10, 2009

# Proposal Mgt Rec Vote Cast Sponsor

1.1 Elect Director Robert W. Best For For Management

1.2 Elect Director Kim R. Cocklin For For Management

1.3 Elect Director Robert C. Grable For For Management

1.4 Elect Director Phillip E. Nichol For For Management

1.5 Elect Director Charles K. Vaughan For For Management

2 Declassify the Board of Directors For For Management

3 Ratify Auditors For For Management

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CENTERPOINT ENERGY, INC.

Ticker: CNP Security ID: 15189T107

Meeting Date: APR 22, 2010 Meeting Type: Annual

Record Date: FEB 22, 2010

# Proposal Mgt Rec Vote Cast Sponsor

1 Elect Director Donald R. Campbell For For Management

2 Elect Director Milton Carroll For For Management

3 Elect Director Derrill Cody For For Management

4 Elect Director Michael P. Johnson For For Management

5 Elect Director David M. McClanahan For For Management

6 Elect Director Robert T. O Connell For For Management

7 Elect Director Susan O. Rheney For For Management

8 Elect Director R.A. Walker For For Management

9 Elect Director Peter S. Wareing For For Management

10 Ratify Auditors For For Management

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CONSOLIDATED EDISON, INC.

Ticker: ED Security ID: 209115104

Meeting Date: MAY 17, 2010 Meeting Type: Annual

Record Date: MAR 30, 2010

# Proposal Mgt Rec Vote Cast Sponsor

1 Elect Director Kevin Burke For For Management

2 Elect Director Vincent A. Calarco For For Management

3 Elect Director George Campbell, Jr. For Against Management

4 Elect Director Gordon J. Davis For For Management

5 Elect Director Michael J. Del Giudice For For Management

6 Elect Director Ellen V. Futter For Against Management

7 Elect Director John F. Hennessy, III For For Management

8 Elect Director Sally Hernandez For For Management

9 Elect Director John F. Killian For For Management

10 Elect Director Eugene R. McGrath For For Management

11 Elect Director Michael W. Ranger For For Management

12 Elect Director L. Frederick Sutherland For For Management

13 Ratify Auditors For For Management

14 Increase Disclosure of Executive Against Against Shareholder

Compensation

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DOMINION RESOURCES, INC.

