Franklin Income Fund (FRIAX) NPORT-P Franklin Growth Fund (Jun 2024 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FCF-Q3PH

1

Schedules

of

Investments

(unaudited)

Franklin

DynaTech

Fund

2

Franklin

Growth

Fund

6

Franklin

Income

Fund

10

Franklin

U.S.

Government

Securities

Fund

32

Franklin

Utilities

Fund

35

Notes

to

Schedules

of

Investments

37

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited),

June

30,

2024

Franklin

DynaTech

Fund

franklintempleton.com

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

2

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

99.8%

Aerospace

&

Defense

1.1%

a

Axon

Enterprise,

Inc.

...................................

United

States

925,000

$

272,172,000

Automobiles

1.1%

a

Tesla,

Inc.

...........................................

United

States

1,500,000

296,820,000

Biotechnology

0.9%

a

Argenx

SE

..........................................

Netherlands

100,000

43,394,944

a

Ascendis

Pharma

A/S

,

ADR

.............................

Denmark

300,000

40,914,000

a

Crinetics

Pharmaceuticals,

Inc.

...........................

United

States

200,000

8,958,000

a

Insmed,

Inc.

.........................................

United

States

200,000

13,400,000

a

Krystal

Biotech,

Inc.

...................................

United

States

100,000

18,364,000

a

Merus

NV

...........................................

Netherlands

150,000

8,875,500

a

Moderna,

Inc.

........................................

United

States

50,000

5,937,500

a

Natera,

Inc.

..........................................

United

States

700,000

75,803,000

a

Rocket

Pharmaceuticals,

Inc.

............................

United

States

100,000

2,153,000

a

United

Therapeutics

Corp.

...............................

United

States

50,000

15,927,500

233,727,444

Broadline

Retail

8.8%

a

Amazon.com,

Inc.

.....................................

United

States

10,000,000

1,932,500,000

a

MercadoLibre,

Inc.

....................................

Brazil

200,000

328,680,000

2,261,180,000

Capital

Markets

1.4%

Moody's

Corp.

........................................

United

States

150,000

63,139,500

MSCI,

Inc.

,

A

.........................................

United

States

150,000

72,262,500

Tradeweb

Markets,

Inc.

,

A

...............................

United

States

2,100,000

222,600,000

358,002,000

Communications

Equipment

0.3%

a

Arista

Networks,

Inc.

...................................

United

States

200,000

70,096,000

Construction

&

Engineering

0.8%

Quanta

Services,

Inc.

..................................

United

States

800,000

203,272,000

Diversified

Consumer

Services

0.1%

a

Duolingo,

Inc.

,

A

......................................

United

States

150,000

31,300,500

Electrical

Equipment

0.0%

†

Vertiv

Holdings

Co.

,

A

..................................

United

States

100,000

8,657,000

Electronic

Equipment,

Instruments

&

Components

0.7%

Amphenol

Corp.

,

A

....................................

United

States

1,150,000

77,475,500

a

Celestica,

Inc.

........................................

Canada

200,000

11,466,000

Jabil,

Inc.

...........................................

United

States

50,000

5,439,500

Keyence

Corp.

.......................................

Japan

175,000

76,605,594

170,986,594

Energy

Equipment

&

Services

0.5%

Baker

Hughes

Co.

,

A

...................................

United

States

1,000,000

35,170,000

a

Oceaneering

International,

Inc.

...........................

United

States

1,000,000

23,660,000

Schlumberger

NV

.....................................

United

States

750,000

35,385,000

TechnipFMC

plc

......................................

United

Kingdom

1,250,000

32,687,500

126,902,500

Entertainment

0.2%

a

Netflix,

Inc.

..........................................

United

States

30,000

20,246,400

Nintendo

Co.

Ltd.

.....................................

Japan

350,000

18,693,458

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

DynaTech

Fund

(continued)

franklintempleton.com

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Entertainment

(continued)

a

Spotify

Technology

SA

..................................

United

States

35,000

$

10,982,650

49,922,508

Financial

Services

3.9%

Mastercard,

Inc.

,

A

....................................

United

States

1,700,000

749,972,000

Visa,

Inc.

,

A

..........................................

United

States

1,000,000

262,470,000

1,012,442,000

Ground

Transportation

1.0%

a

Uber

Technologies,

Inc.

.................................

United

States

3,500,000

254,380,000

Health

Care

Equipment

&

Supplies

3.2%

a

Boston

Scientific

Corp.

.................................

United

States

200,000

15,402,000

a

Dexcom,

Inc.

.........................................

United

States

250,000

28,345,000

a

IDEXX

Laboratories,

Inc.

................................

United

States

500,000

243,600,000

a

Intuitive

Surgical,

Inc.

..................................

United

States

1,050,000

467,092,500

a

PROCEPT

BioRobotics

Corp.

............................

United

States

350,000

21,381,500

Stryker

Corp.

........................................

United

States

100,000

34,025,000

a

TransMedics

Group,

Inc.

................................

United

States

100,000

15,062,000

824,908,000

Health

Care

Providers

&

Services

0.6%

a

HealthEquity,

Inc.

.....................................

United

States

500,000

43,100,000

UnitedHealth

Group,

Inc.

................................

United

States

200,000

101,852,000

144,952,000

Health

Care

Technology

0.1%

Pro

Medicus

Ltd.

......................................

Australia

250,000

23,743,118

a

Veeva

Systems,

Inc.

,

A

.................................

United

States

50,000

9,150,500

32,893,618

Hotels,

Restaurants

&

Leisure

1.0%

a

Airbnb,

Inc.

,

A

........................................

United

States

125,000

18,953,750

Booking

Holdings,

Inc.

.................................

United

States

40,000

158,460,000

a

DoorDash,

Inc.

,

A

.....................................

United

States

650,000

70,707,000

a

MakeMyTrip

Ltd.

......................................

India

200,000

16,820,000

264,940,750

Interactive

Media

&

Services

8.9%

Alphabet,

Inc.

,

A

......................................

United

States

7,000,000

1,275,050,000

Meta

Platforms,

Inc.

,

A

.................................

United

States

2,000,000

1,008,440,000

2,283,490,000

IT

Services

1.9%

a

Gartner,

Inc.

.........................................

United

States

100,000

44,906,000

a

MongoDB,

Inc.

,

A

.....................................

United

States

450,000

112,482,000

a

Shopify,

Inc.

,

A

.......................................

Canada

5,000,000

330,397,603

a

Wix.com

Ltd.

.........................................

Israel

25,000

3,976,750

491,762,353

Life

Sciences

Tools

&

Services

2.9%

Danaher

Corp.

.......................................

United

States

1,350,000

337,297,500

a,b

Tempus

AI,

Inc.

,

A

.....................................

United

States

396,200

13,867,000

Thermo

Fisher

Scientific,

Inc.

............................

United

States

700,000

387,100,000

738,264,500

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

DynaTech

Fund

(continued)

franklintempleton.com

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

4

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Media

0.0%

†

a

Trade

Desk,

Inc.

(The)

,

A

................................

United

States

50,000

$

4,883,500

Pharmaceuticals

3.0%

AstraZeneca

plc

,

ADR

..................................

United

Kingdom

1,000,000

77,990,000

Eli

Lilly

&

Co.

........................................

United

States

700,000

633,766,000

Novo

Nordisk

A/S

,

ADR

.................................

Denmark

350,000

49,959,000

761,715,000

Professional

Services

0.1%

Verisk

Analytics,

Inc.

,

A

.................................

United

States

75,000

20,216,250

Semiconductors

&

Semiconductor

Equipment

27.9%

a

Advanced

Micro

Devices,

Inc.

............................

United

States

1,600,000

259,536,000

Analog

Devices,

Inc.

...................................

United

States

2,000,000

456,520,000

a

ARM

Holdings

plc

,

ADR

................................

United

States

100,000

16,362,000

ASM

International

NV

..................................

Netherlands

250,000

191,120,714

ASML

Holding

NV

,

ADR

................................

Netherlands

750,000

767,047,500

Broadcom,

Inc.

.......................................

United

States

125,000

200,691,250

Entegris,

Inc.

.........................................

United

States

500,000

67,700,000

Intel

Corp.

...........................................

United

States

500,000

15,485,000

KLA

Corp.

...........................................

United

States

550,000

453,480,500

Lam

Research

Corp.

...................................

United

States

535,000

569,694,750

a

Lattice

Semiconductor

Corp.

.............................

United

States

1,000,000

57,990,000

Monolithic

Power

Systems,

Inc.

...........................

United

States

500,000

410,840,000

NVIDIA

Corp.

........................................

United

States

30,000,000

3,706,200,000

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

...........

Taiwan

100,000

17,381,000

7,190,048,714

Software

27.5%

a

Adobe,

Inc.

..........................................

United

States

50,000

27,777,000

a

Appfolio,

Inc.

,

A

.......................................

United

States

150,000

36,685,500

a

AppLovin

Corp.

,

A

.....................................

United

States

350,000

29,127,000

a

Aspen

Technology,

Inc.

.................................

United

States

25,000

4,965,750

a

Atlassian

Corp.

,

A

.....................................

United

States

25,000

4,422,000

a

Cadence

Design

Systems,

Inc.

...........................

United

States

2,300,000

707,825,000

Constellation

Software,

Inc.

..............................

Canada

70,000

201,674,901

a

Crowdstrike

Holdings,

Inc.

,

A

.............................

United

States

100,000

38,319,000

a

Datadog,

Inc.

,

A

......................................

United

States

500,000

64,845,000

a

Descartes

Systems

Group,

Inc.

(The)

......................

Canada

800,000

77,472,000

a

Elastic

NV

...........................................

United

States

50,000

5,695,500

a

Fair

Isaac

Corp.

......................................

United

States

50,000

74,433,000

a

HubSpot,

Inc.

........................................

United

States

500,000

294,895,000

Intuit,

Inc.

...........................................

United

States

1,000,000

657,210,000

a

Klaviyo,

Inc.

,

A

.......................................

United

States

500,000

12,445,000

a,c

Lumine

Group,

Inc.

,

Reg

S

..............................

Canada

500,000

13,495,834

a

Manhattan

Associates,

Inc.

..............................

United

States

300,000

74,004,000

Microsoft

Corp.

.......................................

United

States

4,500,000

2,011,275,000

a

Monday.com

Ltd.

......................................

United

States

500,000

120,380,000

a

Palo

Alto

Networks,

Inc.

................................

United

States

1,000,000

339,010,000

a

Procore

Technologies,

Inc.

..............................

United

States

800,000

53,048,000

Roper

Technologies,

Inc.

................................

United

States

500,000

281,830,000

Salesforce,

Inc.

.......................................

United

States

500,000

128,550,000

a

ServiceNow,

Inc.

......................................

United

States

1,150,000

904,670,500

a

SPS

Commerce,

Inc.

...................................

United

States

100,000

18,816,000

a

Synopsys,

Inc.

.......................................

United

States

1,250,000

743,825,000

a

Tyler

Technologies,

Inc.

.................................

United

States

150,000

75,417,000

a

Workday,

Inc.

,

A

......................................

United

States

350,000

78,246,000

7,080,358,985

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

DynaTech

Fund

(continued)

franklintempleton.com

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

5

See

Abbreviations

on

page

44

.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Technology

Hardware,

Storage

&

Peripherals

1.9%

Apple,

Inc.

..........................................

United

States

2,250,000

$

473,895,000

a

Pure

Storage,

Inc.

,

A

...................................

United

States

100,000

6,421,000

480,316,000

Trading

Companies

&

Distributors

0.0%

†

Fastenal

Co.

.........................................

United

States

200,000

12,568,000

Total

Common

Stocks

(Cost

$

9,956,118,804

)

....................................

25,681,178,216

Warrants

Warrants

0.0%

Software

0.0%

a,d

Constellation

Software,

Inc.

,

3/31/40

.......................

Canada

50,000

—

Total

Warrants

(Cost

$

–

)

......................................................

—

Total

Long

Term

Investments

(Cost

$

9,956,118,804

)

.............................

25,681,178,216

a

Short

Term

Investments

0.3%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

0.2%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.972

%

....

United

States

54,691,602

54,691,602

Total

Money

Market

Funds

(Cost

$

54,691,602

)

..................................

54,691,602

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.1%

Money

Market

Funds

0.1%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.972

%

....

United

States

11,217,000

11,217,000

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

11,217,000

)

...........................................................

11,217,000

Total

Short

Term

Investments

(Cost

$

65,908,602

)

................................

65,908,602

a

Total

Investments

(Cost

$

10,022,027,406

)

100.1

%

...............................

$25,747,086,818

Other

Assets,

less

Liabilities

(

0.1

)

%

...........................................

(21,061,877)

Net

Assets

100.0%

...........................................................

$25,726,024,941

a

a

a

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

June

30,

2024.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

June

30,

2024,

the

value

of

this

security

was

$13,495,834,

representing

0.1%

of

net

assets.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

e

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited),

June

30,

2024

Franklin

Growth

Fund

franklintempleton.com

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

6

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

98.5%

Aerospace

&

Defense

3.7%

BWX

Technologies,

Inc.

................................

United

States

1,344,011

$

127,681,045

Curtiss-Wright

Corp.

...................................

United

States

244,600

66,281,708

Lockheed

Martin

Corp.

.................................

United

States

202,955

94,800,280

Northrop

Grumman

Corp.

...............................

United

States

627,397

273,513,722

RTX

Corp.

..........................................

United

States

1,505,110

151,097,993

713,374,748

Beverages

2.3%

Constellation

Brands,

Inc.,

A

.............................

United

States

452,178

116,336,356

a

Monster

Beverage

Corp.

................................

United

States

3,914,026

195,505,598

PepsiCo,

Inc.

........................................

United

States

813,145

134,112,005

445,953,959

Biotechnology

1.6%

AbbVie,

Inc.

.........................................

United

States

435,787

74,746,186

Amgen,

Inc.

.........................................

United

States

509,836

159,298,258

a

Regeneron

Pharmaceuticals,

Inc.

.........................

United

States

72,246

75,932,714

309,977,158

Broadline

Retail

4.6%

a

Amazon.com,

Inc.

.....................................

United

States

4,539,124

877,185,713

Building

Products

1.7%

Trane

Technologies

plc

.................................

United

States

989,869

325,597,610

Capital

Markets

4.2%

BlackRock,

Inc.

.......................................

United

States

123,820

97,485,962

Blackstone,

Inc.

......................................

United

States

798,607

98,867,547

Charles

Schwab

Corp.

(The)

.............................

United

States

2,102,782

154,954,006

Intercontinental

Exchange,

Inc.

...........................

United

States

1,350,590

184,882,265

S&P

Global,

Inc.

......................................

United

States

350,525

156,334,150

Tradeweb

Markets,

Inc.,

A

...............................

United

States

1,129,220

119,697,320

812,221,250

Chemicals

2.9%

Air

Products

and

Chemicals,

Inc.

..........................

United

States

473,767

122,255,574

Ecolab,

Inc.

..........................................

United

States

590,978

140,652,764

Linde

plc

............................................

United

States

664,827

291,732,736

554,641,074

Commercial

Services

&

Supplies

0.6%

Republic

Services,

Inc.,

A

...............................

United

States

616,799

119,868,718

Construction

Materials

0.9%

Martin

Marietta

Materials,

Inc.

............................

United

States

334,397

181,176,295

Consumer

Staples

Distribution

&

Retail

1.1%

Costco

Wholesale

Corp.

................................

United

States

253,449

215,429,115

Electric

Utilities

0.9%

NextEra

Energy,

Inc.

...................................

United

States

2,555,446

180,951,131

Electrical

Equipment

1.3%

AMETEK,

Inc.

........................................

United

States

612,967

102,187,729

Eaton

Corp.

plc

.......................................

United

States

437,964

137,323,612

239,511,341

Electronic

Equipment,

Instruments

&

Components

3.1%

Amphenol

Corp.,

A

....................................

United

States

4,932,630

332,311,283

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Growth

Fund

(continued)

franklintempleton.com

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Electronic

Equipment,

Instruments

&

Components

(continued)

TE

Connectivity

Ltd.

...................................

United

States

1,770,857

$

266,390,019

598,701,302

Entertainment

0.3%

a

ROBLOX

Corp.,

A

.....................................

United

States

1,475,286

54,895,392

Financial

Services

3.6%

Mastercard,

Inc.,

A

....................................

United

States

964,326

425,422,058

Visa,

Inc.,

A

..........................................

United

States

1,011,118

265,388,142

690,810,200

Ground

Transportation

2.9%

Canadian

Pacific

Kansas

City

Ltd.

.........................

Canada

1,346,949

106,045,295

JB

Hunt

Transport

Services,

Inc.

..........................

United

States

359,667

57,546,720

Old

Dominion

Freight

Line,

Inc.

...........................

United

States

103,800

18,331,080

a

Uber

Technologies,

Inc.

.................................

United

States

557,439

40,514,666

Union

Pacific

Corp.

....................................

United

States

1,433,210

324,278,095

546,715,856

Health

Care

Equipment

&

Supplies

4.1%

Abbott

Laboratories

....................................

United

States

741,502

77,049,473

a

Edwards

Lifesciences

Corp.

.............................

United

States

966,324

89,259,348

a

Haemonetics

Corp.

....................................

United

States

737,264

60,993,850

a

Intuitive

Surgical,

Inc.

..................................

United

States

932,640

414,884,904

Stryker

Corp.

........................................

United

States

388,847

132,305,192

774,492,767

Health

Care

Providers

&

Services

1.0%

UnitedHealth

Group,

Inc.

................................

United

States

392,715

199,994,041

Health

Care

Technology

0.4%

a

Veeva

Systems,

Inc.,

A

.................................

United

States

408,813

74,816,867

Hotels,

Restaurants

&

Leisure

1.9%

a

Airbnb,

Inc.,

A

........................................

United

States

579,890

87,928,721

Booking

Holdings,

Inc.

.................................

United

States

28,173

111,607,339

a

Chipotle

Mexican

Grill,

Inc.,

A

............................

United

States

2,460,000

154,119,000

353,655,060

Industrial

REITs

0.5%

Prologis,

Inc.

.........................................

United

States

840,900

94,441,479

Interactive

Media

&

Services

4.3%

Alphabet,

Inc.,

A

......................................

United

States

2,056,520

374,595,118

Alphabet,

Inc.,

C

......................................

United

States

2,401,900

440,556,498

815,151,616

IT

Services

0.5%

a,b,c

Canva,

Inc.,

B

........................................

Australia

25,413

27,107,058

a

MongoDB,

Inc.,

A

.....................................

United

States

133,700

33,419,652

a

Shopify,

Inc.,

A

.......................................

Canada

411,700

27,192,785

87,719,495

Life

Sciences

Tools

&

Services

5.0%

Agilent

Technologies,

Inc.

...............................

United

States

1,169,568

151,611,100

Danaher

Corp.

.......................................

United

States

1,132,672

282,998,099

a

Mettler-Toledo

International,

Inc.

