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

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FCF-Q1PH

1

Schedules

of

Investments

(unaudited)

Franklin

DynaTech

Fund

2

Franklin

Growth

Fund

7

Franklin

Income

Fund

11

Franklin

U.S.

Government

Securities

Fund

33

Franklin

Utilities

Fund

35

Notes

to

Schedules

of

Investments

37

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited),

December

31,

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

99.6%

Aerospace

&

Defense

2.1%

a

Axon

Enterprise,

Inc.

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

United

States

925,000

$

549,746,000

a

Kratos

Defense

&

Security

Solutions,

Inc.

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

United

States

250,000

6,595,000

556,341,000

Automobiles

2.9%

a

Tesla,

Inc.

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

United

States

1,850,000

747,104,000

Biotechnology

2.0%

a

ADMA

Biologics,

Inc.

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

United

States

100,000

1,715,000

a

Argenx

SE

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

Netherlands

135,000

83,391,114

a

Ascendis

Pharma

A/S

,

ADR

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

Denmark

100,000

13,767,000

a

BioNTech

SE

,

ADR

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

Germany

125,000

14,243,750

a

Crinetics

Pharmaceuticals,

Inc.

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

United

States

550,000

28,121,500

a

Insmed,

Inc.

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

United

States

300,000

20,712,000

a

Krystal

Biotech,

Inc.

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

United

States

100,000

15,666,000

a

Natera,

Inc.

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

United

States

1,200,000

189,960,000

a

Ultragenyx

Pharmaceutical,

Inc.

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

United

States

100,000

4,207,000

a

United

Therapeutics

Corp.

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

United

States

200,000

70,568,000

a

Vertex

Pharmaceuticals,

Inc.

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

United

States

200,000

80,540,000

522,891,364

Broadline

Retail

9.8%

a

Amazon.com,

Inc.

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

United

States

10,000,000

2,193,900,000

a

Global-e

Online

Ltd.

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

Israel

300,000

16,359,000

a

MercadoLibre,

Inc.

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

Brazil

200,000

340,088,000

2,550,347,000

Capital

Markets

1.6%

a

Coinbase

Global,

Inc.

,

A

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

United

States

250,000

62,075,000

Moody's

Corp.

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

United

States

150,000

71,005,500

MSCI,

Inc.

,

A

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

United

States

50,000

30,000,500

Tradeweb

Markets,

Inc.

,

A

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

United

States

2,000,000

261,840,000

424,921,000

Communications

Equipment

0.5%

a

Arista

Networks,

Inc.

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

United

States

1,250,000

138,162,500

Construction

&

Engineering

0.8%

Quanta

Services,

Inc.

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

United

States

700,000

221,235,000

Diversified

Consumer

Services

0.1%

a

Duolingo,

Inc.

,

A

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

United

States

100,000

32,423,000

Electrical

Equipment

0.3%

GE

Vernova,

Inc.

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

United

States

150,000

49,339,500

Vertiv

Holdings

Co.

,

A

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

United

States

300,000

34,083,000

83,422,500

Electronic

Equipment,

Instruments

&

Components

0.9%

Amphenol

Corp.

,

A

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

United

States

1,300,000

90,285,000

a

Celestica,

Inc.

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

Canada

1,000,000

92,300,000

Keyence

Corp.

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

Japan

100,000

40,647,166

a

Zebra

Technologies

Corp.

,

A

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

United

States

50,000

19,311,000

242,543,166

Energy

Equipment

&

Services

0.4%

Baker

Hughes

Co.

,

A

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

United

States

1,000,000

41,020,000

a

Oceaneering

International,

Inc.

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

United

States

1,000,000

26,080,000

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)

Energy

Equipment

&

Services

(continued)

TechnipFMC

plc

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

United

Kingdom

1,250,000

$

36,175,000

103,275,000

Entertainment

1.0%

a

Netflix,

Inc.

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

United

States

175,000

155,981,000

a

ROBLOX

Corp.

,

A

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

United

States

50,000

2,893,000

a

Sea

Ltd.

,

ADR

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

Singapore

335,000

35,543,500

a

Spotify

Technology

SA

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

United

States

125,000

55,922,500

250,340,000

Financial

Services

4.7%

a

Block,

Inc.

,

A

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

United

States

200,000

16,998,000

Mastercard,

Inc.

,

A

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

United

States

1,700,000

895,169,000

a

Toast,

Inc.

,

A

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

United

States

200,000

7,290,000

Visa,

Inc.