Ticker: D Security ID: 25746U109

Meeting Date: MAY 18, 2010 Meeting Type: Annual

Record Date: MAR 12, 2010

# Proposal Mgt Rec Vote Cast Sponsor

1.1 Elect Director William P. Barr For For Management

1.2 Elect Director Peter W. Brown For For Management

1.3 Elect Director George A. Davidson, Jr. For For Management

1.4 Elect Director Thomas F. Farrell II For For Management

1.5 Elect Director John W. Harris For For Management

1.6 Elect Director Robert S. Jepson, Jr. For For Management

1.7 Elect Director Mark J. Kington For For Management

1.8 Elect Director Margaret A. McKenna For For Management

1.9 Elect Director Frank S. Royal For For Management

1.10 Elect Director Robert H. Spilman, Jr. For For Management

1.11 Elect Director David A. Wollard For For Management

2 Ratify Auditors For For Management

3 Reduce Supermajority Vote Requirement For For Management

4 Reduce Supermajority Vote Requirement For For Management

5 Reduce Supermajority Vote Requirement For For Management

6 Reduce Supermajority Vote Requirement For For Management

7 Amend Quorum Requirements For For Management

8 Adopt Renewable Energy Production Goal Against Against Shareholder

9 Stop Construction of Nuclear Reactor at Against Against Shareholder

North Anna Facility

10 Advisory Vote to Ratify Named Executive Against For Shareholder

Officers' Compensation

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DUKE ENERGY CORPORATION

Ticker: DUK Security ID: 26441C105

Meeting Date: MAY 6, 2010 Meeting Type: Annual

Record Date: MAR 11, 2010

# 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 Daniel R. DiMicco For For Management

1.5 Elect Director John H. Forsgren For For Management

1.6 Elect Director Ann Maynard Gray For For Management

1.7 Elect Director James H. Hance, Jr. For For Management

1.8 Elect Director E. James Reinsch For For Management

1.9 Elect Director James T. Rhodes For For Management

1.10 Elect Director James E. Rogers For For Management

1.11 Elect Director Philip R. Sharp For For Management

2 Approve Omnibus Stock Plan For For Management

3 Ratify Auditors For For Management

4 Report on Global Warming Lobbying Against Against Shareholder

Activities

5 Require a Majority Vote for the Against For Shareholder

Election of Directors

6 Stock Retention/Holding Period Against Against Shareholder

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EDISON INTERNATIONAL

Ticker: EIX Security ID: 281020107

Meeting Date: APR 22, 2010 Meeting Type: Annual

Record Date: MAR 2, 2010

# Proposal Mgt Rec Vote Cast Sponsor

1.1 Elect Director Jagjeet S. Bindra 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 Theodore F. Craver, Jr. For For Management

1.5 Elect Director Charles B. Curtis For For Management

1.6 Elect Director Bradford M. Freeman For For Management

1.7 Elect Director Luis G. Nogales For For Management

1.8 Elect Director Ronald L. Olson For Withhold Management

1.9 Elect Director James M. Rosser For For Management

1.10 Elect Director Richard T. Schlosberg, For For Management

III

1.11 Elect Director Thomas C. Sutton For For Management

1.12 Elect Director Brett White For For Management

2 Ratify Auditors For For Management

3 Advisory Vote to Ratify Named Executive For For Management

Officers' Compensation

4 Advisory Vote to Ratify Named Executive Against Against Shareholder

Officers' Compensation

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ENTERGY CORPORATION

Ticker: ETR Security ID: 29364G103

Meeting Date: MAY 7, 2010 Meeting Type: Annual

Record Date: MAR 9, 2010

# Proposal Mgt Rec Vote Cast Sponsor

1 Elect Director Maureen Scannell Bateman For For Management

2 Elect Director W. Frank Blount For For Management

3 Elect Director Gary W. Edwards For For Management

4 Elect Director Alexis M. Herman For For Management

5 Elect Director Donald C. Hintz For For Management

6 Elect Director J. Wayne Leonard For For Management

7 Elect Director Stuart L. Levenick For For Management

8 Elect Director Stewart C. Myers For For Management

9 Elect Director James R. Nichols For For Management

10 Elect Director William A. Percy, II For For Management

11 Elect Director W.J. Tauzin For For Management

12 Elect Director Steven V. Wilkinson For For Management

13 Ratify Auditors For For Management

14 Amend Executive Incentive Bonus Plan For For Management

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EXELON CORPORATION

Ticker: EXC Security ID: 30161N101

Meeting Date: APR 27, 2010 Meeting Type: Annual

Record Date: MAR 1, 2010

# Proposal Mgt Rec Vote Cast Sponsor

1 Elect Director John A. Canning, Jr. For For Management

2 Elect Director M. Walter D'Alessio For For Management

3 Elect Director Nicholas DeBenedictis For For Management

4 Elect Director Bruce DeMars For For Management

5 Elect Director Nelson A. Diaz For Against Management

6 Elect Director Sue L. Gin For For Management

7 Elect Director Rosemarie B. Greco For For Management

8 Elect Director Paul L. Joskow For For Management

9 Elect Director Richard W. Mies For For Management

10 Elect Director John M. Palms For For Management

11 Elect Director William C. Richardson For For Management

12 Elect Director Thomas J. Ridge For For Management

13 Elect Director John W. Rogers, Jr. For For Management

14 Elect Director John W. Rowe For For Management

15 Elect Director Stephen D. Steinour For For Management

16 Elect Director Don Thompson For For Management

17 Approve Omnibus Stock Plan For Against Management

18 Ratify Auditors For For Management

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FIRSTENERGY CORP.

Ticker: FE Security ID: 337932107

Meeting Date: MAY 18, 2010 Meeting Type: Annual

Record Date: MAR 22, 2010

# Proposal Mgt Rec Vote Cast Sponsor

1.1 Elect Director Paul T. Addison For Withhold Management

1.2 Elect Director Anthony J. Alexander For Withhold Management

1.3 Elect Director Michael J. Anderson For Withhold 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 Withhold Management

1.7 Elect Director Ernest J. Novak, Jr. For Withhold Management

1.8 Elect Director Catherine A. Rein For Withhold Management

1.9 Elect Director George M. Smart For Withhold Management

1.10 Elect Director Wes M. Taylor For Withhold Management

1.11 Elect Director Jesse T. Williams, Sr. For Withhold Management

2 Ratify Auditors For For Management

3 Amend Bylaws-- Call Special Meetings Against For Shareholder

4 Stock Retention/Holding Period Against Against Shareholder

5 Provide Right to Act by Written Consent Against For Shareholder

6 Require a Majority Vote for the Against For Shareholder

Election of Directors

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FPL GROUP, INC.