..........................

United

States

166,809

233,130,590

Thermo

Fisher

Scientific,

Inc.

............................

United

States

317,634

175,651,602

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Growth

Fund

(continued)

franklintempleton.com

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

8

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Life

Sciences

Tools

&

Services

(continued)

West

Pharmaceutical

Services,

Inc.

........................

United

States

358,800

$

118,185,132

961,576,523

Machinery

3.5%

Deere

&

Co.

.........................................

United

States

377,751

141,139,106

Dover

Corp.

.........................................

United

States

215,744

38,931,005

Illinois

Tool

Works,

Inc.

.................................

United

States

753,519

178,553,862

Ingersoll

Rand,

Inc.

....................................

United

States

1,859,776

168,942,052

Xylem,

Inc.

..........................................

United

States

983,901

133,446,493

661,012,518

Pharmaceuticals

3.8%

AstraZeneca

plc,

ADR

..................................

United

Kingdom

2,110,216

164,575,746

Eli

Lilly

&

Co.

........................................

United

States

629,084

569,560,072

734,135,818

Professional

Services

0.4%

Automatic

Data

Processing,

Inc.

..........................

United

States

105,229

25,117,110

Verisk

Analytics,

Inc.,

A

.................................

United

States

178,221

48,039,470

73,156,580

Semiconductors

&

Semiconductor

Equipment

13.9%

a

ARM

Holdings

plc,

ADR

................................

United

States

356,500

58,330,530

ASML

Holding

NV,

ADR

................................

Netherlands

388,894

397,733,561

Lam

Research

Corp.

...................................

United

States

28,550

30,401,467

a

Lattice

Semiconductor

Corp.

.............................

United

States

695,800

40,349,442

Monolithic

Power

Systems,

Inc.

...........................

United

States

418,345

343,745,720

NVIDIA

Corp.

........................................

United

States

10,870,070

1,342,888,448

NXP

Semiconductors

NV

...............................

China

665,330

179,033,650

Texas

Instruments,

Inc.

.................................

United

States

1,326,618

258,066,999

2,650,549,817

Software

17.9%

a

Adobe,

Inc.

..........................................

United

States

143,493

79,716,101

a

Autodesk,

Inc.

........................................

United

States

790,713

195,661,932

a,b,c

Checkout

Payments

Group

Ltd.,

B

.........................

United

Kingdom

96,603

8,736,028

a

Crowdstrike

Holdings,

Inc.,

A

.............................

United

States

132,753

50,869,622

Intuit,

Inc.

...........................................

United

States

710,431

466,902,357

Microsoft

Corp.

.......................................

United

States

2,793,768

1,248,674,608

a

Procore

Technologies,

Inc.

..............................

United

States

66,651

4,419,628

a

PTC,

Inc.

...........................................

United

States

1,026,515

186,486,980

Salesforce,

Inc.

.......................................

United

States

534,162

137,333,050

a

ServiceNow,

Inc.

......................................

United

States

634,095

498,823,514

a,b,c

Stripe,

Inc.,

B

........................................

United

States

540,043

14,072,149

a

Synopsys,

Inc.

.......................................

United

States

537,220

319,678,133

a

Tyler

Technologies,

Inc.

.................................

United

States

114,252

57,443,621

a

Workday,

Inc.,

A

......................................

United

States

661,601

147,907,520

3,416,725,243

Technology

Hardware,

Storage

&

Peripherals

3.6%

Apple,

Inc.

..........................................

United

States

3,279,793

690,790,002

Textiles,

Apparel

&

Luxury

Goods

0.7%

NIKE,

Inc.,

B

.........................................

United

States

1,757,536

132,465,488

Trading

Companies

&

Distributors

0.9%

Fastenal

Co.

.........................................

United

States

2,605,313

163,717,869

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Growth

Fund

(continued)

franklintempleton.com

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

9

See

Abbreviations

on

page

44

.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Water

Utilities

0.4%

American

Water

Works

Co.,

Inc.

..........................

United

States

579,967

$

74,908,538

Total

Common

Stocks

(Cost

$

4,576,995,409)

....................................

18,826,320,583

Convertible

Preferred

Stocks

0.4%

IT

Services

0.0%

†

a,b,c

Canva,

Inc.,

A

........................................

Australia

2,353

2,509,854

a,b,c

Canva,

Inc.,

A-3

......................................

Australia

94

100,266

a,b,c

Canva,

Inc.,

A-4

......................................

Australia

8

8,533

a,b,c

Canva,

Inc.,

A-5

......................................

Australia

5

5,333

2,623,986

Software

0.4%

a,b,c

Gusto,

Inc.,

E

........................................

United

States

822,494

20,601,898

a,b,c

OneTrust

LLC,

C

......................................

United

States

849,894

13,180,443

a,b,c

Stripe,

Inc.,

I

.........................................

United

States

1,759,545

45,849,273

79,631,614

Total

Convertible

Preferred

Stocks

(Cost

$81,287,285)

...........................

82,255,600

Preferred

Stocks

0.6%

Life

Sciences

Tools

&

Services

0.6%

d

Sartorius

AG,

0.34%

...................................

Germany

475,000

111,206,443

Total

Preferred

Stocks

(Cost

$164,568,096)

.....................................

111,206,443

Total

Long

Term

Investments

(Cost

$4,822,850,790)

.............................

19,019,782,626

a

Short

Term

Investments

0.4%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

0.4%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.972%

....

United

States

69,430,608

69,430,608

Total

Money

Market

Funds

(Cost

$69,430,608)

..................................

69,430,608

Total

Short

Term

Investments

(Cost

$69,430,608

)

................................

69,430,608

a

Total

Investments

(Cost

$4,892,281,398)

99.9%

..................................

$19,089,213,234

Other

Assets,

less

Liabilities

0.1%

.............................................

26,387,988

Net

Assets

100.0%

...........................................................

$19,115,601,222

a

a

a

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

c

See

Note

3

regarding

restricted

securities.

d

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

e

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited),

June

30,

2024

Franklin

Income

Fund

franklintempleton.com

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

10

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

21.1%

Aerospace

&

Defense

1.3%

a

Lockheed

Martin

Corp.

.................................

United

States

1,650,000

$

770,715,000

RTX

Corp.

..........................................

United

States

2,000,000

200,780,000

971,495,000

Air

Freight

&

Logistics

0.3%

United

Parcel

Service,

Inc.,

B

............................

United

States

1,500,000

205,275,000

Banks

1.3%

a

Bank

of

America

Corp.

.................................

United

States

8,000,000

318,160,000

Fifth

Third

Bancorp

....................................

United

States

4,000,000

145,960,000

PNC

Financial

Services

Group,

Inc.

(The)

...................

United

States

1,000,000

155,480,000

Truist

Financial

Corp.

..................................

United

States

5,998,900

233,057,265

US

Bancorp

.........................................

United

States

1,500,000

59,550,000

912,207,265

Beverages

0.9%

Coca-Cola

Co.

(The)

...................................

United

States

3,000,000

190,950,000

PepsiCo,

Inc.

........................................

United

States

3,000,000

494,790,000

685,740,000

Biotechnology

0.7%

a

AbbVie,

Inc.

.........................................

United

States

2,000,000

343,040,000

Amgen,

Inc.

.........................................

United

States

500,000

156,225,000

499,265,000

Capital

Markets

0.1%

a

Morgan

Stanley

.......................................

United

States

500,000

48,595,000

Chemicals

0.8%

Air

Products

and

Chemicals,

Inc.

..........................

United

States

1,250,000

322,562,500

Albemarle

Corp.

......................................

United

States

1,000,000

95,520,000

LyondellBasell

Industries

NV,

A

...........................

United

States

1,700,000

162,622,000

580,704,500

Communications

Equipment

0.4%

Cisco

Systems,

Inc.

...................................

United

States

6,595,000

313,328,450

Containers

&

Packaging

0.2%

a

International

Paper

Co.

.................................

United

States

4,000,000

172,600,000

Diversified

Telecommunication

Services

0.3%

Verizon

Communications,

Inc.

............................

United

States

5,000,000

206,200,000

Electric

Utilities

3.1%

American

Electric

Power

Co.,

Inc.

.........................

United

States

3,000,000

263,220,000

Duke

Energy

Corp.

....................................

United

States

4,000,000

400,920,000

Edison

International

...................................

United

States

1,800,000

129,258,000

Entergy

Corp.

........................................

United

States

500,000

53,500,000

a

NextEra

Energy,

Inc.

...................................

United

States

6,300,975

446,172,040

Southern

Co.

(The)

....................................

United

States

10,000,000

775,700,000

Xcel

Energy,

Inc.

......................................

United

States

3,000,000

160,230,000

2,229,000,040

Ground

Transportation

0.4%

Union

Pacific

Corp.

....................................

United

States

1,250,000

282,825,000

Health

Care

Equipment

&

Supplies

0.2%

Medtronic

plc

........................................

United

States

1,500,000

118,065,000

Health

Care

Providers

&

Services

0.4%

a

CVS

Health

Corp.

.....................................

United

States

5,000,000

295,300,000

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Income

Fund

(continued)

franklintempleton.com

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Hotels,

Restaurants

&

Leisure

0.3%

a

McDonald's

Corp.

.....................................

United

States

500,000

$

127,420,000

a

Starbucks

Corp.

......................................

United

States

1,000,000

77,850,000

205,270,000

Household

Products

0.8%

Procter

&

Gamble

Co.

(The)

.............................

United

States

3,500,000

577,220,000

Industrial

Conglomerates

0.4%

Honeywell

International,

Inc.

.............................

United

States

1,250,000

266,925,000

Insurance

0.1%

a

MetLife,

Inc.

.........................................

United

States

1,000,000

70,190,000

IT

Services

0.1%

International

Business

Machines

Corp.

.....................

United

States

500,000

86,475,000

Media

0.1%

Comcast

Corp.,

A

.....................................

United

States

2,000,000

78,320,000

Metals

&

Mining

0.5%

a

Freeport-McMoRan,

Inc.

................................

United

States

2,500,000

121,500,000

Rio

Tinto

plc,

ADR

.....................................

Australia

3,500,000

230,755,000

352,255,000

Multi-Utilities

0.7%

Dominion

Energy,

Inc.

..................................

United

States

5,000,000

245,000,000

Sempra

.............................................

United

States

3,000,000

228,180,000

473,180,000

Oil,

Gas

&

Consumable

Fuels

3.3%

a

Chevron

Corp.

.......................................

United

States

7,500,000

1,173,150,000

ConocoPhillips

.......................................

United

States

2,500,000

285,950,000

Exxon

Mobil

Corp.

.....................................

United

States

5,000,000

575,600,000

Shell

plc,

ADR

........................................

United

States

4,000,000

288,720,000

TotalEnergies

SE,

ADR

.................................

France

1,500,000

100,020,000

2,423,440,000

Pharmaceuticals

2.6%

b

Bausch

Health

Cos.,

Inc.

................................

United

States

10,000,000

69,700,000

Bristol-Myers

Squibb

Co.

................................

United

States

3,000,000

124,590,000

b

Endo,

Inc.

...........................................

United

States

3,251,038

91,841,823

b,c

Endo,

Inc.,

144A

......................................

United

States

1,233,284

34,686,113

Johnson

&

Johnson

...................................

United

States

7,000,000

1,023,120,000

Pfizer,

Inc.

...........................................

United

States

20,000,000

559,600,000

1,903,537,936

Semiconductors

&

Semiconductor

Equipment

0.3%

a

Broadcom,

Inc.

.......................................

United

States

100,000

160,553,000

Intel

Corp.

...........................................

United

States

3,000,000

92,910,000

253,463,000

Specialty

Retail

0.9%

Home

Depot,

Inc.

(The)

.................................

United

States

1,810,751

623,332,924

Tobacco

0.6%

Philip

Morris

International,

Inc.

...........................

United

States

4,000,000

405,320,000

Total

Common

Stocks

(Cost

$13,690,800,197)

...................................

15,239,529,115

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Income

Fund

(continued)

franklintempleton.com

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

12

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Management

Investment

Companies

0.3%

Capital

Markets

0.2%

d

Clarion

Partners

Real

Estate

Income

Fund,

Inc.,

Class

I

........

United

States

7,867,833

$

92,683,071

Financial

Services

0.1%

b,d

Franklin

BSP

Real

Estate

Credit

BDC

......................

United

States

3,988,603

99,715,075

b

Total

Management

Investment

Companies

(Cost

$199,715,075)

...................

192,398,146

Equity-Linked

Securities

17.2%

Aerospace

&

Defense

0.5%

c

Barclays

Bank

plc

into

Northrop

Grumman

Corp.,

144A,

7%,

11/08/24

..........................................

United

States

315,000

139,974,479

c

Wells

Fargo

Bank

NA

into

Boeing

Co.

(The),

144A,

9%,

6/17/25

..

United

States

1,350,000

239,870,451

379,844,930

Air

Freight

&

Logistics

0.3%

c

J.P.

Morgan

Structured

Products

BV

into

United

Parcel

Service,

Inc.,

144A,

9%,

10/22/24

..................................

United

States

1,530,000

212,688,383

Banks

1.9%

c

Barclays

Bank

plc

into

Citigroup,

Inc.,

144A,

9%,

7/03/24

........

United

States

5,110,000

284,420,276

c

Barclays

Bank

plc

into

US

Bancorp,

144A,

10%,

8/23/24

........

United

States

4,320,000

173,259,860

c

BNP

Paribas

Issuance

BV

into

Bank

of

America

Corp.,

144A,

8.5%,

2/26/25

...........................................

United

States

6,800,000

244,655,206

c

Citigroup

Global

Markets

Holdings,

Inc.

into

Bank

of

America

Corp.,

144A,

8%,

8/16/24

...................................

United

States

8,128,000

291,526,909

c

Merrill

Lynch

International

&

Co.

CV

into

Fifth

Third

Bancorp,

144A,

10%,

3/10/25

.......................................

United

States

3,150,000

112,224,667

c

Royal

Bank

of

Canada

into

Citigroup,

Inc.,

144A,

10%,

10/15/24

..

United

States

6,300,000

298,818,963

1,404,905,881

Biotechnology

0.3%

c

Merrill

Lynch

International

&

Co.

CV

into

AbbVie,

Inc.,

144A,

7.5%,

4/23/25

...........................................

United

States

1,385,000

239,764,440

Broadline

Retail

0.4%

c

Goldman

Sachs

International

Bank

into

Amazon.com,

Inc.,

144A,

9%,

11/20/24

.......................................

United

States

2,375,000

312,626,732

Building

Products

0.4%

c

J.P.

Morgan

Structured

Products

BV

into

Johnson

Controls

International

plc,

144A,

8%,

9/09/24

......................

United

States

2,360,000

152,132,208

c

Wells

Fargo

Bank

NA

into

Johnson

Controls

International

plc,

144A,

9%,

12/10/24

.......................................

United

States

2,450,000

139,874,776

292,006,984

Capital

Markets

1.7%

c

BNP

Paribas

Issuance

BV

into

Goldman

Sachs

Group,

Inc.

(The),

144A,

7.5%,

8/19/24

.................................

United

States

690,000

278,665,310

c

Goldman

Sachs

International

Bank

into

Morgan

Stanley,

144A,

9%,

12/24/24

..........................................

United

States

2,812,000

264,811,823

c

Merrill

Lynch

International

&

Co.

CV

into

Charles

Schwab

Corp.

(The),

144A,

9%,

2/25/25

..............................

United

States

3,550,000

242,472,445

c,e

Merrill

Lynch

International

&

Co.

CV

into

Morgan

Stanley,

144A,

9%,

7/14/25

...........................................

United

States

1,650,000

159,494,063

c

UBS

AG

into

Charles

Schwab

Corp.

(The),

144A,

10%,

7/17/24

...

United

States

4,300,000

273,144,098

1,218,587,739

Chemicals

0.4%

c

Barclays

Bank

plc

into

Air

Products

and

Chemicals,

Inc.,

144A,

8.5%,

3/10/25

...........................................

United

States

730,000

177,914,058

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Income

Fund

(continued)

franklintempleton.com

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

13

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Equity-Linked

Securities

(continued)

Chemicals

(continued)

c

National

Bank

of

Canada

into

Albemarle

Corp.,

144A,

12%,

3/31/25

United

States

830,000

$

85,285,065

263,199,123

Communications

Equipment

0.6%

c

Royal

Bank

of

Canada

into

Cisco

Systems,

Inc.,

144A,

8%,

9/03/24

United

States

4,300,000

205,942,010

c

UBS

AG

into

Cisco

Systems,

Inc.,

144A,

8%,

6/10/25

..........

United

States

5,000,000

238,486,588

444,428,598

Consumer

Staples

Distribution

&

Retail

0.4%

c

UBS

AG

into

Target

Corp.,

144A,

9%,

9/05/24

................

United

States

1,935,000

285,336,875

Containers

&

Packaging

0.2%

c

Mizuho

Markets

Cayman

LP

into

International

Paper

Co.,

144A,

10%,

1/22/25

.......................................

United

States

2,900,000

114,987,984

Electric

Utilities

0.6%

c

Mizuho

Markets

Cayman

LP

into

NextEra

Energy,

Inc.,

144A,

9%,

4/08/25

...........................................

United

States

3,290,000

218,325,612

c

Wells

Fargo

Bank

NA

into

NextEra

Energy,

Inc.,

144A,

8%,

5/20/25

United

States

3,500,000

248,430,690

466,756,302

Ground

Transportation

0.4%

c

Merrill

Lynch

BV

into

Union

Pacific

Corp.,

144A,

8%,

11/05/24

....

United

States

1,300,000

291,196,312

Health

Care

Providers

&

Services

0.3%

c

Wells

Fargo

Bank

NA

into

UnitedHealth

Group,

Inc.,

144A,

7%,

7/14/25

...........................................

United

States

425,000

210,837,662

Hotels,

Restaurants

&

Leisure

0.3%

c

Wells

Fargo

Bank

NA

into

Starbucks

Corp.,

144A,

8%,

3/04/25

...

United

States

2,500,000

201,325,325

Insurance

0.4%

c

BNP

Paribas

Issuance

BV

into

MetLife,

Inc.,

144A,

9%,

10/23/24

..

United

States

3,800,000

259,114,353

Interactive

Media

&

Services

0.4%

c

JPMorgan

Chase

Bank

NA

into

Alphabet,

Inc.,

144A,

8%,

3/18/25

.

United

States

1,805,000

265,616,901

IT

Services

0.3%

c

Barclays

Bank

plc

into

International

Business

Machines

Corp.,

144A,

8.5%,

6/09/25

......................................

United

States

1,340,000

230,398,444

Media

0.5%

c

BNP

Paribas

Issuance

BV

into

Comcast

Corp.,

144A,

8%,

1/15/25

United

States

3,100,000

123,052,781

c

J.P.

Morgan

Structured

Products

BV

into

Comcast

Corp.,

144A,

8%,

8/13/24

...........................................