,

A

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

United

States

1,000,000

316,040,000

1,235,497,000

Ground

Transportation

0.2%

a

Uber

Technologies,

Inc.

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

United

States

1,000,000

60,320,000

Health

Care

Equipment

&

Supplies

3.0%

a

Boston

Scientific

Corp.

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

United

States

500,000

44,660,000

a

Cooper

Cos.,

Inc.

(The)

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

United

States

100,000

9,193,000

a

Globus

Medical,

Inc.

,

A

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

United

States

100,000

8,271,000

Hoya

Corp.

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

Japan

75,000

9,307,973

a

IDEXX

Laboratories,

Inc.

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

United

States

200,000

82,688,000

a

Intuitive

Surgical,

Inc.

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

United

States

1,050,000

548,058,000

a

PROCEPT

BioRobotics

Corp.

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

United

States

650,000

52,338,000

Stryker

Corp.

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

United

States

50,000

18,002,500

772,518,473

Health

Care

Providers

&

Services

0.5%

a

HealthEquity,

Inc.

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

United

States

500,000

47,975,000

UnitedHealth

Group,

Inc.

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

United

States

150,000

75,879,000

123,854,000

Health

Care

Technology

0.5%

a

Doximity,

Inc.

,

A

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

United

States

850,000

45,381,500

Pro

Medicus

Ltd.

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

Australia

500,000

77,236,267

a

Veeva

Systems,

Inc.

,

A

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

United

States

50,000

10,512,500

133,130,267

Hotels,

Restaurants

&

Leisure

1.8%

Booking

Holdings,

Inc.

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

United

States

50,000

248,421,000

a

DoorDash,

Inc.

,

A

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

United

States

1,000,000

167,750,000

a

MakeMyTrip

Ltd.

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

India

550,000

61,754,000

477,925,000

Interactive

Media

&

Services

10.1%

Alphabet,

Inc.

,

A

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

United

States

7,000,000

1,325,100,000

Meta

Platforms,

Inc.

,

A

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

United

States

2,250,000

1,317,397,500

2,642,497,500

IT

Services

2.9%

a

Cloudflare,

Inc.

,

A

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

United

States

850,000

91,528,000

a

Gartner,

Inc.

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

United

States

175,000

84,782,250

a

GoDaddy,

Inc.

,

A

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

United

States

125,000

24,671,250

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)

IT

Services

(continued)

a

MongoDB,

Inc.

,

A

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

United

States

100,000

$

23,281,000

a

Shopify,

Inc.

,

A

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

Canada

4,800,000

510,871,335

a

Wix.com

Ltd.

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

Israel

125,000

26,818,750

761,952,585

Life

Sciences

Tools

&

Services

1.8%

Danaher

Corp.

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

United

States

900,000

206,595,000

a,b

Tempus

AI,

Inc.

,

A

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

United

States

600,000

20,256,000

Thermo

Fisher

Scientific,

Inc.

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

United

States

450,000

234,103,500

460,954,500

Media

0.3%

a

Trade

Desk,

Inc.

(The)

,

A

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

United

States

650,000

76,394,500

Pharmaceuticals

2.0%

Eli

Lilly

&

Co.

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

United

States

650,000

501,800,000

a

Intra-Cellular

Therapies,

Inc.

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

United

States

200,000

16,704,000

a

Ligand

Pharmaceuticals,

Inc.

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

United

States

160,000

17,144,000

535,648,000

Professional

Services

0.2%

Leidos

Holdings,

Inc.

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

United

States

125,000

18,007,500

Verisk

Analytics,

Inc.

,

A

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

United

States

130,000

35,805,900

53,813,400

Semiconductors

&

Semiconductor

Equipment

20.9%

a

Advanced

Micro

Devices,

Inc.

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

United

States

1,500,000

181,185,000

Analog

Devices,

Inc.

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

United

States

1,000,000

212,460,000

Applied

Materials,

Inc.

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

United

States

100,000

16,263,000

a

ARM

Holdings

plc

,

ADR

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

United

States

100,000

12,336,000

ASM

International

NV

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

Netherlands

200,000

115,637,111

ASML

Holding

NV

,

ADR

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

Netherlands

300,000

207,924,000

Broadcom,

Inc.

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

United

States

3,500,000

811,440,000

Intel

Corp.

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

United

States

250,000

5,012,500

KLA

Corp.

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

United

States

200,000

126,024,000

Lam

Research

Corp.

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

United

States

2,000,000

144,460,000

Marvell

Technology,

Inc.