Ticker: FPL Security ID: 302571104

Meeting Date: MAY 21, 2010 Meeting Type: Annual

Record Date: MAR 22, 2010

# 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 For 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 William H. Swanson For For Management

1.11 Elect Director Michael H. Thaman For For Management

1.12 Elect Director Hansel E. Tookes, II For For Management

2 Ratify Auditors For For Management

3 Change Company Name For For Management

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GREAT PLAINS ENERGY INCORPORATED

Ticker: GXP Security ID: 391164100

Meeting Date: MAY 4, 2010 Meeting Type: Annual

Record Date: FEB 23, 2010

# Proposal Mgt Rec Vote Cast Sponsor

1.1 Elect Director David L. Bodde For For Management

1.2 Elect Director Michael J. Chesser For For Management

1.3 Elect Director William H. Downey For For Management

1.4 Elect Director Randall C. Ferguson, Jr. For For Management

1.5 Elect Director Gary D. Forsee For For Management

1.6 Elect Director James A. Mitchell For For Management

1.7 Elect Director William C. Nelson For For Management

1.8 Elect Director John J. Sherman For For Management

1.9 Elect Director Linda H. Talbott For For Management

1.10 Elect Director Robert H. West For For Management

2 Ratify Auditors For For Management

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NV ENERGY, INC.

Ticker: NVE Security ID: 67073Y106

Meeting Date: MAY 4, 2010 Meeting Type: Annual

Record Date: MAR 8, 2010

# Proposal Mgt Rec Vote Cast Sponsor

1.1 Elect Director Brian J. Kennedy For For Management

1.2 Elect Director John F. O'Reilly For For Management

1.3 Elect Director Michael W. Yackira For For Management

2 Amend Qualified Employee Stock Purchase For For Management

Plan

3 Ratify Auditors For For Management

4 Reduce Supermajority Vote Requirement Against For Shareholder

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PG&E CORPORATION

Ticker: PCG Security ID: 69331C108

Meeting Date: MAY 12, 2010 Meeting Type: Annual

Record Date: MAR 15, 2010

# Proposal Mgt Rec Vote Cast Sponsor

1 Elect Director David R. Andrews For For Management

2 Elect Director Lewis Chew For For Management

3 Elect Director C. Lee Cox For For Management

4 Elect Director Peter A. Darbee For For Management

5 Elect Director Maryellen C. Herringer For Against Management

6 Elect Director Roger H. Kimmel For For Management

7 Elect Director Richard A. Meserve For For Management

8 Elect Director Forrest E. Miller For For Management

9 Elect Director Rosendo G. Parra For For Management

10 Elect Director Barbara L. Rambo For For Management

11 Elect Director Barry Lawson Williams For For Management

12 Ratify Auditors For For Management

13 Advisory Vote to Ratify Named Executive For For Management

Officers' Compensation

14 Amend Omnibus Stock Plan For For Management

15 Require Independent Board Chairman Against For Shareholder

16 Limits for Directors Involved with Against Against Shareholder

Bankruptcy

17 Report on Political Contributions Against For Shareholder

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PINNACLE WEST CAPITAL CORPORATION