United

States

5,825,000

228,365,352

351,418,133

Metals

&

Mining

1.2%

c

Citigroup

Global

Markets

Holdings,

Inc.

into

Freeport-McMoRan,

Inc.,

144A,

10%,

5/20/25

..............................

United

States

4,100,000

202,067,273

c

Mizuho

Markets

Cayman

LP

into

Barrick

Gold

Corp.,

144A,

9%,

7/01/25

...........................................

Canada

3,225,000

53,203,451

c

Mizuho

Markets

Cayman

LP

into

Freeport-McMoRan,

Inc.,

144A,

11%,

12/10/24

......................................

United

States

7,539,000

330,010,032

c

UBS

AG

into

Newmont

Corp.,

144A,

11%,

1/16/25

.............

United

States

6,000,000

244,137,771

829,418,527

Multi-Utilities

0.1%

c

Wells

Fargo

Bank

NA

into

Dominion

Energy,

Inc.,

144A,

9%,

1/10/25

United

States

2,130,000

104,825,179

Oil,

Gas

&

Consumable

Fuels

1.4%

c

BNP

Paribas

Issuance

BV

into

BP

plc,

144A,

8.5%,

5/15/25

......

United

States

4,750,000

177,394,241

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Income

Fund

(continued)

franklintempleton.com

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

14

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Equity-Linked

Securities

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

c

Citigroup

Global

Markets

Holdings,

Inc.

into

BP

plc,

144A,

10%,

12/30/24

..........................................

United

States

6,600,000

$

240,783,611

c

Citigroup

Global

Markets

Holdings,

Inc.

into

Exxon

Mobil

Corp.,

144A,

9%,

3/12/25

...................................

United

States

2,600,000

283,350,773

c

J.P.

Morgan

Structured

Products

BV

into

Exxon

Mobil

Corp.,

144A,

9%,

9/24/24

........................................

United

States

2,435,000

280,775,563

982,304,188

Pharmaceuticals

0.3%

c

Mizuho

Markets

Cayman

LP

into

Bristol-Myers

Squibb

Co.,

144A,

9.5%,

5/08/25

......................................

United

States

4,800,000

204,303,710

Semiconductors

&

Semiconductor

Equipment

3.2%

c

Citigroup

Global

Markets

Holdings,

Inc.

into

Intel

Corp.,

144A,

10%,

10/03/24

..........................................

United

States

6,700,000

212,055,639

c

Goldman

Sachs

International

Bank

into

Texas

Instruments,

Inc.,

144A,

9%,

11/10/25

..................................

United

States

1,670,000

288,709,627

c

Mizuho

Markets

Cayman

LP

into

Microchip

Technology,

Inc.,

144A,

10%,

11/12/24

......................................

United

States

3,500,000

302,712,432

c

Morgan

Stanley

Finance

II

Ltd.

into

Microchip

Technology,

Inc.,

144A,

10%,

3/03/25

..................................

United

States

1,850,000

161,788,312

c

National

Bank

of

Canada

into

Analog

Devices,

Inc.,

144A,

8.5%,

7/17/24

...........................................

United

States

1,500,000

320,249,722

c

National

Bank

of

Canada

into

Broadcom,

Inc.,

144A,

11.5%,

5/13/25

United

States

200,000

272,756,540

c

Royal

Bank

of

Canada

into

Texas

Instruments,

Inc.,

144A,

8%,

6/11/25

...........................................

United

States

800,000

157,688,017

c

Royal

Bank

of

Canada

into

Texas

Instruments,

Inc.,

144A,

8.5%,

7/15/25

...........................................

United

States

890,000

172,279,498

c

UBS

AG

into

Texas

Instruments,

Inc.,

144A,

8.5%,

8/07/24

......

United

States

1,583,000

301,606,932

c

Wells

Fargo

Bank

NA

into

Intel

Corp.,

144A,

11%,

2/14/25

.......

United

States

4,000,000

134,386,759

2,324,233,478

Software

0.4%

c

Mizuho

Markets

Cayman

LP

into

Oracle

Corp.,

144A,

8.5%,

2/10/25

United

States

2,350,000

291,347,023

Technology

Hardware,

Storage

&

Peripherals

0.3%

c

UBS

AG

into

Apple,

Inc.,

144A,

7%,

4/02/25

.................

United

States

1,150,000

214,232,620

Total

Equity-Linked

Securities

(Cost

$11,966,150,675)

...........................

12,395,705,826

Convertible

Preferred

Stocks

0.5%

Chemicals

0.3%

Albemarle

Corp.,

7.25%

................................

United

States

5,500,000

256,630,000

Electric

Utilities

0.1%

b

NextEra

Energy,

Inc.,

7.299%

............................

United

States

1,500,000

74,235,000

b

Financial

Services

0.1%

b

FNMA,

5.375%

.......................................

United

States

4,240

61,056,000

b

Total

Convertible

Preferred

Stocks

(Cost

$688,031,139)

..........................

391,921,000

Preferred

Stocks

0.0%

†

Financial

Services

0.0%

†

b

FNMA,

8.25%,

S

......................................

United

States

4,000,000

20,520,000

b

Total

Preferred

Stocks

(Cost

$93,801,500)

......................................

20,520,000

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Income

Fund

(continued)

franklintempleton.com

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

15

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

45.3%

Aerospace

&

Defense

1.8%

Boeing

Co.

(The)

,

Senior

Bond,

3.2%,

3/01/29

............................

United

States

25,000,000

$

22,190,155

Senior

Bond,

3.625%,

2/01/31

..........................

United

States

59,000,000

51,663,284

Senior

Bond,

3.6%,

5/01/34

............................

United

States

25,000,000

20,123,845

Senior

Bond,

3.25%,

2/01/35

...........................

United

States

25,000,000

19,099,889

c

Senior

Bond,

144A,

6.528%,

5/01/34

.....................

United

States

25,000,000

25,610,280

Senior

Note,

2.196%,

2/04/26

..........................

United

States

45,000,000

42,315,515

Senior

Note,

5.04%,

5/01/27

...........................

United

States

180,000,000

176,091,881

Senior

Note,

3.25%,

2/01/28

...........................

United

States

70,000,000

64,127,277

Senior

Note,

5.15%,

5/01/30

...........................

United

States

390,000,000

374,627,401

c

Senior

Note,

144A,

6.388%,

5/01/31

.....................

United

States

20,000,000

20,369,412

c

Bombardier,

Inc.

,

Senior

Note

,

144A,

7.25

%

,

7/01/31

...........

Canada

40,000,000

41,118,800

RTX

Corp.

,

Senior

Bond

,

6.1

%

,

3/15/34

.....................

United

States

25,000,000

26,328,542

Textron,

Inc.

,

Senior

Bond,

3%,

6/01/30

.............................

United

States

30,000,000

26,428,896

Senior

Bond,

2.45%,

3/15/31

...........................

United

States

40,000,000

33,535,616

c

TransDigm,

Inc.

,

Senior

Secured

Note,

144A,

6.75%,

8/15/28

...............

United

States

100,000,000

101,347,400

Senior

Secured

Note,

144A,

6.375%,

3/01/29

..............

United

States

135,000,000

135,849,555

Senior

Secured

Note,

144A,

6.875%,

12/15/30

.............

United

States

50,000,000

51,084,750

Senior

Secured

Note,

144A,

6.625%,

3/01/32

..............

United

States

100,000,000

101,130,941

1,333,043,439

Air

Freight

&

Logistics

0.0%

†

FedEx

Corp.

,

Senior

Bond

,

2.4

%

,

5/15/31

...................

United

States

29,000,000

24,571,482

Automobile

Components

0.4%

c

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

10/15/29

..........................................

United

States

85,000,000

72,377,313

Goodyear

Tire

&

Rubber

Co.

(The)

,

Senior

Bond,

5%,

5/31/26

.............................

United

States

57,000,000

56,081,969

f

Senior

Bond,

4.875%,

3/15/27

..........................

United

States

34,757,000

33,621,284

f

Senior

Bond,

5.25%,

4/30/31

...........................

United

States

45,000,000

41,331,060

Senior

Note,

5%,

7/15/29

.............................

United

States

67,000,000

62,428,771

265,840,397

Automobiles

0.9%

Ford

Motor

Co.

,

Senior

Bond,

4.346%,

12/08/26

.........................

United

States

65,000,000

63,126,784

Senior

Bond,

3.25%,

2/12/32

...........................

United

States

120,000,000

99,233,675

Senior

Bond,

6.1%,

8/19/32

............................

United

States

195,000,000

194,854,333

General

Motors

Co.

,

Senior

Bond,

5%,

10/01/28

............................

United

States

25,000,000

24,774,425

Senior

Bond,

5.6%,

10/15/32

...........................

United

States

25,000,000

25,019,326

Senior

Bond,

5.15%,

4/01/38

...........................

United

States

140,000,000

128,878,235

c

Volkswagen

Group

of

America

Finance

LLC

,

Senior

Note

,

144A,

1.25

%

,

11/24/25

.....................................

Germany

97,000,000

91,554,063

627,440,841

Banks

3.2%

Bank

of

America

Corp.

,

g

AA,

Junior

Sub.

Bond,

6.1%

to

3/16/25,

FRN

thereafter,

Perpetual

United

States

70,000,000

69,970,950

g

X,

Junior

Sub.

Bond,

6.25%

to

9/04/24,

FRN

thereafter,

Perpetual

United

States

50,000,000

49,917,600

Senior

Bond,

3.419%

to

12/19/27,

FRN

thereafter,

12/20/28

...

United

States

45,000,000

42,327,538

Senior

Bond,

4.571%

to

4/26/32,

FRN

thereafter,

4/27/33

.....

United

States

185,000,000

174,535,660

Barclays

plc

,

Senior

Bond,

4.375%,

1/12/26

..........................

United

Kingdom

27,000,000

26,557,099

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Income

Fund

(continued)

franklintempleton.com

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

16

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Banks

(continued)

Barclays

plc,

(continued)

Senior

Bond,

4.337%,

1/10/28

..........................

United

Kingdom

31,000,000

$

29,848,953

Senior

Bond,

2.645%

to

6/23/30,

FRN

thereafter,

6/24/31

.....

United

Kingdom

49,000,000

41,657,439

Senior

Bond,

5.746%

to

8/08/32,

FRN

thereafter,

8/09/33

.....

United

Kingdom

100,000,000

99,795,625

Senior

Bond,

7.437%

to

11/01/32,

FRN

thereafter,

11/02/33

....

United

Kingdom

75,000,000

82,529,748

Senior

Bond,

6.692%

to

9/12/33,

FRN

thereafter,

9/13/34

.....

United

Kingdom

70,000,000

74,249,182

Senior

Note,

7.325%

to

11/01/25,

FRN

thereafter,

11/02/26

....

United

Kingdom

30,000,000

30,533,032

Senior

Note,

5.501%

to

8/08/27,

FRN

thereafter,

8/09/28

......

United

Kingdom

80,000,000

79,876,667

Sub.

Bond,

7.119%

to

6/26/33,

FRN

thereafter,

6/27/34

.......

United

Kingdom

55,000,000

58,381,433

Citigroup,

Inc.

,

g,h

M,

Junior

Sub.

Bond,

FRN,

9.007%,

(3-month

SOFR

+

3.685%),

Perpetual

.........................................

United

States

95,000,000

95,116,615

Senior

Bond,

6.27%

to

11/16/32,

FRN

thereafter,

11/17/33

.....

United

States

85,000,000

89,063,877

Sub.

Bond,

6.174%

to

5/24/33,

FRN

thereafter,

5/25/34

.......

United

States

155,000,000

157,715,479

Fifth

Third

Bancorp

,

Senior

Note,

6.339%

to

7/26/28,

FRN

thereafter,

7/27/29

......

United

States

20,000,000

20,506,763

Senior

Note,

5.631%

to

1/28/31,

FRN

thereafter,

1/29/32

......

United

States

20,000,000

19,834,018

Fifth

Third

Bank

NA

,

Senior

Note

,

5.852%

to

10/26/24,

FRN

thereafter

,

10/27/25

..................................

United

States

65,185,000

65,133,671

JPMorgan

Chase

&

Co.

,

g

Junior

Sub.

Bond,

6.875%

to

5/31/29,

FRN

thereafter,

Perpetual

United

States

50,000,000

51,768,200

Senior

Bond,

6.254%

to

10/22/33,

FRN

thereafter,

10/23/34

...

United

States

90,000,000

95,504,482

Senior

Note,

5.04%

to

1/22/27,

FRN

thereafter,

1/23/28

.......

United

States

40,000,000

39,791,214

KeyBank

NA

,

Senior

Note,

5.85%,

11/15/27

..........................

United

States

50,000,000

49,851,593

Sub.

Bond,

4.9%,

8/08/32

.............................

United

States

35,000,000

31,206,831

Morgan

Stanley

Bank

NA

,

Senior

Note

,

4.952%

to

1/13/27,

FRN

thereafter

,

1/14/28

...................................

United

States

55,000,000

54,597,953

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond,

6.037%

to

10/27/32,

FRN

thereafter,

10/28/33

...

United

States

70,000,000

72,157,083

Senior

Note,

5.582%

to

6/11/28,

FRN

thereafter,

6/12/29

......

United

States

20,000,000

20,224,555

Royal

Bank

of

Canada

,

Senior

Bond

,

5

%

,

2/01/33

.............

Canada

50,000,000

49,308,996

Truist

Bank

,

Sub.

Bond

,

2.25

%

,

3/11/30

.....................

United

States

42,645,000

35,582,552

Truist

Financial

Corp.

,

Senior

Note,

6.047%

to

6/07/26,

FRN

thereafter,

6/08/27

......

United

States

45,000,000

45,336,092

Sub.

Bond,

4.916%

to

7/27/32,

FRN

thereafter,

7/28/33

.......

United

States

95,000,000

87,967,550

US

Bancorp

,

Senior

Bond,

5.85%

to

10/20/32,

FRN

thereafter,

10/21/33

....

United

States

45,000,000

45,724,891

Senior

Bond,

5.836%

to

6/09/33,

FRN

thereafter,

6/12/34

.....

United

States

35,000,000

35,503,272

Senior

Note,

5.775%

to

6/11/28,

FRN

thereafter,

6/12/29

......

United

States

40,000,000

40,616,368

Senior

Note,

5.384%

to

1/22/29,

FRN

thereafter,

1/23/30

......

United

States

20,000,000

20,057,595

Wells

Fargo

&

Co.

,

Senior

Bond,

4.897%

to

7/24/32,

FRN

thereafter,

7/25/33

.....

United

States

50,000,000

48,110,389

Senior

Bond,

5.557%

to

7/24/33,

FRN

thereafter,

7/25/34

.....

United

States

90,000,000

89,967,944

Senior

Bond,

6.491%

to

10/22/33,

FRN

thereafter,

10/23/34

...

United

States

60,000,000

63,987,851

2,284,816,760

Beverages

0.2%

Coca-Cola

Co.

(The)

,

Senior

Bond

,

1.65

%

,

6/01/30

............

United

States

110,000,000

92,319,800

Constellation

Brands,

Inc.

,

Senior

Bond

,

3.15

%

,

8/01/29

........

United

States

35,000,000

31,752,011

124,071,811

Biotechnology

0.3%

AbbVie,

Inc.

,

Senior

Bond,

4.5%,

5/14/35

............................

United

States

45,000,000

42,465,608

Senior

Note,

3.2%,

11/21/29

...........................

United

States

65,000,000

59,660,217

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Income

Fund

(continued)

franklintempleton.com

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

17

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Biotechnology

(continued)

Amgen,

Inc.

,

Senior

Bond,

2.45%,

2/21/30

...........................

United

States

25,000,000

$

21,810,585

Senior

Bond,

5.25%,

3/02/33

...........................

United

States

50,000,000

49,878,858

Senior

Note,

5.25%,

3/02/30

...........................

United

States

20,000,000

20,152,817

193,968,085

Broadline

Retail

0.0%

†

Amazon.com,

Inc.

,

Senior

Bond

,

3.6

%

,

4/13/32

...............

United

States

32,500,000

29,862,245

Building

Products

0.4%

c

AmeriTex

HoldCo

Intermediate

LLC

,

Senior

Secured

Note

,

144A,

10.25

%

,

10/15/28

....................................

United

States

39,000,000

41,118,987

c

Camelot

Return

Merger

Sub,

Inc.

,

Senior

Secured

Note

,

144A,

8.75

%

,

8/01/28

.....................................

United

States

47,600,000

46,720,661

Carrier

Global

Corp.

,

Senior

Bond,

2.7%,

2/15/31

............................

United

States

5,000,000

4,300,655

Senior

Note,

2.722%,

2/15/30

..........................

United

States

65,000,000

57,446,577

c

EMRLD

Borrower

LP

/

Emerald

Co-Issuer,

Inc.

,

Senior

Secured

Note,

144A,

6.625%,

12/15/30

.............

United

States

50,000,000

50,452,600

e

Senior

Secured

Note,

144A,

6.75%,

7/15/31

...............

United

States

20,000,000

20,262,500

Johnson

Controls

International

plc

/

Tyco

Fire

&

Security

Finance

SCA

,

Senior

Bond

,

4.9

%

,

12/01/32

.......................

United

States

39,500,000

38,543,814

258,845,794

Capital

Markets

1.2%

Brookfield

Finance,

Inc.

,

Senior

Bond

,

4.85

%

,

3/29/29

..........

Canada

25,000,000

24,573,014

Charles

Schwab

Corp.

(The)

,

Senior

Bond,

5.853%

to

5/18/33,

FRN

thereafter,

5/19/34

.....

United

States

30,000,000

30,601,986

Senior

Bond,

6.136%

to

8/23/33,

FRN

thereafter,

8/24/34

.....

United

States

30,000,000

31,251,943

Senior

Note,

5.643%

to

5/18/28,

FRN

thereafter,

5/19/29

......

United

States

25,000,000

25,337,161

Senior

Note,

6.196%

to

11/16/28,

FRN

thereafter,

11/17/29

....

United

States

40,000,000

41,614,840

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond,

2.65%

to

10/20/31,

FRN

thereafter,

10/21/32

....

United

States

100,000,000

83,174,334

Senior

Bond,

6.561%

to

10/23/33,

FRN

thereafter,

10/24/34

...

United

States

100,000,000

107,549,159

Senior

Bond,

5.851%

to

4/24/34,

FRN

thereafter,

4/25/35

.....

United

States

65,000,000

66,607,400

Sub.

Bond,

6.75%,

10/01/37

...........................

United

States

60,000,000

64,771,430

Morgan

Stanley

,

Senior

Bond,

6.342%

to

10/17/32,

FRN

thereafter,

10/18/33

...

United

States

35,000,000

37,170,634

Senior

Bond,

5.25%

to

4/20/33,

FRN

thereafter,

4/21/34

......

United

States

251,000,000

247,188,339

Senior

Bond,

6.627%

to

10/31/33,

FRN

thereafter,

11/01/34

....