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

United

States

50,000

5,522,500

Monolithic

Power

Systems,

Inc.

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

United

States

350,000

207,095,000

NVIDIA

Corp.

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

United

States

24,000,000

3,222,960,000

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

.........

Taiwan

1,000,000

197,490,000

5,465,809,111

Software

25.6%

a

Agilysys,

Inc.

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

United

States

300,000

39,513,000

a

Appfolio,

Inc.

,

A

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

United

States

200,000

49,344,000

a

AppLovin

Corp.

,

A

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

United

States

650,000

210,489,500

a

Aspen

Technology,

Inc.

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

United

States

150,000

37,444,500

a

Cadence

Design

Systems,

Inc.

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

United

States

2,000,000

600,920,000

a

Clearwater

Analytics

Holdings,

Inc.

,

A

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

United

States

750,000

20,640,000

a

Confluent,

Inc.

,

A

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

United

States

150,000

4,194,000

Constellation

Software,

Inc.

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

Canada

75,000

231,916,414

a

Crowdstrike

Holdings,

Inc.

,

A

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

United

States

100,000

34,216,000

a

Datadog,

Inc.

,

A

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

United

States

500,000

71,445,000

a

Descartes

Systems

Group,

Inc.

(The)

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

Canada

1,000,000

113,600,000

a

Fair

Isaac

Corp.

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

United

States

50,000

99,546,500

a

Fortinet,

Inc.

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

United

States

300,000

28,344,000

a

Gitlab,

Inc.

,

A

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

United

States

150,000

8,452,500

a

Guidewire

Software,

Inc.

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

United

States

225,000

37,930,500

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

DynaTech

Fund

(continued)

franklintempleton.com

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Software

(continued)

a

HubSpot,

Inc.

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

United

States

300,000

$

209,031,000

Intuit,

Inc.

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

United

States

650,000

408,525,000

a

Klaviyo,

Inc.

,

A

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

United

States

1,000,000

41,240,000

a

Life360,

Inc.

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

United

States

500,000

20,635,000

a,c

Lumine

Group,

Inc.

,

Reg

S

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

Canada

500,000

14,310,063

a

Manhattan

Associates,

Inc.

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

United

States

350,000

94,584,000

Microsoft

Corp.

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

United

States

4,500,000

1,896,750,000

a

Monday.com

Ltd.

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

United

States

500,000

117,720,000

a

Palantir

Technologies,

Inc.

,

A

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

United

States

500,000

37,815,000

a

Palo

Alto

Networks,

Inc.

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

United

States

2,000,000

363,920,000

a

Q2

Holdings,

Inc.

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

United

States

100,000

10,065,000

Salesforce,

Inc.

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

United

States

400,000

133,732,000

a

Samsara,

Inc.

,

A

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

United

States

1,250,000

54,612,500

a

ServiceNow,

Inc.

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

United

States

1,000,000

1,060,120,000

a,b

ServiceTitan,

Inc.

,

A

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

United

States

250,000

25,717,500

a

SPS

Commerce,

Inc.

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

United

States

100,000

18,399,000

a

Synopsys,

Inc.

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

United

States

1,000,000

485,360,000

a

Tyler

Technologies,

Inc.

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

United

States

175,000

100,912,000

a

Vertex,

Inc.

,

A

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

United

States

350,000

18,672,500

6,700,116,477

Specialty

Retail

0.1%

a

Carvana

Co.

,

A

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

United

States

125,000

25,420,000

Technology

Hardware,

Storage

&

Peripherals

2.5%

Apple,

Inc.

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

United

States

2,600,000

651,092,000

Trading

Companies

&

Distributors

0.1%

Fastenal

Co.

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

United

States

200,000

14,382,000

Total

Common

Stocks

(Cost

$

10,527,983,229

)

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

26,064,330,343

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

$

10,527,983,229

)

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

26,064,330,343

a

Short

Term

Investments

0.6%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

0.5%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.183

%

..

United

States

121,464,046

121,464,046

Total

Money

Market

Funds

(Cost

$

121,464,046

)

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

121,464,046

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

DynaTech

Fund

(continued)

franklintempleton.com

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

6

See

Abbreviations

on

page

44

.

Short

Term

Investments

(continued)

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.1%

Money

Market

Funds

0.1%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.183

%

..