Ticker: PNW Security ID: 723484101

Meeting Date: MAY 19, 2010 Meeting Type: Annual

Record Date: MAR 22, 2010

# Proposal Mgt Rec Vote Cast Sponsor

1.1 Elect Director Edward N. Basha, Jr. For For Management

1.2 Elect Director Donald E. Brandt For For Management

1.3 Elect Director Susan Clark-Johnson For For Management

1.4 Elect Director Denis A. Cortese For For Management

1.5 Elect Director Michael L. Gallagher For Withhold Management

1.6 Elect Director Pamela Grant For For Management

1.7 Elect Director Roy A. Herberger, Jr. For For Management

1.8 Elect Director Humberto S. Lopez For For Management

1.9 Elect Director Kathryn L. Munro For For Management

1.10 Elect Director Bruce J. Nordstrom For For Management

1.11 Elect Director W. Douglas Parker For For Management

2 Provide Right to Call Special Meeting For For Management

3 Ratify Auditors For For Management

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PPL CORPORATION

Ticker: PPL Security ID: 69351T106

Meeting Date: MAY 19, 2010 Meeting Type: Annual

Record Date: FEB 26, 2010

# Proposal Mgt Rec Vote Cast Sponsor

1.1 Elect Director Stuart E. Graham For For Management

1.2 Elect Director Stuart Heydt For For Management

1.3 Elect Director Craig A. Rogerson For For Management

2 Declassify the Board of Directors For For Management

3 Ratify Auditors For For Management

4 Amend Articles/Bylaws/Charter -- Call Against For Shareholder

Special Meetings

5 Require a Majority Vote for the Against For Shareholder

Election of Directors

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PROGRESS ENERGY, INC.

Ticker: PGN Security ID: 743263105

Meeting Date: MAY 12, 2010 Meeting Type: Annual

Record Date: MAR 5, 2010

# Proposal Mgt Rec Vote Cast Sponsor

1 Elect Director John D. Baker, II For Against Management

2 Elect Director James E. Bostic, Jr. For For Management

3 Elect Director Harris E. DeLoach, Jr. For For Management

4 Elect Director James B. Hyler, Jr. For For Management

5 Elect Director William D. Johnson For For Management

6 Elect Director Robert W. Jones For For Management

7 Elect Director W. Steven Jones For For Management

8 Elect Director Melquiades R. Martinez For For Management

9 Elect Director E. Marie McKee For For Management

10 Elect Director John H. Mullin, III For For Management

11 Elect Director Charles W. Pryor, Jr. For For Management

12 Elect Director Carlos A. Saladrigas For For Management

13 Elect Director Theresa M. Stone For For Management

14 Elect Director Alfred C. Tollison, Jr. For For Management

15 Ratify Auditors For For Management

16 Stock Retention/Holding Period Against Against Shareholder

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PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