United

States

40,000,000

43,217,407

Sub.

Bond,

5.948%

to

1/18/33,

FRN

thereafter,

1/19/38

.......

United

States

67,095,000

66,741,875

869,799,522

Chemicals

0.9%

Celanese

US

Holdings

LLC

,

Senior

Bond,

6.379%,

7/15/32

..........................

United

States

50,000,000

51,412,557

Senior

Note,

6.165%,

7/15/27

..........................

United

States

40,000,000

40,615,791

Senior

Note,

6.55%,

11/15/30

..........................

United

States

20,000,000

20,909,156

c

Consolidated

Energy

Finance

SA

,

Senior

Note

,

144A,

6.5

%

,

5/15/26

Switzerland

100,000,000

96,839,300

c

CVR

Partners

LP

/

CVR

Nitrogen

Finance

Corp.

,

Senior

Secured

Note

,

144A,

6.125

%

,

6/15/28

...........................

United

States

25,000,000

24,040,601

Dow

Chemical

Co.

(The)

,

Senior

Bond

,

6.3

%

,

3/15/33

..........

United

States

35,000,000

36,952,137

Huntsman

International

LLC

,

Senior

Bond

,

4.5

%

,

5/01/29

.......

United

States

25,000,000

23,699,671

c

International

Flavors

&

Fragrances,

Inc.

,

Senior

Bond,

144A,

2.3%,

11/01/30

......................

United

States

75,000,000

62,566,487

Senior

Note,

144A,

1.832%,

10/15/27

....................

United

States

20,000,000

17,865,776

c

Olin

Corp.

,

Senior

Note

,

144A,

9.5

%

,

6/01/25

................

United

States

30,000,000

30,669,179

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Income

Fund

(continued)

franklintempleton.com

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

18

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Chemicals

(continued)

c,f

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25

%

,

9/01/29

..

United

States

38,000,000

$

40,946,254

c

Rain

CII

Carbon

LLC

/

CII

Carbon

Corp.

,

Secured

Note

,

144A,

7.25

%

,

4/01/25

.....................................

United

States

717,000

703,510

c

SCIH

Salt

Holdings,

Inc.

,

Senior

Note,

144A,

6.625%,

5/01/29

.....................

United

States

112,500,000

105,947,809

Senior

Secured

Note,

144A,

4.875%,

5/01/28

..............

United

States

135,000,000

125,733,816

678,902,044

Commercial

Services

&

Supplies

0.3%

c

ADT

Security

Corp.

(The)

,

Senior

Secured

Note

,

144A,

4.125

%

,

8/01/29

...........................................

United

States

20,000,000

18,459,674

c

APX

Group,

Inc.

,

Senior

Note,

144A,

5.75%,

7/15/29

......................

United

States

80,000,000

76,811,184

Senior

Secured

Note,

144A,

6.75%,

2/15/27

...............

United

States

140,000,000

139,783,546

235,054,404

Communications

Equipment

1.0%

c

CommScope

Technologies

LLC

,

Senior

Bond,

144A,

6%,

6/15/25

........................

United

States

323,000,000

263,564,770

Senior

Bond,

144A,

5%,

3/15/27

........................

United

States

55,000,000

22,850,631

c

CommScope,

Inc.

,

Senior

Note,

144A,

8.25%,

3/01/27

......................

United

States

188,000,000

89,404,810

Senior

Note,

144A,

7.125%,

7/01/28

.....................

United

States

200,000,000

83,111,800

Senior

Secured

Note,

144A,

6%,

3/01/26

..................

United

States

224,085,000

196,925,898

Senior

Secured

Note,

144A,

4.75%,

9/01/29

...............

United

States

70,454,000

48,952,144

704,810,053

Construction

&

Engineering

0.1%

Quanta

Services,

Inc.

,

Senior

Bond

,

2.9

%

,

10/01/30

...........

United

States

96,963,000

85,463,680

Consumer

Finance

2.4%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond,

3.3%,

1/30/32

............................

Ireland

50,000,000

42,976,198

Senior

Bond,

5.3%,

1/19/34

............................

Ireland

45,000,000

44,094,852

Senior

Note,

5.75%,

6/06/28

...........................

Ireland

40,000,000

40,433,479

Capital

One

Financial

Corp.

,

Senior

Bond,

3.8%,

1/31/28

............................

United

States

27,300,000

25,963,038

Senior

Bond,

5.268%

to

5/09/32,

FRN

thereafter,

5/10/33

.....

United

States

50,000,000

48,272,843

Senior

Bond,

5.817%

to

1/31/33,

FRN

thereafter,

2/01/34

.....

United

States

85,000,000

84,173,450

Senior

Note,

4.927%

to

5/09/27,

FRN

thereafter,

5/10/28

......

United

States

159,532,733

157,311,959

Senior

Note,

6.312%

to

6/07/28,

FRN

thereafter,

6/08/29

......

United

States

75,000,000

76,762,095

f

Senior

Note,

5.7%

to

1/31/29,

FRN

thereafter,

2/01/30

........

United

States

20,000,000

20,099,972

Senior

Note,

5.247%

to

7/25/29,

FRN

thereafter,

7/26/30

......

United

States

40,000,000

39,309,822

Senior

Note,

7.624%

to

10/29/30,

FRN

thereafter,

10/30/31

....

United

States

40,000,000

44,048,865

Sub.

Bond,

4.2%,

10/29/25

............................

United

States

43,500,000

42,621,937

Sub.

Bond,

3.75%,

7/28/26

............................

United

States

74,800,000

72,218,903

Ford

Motor

Credit

Co.

LLC

,

Senior

Bond,

4.134%,

8/04/25

..........................

United

States

50,000,000

49,082,138

Senior

Bond,

5.113%,

5/03/29

..........................

United

States

85,000,000

82,151,796

Senior

Note,

5.125%,

6/16/25

..........................

United

States

108,015,000

107,233,414

Senior

Note,

3.375%,

11/13/25

.........................

United

States

32,000,000

30,982,656

Senior

Note,

6.95%,

6/10/26

...........................

United

States

35,000,000

35,686,389

Senior

Note,

2.7%,

8/10/26

............................

United

States

60,000,000

56,373,376

Senior

Note,

4.95%,

5/28/27

...........................

United

States

85,000,000

83,010,692

Senior

Note,

6.8%,

5/12/28

............................

United

States

92,000,000

94,821,123

Senior

Note,

7.35%,

3/06/30

...........................

United

States

45,000,000

47,648,256

General

Motors

Financial

Co.,

Inc.

,

Senior

Bond,

4.35%,

1/17/27

...........................

United

States

20,000,000

19,486,746

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Income

Fund

(continued)

franklintempleton.com

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

19

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Consumer

Finance

(continued)

General

Motors

Financial

Co.,

Inc.,

(continued)

Senior

Bond,

3.6%,

6/21/30

............................

United

States

37,720,000

$

33,892,496

Senior

Bond,

3.1%,

1/12/32

............................

United

States

80,000,000

67,271,309

Senior

Bond,

6.4%,

1/09/33

............................

United

States

50,000,000

51,924,667

Senior

Note,

5%,

4/09/27

.............................

United

States

50,000,000

49,506,290

Senior

Note,

5.8%,

6/23/28

............................

United

States

50,000,000

50,631,165

Senior

Note,

5.8%,

1/07/29

............................

United

States

75,000,000

75,695,291

Senior

Note,

4.3%,

4/06/29

............................

United

States

19,000,000

18,058,075

Senior

Note,

5.85%,

4/06/30

...........................

United

States

20,000,000

20,253,196

John

Deere

Capital

Corp.

,

Senior

Bond

,

4.35

%

,

9/15/32

........

United

States

15,000,000

14,347,371

c

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note

,

144A,

6.5

%

,

3/26/31

...........................................

United

Kingdom

15,000,000

15,435,135

1,741,778,994

Consumer

Staples

Distribution

&

Retail

0.1%

c

7-Eleven,

Inc.

,

Senior

Bond

,

144A,

1.8

%

,

2/10/31

.............

United

States

85,000,000

68,115,363

Target

Corp.

,

Senior

Bond

,

4.5

%

,

9/15/32

...................

United

States

30,000,000

28,938,388

97,053,751

Containers

&

Packaging

1.8%

c

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

plc

,

Senior

Note,

144A,

4%,

9/01/29

........................

United

States

124,275,000

105,306,957

Senior

Secured

Note,

144A,

6%,

6/15/27

..................

United

States

20,115,000

19,786,769

c

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

Senior

Note,

144A,

5.25%,

8/15/27

......................

United

States

496,309,000

309,653,041

Senior

Secured

Note,

144A,

4.125%,

8/15/26

..............

United

States

226,100,000

196,503,872

c

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note,

144A,

9.25%,

4/15/27

.....................

United

States

325,000,000

325,608,400

Senior

Secured

Note,

144A,

7.875%,

4/15/27

..............

United

States

255,000,000

260,416,511

c,f

Pactiv

Evergreen

Group

Issuer,

Inc.

/

Pactiv

Evergreen

Group

Issuer

LLC

,

Senior

Secured

Note

,

144A,

4

%

,

10/15/27

.............

United

States

62,400,000

58,504,300

c

Sealed

Air

Corp.

,

Senior

Note

,

144A,

6.125

%

,

2/01/28

..........

United

States

20,000,000

19,971,170

1,295,751,020

Diversified

REITs

0.3%

VICI

Properties

LP

,

Senior

Bond,

5.125%,

5/15/32

..........................

United

States

60,000,000

57,203,735

Senior

Bond,

5.75%,

4/01/34

...........................

United

States

20,000,000

19,825,782

Senior

Note,

4.95%,

2/15/30

...........................

United

States

63,357,000

61,169,929

c

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

4.25

%

,

12/01/26

..........................................

United

States

100,000,000

96,521,860

234,721,306

Diversified

Telecommunication

Services

0.6%

c

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond,

144A,

5.5%,

5/01/26

.......................

United

States

20,000,000

19,820,102

Senior

Bond,

144A,

5.125%,

5/01/27

.....................

United

States

262,000,000

251,770,472

Senior

Bond,

144A,

5%,

2/01/28

........................

United

States

106,000,000

99,187,009

Verizon

Communications,

Inc.

,

Senior

Bond

,

4.016

%

,

12/03/29

...

United

States

50,000,000

47,269,857

418,047,440

Electric

Utilities

2.2%

American

Electric

Power

Co.,

Inc.

,

Senior

Bond,

5.95%,

11/01/32

..........................

United

States

30,000,000

30,717,162

Senior

Bond,

5.625%,

3/01/33

..........................

United

States

30,000,000

29,909,968

Duke

Energy

Corp.

,

Senior

Bond

,

4.5

%

,

8/15/32

..............

United

States

56,891,000

53,220,921

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Income

Fund

(continued)

franklintempleton.com

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

20

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Electric

Utilities

(continued)

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond,

5.25%,

3/15/34

...........................

United

States

92,380,000

$

90,810,606

Senior

Note,

1.875%,

1/15/27

..........................

United

States

30,000,000

27,646,971

NRG

Energy,

Inc.

,

c

Senior

Bond,

144A,

3.625%,

2/15/31

.....................

United

States

65,000,000

55,792,522

Senior

Note,

5.75%,

1/15/28

...........................

United

States

18,075,000

17,946,389

c

Senior

Note,

144A,

3.375%,

2/15/29

.....................

United

States

38,300,000

34,110,566

c

Senior

Secured

Bond,

144A,

7%,

3/15/33

.................

United

States

30,000,000

31,697,310

c

Senior

Secured

Note,

144A,

2.45%,

12/02/27

..............

United

States

30,000,000

27,087,462

Pacific

Gas

and

Electric

Co.

,

Senior

Bond,

4.55%,

7/01/30

...........................

United

States

136,500,000

129,424,510

Senior

Bond,

6.15%,

1/15/33

...........................

United

States

50,000,000

50,829,135

Senior

Bond,

6.4%,

6/15/33

............................

United

States

30,000,000

31,006,331

Senior

Note,

4.95%,

6/08/25

...........................

United

States

19,250,000

19,083,862

Senior

Note,

3.15%,

1/01/26

...........................

United

States

50,000,000

48,182,890

Senior

Note,

6.1%,

1/15/29

............................

United

States

49,000,000

50,174,409

PG&E

Corp.

,

Senior

Secured

Note

,

5

%

,

7/01/28

..............

United

States

107,284,000

103,330,885

Southern

Co.

(The)

,

Senior

Bond,

5.7%,

10/15/32

...........................

United

States

45,000,000

45,928,242

Senior

Bond,

5.2%,

6/15/33

............................

United

States

50,000,000

49,120,904

Senior

Note,

4.85%,

6/15/28

...........................

United

States

40,000,000

39,597,893

c

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

5.5%,

9/01/26

.......................

United

States

109,160,000

107,724,633

Senior

Note,

144A,

5%,

7/31/27

........................

United

States

45,000,000

43,561,683

Senior

Note,

144A,

4.375%,

5/01/29

.....................

United

States

144,000,000

134,179,523

Senior

Note,

144A,

7.75%,

10/15/31

.....................

United

States

79,000,000

82,331,904

Senior

Note,

144A,

6.875%,

4/15/32

.....................

United

States

100,000,000

101,593,700

Senior

Secured

Bond,

144A,

4.3%,

7/15/29

................

United

States

35,000,000

33,090,668

Senior

Secured

Bond,

144A,

6.95%,

10/15/33

..............

United

States

75,000,000

80,324,700

Senior

Secured

Note,

144A,

3.55%,

7/15/24

...............

United

States

25,000,000

24,971,287

Senior

Secured

Note,

144A,

3.7%,

1/30/27

................

United

States

33,500,000

32,032,447

1,605,429,483

Electrical

Equipment

0.1%

Regal

Rexnord

Corp.

,

Senior

Note,

6.3%,

2/15/30

............................

United

States

25,000,000

25,569,775

Senior

Note,

6.4%,

4/15/33

............................

United

States

60,000,000

61,427,232

86,997,007

Electronic

Equipment,

Instruments

&

Components

0.1%

Flex

Ltd.

,

Senior

Note

,

4.75

%

,

6/15/25

.....................

United

States

40,000,000

39,639,464

Energy

Equipment

&

Services

0.5%

c

Schlumberger

Holdings

Corp.

,

Senior

Note

,

144A,

3.9

%

,

5/17/28

..

United

States

42,500,000

40,602,142

c

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp.

,

Senior

Note

,

144A,

7.125

%

,

3/15/29

......................

United

States

40,000,000

40,337,320

c

Weatherford

International

Ltd.

,

Senior

Note

,

144A,

8.625

%

,

4/30/30

United

States

245,000,000

254,083,865

335,023,327

Entertainment

0.3%

Netflix,

Inc.

,

Senior

Bond,

4.375%,

11/15/26

.........................

United

States

100,000,000

98,217,625

Senior

Bond,

4.875%,

4/15/28

..........................

United

States

89,300,000

88,868,217

Senior

Bond,

5.875%,

11/15/28

.........................

United

States

50,000,000

51,530,336

238,616,178

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Income

Fund

(continued)

franklintempleton.com

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

21

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Financial

Services

0.2%

Fiserv,

Inc.

,

Senior

Bond,

4.2%,

10/01/28

...........................

United

States

52,000,000

$

49,992,840

Senior

Bond,

3.5%,

7/01/29

............................

United

States

40,000,000

36,996,819

Senior

Bond,

2.65%,

6/01/30

...........................

United

States

38,000,000

33,075,580

Senior

Bond,

5.6%,

3/02/33

............................

United

States

30,000,000

30,263,086

150,328,325

Food

Products

0.7%

c

Darling

Ingredients,

Inc.

,

Senior

Note

,

144A,

6

%

,

6/15/30

.......

United

States

30,000,000

29,516,751

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

c

Senior

Bond,

144A,

6.75%,

3/15/34

......................

United

States

50,000,000

53,036,650

Senior

Note,

5.125%,

2/01/28

..........................

United

States

30,000,000

29,673,525

Senior

Note,

5.75%,

4/01/33

...........................

United

States

110,000,000

109,952,293

Pilgrim's

Pride

Corp.

,

Senior

Bond,

6.25%,

7/01/33

...........................

United

States

68,000,000

69,353,404

Senior

Bond,

6.875%,

5/15/34

..........................

United

States

40,000,000

42,620,760

c

Post

Holdings,

Inc.

,

Senior

Bond,

144A,

5.625%,

1/15/28

.....................

United

States

59,800,000

58,924,283

Senior

Bond,

144A,

4.5%,

9/15/31

.......................

United

States

50,000,000

44,848,595

Senior

Secured

Note,

144A,

6.25%,

2/15/32

...............

United

States

45,000,000

45,114,705

483,040,966

Ground

Transportation

0.2%

c

Ashtead

Capital,

Inc.

,

Senior

Bond,

144A,

4.375%,

8/15/27

.....................

United

Kingdom

34,500,000

33,243,912

Senior

Bond,

144A,

5.55%,

5/30/33

......................

United

Kingdom

55,000,000

53,626,915

Senior

Bond,

144A,

5.95%,

10/15/33

.....................

United

Kingdom

35,000,000

35,092,470

Union

Pacific

Corp.

,

Senior

Bond

,

4.5

%

,

1/20/33

..............

United

States

25,000,000

24,094,488

146,057,785

Health

Care

Equipment

&

Supplies

0.7%

c

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375

%

,

10/01/28

..........................................

United

States

15,000,000

15,375,000

DENTSPLY

SIRONA,

Inc.

,

Senior

Bond

,

3.25

%

,

6/01/30

........

United

States

51,249,000

44,802,775

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

5.905

%

,

11/22/32

United

States

105,000,000

108,401,975

c

Medline

Borrower

LP

,

Senior

Note,

144A,

5.25%,

10/01/29

.....................

United

States

65,000,000

62,081,617

Senior

Secured

Note,

144A,

3.875%,

4/01/29

..............

United

States

265,000,000

244,241,145

c

Medline

Borrower

LP

/

Medline

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

6.25

%

,

4/01/29

.................................

United

States

25,000,000

25,314,200

500,216,712

Health

Care

Providers

&

Services

7.1%

Centene

Corp.

,

Senior

Note,

4.25%,

12/15/27

..........................

United

States

81,745,000

78,116,867

Senior

Note,

4.625%,

12/15/29

.........................

United

States

166,100,000

157,222,819

Senior

Note,

3.375%,

2/15/30

..........................

United

States

47,000,000

41,753,089

c

CHS/Community

Health

Systems,

Inc.

,

Secured

Note,

144A,

6.875%,

4/15/29

....................

United

States

500,000,000

382,954,150

Secured

Note,

144A,

6.125%,

4/01/30

....................

United

States

600,000,000

420,489,744

Senior

Note,

144A,

6.875%,

4/01/28

.....................

United

States

435,000,000

323,300,904

Senior

Secured

Note,

144A,

5.625%,

3/15/27

..............