United

States

32,444,000

$

32,444,000

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

32,444,000

)

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

32,444,000

Total

Short

Term

Investments

(Cost

$

153,908,046

)

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

153,908,046

a

Total

Investments

(Cost

$

10,681,891,275

)

100.2

%

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

$26,218,238,389

Other

Assets,

less

Liabilities

(

0.2

)

%

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

(55,913,687)

Net

Assets

100.0%

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

$26,162,324,702

a

a

a

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

December

31,

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

December

31,

2024,

the

value

of

this

security

was

$14,310,063,

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),

December

31,

2024

Franklin

Growth

Fund

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

98.5%

Aerospace

&

Defense

3.7%

BWX

Technologies,

Inc.

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

United

States

1,291,198

$

143,826,545

Curtiss-Wright

Corp.

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

United

States

273,322

96,993,778

Northrop

Grumman

Corp.

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

United

States

540,587

253,692,073

RTX

Corp.

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

United

States

1,445,967

167,327,302

661,839,698

Beverages

1.6%

a

Monster

Beverage

Corp.

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

United

States

3,581,223

188,229,081

PepsiCo,

Inc.

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

United

States

608,393

92,512,239

280,741,320

Biotechnology

1.4%

AbbVie,

Inc.

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

United

States

418,663

74,396,415

Amgen,

Inc.

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

United

States

553,786

144,338,783

a

Regeneron

Pharmaceuticals,

Inc.

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

United

States

51,508

36,690,694

255,425,892

Broadline

Retail

5.2%

a

Amazon.com,

Inc.

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

United

States

4,264,858

935,667,197

Building

Products

1.8%

Trane

Technologies

plc

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

United

States

877,172

323,983,478

Capital

Markets

5.1%

BlackRock,

Inc.

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

United

States

118,955

121,941,960

Blackstone,

Inc.

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

United

States

767,226

132,285,107

Charles

Schwab

Corp.

(The)

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

United

States

2,020,153

149,511,524

Intercontinental

Exchange,

Inc.

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

United

States

1,297,519

193,343,306

S&P

Global,

Inc.

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

United

States

336,752

167,712,599

Tradeweb

Markets,

Inc.,

A

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

United

States

1,084,847

142,028,169

906,822,665

Chemicals

3.0%

Air

Products

and

Chemicals,

Inc.

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

United

States

455,151

132,011,996

Ecolab,

Inc.

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

United

States

567,756

133,036,586

Linde

plc

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

United

States

638,703

267,405,785

532,454,367

Commercial

Services

&

Supplies

0.7%

Republic

Services,

Inc.,

A

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

United

States

592,563

119,211,824

Construction

Materials

0.9%

Martin

Marietta

Materials,

Inc.

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

United

States

321,258

165,929,757

Consumer

Staples

Distribution

&

Retail

1.3%

Costco

Wholesale

Corp.

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

United

States

243,490

223,102,582

Electric

Utilities

1.0%

NextEra

Energy,

Inc.

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

United

States

2,455,029

176,001,029

Electrical

Equipment

1.4%

AMETEK,

Inc.

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

United

States

648,444

116,888,515

Eaton

Corp.

plc

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

United

States

420,755

139,635,962

256,524,477

Electronic

Equipment,

Instruments

&

Components

3.1%

Amphenol

Corp.,

A

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

United

States

4,381,701

304,309,134

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)

Electronic

Equipment,

Instruments

&

Components

(continued)

TE

Connectivity

plc

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

Switzerland

1,701,272

$

243,230,858

547,539,992

Entertainment

0.5%

a

Netflix,

Inc.

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

United

States

100,800

89,845,056

Financial

Services

4.3%

Mastercard,

Inc.,

A

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

United

States

926,433

487,831,825

Visa,

Inc.,

A

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

United

States

902,186

285,126,863

772,958,688

Ground

Transportation

2.8%

Canadian

Pacific

Kansas

City

Ltd.

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

Canada

1,294,021

93,648,300

Old

Dominion

Freight

Line,

Inc.

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

United

States

368,047

64,923,491

a

Uber

Technologies,

Inc.

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

United

States

535,535

32,303,471

Union

Pacific

Corp.

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

United

States

1,376,892

313,986,451

504,861,713

Health

Care

Equipment

&

Supplies

3.9%

Abbott

Laboratories

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

United

States

712,365

80,575,605

a

Edwards

Lifesciences

Corp.

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

United

States

928,353

68,725,973

a

Intuitive

Surgical,

Inc.

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

United

States

789,430

412,050,883

Stryker

Corp.

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

United

States

373,568

134,503,158

695,855,619

Health

Care

Providers

&

Services

1.2%

UnitedHealth

Group,

Inc.