Ticker: PEG Security ID: 744573106

Meeting Date: APR 20, 2010 Meeting Type: Annual

Record Date: FEB 19, 2010

# Proposal Mgt Rec Vote Cast Sponsor

1 Elect Director Albert R. Gamper, Jr. For For Management

2 Elect Director Conrad K. Harper For For Management

3 Elect Director William V. Hickey For For Management

4 Elect Director Ralph Izzo For For Management

5 Elect Director Shirley Ann Jackson For For Management

6 Elect Director David Lilley For For Management

7 Elect Director Thomas A. Renyi For For Management

8 Elect Director Hak Cheol Shin For For Management

9 Elect Director Richard J. Swift For For Management

10 Ratify Auditors For For Management

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SEMPRA ENERGY

Ticker: SRE Security ID: 816851109

Meeting Date: MAY 12, 2010 Meeting Type: Annual

Record Date: MAR 15, 2010

# Proposal Mgt Rec Vote Cast Sponsor

1 Elect Director James G. Brocksmith Jr. For For Management

2 Elect Director Donald E. Felsinger For For Management

3 Elect Director Wilford D. Godbold Jr. For For Management

4 Elect Director William D. Jones For For Management

5 Elect Director William G. Ouchi For For Management

6 Elect Director Carlos Ruiz For For Management

7 Elect Director William C. Rusnack For For Management

8 Elect Director William P. Rutledge For For Management

9 Elect Director Lynn Schenk For For Management

10 Elect Director Neal E. Schmale For For Management

11 Ratify Auditors For For Management

12 Advisory Vote to Ratify Named Executive Against For Shareholder

Officers' Compensation

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SOUTHERN COMPANY, THE

Ticker: SO Security ID: 842587107

Meeting Date: MAY 26, 2010 Meeting Type: Annual

Record Date: MAR 30, 2010

# Proposal Mgt Rec Vote Cast Sponsor

1.1 Elect Director J. P. Baranco For For Management

1.2 Elect Director J. A. Boscia For For Management

1.3 Elect Director H. A. Clark III For For Management

1.4 Elect Director H. W. Habermeyer, Jr. For For Management

1.5 Elect Director V. M. Hagen For For Management

1.6 Elect Director W. A. Hood, Jr. For For Management

1.7 Elect Director D. M. James For Withhold Management

1.8 Elect Director J. N. Purcell For For Management

1.9 Elect Director D. M. Ratcliffe For For Management

1.10 Elect Director W. G. Smith, Jr. For For Management

1.11 Elect Director L. D. Thompson For For Management

2 Ratify Auditors For For Management

3 Adopt Majority Voting for Uncontested For For Management

Election of Directors

4 Eliminate Cumulative Voting For For Management

5 Increase Authorized Common Stock For For Management

6 Adopt Quantitative GHG Goals for Against Against Shareholder

Products and Operations

7 Report on Coal Combustion Waste Hazard Against Against Shareholder

and Risk Mitigation Efforts

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SPECTRA ENERGY CORP

Ticker: SE Security ID: 847560109

Meeting Date: APR 27, 2010 Meeting Type: Annual

Record Date: FEB 26, 2010

# Proposal Mgt Rec Vote Cast Sponsor

1.1 Elect Director William T. Esrey For For Management

1.2 Elect Director Gregory L. Ebel For For Management

1.3 Elect Director Pamela L. Carter For For Management

1.4 Elect Director Peter B. Hamilton For For Management

1.5 Elect Director Dennis R. Hendrix For For Management

1.6 Elect Director Michael E.J. Phelps For For Management

2 Ratify Auditors For For Management

3 Require a Majority Vote for the Against For Shareholder

Election of Directors

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WESTAR ENERGY, INC.

Ticker: WR Security ID: 95709T100

Meeting Date: MAY 20, 2010 Meeting Type: Annual

Record Date: MAR 22, 2010

# Proposal Mgt Rec Vote Cast Sponsor

1.1 Elect Director B. Anthony Isaac For For Management

1.2 Elect Director Michael F. Morrissey For For Management

2 Ratify Auditors For For Management

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WISCONSIN ENERGY CORPORATION

Ticker: WEC Security ID: 976657106

Meeting Date: MAY 6, 2010 Meeting Type: Annual

Record Date: FEB 25, 2010

# Proposal Mgt Rec Vote Cast Sponsor

1.1 Elect Director John F. Bergstrom For For Management

1.2 Elect Director Barbara L. Bowles For For Management

1.3 Elect Director Patricia W. Chadwick For For Management

1.4 Elect Director Robert A. Cornog For For Management

1.5 Elect Director Curt S. Culver For For Management

1.6 Elect Director Thomas J. Fischer For For Management

1.7 Elect Director Gale E. Klappa For For Management

1.8 Elect Director Ulice Payne, Jr. For For Management

1.9 Elect Director Frederick P. Stratton, For For Management

Jr.

2 Ratify Auditors For For Management

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XCEL ENERGY INC.

Ticker: XEL Security ID: 98389B100

Meeting Date: MAY 19, 2010 Meeting Type: Annual

Record Date: MAR 23, 2010

# Proposal Mgt Rec Vote Cast Sponsor

1.1 Elect DirectorFredric W. Corrigan For For Management

1.2 Elect Director Richard K. Davis For For Management

1.3 Elect Director Benjamin G.S. Fowke, III For For Management

1.4 Elect Director Richard C. Kelly For For Management

1.5 Elect Director Albert F. Moreno For For Management

1.6 Elect Director Christopher J. For For Management

Policinski

1.7 Elect Director A. Patricia Sampson For For Management

1.8 Elect Director David A. Westerlund For For Management

1.9 Elect Director Kim Williams For For Management

1.10 Elect Director Timothy V. Wolf For For Management

2 Approve Executive Incentive Bonus Plan For For Management

3 Amend Omnibus Stock Plan For For Management

4 Ratify Auditors For For Management

5 Advisory Vote to Ratify Named Executive Against For Shareholder

Officers' Compensation

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/ LAURA F. FERGERSON

Laura F. Fergerson,

Chief Executive Officer – Finance and Administration

Date August 27, 2010

* Print the name and title of each signing officer under his or her signature.