United

States

25,000,000

23,302,800

Senior

Secured

Note,

144A,

8%,

12/15/27

.................

United

States

330,000,000

327,511,998

Senior

Secured

Note,

144A,

10.875%,

1/15/32

.............

United

States

540,000,000

562,699,737

CVS

Health

Corp.

,

Senior

Bond,

1.875%,

2/28/31

..........................

United

States

35,000,000

28,096,440

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Income

Fund

(continued)

franklintempleton.com

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

22

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Health

Care

Providers

&

Services

(continued)

CVS

Health

Corp.,

(continued)

Senior

Bond,

5.25%,

2/21/33

...........................

United

States

145,000,000

$

141,653,239

Senior

Bond,

4.78%,

3/25/38

...........................

United

States

61,925,000

55,320,119

Senior

Bond,

5.05%,

3/25/48

...........................

United

States

40,000,000

34,489,885

c

DaVita,

Inc.

,

Senior

Bond,

144A,

3.75%,

2/15/31

......................

United

States

75,000,000

64,048,041

Senior

Note,

144A,

4.625%,

6/01/30

.....................

United

States

285,000,000

257,773,779

c

Fresenius

Medical

Care

US

Finance

III,

Inc.

,

Senior

Bond

,

144A,

2.375

%

,

2/16/31

.....................................

Germany

30,000,000

23,702,998

HCA,

Inc.

,

Senior

Bond,

5.625%,

9/01/28

..........................

United

States

115,000,000

116,062,345

Senior

Bond,

4.125%,

6/15/29

..........................

United

States

38,500,000

36,467,709

Senior

Bond,

2.375%,

7/15/31

..........................

United

States

28,716,000

23,589,041

Senior

Bond,

5.5%,

6/01/33

............................

United

States

80,000,000

79,375,647

Senior

Note,

3.625%,

3/15/32

..........................

United

States

82,954,000

73,095,012

Humana,

Inc.

,

Senior

Bond

,

5.875

%

,

3/01/33

.................

United

States

35,000,000

35,619,890

c

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5

%

,

9/01/29

........

Italy

35,000,000

32,127,813

c

MPH

Acquisition

Holdings

LLC

,

Senior

Note,

144A,

5.75%,

11/01/28

.....................

United

States

140,000,000

75,478,900

Senior

Secured

Note,

144A,

5.5%,

9/01/28

................

United

States

175,000,000

132,319,845

Quest

Diagnostics,

Inc.

,

Senior

Bond

,

2.95

%

,

6/30/30

..........

United

States

58,755,000

52,188,618

Tenet

Healthcare

Corp.

,

Secured

Note,

6.25%,

2/01/27

..........................

United

States

150,000,000

150,030,600

Senior

Bond,

6.875%,

11/15/31

.........................

United

States

55,258,000

58,364,660

Senior

Note,

6.125%,

10/01/28

.........................

United

States

510,000,000

507,834,795

Senior

Secured

Note,

4.25%,

6/01/29

....................

United

States

130,000,000

121,170,244

Senior

Secured

Note,

4.375%,

1/15/30

...................

United

States

30,000,000

27,832,395

Senior

Secured

Note,

6.125%,

6/15/30

...................

United

States

425,000,000

422,661,467

Senior

Secured

Note,

6.75%,

5/15/31

....................

United

States

159,775,000

162,305,435

UnitedHealth

Group,

Inc.

,

Senior

Bond

,

5.35

%

,

2/15/33

.........

United

States

125,000,000

126,716,751

5,155,677,776

Health

Care

Technology

0.1%

c,i

Multiplan

Corp.

,

Senior

Note

,

144A,

PIK,

6

%

,

10/15/27

.........

United

States

100,000,000

70,500,000

Hotels,

Restaurants

&

Leisure

2.9%

c

Caesars

Entertainment,

Inc.

,

Senior

Note,

144A,

8.125%,

7/01/27

.....................

United

States

99,750,000

101,845,947

Senior

Note,

144A,

4.625%,

10/15/29

....................

United

States

115,000,000

105,511,419

Senior

Secured

Note,

144A,

6.25%,

7/01/25

...............

United

States

194,759,000

194,759,000

Senior

Secured

Note,

144A,

7%,

2/15/30

..................

United

States

52,000,000

53,159,912

Senior

Secured

Note,

144A,

6.5%,

2/15/32

................

United

States

45,000,000

45,250,155

c

Carnival

Corp.

,

Senior

Note,

144A,

7.625%,

3/01/26

.....................

United

States

150,000,000

151,588,500

Senior

Note,

144A,

5.75%,

3/01/27

......................

United

States

220,000,000

217,480,538

Senior

Note,

144A,

10.5%,

6/01/30

......................

United

States

65,000,000

70,656,300

Expedia

Group,

Inc.

,

Senior

Bond,

3.8%,

2/15/28

............................

United

States

57,000,000

54,270,561

Senior

Note,

5%,

2/15/26

.............................

United

States

30,000,000

29,789,061

Senior

Note,

3.25%,

2/15/30

...........................

United

States

60,000,000

54,106,269

c

Senior

Note,

144A,

6.25%,

5/01/25

......................

United

States

54,596,000

54,691,669

c

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note,

144A,

6.75%,

1/15/30

......................

United

States

75,000,000

65,920,988

Senior

Secured

Note,

144A,

4.625%,

1/15/29

..............

United

States

140,000,000

127,601,726

c

Hilton

Domestic

Operating

Co.,

Inc.

,

Senior

Note

,

144A,

6.125

%

,

4/01/32

...........................................

United

States

40,000,000

40,219,040

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Income

Fund

(continued)

franklintempleton.com

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

23

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

Marriott

International,

Inc.

,

Senior

Note,

5%,

10/15/27

............................

United

States

25,000,000

$

24,942,974

Senior

Note,

4.9%,

4/15/29

............................

United

States

20,000,000

19,794,946

McDonald's

Corp.

,

Senior

Bond

,

4.6

%

,

9/09/32

...............

United

States

10,000,000

9,666,638

c

Penn

Entertainment,

Inc.

,

Senior

Note

,

144A,

4.125

%

,

7/01/29

...

United

States

20,000,000

17,168,308

c

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note

,

144A,

5.5

%

,

4/01/28

..

United

States

50,000,000

49,396,185

c

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.

,

Senior

Bond,

144A,

5.5%,

3/01/25

.......................

United

States

367,152,000

366,967,543

Senior

Bond,

144A,

5.25%,

5/15/27

......................

United

States

135,000,000

131,770,219

c

Wynn

Macau

Ltd.

,

Senior

Note

,

144A,

5.5

%

,

1/15/26

...........

Macau

50,000,000

48,985,700

c

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125

%

,

2/15/31

...........................

United

States

30,000,000

31,128,113

2,066,671,711

Household

Durables

0.1%

KB

Home

,

Senior

Note

,

7.25

%

,

7/15/30

.....................

United

States

20,000,000

20,629,300

Shea

Homes

LP

/

Shea

Homes

Funding

Corp.

,

Senior

Note,

4.75%,

2/15/28

...........................

United

States

34,630,000

32,771,380

Senior

Note,

4.75%,

4/01/29

...........................

United

States

49,895,000

46,586,373

99,987,053

Household

Products

0.1%

c

Energizer

Holdings,

Inc.

,

Senior

Note,

144A,

6.5%,

12/31/27

......................

United

States

20,000,000

19,995,018

Senior

Note,

144A,

4.75%,

6/15/28

......................

United

States

24,000,000

22,490,513

42,485,531

Independent

Power

and

Renewable

Electricity

Producers

0.5%

c

Calpine

Corp.

,

Senior

Note,

144A,

5.125%,

3/15/28

.....................

United

States

170,000,000

163,624,762

Senior

Secured

Bond,

144A,

3.75%,

3/01/31

...............

United

States

40,000,000

35,383,500

Senior

Secured

Note,

144A,

4.5%,

2/15/28

................

United

States

106,000,000

100,797,223

c,g

Vistra

Corp.

,

Junior

Sub.

Bond

,

144A,

7%

to

12/14/26,

FRN

thereafter

,

Perpetual

.................................

United

States

90,000,000

89,303,949

389,109,434

Insurance

0.2%

c

Five

Corners

Funding

Trust

III

,

Senior

Note

,

144A,

5.791

%

,

2/15/33

United

States

30,000,000

30,528,477

c

Northwestern

Mutual

Global

Funding

,

Secured

Note

,

144A,

4.35

%

,

9/15/27

...........................................

United

States

40,000,000

39,148,167

Prudential

Financial,

Inc.

,

Junior

Sub.

Bond

,

5.7%

to

9/14/28,

FRN

thereafter

,

9/15/48

...................................

United

States

65,000,000

63,889,696

133,566,340

Interactive

Media

&

Services

0.1%

Meta

Platforms,

Inc.

,

Senior

Note

,

3.85

%

,

8/15/32

.............

United

States

35,000,000

32,552,909

c

ZipRecruiter,

Inc.

,

Senior

Note

,

144A,

5

%

,

1/15/30

.............

United

States

30,000,000

26,092,484

58,645,393

IT

Services

0.0%

†

Twilio,

Inc.

,

Senior

Bond

,

3.875

%

,

3/15/31

...................

United

States

40,000,000

35,220,780

Machinery

0.1%

Parker-Hannifin

Corp.

,

Senior

Bond

,

3.25

%

,

6/14/29

...........

United

States

10,000,000

9,188,243

c

TK

Elevator

US

Newco,

Inc.

,

Senior

Secured

Note

,

144A,

5.25

%

,

7/15/27

...........................................

Germany

35,000,000

33,967,192

43,155,435

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Income

Fund

(continued)

franklintempleton.com

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

24

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Media

0.8%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

,

Senior

Secured

Note

,

4.908

%

,

7/23/25

.....

United

States

150,000,000

$

148,601,600

c

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

......................

United

States

179,000,000

156,829,794

Senior

Secured

Note,

144A,

5.125%,

8/15/27

..............

United

States

90,000,000

86,035,041

c

Stagwell

Global

LLC

,

Senior

Note

,

144A,

5.625

%

,

8/15/29

.......

United

States

55,000,000

50,844,092

c

Univision

Communications,

Inc.

,

Senior

Secured

Note,

144A,

6.625%,

6/01/27

..............

United

States

60,000,000

57,498,990

Senior

Secured

Note,

144A,

8%,

8/15/28

..................

United

States

30,000,000

29,283,990

Senior

Secured

Note,

144A,

7.375%,

6/30/30

..............

United

States

20,000,000

18,619,374

547,712,881

Metals

&

Mining

1.1%

c

Alcoa

Nederland

Holding

BV

,

Senior

Note,

144A,

5.5%,

12/15/27

......................

United

States

104,742,000

103,237,067

Senior

Note,

144A,

4.125%,

3/31/29

.....................

United

States

101,547,000

94,289,172

ArcelorMittal

SA

,

Senior

Bond,

6.8%,

11/29/32

...........................

Luxembourg

55,000,000

57,979,327

Senior

Note,

6.55%,

11/29/27

..........................

Luxembourg

25,000,000

25,789,542

c

Cleveland-Cliffs,

Inc.

,

Senior

Bond

,

144A,

4.875

%

,

3/01/31

......

United

States

25,000,000

22,161,943

c

FMG

Resources

August

2006

Pty.

Ltd.

,

Senior

Bond,

144A,

4.375%,

4/01/31

.....................

Australia

198,000,000

177,216,653

Senior

Bond,

144A,

6.125%,

4/15/32

.....................

Australia

32,500,000

32,159,390

Senior

Note,

144A,

4.5%,

9/15/27

.......................

Australia

16,000,000

15,303,933

Senior

Note,

144A,

5.875%,

4/15/30

.....................

Australia

62,035,000

60,668,952

Freeport-McMoRan,

Inc.

,

Senior

Bond,

5.25%,

9/01/29

...........................

United

States

61,402,000

61,086,621

Senior

Bond,

5.4%,

11/14/34

...........................

United

States

47,000,000

46,263,627

c

Glencore

Funding

LLC

,

Senior

Bond

,

144A,

2.5

%

,

9/01/30

......

Australia

95,000,000

80,379,801

c

Mineral

Resources

Ltd.

,

Senior

Note,

144A,

8%,

11/01/27

........................

Australia

20,000,000

20,483,440

f

Senior

Note,

144A,

8.5%,

5/01/30

.......................

Australia

35,000,000

36,273,335

833,292,803

Multi-Utilities

0.2%

Dominion

Energy,

Inc.

,

Senior

Note,

5.375%,

11/15/32

.........................

United

States

32,854,000

32,587,661

A,

Senior

Note,

4.35%,

8/15/32

.........................

United

States

30,000,000

28,064,190

C,

Senior

Note,

3.375%,

4/01/30

........................

United

States

30,000,000

27,107,419

NiSource,

Inc.

,

Senior

Bond

,

3.6

%

,

5/01/30

..................

United

States

20,000,000

18,361,861

Sempra

,

Senior

Bond

,

5.5

%

,

8/01/33

.......................

United

States

35,000,000

34,963,333

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

5.15

%

,

9/15/32

...

United

States

40,000,000

39,777,327

180,861,791

Oil,

Gas

&

Consumable

Fuels

2.6%

BP

Capital

Markets

America,

Inc.

,

Senior

Bond,

4.234%,

11/06/28

.........................

United

States

28,705,000

27,818,570

Senior

Bond,

3.633%,

4/06/30

..........................

United

States

46,500,000

43,345,022

Senior

Bond,

2.721%,

1/12/32

..........................

United

States

15,000,000

12,747,904

c

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note,

144A,

11%,

4/15/25

........................

United

States

224,172,000

225,450,004

Senior

Note,

144A,

8.125%,

1/15/27

.....................

United

States

124,000,000

117,034,176

Senior

Note,

144A,

9.75%,

7/15/28

......................

United

States

73,565,000

69,736,766

Senior

Secured

Note,

144A,

9.25%,

7/15/29

...............

United

States

140,000,000

142,800,000

Cheniere

Corpus

Christi

Holdings

LLC

,

Senior

Secured

Note,

5.125%,

6/30/27

...................

United

States

87,973,000

87,856,671

Senior

Secured

Note,

3.7%,

11/15/29

....................

United

States

92,245,000

85,271,931

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Income

Fund

(continued)

franklintempleton.com

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

25

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

Cheniere

Energy

Partners

LP

,

Senior

Note

,

5.95

%

,

6/30/33

......

United

States

30,000,000

$

30,437,070

c

Cheniere

Energy,

Inc.

,

Senior

Bond

,

144A,

5.65

%

,

4/15/34

......

United

States

40,000,000

40,056,600

c

CITGO

Petroleum

Corp.

,

Senior

Secured

Note,

144A,

7%,

6/15/25

..................

United

States

33,224,000

33,246,034

Senior

Secured

Note,

144A,

6.375%,

6/15/26

..............

United

States

65,000,000

64,694,695

c

Civitas

Resources,

Inc.

,

Senior

Note

,

144A,

8.75

%

,

7/01/31

......

United

States

25,000,000

26,805,000

Energy

Transfer

LP

,

Senior

Bond,

5.75%,

2/15/33

...........................

United

States

30,000,000

30,327,720

Senior

Bond,

6.55%,

12/01/33

..........................

United

States

25,000,000

26,510,050

c

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Note

,

144A,

6

%

,

4/15/30

...........................................

United

States

25,000,000

24,165,592

Kinder

Morgan,

Inc.

,

Senior

Bond,

5.2%,

6/01/33

............................

United

States

87,000,000

84,465,707

Senior

Bond,

5.4%,

2/01/34

............................

United

States

50,000,000

49,253,921

Senior

Note,

5%,

2/01/29

.............................

United

States

40,000,000

39,564,680

c

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.5

%

,

4/15/32

......

United

States

35,000,000

35,028,665

Occidental

Petroleum

Corp.

,

Senior

Bond,

6.625%,

9/01/30

..........................

United

States

80,000,000

83,947,680

Senior

Bond,

6.125%,

1/01/31

..........................

United

States

52,000,000

53,256,060

Senior

Note,

5.5%,

12/01/25

...........................

United

States

30,000,000

29,944,800

Senior

Note,

6.375%,

9/01/28

..........................

United

States

60,000,000

61,952,804

c

Tennessee

Gas

Pipeline

Co.

LLC

,

Senior

Bond

,

144A,

2.9

%

,

3/01/30

United

States

40,050,000

35,014,361

c

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note,

144A,

8.125%,

6/01/28

..............

United

States

14,500,000

14,949,602

Senior

Secured

Note,

144A,

8.375%,

6/01/31

..............

United

States

50,000,000

51,898,800

Williams

Cos.,

Inc.

(The)

,

Senior

Bond,

3.5%,

11/15/30

...........................

United

States

130,000,000

117,894,369

Senior

Bond,

2.6%,

3/15/31

............................

United

States

61,000,000

51,554,536

Senior

Bond,

4.65%,

8/15/32

...........................

United

States

35,000,000

33,260,362

Senior

Bond,

5.65%,

3/15/33

...........................

United

States

55,000,000

55,531,004

1,885,821,156

Passenger

Airlines

1.6%

c

American

Airlines

Group,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

3/01/25

.

United

States

64,000,000

63,042,784

c

American

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

5/15/29

United

States

75,000,000

77,969,400

c

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note,

144A,

5.5%,

4/20/26

................

United

States

171,999,999

170,630,157

Senior

Secured

Note,

144A,

5.75%,

4/20/29

...............

United

States

152,850,000

148,845,903

c

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note,

144A,

4.5%,

10/20/25

...............

United

States

46,816,160

46,257,984

Senior

Secured

Note,

144A,

4.75%,

10/20/28

..............

United

States

341,718,000

332,934,699

c

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets

Ltd.

,

Senior

Secured

Note

,

144A,

6.5

%

,

6/20/27

.......

United

States

117,300,000

117,627,384

c

United

Airlines,

Inc.

,

Senior

Secured

Note,

144A,

4.375%,

4/15/26

..............

United

States

107,762,000

104,223,883

Senior

Secured

Note,

144A,

4.625%,

4/15/29

..............

United

States

136,643,000

127,368,370

1,188,900,564

Personal

Care

Products

0.2%

c

BellRing

Brands,

Inc.

,

Senior

Note

,

144A,

7

%

,

3/15/30

.........

United

States

30,000,000

30,773,640

Haleon

US

Capital

LLC

,

Senior

Note,

3.375%,

3/24/29

..........................

United

States

30,000,000

27,865,304

Senior

Note,

3.625%,

3/24/32

..........................

United

States

65,043,000

58,296,481

116,935,425

Pharmaceuticals

1.7%

c,f

1375209

BC

Ltd.

,

Senior

Secured

Note

,

144A,

9

%

,

1/30/28

......

Canada

467,060,000

449,700,080

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Income

Fund

(continued)

franklintempleton.com

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

26

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Pharmaceuticals

(continued)

c

Bausch

Health

Cos.,

Inc.

,

Secured

Note,

144A,

14%,

10/15/30

.....................