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

United

States

425,127

215,054,744

Health

Care

Technology

0.5%

a

Veeva

Systems,

Inc.,

A

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

United

States

392,750

82,575,688

Hotels,

Restaurants

&

Leisure

2.0%

a

Airbnb,

Inc.,

A

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

United

States

557,103

73,208,906

Booking

Holdings,

Inc.

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

United

States

27,067

134,480,224

a

Chipotle

Mexican

Grill,

Inc.,

A

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

United

States

2,363,334

142,509,040

350,198,170

Industrial

REITs

0.5%

Prologis,

Inc.

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

United

States

807,858

85,390,591

Interactive

Media

&

Services

4.5%

Alphabet,

Inc.,

A

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

United

States

1,975,709

374,001,714

Alphabet,

Inc.,

C

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

United

States

2,307,517

439,443,537

813,445,251

IT

Services

0.6%

a,b,c

Canva,

Inc.,

B

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

Australia

25,413

31,314,917

a

MongoDB,

Inc.,

A

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

United

States

178,884

41,645,984

a

Shopify,

Inc.,

A

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

Canada

395,523

42,055,961

115,016,862

Life

Sciences

Tools

&

Services

4.6%

Agilent

Technologies,

Inc.

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

United

States

997,758

134,038,810

Danaher

Corp.

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

United

States

1,088,164

249,788,046

a

Mettler-Toledo

International,

Inc.

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

United

States

143,347

175,410,857

Thermo

Fisher

Scientific,

Inc.

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

United

States

355,783

185,088,990

West

Pharmaceutical

Services,

Inc.

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

United

States

260,256

85,249,455

829,576,158

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Growth

Fund

(continued)

franklintempleton.com

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Machinery

3.9%

Deere

&

Co.

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

United

States

339,947

$

144,035,544

Illinois

Tool

Works,

Inc.

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

United

States

723,910

183,554,620

Ingersoll

Rand,

Inc.

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

United

States

1,902,461

172,096,622

Parker-Hannifin

Corp.

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

United

States

117,015

74,425,050

Xylem,

Inc.

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

United

States

1,049,859

121,804,641

695,916,477

Pharmaceuticals

2.3%

AstraZeneca

plc,

ADR

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

United

Kingdom

2,027,295

132,828,368

Eli

Lilly

&

Co.

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

United

States

370,620

286,118,640

418,947,008

Professional

Services

0.4%

Automatic

Data

Processing,

Inc.

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

United

States

101,095

29,593,540

Verisk

Analytics,

Inc.,

A

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

United

States

171,219

47,158,849

76,752,389

Semiconductors

&

Semiconductor

Equipment

12.9%

a

ARM

Holdings

plc,

ADR

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

United

States

342,492

42,249,813

ASML

Holding

NV,

ADR

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

Netherlands

398,976

276,522,286

Broadcom,

Inc.

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

United

States

236,800

54,899,712

Lam

Research

Corp.

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

United

States

274,282

19,811,389

a

Lattice

Semiconductor

Corp.

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

United

States

668,460

37,868,259

Monolithic

Power

Systems,

Inc.

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

United

States

332,640

196,823,088

NVIDIA

Corp.

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

United

States

9,823,756

1,319,232,193

NXP

Semiconductors

NV

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

China

639,186

132,854,810

Texas

Instruments,

Inc.

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

United

States

1,274,489

238,979,433

2,319,240,983

Software

17.5%

a

Adobe,

Inc.

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

United

States

137,856

61,301,806

a

Autodesk,

Inc.

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

United

States

736,342

217,640,605

a,b,c

Checkout

Payments

Group

Ltd.,

B

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

United

Kingdom

96,603

10,010,941

a

Crowdstrike

Holdings,

Inc.,

A

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

United

States

127,537

43,638,060

Intuit,

Inc.

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

United

States

647,515

406,963,177

a

Manhattan

Associates,

Inc.

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

United

States

124,221

33,569,483

Microsoft

Corp.

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

United

States

2,683,986

1,131,300,099

a

PTC,

Inc.

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

United

States

986,178

181,328,549

Salesforce,

Inc.

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

United

States

513,173

171,569,129

a

ServiceNow,

Inc.

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

United

States

504,366

534,688,484

a,b,c

Stripe,

Inc.,

B

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

United

States

540,043

16,871,953

a

Synopsys,

Inc.

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

United

States

516,110

250,499,150

a

Tyler

Technologies,

Inc.

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

United

States

138,488

79,857,720

3,139,239,156

Technology

Hardware,

Storage

&

Peripherals

4.4%

Apple,

Inc.