United

States

100,000,000

$

77,500,000

Senior

Secured

Note,

144A,

6.125%,

2/01/27

..............

United

States

130,000,000

108,371,250

Senior

Secured

Note,

144A,

11%,

9/30/28

.................

United

States

300,000,000

267,750,000

c

Endo

Finance

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

4/15/31

...........................................

United

States

50,000,000

51,661,350

Royalty

Pharma

plc

,

Senior

Note

,

2.2

%

,

9/02/30

..............

United

States

10,000,000

8,337,322

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note,

7.125%,

1/31/25

..........................

Israel

27,220,000

27,312,412

f

Senior

Note,

6.75%,

3/01/28

...........................

Israel

26,000,000

26,639,080

Senior

Note,

7.875%,

9/15/29

..........................

Israel

25,000,000

26,882,900

Senior

Note,

8.125%,

9/15/31

..........................

Israel

30,000,000

33,393,249

Utah

Acquisition

Sub,

Inc.

,

Senior

Note

,

3.95

%

,

6/15/26

.........

United

States

96,500,000

93,606,560

Viatris,

Inc.

,

Senior

Note

,

2.7

%

,

6/22/30

.....................

United

States

40,000,000

33,966,778

1,205,120,981

Semiconductors

&

Semiconductor

Equipment

0.9%

Broadcom,

Inc.

,

Senior

Bond,

4.15%,

11/15/30

..........................

United

States

20,000,000

18,897,403

Senior

Bond,

4.3%,

11/15/32

...........................

United

States

140,000,000

130,913,241

c

Senior

Bond,

144A,

2.45%,

2/15/31

......................

United

States

80,000,000

67,399,489

c

Senior

Bond,

144A,

4.15%,

4/15/32

......................

United

States

35,000,000

32,307,649

c

Senior

Bond,

144A,

3.469%,

4/15/34

.....................

United

States

66,000,000

56,287,174

c

Senior

Note,

144A,

4%,

4/15/29

........................

United

States

28,000,000

26,686,995

c

Entegris,

Inc.

,

Senior

Secured

Note

,

144A,

4.75

%

,

4/15/29

......

United

States

60,000,000

57,451,644

Intel

Corp.

,

Senior

Bond,

5.2%,

2/10/33

............................

United

States

25,000,000

24,972,956

Senior

Note,

5.125%,

2/10/30

..........................

United

States

30,000,000

30,137,087

Micron

Technology,

Inc.

,

Senior

Bond,

5.327%,

2/06/29

..........................

United

States

25,000,000

25,127,043

Senior

Bond,

4.663%,

2/15/30

..........................

United

States

34,000,000

32,963,744

Senior

Bond,

5.875%,

2/09/33

..........................

United

States

40,000,000

40,882,062

Senior

Note,

6.75%,

11/01/29

..........................

United

States

55,000,000

58,517,034

NXP

BV

/

NXP

Funding

LLC

,

Senior

Note

,

5.55

%

,

12/01/28

......

China

20,000,000

20,274,241

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA,

Inc.

,

Senior

Note

,

3.4

%

,

5/01/30

...........................................

China

31,200,000

28,278,887

c

Qorvo,

Inc.

,

Senior

Bond

,

144A,

3.375

%

,

4/01/31

.............

United

States

30,800,000

26,431,540

677,528,189

Software

0.8%

c

McAfee

Corp.

,

Senior

Note

,

144A,

7.375

%

,

2/15/30

............

United

States

55,000,000

50,849,579

Oracle

Corp.

,

Senior

Bond,

2.65%,

7/15/26

...........................

United

States

100,000,000

94,795,645

Senior

Bond,

3.25%,

11/15/27

..........................

United

States

40,000,000

37,723,773

Senior

Bond,

2.95%,

4/01/30

...........................

United

States

30,000,000

26,689,503

Senior

Bond,

2.875%,

3/25/31

..........................

United

States

101,000,000

87,248,383

Senior

Bond,

6.25%,

11/09/32

..........................

United

States

95,000,000

100,597,358

Senior

Note,

6.15%,

11/09/29

..........................

United

States

20,000,000

20,926,641

Roper

Technologies,

Inc.

,

Senior

Bond,

2%,

6/30/30

.............................

United

States

20,000,000

16,718,157

Senior

Bond,

1.75%,

2/15/31

...........................

United

States

20,000,000

16,107,695

Workday,

Inc.

,

Senior

Bond

,

3.8

%

,

4/01/32

..................

United

States

155,000,000

139,343,110

590,999,844

Specialized

REITs

0.6%

American

Tower

Corp.

,

Senior

Bond,

3.55%,

7/15/27

...........................

United

States

20,000,000

18,983,929

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Income

Fund

(continued)

franklintempleton.com

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

27

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Specialized

REITs

(continued)

American

Tower

Corp.,

(continued)

Senior

Bond,

2.9%,

1/15/30

............................

United

States

30,000,000

$

26,458,625

Senior

Bond,

5.65%,

3/15/33

...........................

United

States

105,000,000

105,709,318

Senior

Note,

5.5%,

3/15/28

............................

United

States

20,000,000

20,128,076

Senior

Note,

4.05%,

3/15/32

...........................

United

States

10,000,000

9,147,122

Crown

Castle,

Inc.

,

Senior

Bond,

3.3%,

7/01/30

............................

United

States

74,583,000

66,495,548

Senior

Bond,

5.1%,

5/01/33

............................

United

States

60,000,000

57,905,003

c

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

4.875

%

,

9/15/27

........

United

States

65,000,000

63,080,665

Weyerhaeuser

Co.

,

Senior

Bond

,

3.375

%

,

3/09/33

............

United

States

42,300,000

36,304,594

404,212,880

Specialty

Retail

0.7%

AutoNation,

Inc.

,

Senior

Bond,

4.75%,

6/01/30

...........................

United

States

40,959,000

39,165,404

Senior

Bond,

2.4%,

8/01/31

............................

United

States

44,451,000

35,858,975

Senior

Bond,

3.85%,

3/01/32

...........................

United

States

32,953,000

29,282,607

Bath

&

Body

Works,

Inc.

,

Senior

Bond

,

6.875

%

,

11/01/35

.......

United

States

40,000,000

40,381,600

Home

Depot,

Inc.

(The)

,

Senior

Bond,

1.375%,

3/15/31

..........................

United

States

40,000,000

31,886,532

Senior

Bond,

5.875%,

12/16/36

.........................

United

States

20,000,000

21,200,367

Senior

Note,

4.5%,

9/15/32

............................

United

States

30,000,000

29,099,025

Lowe's

Cos.,

Inc.

,

Senior

Bond,

3.65%,

4/05/29

...........................

United

States

10,000,000

9,410,689

Senior

Bond,

2.625%,

4/01/31

..........................

United

States

40,000,000

34,141,132

Senior

Bond,

3.75%,

4/01/32

...........................

United

States

88,000,000

79,932,051

Senior

Bond,

5%,

4/15/33

.............................

United

States

115,000,000

113,293,067

f

Senior

Bond,

5.15%,

7/01/33

...........................

United

States

35,000,000

34,846,592

TJX

Cos.,

Inc.

(The)

,

Senior

Bond

,

1.6

%

,

5/15/31

.............

United

States

20,000,000

16,116,964

514,615,005

Technology

Hardware,

Storage

&

Peripherals

0.4%

f

Apple,

Inc.

,

Senior

Bond

,

4.3

%

,

5/10/33

.....................

United

States

40,000,000

39,449,954

Dell

International

LLC

/

EMC

Corp.

,

Senior

Bond,

5.75%,

2/01/33

...........................

United

States

40,000,000

41,144,893

Senior

Note,

5.3%,

10/01/29

...........................

United

States

55,000,000

55,328,341

HP,

Inc.

,

Senior

Bond,

5.5%,

1/15/33

............................

United

States

70,000,000

70,500,980

Senior

Note,

4%,

4/15/29

.............................

United

States

123,630,000

117,817,232

324,241,400

Textiles,

Apparel

&

Luxury

Goods

0.1%

c,f

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

9

%

,

2/15/31

............

United

States

19,200,000

20,133,235

Tapestry,

Inc.

,

Senior

Bond

,

7.85

%

,

11/27/33

.................

United

States

30,000,000

31,613,168

51,746,403

Tobacco

0.7%

BAT

Capital

Corp.

,

Senior

Bond,

2.726%,

3/25/31

..........................

United

Kingdom

25,000,000

21,092,706

Senior

Bond,

6.421%,

8/02/33

..........................

United

Kingdom

53,500,000

55,959,675

Senior

Bond,

6%,

2/20/34

.............................

United

Kingdom

40,000,000

40,484,768

Senior

Note,

3.557%,

8/15/27

..........................

United

Kingdom

212,000,000

201,431,457

Senior

Note,

2.259%,

3/25/28

..........................

United

Kingdom

37,812,000

33,889,158

Philip

Morris

International,

Inc.

,

Senior

Bond,

5.75%,

11/17/32

..........................

United

States

41,000,000

41,881,596

Senior

Bond,

5.375%,

2/15/33

..........................

United

States

70,000,000

69,542,645

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Income

Fund

(continued)

franklintempleton.com

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

28

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Tobacco

(continued)

Philip

Morris

International,

Inc.,

(continued)

Senior

Bond,

5.625%,

9/07/33

..........................

United

States

25,000,000

$

25,228,599

489,510,604

Trading

Companies

&

Distributors

0.4%

United

Rentals

North

America,

Inc.

,

Senior

Bond,

4.875%,

1/15/28

..........................

United

States

140,000,000

135,810,892

Senior

Bond,

3.875%,

2/15/31

..........................

United

States

45,000,000

40,187,749

Senior

Bond,

3.75%,

1/15/32

...........................

United

States

31,000,000

27,000,436

c

Senior

Secured

Note,

144A,

6%,

12/15/29

.................

United

States

73,800,000

74,191,804

277,190,881

Water

Utilities

0.0%

†

American

Water

Capital

Corp.

,

Senior

Bond

,

4.45

%

,

6/01/32

.....

United

States

40,336,000

38,407,156

Wireless

Telecommunication

Services

0.4%

Sprint

LLC

,

Senior

Note

,

7.625

%

,

3/01/26

...................

United

States

86,300,000

88,754,372

c

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

,

Senior

Secured

Bond

,

144A,

5.152

%

,

3/20/28

...........................................

United

States

67,500,000

67,208,656

T-Mobile

USA,

Inc.

,

Senior

Bond,

5.2%,

1/15/33

............................

United

States

45,000,000

44,541,351

Senior

Note,

3.375%,

4/15/29

..........................

United

States

68,000,000

62,849,572

263,353,951

Total

Corporate

Bonds

(Cost

$33,099,731,596)

..................................

32,774,663,682

Senior

Floating

Rate

Interests

0.1%

Building

Products

0.1%

e,j

EMRLD

Borrower

LP

,

First

Lien,

Term

Loan,

B

,

7.728

%

,

(

12-month

SOFR

+

2.5

%

),

6/18/31

...............................

United

States

70,000,000

70,087,500

Total

Senior

Floating

Rate

Interests

(Cost

$69,825,000)

..........................

70,087,500

U.S.

Government

and

Agency

Securities

10.8%

U.S.

Treasury

Bonds

,

3.375%,

8/15/42

.....................................

United

States

600,000,000

506,953,128

3.875%,

5/15/43

.....................................

United

States

250,000,000

225,639,648

4.125%,

8/15/53

.....................................

United

States

1,500,000,000

1,397,167,965

U.S.

Treasury

Notes

,

4.125%,

10/31/27

....................................

United

States

1,250,000,000

1,236,181,638

4%,

10/31/29

.......................................

United

States

1,000,000,000

983,281,250

2.75%,

8/15/32

.....................................

United

States

2,250,000,000

2,002,543,942

3.875%,

8/15/33

.....................................

United

States

1,500,000,000

1,443,398,430

Total

U.S.

Government

and

Agency

Securities

(Cost

$7,988,025,974)

..............

7,795,166,001

Asset-Backed

Securities

0.2%

Passenger

Airlines

0.2%

United

Airlines

Pass-Through

Trust

,

2020-1,

A,

5.875%,

10/15/27

...........................

United

States

55,095,833

55,311,660

2023-1,

A,

5.8%,

1/15/36

..............................

United

States

50,000,000

50,945,190

106,256,850

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$104,916,772)

..............................

106,256,850

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Income

Fund

(continued)

franklintempleton.com

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

29

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

1.3%

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

0.6%

FHLMC

Pool,

30

Year,

5%,

5/01/53

........................

United

States

169,328,505

$

163,745,546

FHLMC

Pool,

30

Year,

5.5%,

6/01/53

-

11/01/53

..............

United

States

253,853,557

250,516,125

414,261,671

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

0.6%

FNMA,

30

Year,

4%,

8/01/49

.............................

United

States

24,018,922

22,403,597

FNMA,

30

Year,

5%,

5/01/53

-

11/01/53

.....................

United

States

374,032,301

361,681,569

FNMA,

30

Year,

5.5%,

7/01/53

...........................

United

States

82,296,561

81,209,581

465,294,747

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

0.1%

GNMA

II,

Single-family,

30

Year,

5.5%,

5/20/53

...............

United

States

81,824,993

81,267,282

Total

Mortgage-Backed

Securities

(Cost

$958,926,059)

...........................

960,823,700

Shares

a

Escrows

and

Litigation

Trusts

0.0%

b,k

Endo,

Inc.,

Escrow

Account

..............................

United

States

47,500,000

—

b,k

Endo,

Inc.,

Escrow

Account

..............................

United

States

66,355,000

—

k

Par

Pharmaceutical,

Inc.,

Escrow

Account

...................

United

States

193,401,000

—

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

...................................

—

Total

Long

Term

Investments

(Cost

$68,859,923,987)

............................

69,947,071,820

a

Short

Term

Investments

3.2%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

3.1%

d,l

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.972%

....

United

States

2,245,356,897

2,245,356,897

Total

Money

Market

Funds

(Cost

$2,245,356,897)

................................

2,245,356,897

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.1%

Money

Market

Funds

0.1%

d,l

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.972%

....

United

States

61,120,000

61,120,000

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$61,120,000)

...........................................................

61,120,000

Total

Short

Term

Investments

(Cost

$2,306,476,897

)

.............................

2,306,476,897

a

Total

Investments

(Cost

$71,166,400,884)

100.0%

...............................

$72,253,548,717

Options

Written

(0.1)%

.......................................................

(52,980,000)

Other

Assets,

less

Liabilities

0.1%

.............................................

82,469,299

Net

Assets

100.0%

...........................................................

$72,283,038,016

a

a

a

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Income

Fund

(continued)

franklintempleton.com

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

30

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

Options

Written

(0.1)%

Calls

-

Exchange-Traded

Equity

Options

AbbVie,

Inc.,

August

Strike

Price

$185.00,

Expires

8/16/24

......

10,000

171,520,000

$

(820,000)

AbbVie,

Inc.,

September

Strike

Price

$185.00,

Expires

9/20/24

...

10,000

171,520,000

(1,460,000)

Bank

of

America

Corp.,

July

Strike

Price

$40.00,

Expires

7/19/24

..

20,000

79,540,000

(1,860,000)

Broadcom,

Inc.,

July

Strike

Price

$1,500.00,

Expires

7/19/24

.....

1,000

160,553,000

(13,078,000)

Chevron

Corp.,

August

Strike

Price

$170.00,

Expires

8/16/24

....

10,000

156,420,000

(750,000)

CVS

Health

Corp.,

August

Strike

Price

$65.00,

Expires

8/16/24

...

10,000

59,060,000

(810,000)

CVS

Health

Corp.,

September

Strike

Price

$67.50,

Expires

9/20/24

10,000

59,060,000

(730,000)

Freeport-McMoRan,

Inc.,

August

Strike

Price

$55.00,

Expires

8/16/24

...........................................

10,000

48,600,000

(690,000)

International

Paper

Co.,

July

Strike

Price

$50.00,

Expires

7/19/24

.

10,000

43,150,000

(100,000)

Lockheed

Martin

Corp.,

July

Strike

Price

$475.00,

Expires

7/19/24

2,500

116,775,000

(625,000)

Lockheed

Martin

Corp.,

July

Strike

Price

$485.00,

Expires

7/19/24

2,000

93,420,000

(162,000)

McDonald's

Corp.,

August

Strike

Price

$270.00,

Expires

8/16/24

..

5,000

127,420,000

(1,050,000)

MetLife,

Inc.,

August

Strike

Price

$75.00,

Expires

8/16/24

.......

10,000

70,190,000

(500,000)

Morgan

Stanley,

July

Strike

Price

$100.00,

Expires

7/19/24

......

5,000

48,595,000

(775,000)

NextEra

Energy,

Inc.,

September

Strike

Price

$80.00,

Expires

9/20/24

...........................................

10,000

70,810,000

(650,000)

Starbucks

Corp.,

August

Strike

Price

$90.00,

Expires

8/16/24

....

10,000

77,850,000

(660,000)

(24,720,000)

Puts

-

Exchange-Traded

Equity

Options

Abbott

Laboratories,

Inc.,

August

Strike

Price

$100.00,

Expires

8/16/24

...........................................

5,000

51,955,000

(830,000)

BlackRock,

Inc.,

August

Strike

Price

$720.00,

Expires

8/16/24

....

2,500

196,830,000

(1,025,000)

Boeing

Co.

(The),

July

Strike

Price

$160.00,

Expires

7/19/24

.....

10,000

182,010,000

(270,000)

Boeing

Co.

(The),

August

Strike

Price

$160.00,

Expires

8/16/24

...

10,000

182,010,000

(1,530,000)

Broadcom,

Inc.,

July

Strike

Price

$1,200.00,

Expires

7/19/24

.....

1,000

160,553,000

(30,000)

Broadcom,

Inc.,

August

Strike

Price

$1,500.00,

Expires

8/16/24

...

1,000

160,553,000

(4,200,000)

Broadcom,

Inc.,

July

Strike

Price

$1,535.00,

Expires

7/05/24

.....

1,000

160,553,000

(550,000)

Caterpillar,

Inc.,

July

Strike

Price

$300.00,

Expires

7/19/24

......

5,000

166,550,000

(200,000)

Dell

Technologies,

Inc.,

August

Strike

Price

$115.00,

Expires

8/16/24

10,000

137,910,000

(1,550,000)

Exxon

Mobil

Corp.,

July

Strike

Price

$110.00,

Expires

7/19/24

....

10,000

115,120,000

(500,000)

Home

Depot,

Inc.

(The),

August

Strike

Price

$315.00,

Expires

8/16/24

...........................................

5,000

172,120,000

(1,250,000)

Home

Depot,

Inc.

(The),

August

Strike

Price

$330.00,

Expires

8/16/24

...........................................

5,000

172,120,000

(2,670,000)

International

Business

Machines

Corp.,

August

Strike

Price

$155.00,

Expires

8/16/24

.....................................

10,000

172,950,000

(1,250,000)

JPMorgan

Chase

&

Co.,

July

Strike

Price

$185.00,

Expires

7/19/24

10,000

202,260,000

(490,000)

JPMorgan

Chase

&

Co.,

August

Strike

Price

$185.00,

Expires

8/16/24

...........................................

10,000

202,260,000

(1,170,000)

Microchip

Technology,

Inc.,

July

Strike

Price

$85.00,

Expires

7/19/24

5,000

45,750,000

(250,000)

Micron

Technology,

Inc.,

August

Strike

Price

$115.00,

Expires

8/16/24

...........................................

10,000

131,530,000

(1,790,000)

NVIDIA

Corp.,

September

Strike

Price

$90.00,

Expires

9/20/24

...

10,000

123,540,000

(1,470,000)

NVIDIA

Corp.,

August

Strike

Price

$100.00,

Expires

8/16/24

.....

10,000

123,540,000

(1,250,000)

PepsiCo,

Inc.,

July

Strike

Price

$160.00,

Expires

7/19/24

........

5,000

82,465,000

(470,000)

PepsiCo,

Inc.,

July

Strike

Price

$165.00,

Expires

7/19/24

........

5,000

82,465,000

(1,235,000)

QUALCOMM,

Inc.,

August

Strike

Price

$170.00,

Expires

8/16/24

..

10,000

199,180,000

(1,820,000)

Salesforce,

Inc.,

July

Strike

Price

$200.00,

Expires

7/19/24

......

10,000

257,100,000

(60,000)

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

July

Strike

Price

$150.00,

Expires

7/19/24

..............................

10,000

173,810,000

(680,000)

UnitedHealth

Group,

Inc.,

August

Strike

Price

$450.00,

Expires

8/16/24

...........................................

2,500

127,315,000

(840,000)

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Income

Fund

(continued)

franklintempleton.com

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

31

At

June

30,

2024,

the

Fund

had

the

following futures

contracts

outstanding.

See

Abbreviations

on

page

44

.

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

Options

Written

(continued)

Puts

-

Exchange-Traded

(continued)

Equity

Options

(continued)

Workday,

Inc.,

July

Strike

Price

$210.00,

Expires

7/19/24

.......

10,000

223,560,000

$

(880,000)

(28,260,000)

Total

Options

Written

(Premiums

received

$65,607,701)

..........................

$

(52,980,000)

#

Notional

amount

is

the

number

of

contracts

multiplied

by

contract

size,

and

may

be

multiplied

by

the

underlying

price.

May

include

currency

units,

bushels,

shares,

pounds,

barrels

or

other

units.

Currency

units

are

stated

in

U.S.

dollars

unless

otherwise

indicated.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

A

portion

or

all

of

the

security

is

held

in

connection

with

written

option

contracts

open

at

period

end.

b

Non-income

producing.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

June

30,

2024,

the

aggregate

value

of

these

securities

was

$28,115,599,158,

representing

38.9%

of

net

assets.

d

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

e

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

f

A

portion

or

all

of

the

security

is

on

loan

at

June

30,

2024.

g

Perpetual

security

with

no

stated

maturity

date.

h

The

coupon

rate

shown

represents

the

rate

at

period

end.

i

Income

may

be

received

in

additional

securities

and/or

cash.

j

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

k

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

l

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Interest

rate

contracts

U.S.

Treasury

10

Year

Notes

....................

Long

12,000

$

1,319,812,500

9/19/24

$

16,400,100

U.S.

Treasury

Ultra

Bonds

......................

Long

5,000

626,718,750

9/19/24

9,768,330

Total

Futures

Contracts

......................................................................

$26,168,430

*

As

of

period

end.

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited),

June

30,

2024

Franklin

U.S.

Government

Securities

Fund

franklintempleton.com

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

32

a

a

Principal

Amount

a

Value

a

a

a

a

a

U.S.

Government

and

Agency

Securities

3.3%

U.S.

Treasury

Bonds

,

4.75

%,

2/15/37

...................................................

$

37,500,000

$

38,939,942

4.5

%,

2/15/44

....................................................

33,400,000

32,773,750

4.625

%,

5/15/54

...................................................

6,000,000

6,083,906

Total

U.S.

Government

and

Agency

Securities

(Cost

$

80,438,693

)

.................

77,797,598

Mortgage-Backed

Securities

95.3%

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

95.3%

GNMA

I,

30

Year

,

4.5

%,

4/15/40

........................................

3,096,328

3,015,807

GNMA

I,

30

Year

,

5

%,

9/15/40

..........................................

107,696,800

107,216,600

GNMA

I,

30

Year

,

5.5

%,

2/15/40

........................................

46,913,127

47,780,325

GNMA

I,

30

Year

,

6

%,

12/15/39

.........................................

42,794,035

44,171,729

GNMA

I,

30

Year

,

6.5

%,

8/15/37

........................................

9,812,259

10,003,053

GNMA

I,

30

Year

,

7

%,

9/15/32

..........................................

6,041,099

6,268,862

GNMA

I,

30

Year

,

7.5

%,

7/15/26

-

8/15/33

.................................

436,047

449,573

GNMA

I,

30

Year

,

8

%,

10/15/29

.........................................

862

887

GNMA

I,

30

Year

,

8.5

%,

11/15/24

........................................

5

5

GNMA

I,

Single-family,

30

Year

,

3.5

%,

4/15/43

-

5/15/43

......................

10,024,895

9,228,527

GNMA

I,

Single-family,

30

Year

,

4

%,

10/15/40

-

8/15/46

.......................

30,147,015

28,349,375

GNMA

I,

Single-family,

30

Year

,

4.5

%,

2/15/39

-

6/15/41

......................

57,183,229

55,592,244

GNMA

I,

Single-family,

30

Year

,

5

%,

2/15/35

...............................

3,964

3,941

GNMA

I,

Single-family,

30

Year

,

5.5

%,

10/15/48

.............................

545,122

545,830

GNMA

I,

Single-family,

30

Year

,

7.25

%,

12/15/25

............................

13,082

13,052

GNMA

I,

Single-family,

30

Year

,

7.5

%,

8/15/25

-

7/15/31

......................

655,446

659,503

GNMA

I,

Single-family,

30

Year

,

8

%,

7/15/24

-

9/15/30

........................

224,889

225,514

GNMA

I,

Single-family,

30

Year

,

8.5

%,

7/15/24

-

11/15/24

......................

188

188

GNMA

I,

Single-family,

30

Year

,

10

%,

2/15/25

..............................

661

662

GNMA

II,

30

Year

,

4.5

%,

5/20/34

-

6/20/41

.................................

2,573,124

2,511,338

GNMA

II,

30

Year

,

6

%,

3/20/34

-

9/20/34

..................................

822,034

820,530

GNMA

II,

30

Year

,

6

%,

7/20/39

.........................................

19,230,593

19,840,957

GNMA

II,

30

Year

,

6.5

%,

9/20/31

-

9/20/32

.................................

747,320

760,972

GNMA

II,

30

Year

,

7

%,

7/20/32

.........................................

213,956

220,668

GNMA

II,

30

Year

,

8

%,

12/20/28

........................................

17,391

17,400

GNMA

II,

Single-family,

30

Year

,

2

%,

8/20/51

...............................

160,157,655

129,720,364

GNMA

II,

Single-family,

30

Year

,

2

%,

2/20/51

-

5/20/52

.......................

69,864,322

56,594,917

GNMA

II,

Single-family,

30

Year

,

2.5

%,

11/20/50

............................

13,509,322

11,028,434

GNMA

II,

Single-family,

30

Year

,

2.5

%,

7/20/51

.............................

66,501,904

55,928,863

GNMA

II,

Single-family,

30

Year

,

2.5

%,

8/20/51

.............................

200,279,660

168,483,157

GNMA

II,

Single-family,

30

Year

,

2.5

%,

9/20/51

.............................

82,349,666

69,275,171

GNMA

II,

Single-family,

30

Year

,

2.5

%,

10/20/51

............................

85,584,152

71,976,659

GNMA

II,

Single-family,

30

Year

,

2.5

%,

12/20/51

............................

79,986,688

67,282,486

GNMA

II,

Single-family,

30

Year

,

2.5

%,

1/20/52

.............................

32,607,993

27,424,709

GNMA

II,

Single-family,

30

Year

,

2.5

%,

6/20/52

.............................

709,013

596,293

GNMA

II,

Single-family,

30

Year

,

3

%,

10/20/44

..............................

17,221,245

15,316,078

GNMA

II,

Single-family,

30

Year

,

3

%,

5/20/45

...............................

12,451,159

11,062,097

GNMA

II,

Single-family,

30

Year

,

3

%,

4/20/46

...............................

16,705,585

14,785,518

GNMA

II,

Single-family,

30

Year

,

3

%,

9/20/47

...............................

13,470,421

11,894,223

GNMA

II,

Single-family,

30

Year

,

3

%,

10/20/47

..............................

21,598,520

19,068,446

GNMA

II,

Single-family,

30

Year

,

3

%,

6/20/50

...............................

10,127,902

8,626,729

GNMA

II,

Single-family,

30

Year

,

3

%,

8/20/51

...............................

119,195,820

104,067,973

GNMA

II,

Single-family,

30

Year

,

3

%,

9/20/51

...............................

25,433,764

22,188,244

GNMA

II,

Single-family,

30

Year

,

3

%,

12/20/44

-

10/20/50

......................

73,072,450

63,182,875

GNMA

II,

Single-family,

30

Year

,

3.5

%,

7/20/42

.............................

26,728,018

24,520,854

GNMA

II,

Single-family,

30

Year

,

3.5

%,

9/20/42

.............................

33,527,505

30,763,891

GNMA

II,

Single-family,

30

Year

,

3.5

%,

5/20/43

.............................

10,056,071

9,229,778

GNMA

II,

Single-family,

30

Year

,

3.5

%,

6/20/43

.............................

11,612,262

10,658,676

GNMA

II,

Single-family,

30

Year

,

3.5

%,

9/20/47

.............................

119,924,789

108,987,186

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

U.S.

Government

Securities

Fund

(continued)

franklintempleton.com

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

33

See

Abbreviations

on

page

44

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

(continued)

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

(continued)

GNMA

II,

Single-family,

30

Year

,

3.5

%,

11/20/47

............................

$

79,990,848

$

72,622,826

GNMA

II,

Single-family,

30

Year

,

3.5

%,

10/20/40

-

1/20/49

.....................

43,700,104

40,015,687

GNMA

II,

Single-family,

30

Year

,

4

%,

11/20/40

..............................

8,782,504

8,347,557

GNMA

II,

Single-family,

30

Year

,

4

%,

10/20/41

..............................

10,760,510

10,227,695

GNMA

II,

Single-family,

30

Year

,

4

%,

11/20/41

..............................

10,203,381

9,698,148

GNMA

II,

Single-family,

30

Year

,

4

%,

5/20/47

...............................

28,740,631

26,819,989

GNMA

II,

Single-family,

30

Year

,

4

%,

6/20/47

...............................

22,005,378

20,561,914

GNMA

II,

Single-family,

30

Year

,

4

%,

7/20/47

...............................

14,001,145

13,140,237

GNMA

II,

Single-family,

30

Year

,

4

%,

6/20/52

...............................

34,277,883

31,709,978

GNMA

II,

Single-family,

30

Year

,

4

%,

5/20/40

-

2/20/54

.......................

53,216,861

49,973,501

GNMA

II,

Single-family,

30

Year

,

4.5

%,

6/20/41

.............................

9,851,743

9,613,078

GNMA

II,

Single-family,

30

Year

,

4.5

%,

7/20/41

.............................

10,986,711

10,720,546

GNMA

II,

Single-family,

30

Year

,

4.5

%,

9/20/41

.............................

15,803,286

15,420,427

GNMA

II,

Single-family,

30

Year

,

4.5

%,

10/20/41

............................

11,228,324

10,956,293

GNMA

II,

Single-family,

30

Year

,

4.5

%,

5/20/52

.............................

35,631,688

33,954,863

GNMA

II,

Single-family,

30

Year

,

4.5

%,

5/20/33

-

4/20/54

......................

39,447,800

38,312,221

GNMA

II,

Single-family,

30

Year

,

5

%,

7/20/53

...............................

25,433,457

24,782,024

GNMA

II,

Single-family,

30

Year

,

5

%,

8/20/53

...............................

29,904,104

29,138,165

GNMA

II,

Single-family,

30

Year

,

5

%,

7/20/33

-

2/20/54

.......................

40,279,065

39,974,193

GNMA

II,

Single-family,

30

Year

,

5.5

%,

7/20/53

.............................

24,551,684

24,379,128

GNMA

II,

Single-family,

30

Year

,

5.5

%,

1/20/54

.............................

49,224,422

48,870,769

GNMA

II,

Single-family,

30

Year

,

5.5

%,

6/20/34

-

2/20/50

......................

30,500,618

31,073,059

GNMA

II,

Single-family,

30

Year

,

6

%,

6/20/34

-

1/20/54

.......................

5,702,417

5,737,635

GNMA

II,

Single-family,

30

Year

,

6

%,

2/20/54

...............................

37,614,561

37,803,858

GNMA

II,

Single-family,

30

Year

,

6

%,

5/20/54

...............................

59,873,188

60,174,502

GNMA

II,

Single-family,

30

Year

,

6.5

%,

2/20/54

.............................

39,788,349

40,393,700

GNMA

II,

Single-family,

30

Year

,

6.5

%,

8/20/25

-

5/20/54

......................

24,057,290

24,554,693

GNMA

II,

Single-family,

30

Year

,

7

%,

2/20/28

-

7/20/33

.......................

1,484,475

1,518,845

GNMA

II,

Single-family,

30

Year

,

7

%,

2/20/54

...............................

36,246,880

37,005,521

GNMA

II,

Single-family,

30

Year

,

7.5

%,

10/20/25

-

4/20/32

.....................

154,633

157,884

GNMA

II,

Single-family,

30

Year

,

8

%,

12/20/24

-

6/20/30

......................

73,907

75,551

GNMA

II,

Single-family,

30

Year

,

8.5

%,

1/20/25

-

6/20/25

......................

22

22

GNMA

II,

Single-family,

30

Year

,

9.5

%,

1/20/25

.............................

75

75

2,258,095,747

Total

Mortgage-Backed

Securities

(Cost

$

2,542,621,022

)

.........................

2,258,095,747

Total

Long

Term

Investments

(Cost

$

2,623,059,715

)

.............................

2,335,893,345

a

a

a

a

a

Short

Term

Investments

1.2%

Shares

a

Money

Market

Funds

1.2%

a,b

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.972

%

..................

27,898,657

27,898,657

Total

Money

Market

Funds

(Cost

$

27,898,657

)

..................................

27,898,657

Total

Short

Term

Investments

(Cost

$

27,898,657

)

................................

27,898,657

a

Total

Investments

(Cost

$

2,650,958,372

)

99.8

%

..................................

$2,363,792,002

Other

Assets,

less

Liabilities

0.2

%

.............................................

5,510,528

Net

Assets

100.0%

...........................................................

$2,369,302,530

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

U.S.

Government

Securities

Fund

(continued)

franklintempleton.com

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

34

a

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited),

June

30,

2024

Franklin

Utilities

Fund

franklintempleton.com

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

35

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

99.1%

Construction

&

Engineering

0.3%

MDU

Resources

Group,

Inc.

.............................

United

States

801,000

$

20,105,100

Electric

Utilities

57.5%

Alliant

Energy

Corp.

...................................

United

States

3,500,000

178,150,000

American

Electric

Power

Co.,

Inc.

.........................

United

States

1,000,000

87,740,000

Constellation

Energy

Corp.

..............................

United

States

100,000

20,027,000

Duke

Energy

Corp.

....................................

United

States

2,400,000

240,552,000

Edison

International

...................................

United

States

3,950,000

283,649,500

Entergy

Corp.

........................................

United

States

2,400,000

256,800,000

Evergy,

Inc.

..........................................

United

States

4,250,000

225,122,500

Eversource

Energy

....................................

United

States

1,500,000

85,065,000

Exelon

Corp.

.........................................

United

States

5,350,000

185,163,500

FirstEnergy

Corp.

.....................................

United

States

3,200,000

122,464,000

NextEra

Energy,

Inc.

...................................

United

States

8,550,000

605,425,500

NRG

Energy,

Inc.

.....................................

United

States

800,000

62,288,000

OGE

Energy

Corp.

....................................

United

States

1,600,000

57,120,000

PG&E

Corp.

.........................................

United

States

11,700,000

204,282,000

Pinnacle

West

Capital

Corp.

.............................

United

States

775,000

59,194,500

PNM

Resources,

Inc.

..................................

United

States

1,600,000

59,136,000

PPL

Corp.

...........................................

United

States

7,000,000

193,550,000

Southern

Co.

(The)

....................................

United

States

4,350,000

337,429,500

Xcel

Energy,

Inc.

......................................

United

States

800,000

42,728,000

3,305,887,000

Gas

Utilities

1.5%

ONE

Gas,

Inc.

.......................................

United

States

649,615

41,477,918

Spire,

Inc.

...........................................

United

States

700,000

42,511,000

83,988,918

Independent

Power

and

Renewable

Electricity

Producers

5.7%

AES

Corp.

(The)

......................................

United

States

600,000

10,542,000

Clearway

Energy,

Inc.

,

C

................................

United

States

900,000

22,221,000

Drax

Group

plc

.......................................

United

Kingdom

10,000,000

62,280,959

Vistra

Corp.

..........................................

United

States

2,700,000

232,146,000

327,189,959

Multi-Utilities

28.7%

Ameren

Corp.

........................................

United

States

1,800,000

127,998,000

CenterPoint

Energy,

Inc.

................................

United

States

5,600,000

173,488,000

CMS

Energy

Corp.

....................................

United

States

2,700,000

160,731,000

Dominion

Energy,

Inc.

..................................

United

States

2,000,000

98,000,000

DTE

Energy

Co.

......................................

United

States

1,500,000

166,515,000

E.ON

SE

............................................

Germany

9,000,000

118,300,732

National

Grid

plc

......................................

United

Kingdom

7,458,333

83,284,084

NiSource,

Inc.

........................................

United

States

6,300,000

181,503,000

Northwestern

Energy

Group,

Inc.

.........................

United

States

1,300,000

65,104,000

Public

Service

Enterprise

Group,

Inc.

......................

United

States

2,200,000

162,140,000

Sempra

.............................................

United

States

3,550,000

270,013,000

WEC

Energy

Group,

Inc.

................................

United

States

500,000

39,230,000

1,646,306,816

Oil,

Gas

&

Consumable

Fuels

4.4%

Cheniere

Energy,

Inc.

..................................

United

States

650,000

113,639,500

DT

Midstream,

Inc.

....................................

United

States

1,200,000

85,236,000

Williams

Cos.,

Inc.

(The)

................................

United

States

1,300,000

55,250,000

254,125,500

Water

Utilities

1.0%

Essential

Utilities,

Inc.