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

United

States

3,150,913

789,051,633

Textiles,

Apparel

&

Luxury

Goods

0.5%

NIKE,

Inc.,

B

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

United

States

1,257,982

95,191,498

Trading

Companies

&

Distributors

1.0%

Fastenal

Co.

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

United

States

2,502,937

179,986,200

Total

Common

Stocks

(Cost

$4,370,466,075)

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

17,654,348,162

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Growth

Fund

(continued)

franklintempleton.com

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

10

See

Abbreviations

on

page

44.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Convertible

Preferred

Stocks

0.7%

IT

Services

0.0%

†

a,b,c

Canva,

Inc.,

A

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

Australia

2,353

$

2,899,461

a,b,c

Canva,

Inc.,

A-3

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

Australia

94

115,831

a,b,c

Canva,

Inc.,

A-4

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

Australia

8

9,858

a,b,c

Canva,

Inc.,

A-5

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

Australia

5

6,161

3,031,311

Software

0.6%

a,b,c

Gusto,

Inc.,

E

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

United

States

822,494

27,871,588

a,b,c

OneTrust

LLC,

C

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

United

States

849,894

11,972,803

a,b,c

Stripe,

Inc.,

I

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

United

States

1,759,545

54,971,476

94,815,867

Trading

Companies

&

Distributors

0.1%

a,b,c

Anduril

Industries,

Inc.,

F

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

United

States

1,150,134

25,000,003

Total

Convertible

Preferred

Stocks

(Cost

$106,287,288)

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

122,847,181

Preferred

Stocks

0.6%

Life

Sciences

Tools

&

Services

0.6%

d

Sartorius

AG,

0.34%

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

Germany

456,335

101,413,093

Total

Preferred

Stocks

(Cost

$158,101,436)

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

101,413,093

Total

Long

Term

Investments

(Cost

$4,634,854,799)

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

17,878,608,436

a

Short

Term

Investments

0.3%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

0.3%

e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.183%

..

United

States

58,528,652

58,528,652

Total

Money

Market

Funds

(Cost

$58,528,652)

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

58,528,652

Total

Short

Term

Investments

(Cost

$58,528,652

)

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

58,528,652

a

Total

Investments

(Cost

$4,693,383,451)

100.1%

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

$17,937,137,088

Other

Assets,

less

Liabilities

(0.1)%

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

(20,689,632)

Net

Assets

100.0%

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

$17,916,447,456

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),

December

31,

2024

Franklin

Income

Fund

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

25.7%

Aerospace

&

Defense

1.1%

a

Boeing

Co.

(The)

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

United

States

1,175,000

$

207,975,000

b

Lockheed

Martin

Corp.

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

United

States

1,000,000

485,940,000

RTX

Corp.

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

United

States

950,000

109,934,000

803,849,000

Air

Freight

&

Logistics

0.5%

b

United

Parcel

Service,

Inc.

,

B

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

United

States

3,030,000

382,083,000

Banks

1.6%

Bank

of

America

Corp.

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

United

States

4,000,000

175,800,000

Citigroup,

Inc.

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

United

States

2,500,000

175,975,000

b

Fifth

Third

Bancorp

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

United

States

4,000,000

169,120,000

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

1,250,000

241,062,500

Truist

Financial

Corp.

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

United

States

1,000,000

43,380,000

US

Bancorp

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

United

States

7,250,000

346,767,500

1,152,105,000

Beverages

1.7%

Coca-Cola

Co.

(The)

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

United

States

6,000,000

373,560,000

PepsiCo,

Inc.

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

United

States

5,500,000

836,330,000

1,209,890,000

Biotechnology

1.1%

AbbVie,

Inc.

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

United

States

2,500,000

444,250,000

Amgen,

Inc.

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

United

States

1,500,000

390,960,000

835,210,000

Capital

Markets

0.1%

b

BlackRock,

Inc.

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

United

States

100,000

102,511,000

Chemicals

0.7%

b

Air

Products

and

Chemicals,

Inc.

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

United

States

1,000,000

290,040,000

Albemarle

Corp.

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

United

States

1,000,000

86,080,000

LyondellBasell

Industries

NV

,

A

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

United

States

1,700,000

126,259,000

502,379,000

Communications

Equipment

0.5%

Cisco

Systems,

Inc.

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

United

States

6,395,000

378,584,000

Diversified

Telecommunication

Services

0.3%

Verizon

Communications,

Inc.

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

United

States

6,000,000

239,940,000

Electric

Utilities

2.5%

American

Electric

Power

Co.,

Inc.