..................................

United

States

900,000

33,597,000

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Utilities

Fund

(continued)

franklintempleton.com

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

36

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Water

Utilities

(continued)

United

Utilities

Group

plc

................................

United

Kingdom

2,000,000

$

24,846,233

58,443,233

Total

Common

Stocks

(Cost

$

2,830,178,102

)

....................................

5,696,046,526

Short

Term

Investments

0.8%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

0.8%

a,b

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.972

%

....

United

States

44,812,587

44,812,587

Total

Money

Market

Funds

(Cost

$

44,812,587

)

..................................

44,812,587

Total

Short

Term

Investments

(Cost

$

44,812,587

)

................................

44,812,587

a

Total

Investments

(Cost

$

2,874,990,689

)

99.9

%

..................................

$5,740,859,113

Other

Assets,

less

Liabilities

0.1

%

.............................................

4,475,021

Net

Assets

100.0%

...........................................................

$5,745,334,134

a

a

a

a

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Custodian

Funds

37

franklintempleton.com

Quarterly

Schedules

of

Investments

Notes

to

Schedules

of

Investments

(unaudited)

1.

Organization

Franklin

Custodian

Funds (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of five separate

funds

(Funds).

The

Funds

follow

the accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

2. Financial

Instrument

Valuation

The

Funds’

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Funds

calculate

the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Funds'

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

and

derivative

financial instruments listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The

Funds’

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

The

Funds

have procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Funds’ business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

Franklin

Custodian

Funds

Notes

to

Schedules

of

Investments

(unaudited)

38

franklintempleton.com

Quarterly

Schedules

of

Investments

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Funds’

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

At

June

30,

2024,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds’

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds’

portfolio securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds for

financial

reporting

purposes.

Derivative

financial

instruments

listed

on

an

exchange

are

valued

at

the

official

closing

price

of

the

day.

Certain

derivative

financial

instruments

are

centrally

cleared

or trade

in

the

OTC

market.

The Funds'

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The Funds'

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

3.

Restricted

Securities

At

June

30,

2024,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

of

1933,

were

as

follows:

4.

Holding

of

5%

Voting

Securities

of

Portfolio

Companies 

The

1940

Act

defines

"affiliated

companies"

to

include

investments

in

portfolio

companies

in

which

a

fund

owns

5%

or

more

of

the

outstanding

voting

securities.

Additionally,

as

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

companies’

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

company.

During

the

period

ended

June

30,

2024,

investments

in

“affiliated

companies”

were

as

follows: 

Shares

Issuer

Acquisition

Date

Cost

Value

Franklin

Growth

Fund

2,353

Canva,

Inc.,

A

..............................

11/08/21

$

4,011,298

$

2,509,854

94

Canva,

Inc.,

A-3

.............................

11/08/21

160,247

100,266

8

Canva,

Inc.,

A-4

.............................

11/08/21

13,638

8,533

5

Canva,

Inc.,

A-5

.............................

11/08/21

8,524

5,333

25,413

Canva,

Inc.,

B

..............................

11/08/21

43,323,040

27,107,058

96,603

Checkout

Payments

Group

Ltd.,

B

...............

1/11/22

30,000,062

8,736,028

822,494

Gusto,

Inc.,

E

...............................

7/13/21

24,999,977

20,601,898

849,894

OneTrust

LLC,

C

............................

4/01/21

16,666,676

13,180,443

540,043

Stripe,

Inc.,

B

...............................

5/18/21

21,671,052

14,072,149

1,759,545

Stripe,

Inc.,

I

...............................

3/15/23

-

5/08/23

35,426,925

45,849,273

Total

Restricted

Securities

(Value

is

0.7%

of

Net

Assets)

..............

$176,281,439

$132,170,835

2. Financial

Instrument

Valuation

(continued)

Franklin

Custodian

Funds

Notes

to

Schedules

of

Investments

(unaudited)

39

franklintempleton.com

Quarterly

Schedules

of

Investments

5.

Investments

in

Affiliated

Management

Investment

Companies 

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

June

30,

2024,

investments

in

affiliated

management

investment

companies

were

as

follows: 

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

Franklin

Growth

Fund

Non-Controlled

Affiliates

Dividends

OneTrust

LLC,

C

.....

$

12,730,065

$

—

$

—

$

—

$

—

a

$

—

a

—

a

$

—

Total

Affiliated

Securities

(Value

is

—%

of

Net

Assets)

..........

$12,730,065

$—

$—

$—

$—

$—

$—

a

As

of

June

30,

2024,

no

longer

an

affiliate.

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Franklin

DynaTech

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.972%

$93,924,605

$1,856,778,510

$(1,896,011,513)

$—

$—

$54,691,602

54,691,602

$3,552,296

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.972%

$—

$76,554,000

$(65,337,000)

$—

$—

$11,217,000

11,217,000

$65,618

Total

Affiliated

Securities

...

$93,924,605

$1,933,332,510

$(1,961,348,513)

$—

$—

$65,908,602

$3,617,914

Franklin

Growth

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.972%

$69,954,846

$1,182,791,317

$(1,183,315,555)

$—

$—

$69,430,608

69,430,608

$4,497,811

4.

Holding

of

5%

Voting

Securities

of

Portfolio

Companies 

(continued)

Franklin

Custodian

Funds

Notes

to

Schedules

of

Investments

(unaudited)

40

franklintempleton.com

Quarterly

Schedules

of

Investments

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

Franklin

Growth

Fund

(continued)

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.972%

$—

$263,817,000

$(263,817,000)

$—

$—

$—

—

$169,106

Total

Affiliated

Securities

...

$69,954,846

$1,446,608,317

$(1,447,132,555)

$—

$—

$69,430,608

$4,666,917

Franklin

Income

Fund

Non-Controlled

Affiliates

Dividends

Clarion

Partners

Real

Estate

Income

Fund,

Inc.,

Class

I

....

$94,020,602

$—

$—

$—

$(1,337,531)

$92,683,071

7,867,833

$4,744,303

Franklin

BSP

Real

Estate

Credit

BDC

..................

—

99,715,075

—

—

—

99,715,075

3,988,603

—

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.972%

645,794,493

13,393,652,786

(11,794,090,382)

—

—

2,245,356,897

2,245,356,897

40,715,020

Total

Non-Controlled

Affiliates

$739,815,095

$13,493,367,861

$(11,794,090,382)

$—

$(1,337,531)

$2,437,755,043

$45,459,323

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.972%

$—

$280,000,000

$(218,880,000)

$—

$—

$61,120,000

61,120,000

$1,372,291

Total

Affiliated

Securities

...

$739,815,095

$13,773,367,861

$(12,012,970,382)

$—

$(1,337,531)

$2,498,875,043

$46,831,614

Franklin

U.S.

Government

Securities

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.972%

$67,238,754

$365,487,433

$(404,827,530)

$—

$—

$27,898,657

27,898,657

$1,654,214

Total

Affiliated

Securities

...

$67,238,754

$365,487,433

$(404,827,530)

$—

$—

$27,898,657

$1,654,214

Franklin

Utilities

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.972%

$20,399,531

$565,097,990

$(540,684,934)

$—

$—

$44,812,587

44,812,587

$581,662

Total

Affiliated

Securities

...

$20,399,531

$565,097,990

$(540,684,934)

$—

$—

$44,812,587

$581,662

5.

Investments

in

Affiliated

Management

Investment

Companies 

(continued)

Franklin

Custodian

Funds

Notes

to

Schedules

of

Investments

(unaudited)

41

franklintempleton.com

Quarterly

Schedules

of

Investments

6. Fair

Value

Measurements 

The Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the Funds' financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

June

30,

2024,

in

valuing

the

Funds'

assets

and

liabilities carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

DynaTech

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

$

272,172,000

$

—

$

—

$

272,172,000

Automobiles

..........................

296,820,000

—

—

296,820,000

Biotechnology

.........................

190,332,500

43,394,944

—

233,727,444

Broadline

Retail

.......................

2,261,180,000

—

—

2,261,180,000

Capital

Markets

........................

358,002,000

—

—

358,002,000

Communications

Equipment

..............

70,096,000

—

—

70,096,000

Construction

&

Engineering

...............

203,272,000

—

—

203,272,000

Diversified

Consumer

Services

............

31,300,500

—

—

31,300,500

Electrical

Equipment

....................

8,657,000

—

—

8,657,000

Electronic

Equipment,

Instruments

&

Components

........................

94,381,000

76,605,594

—

170,986,594

Energy

Equipment

&

Services

.............

126,902,500

—

—

126,902,500

Entertainment

.........................

31,229,050

18,693,458

—

49,922,508

Financial

Services

......................

1,012,442,000

—

—

1,012,442,000

Ground

Transportation

..................

254,380,000

—

—

254,380,000

Health

Care

Equipment

&

Supplies

.........

824,908,000

—

—

824,908,000

Health

Care

Providers

&

Services

..........

144,952,000

—

—

144,952,000

Health

Care

Technology

.................

9,150,500

23,743,118

—

32,893,618

Hotels,

Restaurants

&

Leisure

.............

264,940,750

—

—

264,940,750

Interactive

Media

&

Services

..............

2,283,490,000

—

—

2,283,490,000

IT

Services

...........................

491,762,353

—

—

491,762,353

Life

Sciences

Tools

&

Services

............

738,264,500

—

—

738,264,500

Media

...............................

4,883,500

—

—

4,883,500

Pharmaceuticals

.......................

761,715,000

—

—

761,715,000

Professional

Services

...................

20,216,250

—

—

20,216,250

Semiconductors

&

Semiconductor

Equipment

.

6,998,928,000

191,120,714

—

7,190,048,714

Software

.............................

7,080,358,985

—

—

7,080,358,985

Technology

Hardware,

Storage

&

Peripherals

.

480,316,000

—

—

480,316,000

Trading

Companies

&

Distributors

..........

12,568,000

—

—

12,568,000

Warrants

...............................

—

—

—

a

—

Short

Term

Investments

...................

65,908,602

—

—

65,908,602

Total

Investments

in

Securities

...........

$25,393,528,990

$353,557,828

b

$—

$25,747,086,818

Franklin

Custodian

Funds

Notes

to

Schedules

of

Investments

(unaudited)

42

franklintempleton.com

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Growth

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

$

713,374,748

$

—

$

—

$

713,374,748

Beverages

...........................

445,953,959

—

—

445,953,959

Biotechnology

.........................

309,977,158

—

—

309,977,158

Broadline

Retail

.......................

877,185,713

—

—

877,185,713

Building

Products

......................

325,597,610

—

—

325,597,610

Capital

Markets

........................

812,221,250

—

—

812,221,250

Chemicals

...........................

554,641,074

—

—

554,641,074

Commercial

Services

&

Supplies

...........

119,868,718

—

—

119,868,718

Construction

Materials

..................

181,176,295

—

—

181,176,295

Consumer

Staples

Distribution

&

Retail

......

215,429,115

—

—

215,429,115

Electric

Utilities

........................

180,951,131

—

—

180,951,131

Electrical

Equipment

....................

239,511,341

—

—

239,511,341

Electronic

Equipment,

Instruments

&

Components

........................

598,701,302

—

—

598,701,302

Entertainment

.........................

54,895,392

—

—

54,895,392

Financial

Services

......................

690,810,200

—

—

690,810,200

Ground

Transportation

..................

546,715,856

—

—

546,715,856

Health

Care

Equipment

&

Supplies

.........

774,492,767

—

—

774,492,767

Health

Care

Providers

&

Services

..........

199,994,041

—

—

199,994,041

Health

Care

Technology

.................

74,816,867

—

—

74,816,867

Hotels,

Restaurants

&

Leisure

.............

353,655,060

—

—

353,655,060

Industrial

REITs

.......................

94,441,479

—

—

94,441,479

Interactive

Media

&

Services

..............

815,151,616

—

—

815,151,616

IT

Services

...........................

60,612,437

—

27,107,058

87,719,495

Life

Sciences

Tools

&

Services

............

961,576,523

—

—

961,576,523

Machinery

............................

661,012,518

—

—

661,012,518

Pharmaceuticals

.......................

734,135,818

—

—

734,135,818

Professional

Services

...................

73,156,580

—

—

73,156,580

Semiconductors

&

Semiconductor

Equipment

.

2,650,549,817

—

—

2,650,549,817

Software

.............................

3,393,917,066

—

22,808,177

3,416,725,243

Technology

Hardware,

Storage

&

Peripherals

.

690,790,002

—

—

690,790,002

Textiles,

Apparel

&

Luxury

Goods

..........

132,465,488

—

—

132,465,488

Trading

Companies

&

Distributors

..........

163,717,869

—

—

163,717,869

Water

Utilities

.........................

74,908,538

—

—

74,908,538

Convertible

Preferred

Stocks

................

—

—

82,255,600

82,255,600

Preferred

Stocks

.........................

—

111,206,443

—

111,206,443

Short

Term

Investments

...................

69,430,608

—

—

69,430,608

Total

Investments

in

Securities

...........

$18,845,835,956

$111,206,443

c

$132,170,835

$19,089,213,234

Franklin

Income

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

971,495,000

—

—

971,495,000

Air

Freight

&

Logistics

...................

205,275,000

—

—

205,275,000

Banks

...............................

912,207,265

—

—

912,207,265

Beverages

...........................

685,740,000

—

—

685,740,000

Biotechnology

.........................

499,265,000

—

—

499,265,000

Capital

Markets

........................

48,595,000

—

—

48,595,000

Chemicals

...........................

580,704,500

—

—

580,704,500

Communications

Equipment

..............

313,328,450

—

—

313,328,450

Containers

&

Packaging

.................

172,600,000

—

—

172,600,000

Diversified

Telecommunication

Services

.....

206,200,000

—

—

206,200,000

Electric

Utilities

........................

2,229,000,040

—

—

2,229,000,040

6. Fair

Value

Measurements 

(continued)

Franklin

Custodian

Funds

Notes

to

Schedules

of

Investments

(unaudited)

43

franklintempleton.com

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Income

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Ground

Transportation

..................

$

282,825,000

$

—

$

—

$

282,825,000

Health

Care

Equipment

&

Supplies

.........

118,065,000

—

—

118,065,000

Health

Care

Providers

&

Services

..........

295,300,000

—

—

295,300,000

Hotels,

Restaurants

&

Leisure

.............

205,270,000

—

—

205,270,000

Household

Products

....................

577,220,000

—

—

577,220,000

Industrial

Conglomerates

................

266,925,000

—

—

266,925,000

Insurance

............................

70,190,000

—

—

70,190,000

IT

Services

...........................

86,475,000

—

—

86,475,000

Media

...............................

78,320,000

—

—

78,320,000

Metals

&

Mining

.......................

352,255,000

—

—

352,255,000

Multi-Utilities

..........................

473,180,000

—

—

473,180,000

Oil,

Gas

&

Consumable

Fuels

.............

2,423,440,000

—

—

2,423,440,000

Pharmaceuticals

.......................

1,868,851,823

34,686,113

—

1,903,537,936

Semiconductors

&

Semiconductor

Equipment

.

253,463,000

—

—

253,463,000

Specialty

Retail

........................

623,332,924

—

—

623,332,924

Tobacco

.............................

405,320,000

—

—

405,320,000

Management

Investment

Companies

.........

—

192,398,146

—

192,398,146

Equity-Linked

Securities

...................

—

12,395,705,826

—

12,395,705,826

Convertible

Preferred

Stocks

:

Chemicals

...........................

256,630,000

—

—

256,630,000

Electric

Utilities

........................

74,235,000

—

—

74,235,000

Financial

Services

......................

—

61,056,000

—

61,056,000

Preferred

Stocks

.........................

20,520,000

—

—

20,520,000

Corporate

Bonds

........................

—

32,774,663,682

—

32,774,663,682

Senior

Floating

Rate

Interests

...............

—

70,087,500

—

70,087,500

U.S.

Government

and

Agency

Securities

.......

—

7,795,166,001

—

7,795,166,001

Asset-Backed

Securities

...................

—

106,256,850

—

106,256,850

Mortgage-Backed

Securities

................

—

960,823,700

—

960,823,700

Escrows

and

Litigation

Trusts

...............

—

—

—

a

—

Short

Term

Investments

...................

2,306,476,897

—

—

2,306,476,897

Total

Investments

in

Securities

...........

$17,862,704,899

$54,390,843,818

$—

$72,253,548,717

Other

Financial

Instruments:

Futures

Contracts

.......................

$26,168,430

$—

$—

$26,168,430

Total

Other

Financial

Instruments

.........

$26,168,430

$—

$—

$26,168,430

Liabilities:

Other

Financial

Instruments:

Options

Written

..........................

$52,980,000

$—

$—

$52,980,000

Total

Other

Financial

Instruments

.........

$52,980,000

$—

$—

$52,980,000

Franklin

U.S.

Government

Securities

Fund

Assets:

Investments

in

Securities:

d

U.S.

Government

and

Agency

Securities

.......

$

—

$

77,797,598

$

—

$

77,797,598

Mortgage-Backed

Securities

................

—

2,258,095,747

—

2,258,095,747

Short

Term

Investments

...................

27,898,657

—

—

27,898,657

Total

Investments

in

Securities

...........

$27,898,657

$2,335,893,345

$—

$2,363,792,002

Franklin

Utilities

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Construction

&

Engineering

...............

20,105,100

—

—

20,105,100

Electric

Utilities

........................

3,305,887,000

—

—

3,305,887,000

6. Fair

Value

Measurements 

(continued)

Franklin

Custodian

Funds

Notes

to

Schedules

of

Investments

(unaudited)

44

franklintempleton.com

Quarterly

Schedules

of

Investments

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the period.

Abbreviations

Level

1

Level

2

Level

3

Total

Franklin

Utilities

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Gas

Utilities

..........................

$

83,988,918

$

—

$

—

$

83,988,918

Independent

Power

and

Renewable

Electricity

Producers

..........................

264,909,000

62,280,959

—

327,189,959

Multi-Utilities

..........................

1,444,722,000

201,584,816

—

1,646,306,816

Oil,

Gas

&

Consumable

Fuels

.............

254,125,500

—

—

254,125,500

Water

Utilities

.........................

33,597,000

24,846,233

—

58,443,233

Short

Term

Investments

...................

44,812,587

—

—

44,812,587

Total

Investments

in

Securities

...........

$5,452,147,105

$288,712,008

e

$—

$5,740,859,113

a

Includes

financial

instruments

determined

to

have

no

value.

b

Includes

foreign

securities

valued

at

$353,557,828,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

c

Includes

foreign

securities

valued

at

$111,206,443,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

d

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

e

Includes

foreign

securities

valued

at

$288,712,008,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

Selected

Portfolio

ADR

American

Depositary

Receipt

BDC

Business

Development

Company

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

FRN

Floating

Rate

Note

GNMA

Government

National

Mortgage

Association

PIK

Payment-In-Kind

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

6. Fair

Value

Measurements 

(continued)

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.