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

United

States

1,500,000

138,345,000

Duke

Energy

Corp.

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

United

States

3,000,000

323,220,000

Edison

International

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

United

States

1,500,000

119,760,000

b

NextEra

Energy,

Inc.

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

United

States

5,000,000

358,450,000

Southern

Co.

(The)

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

United

States

8,000,000

658,560,000

Xcel

Energy,

Inc.

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

United

States

3,000,000

202,560,000

1,800,895,000

Energy

Equipment

&

Services

0.1%

Schlumberger

NV

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

United

States

1,000,000

38,340,000

Food

Products

0.5%

Mondelez

International,

Inc.

,

A

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

United

States

600,000

35,838,000

Nestle

SA

,

ADR

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

United

States

4,000,000

326,800,000

362,638,000

Ground

Transportation

1.0%

Norfolk

Southern

Corp.

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

United

States

300,000

70,410,000

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

Common

Stocks

(continued)

Ground

Transportation

(continued)

Union

Pacific

Corp.

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

United

States

3,049,847

$

695,487,110

765,897,110

Health

Care

Equipment

&

Supplies

0.4%

b

Abbott

Laboratories

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

United

States

1,000,000

113,110,000

Medtronic

plc

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

United

States

2,500,000

199,700,000

312,810,000

Health

Care

Providers

&

Services

0.4%

Cigna

Group

(The)

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

United

States

300,000

82,842,000

b

CVS

Health

Corp.

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

United

States

2,250,000

101,002,500

UnitedHealth

Group,

Inc.

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

United

States

200,000

101,172,000

285,016,500

Hotels,

Restaurants

&

Leisure

0.3%

b

McDonald's

Corp.

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

United

States

750,000

217,417,500

Household

Products

1.3%

Procter

&

Gamble

Co.

(The)

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

United

States

5,500,000

922,075,000

Industrial

Conglomerates

0.3%

b

Honeywell

International,

Inc.

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

United

States

1,000,000

225,890,000

IT

Services

0.2%

International

Business

Machines

Corp.

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

United

States

500,000

109,915,000

Machinery

0.1%

Illinois

Tool

Works,

Inc.

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

United

States

400,000

101,424,000

Media

0.2%

Comcast

Corp.

,

A

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

United

States

4,000,000

150,120,000

Metals

&

Mining

0.3%

b

Rio

Tinto

plc

,

ADR

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

Australia

3,500,000

205,835,000

Multi-Utilities

0.7%

Dominion

Energy,

Inc.

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

United

States

5,000,000

269,300,000

Sempra

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

United

States

3,000,000

263,160,000

532,460,000

Oil,

Gas

&

Consumable

Fuels

4.3%

BP

plc

,

ADR

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

United

States

6,649,993

196,573,793

b

Chevron

Corp.

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

United

States

7,500,000

1,086,300,000

b

ConocoPhillips

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

United

States

3,500,000

347,095,000

b

Exxon

Mobil

Corp.

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

United

States

9,500,000

1,021,915,000

b

Shell

plc

,

ADR

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

United

States

4,000,000

250,600,000

TotalEnergies

SE

,

ADR

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

France

4,000,000

218,000,000

3,120,483,793

Pharmaceuticals

3.1%

AstraZeneca

plc

,

ADR

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

United

Kingdom

1,000,000

65,520,000

a

Bausch

Health

Cos.,

Inc.

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

United

States

5,000,000

40,300,000

a,c

Endo,

Inc.

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

United

States

4,484,322

107,399,512

b

Johnson

&

Johnson

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

United

States

8,000,000

1,156,960,000

Merck

&

Co.,

Inc.

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

United

States

6,000,000

596,880,000

b

Pfizer,

Inc.

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

United

States

10,000,000

265,300,000

2,232,359,512

Semiconductors

&

Semiconductor

Equipment

0.8%

a

Advanced

Micro

Devices,

Inc.

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

United

States

1,000,000

120,790,000

Analog

Devices,

Inc.

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

United

States

350,000

74,361,000

b

Microchip

Technology,

Inc.

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

United

States

3,350,000

192,122,500

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

Common

Stocks

(continued)

Semiconductors

&

Semiconductor

Equipment

(continued)

b

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

.........

Taiwan

1,000,000

$

197,490,000

584,763,500

Software

0.1%

b

Microsoft

Corp.

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

United

States

260,000

109,590,000

Specialty

Retail

0.8%

b

Home

Depot,

Inc.

(The)

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

United

States

1,500,000

583,485,000

Textiles,

Apparel

&

Luxury

Goods

0.2%

b

NIKE,

Inc.

,

B

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

United

States

1,500,000

113,505,000

Tobacco

0.5%

Philip

Morris

International,

Inc.

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

United

States

3,000,000

361,050,000

Total

Common

Stocks

(Cost

$

17,373,401,193

)

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

18,742,520,915

Management

Investment

Companies

0.6%

Capital

Markets

0.6%

d

Clarion

Partners

Real

Estate

Income

Fund,

Inc.

,

Class

I

......

United

States

7,867,833

91,738,930

a,d,e

Franklin

BSP

Real

Estate

Credit

BDC

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

United

States

12,900,130

347,271,501

439,010,431

Total

Management

Investment

Companies

(Cost

$

432,383,665

)

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

439,010,431

Equity-Linked

Securities

17.7%

Aerospace

&

Defense

1.0%

f

Barclays

Bank

plc

into

RTX

Corp.

,

144A,

7.5

%

,

10/16/25

......

United

States

2,100,000

242,102,807

f

Citigroup

Global

Markets

Holdings,

Inc.

into

Boeing

Co.

(The)

,

144A,

8.5

%

,

12/08/25

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

United

States

1,500,000

241,756,432

f

Wells

Fargo

Bank

NA

into

Boeing

Co.

(The)

,

144A,

9

%

,

6/17/25

United

States

1,350,000

236,050,388

719,909,627

Banks

1.3%

f

BNP

Paribas

Issuance

BV

into

Bank

of

America

Corp.

,

144A,

8.5

%

,

2/26/25

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

United

States

6,800,000

252,796,659

f

JPMorgan

Chase

Bank

NA

into

Truist

Financial

Corp.

,

144A,

9.5

%

,

3/02/26

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

United

States

5,400,000

230,086,130

f

Merrill

Lynch

International

&

Co.

CV

into

Fifth

Third

Bancorp

,

144A,

10

%

,

3/10/25

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

United

States

3,150,000

121,379,284

f

Royal

Bank

of

Canada

into

Citigroup,

Inc.

,

144A,

8.5

%

,

8/27/25

.

United

States

3,700,000

241,196,305

f

Royal

Bank

of

Canada

into

Truist

Financial

Corp.

,

144A,

8.5

%

,

8/04/25

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

United

States

2,420,000

104,624,780

950,083,158

Biotechnology

0.3%

f

Merrill

Lynch

International

&

Co.

CV

into

AbbVie,

Inc.

,

144A,

7.5

%

,

4/23/25

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

United

States

1,385,000

245,634,137

Capital

Markets

0.6%

f

Merrill

Lynch

International

&

Co.

CV

into

Charles

Schwab

Corp.

(The)

,

144A,

9

%

,

2/25/25

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

United

States

3,550,000

248,849,175

f

Merrill

Lynch

International

&

Co.

CV

into

Morgan

Stanley

,

144A,

9

%

,

7/14/25

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

United

States

1,650,000

175,584,965

424,434,140

Chemicals

0.4%

f

Barclays

Bank

plc

into

Air

Products

and

Chemicals,

Inc.

,

144A,

8.5

%

,

3/10/25

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

United

States

730,000

186,600,272

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)

Chemicals

(continued)

f

National

Bank

of

Canada

into

Albemarle

Corp.

,

144A,

12

%

,

3/31/25

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

United

States

830,000

$

73,615,483

260,215,755

Communications

Equipment

0.7%

f

Royal

Bank

of

Canada

into

Cisco

Systems,

Inc.

,

144A,

8

%

,

9/17/25

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

United

States

5,000,000

267,380,558

f

UBS

AG

into

Cisco

Systems,

Inc.

,

144A,

8

%

,

6/10/25

........

United

States

5,000,000

263,887,866

531,268,424

Consumer

Staples

Distribution

&

Retail

0.7%

f

Barclays

Bank

plc

into

Target

Corp.

,

144A,

10

%

,

12/29/25

.....

United

States

1,700,000

229,666,599

f

UBS

AG

into

Target

Corp.

,

144A,

10

%

,

9/15/25

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

United

States

1,900,000

258,616,496

488,283,095

Containers

&

Packaging

0.5%

f

BNP

Paribas

SA

into

International

Paper

Co.

,

144A,

9

%

,

10/20/25

United

States

5,100,000

259,908,092

f

Mizuho

Markets

Cayman

LP

into

International

Paper

Co.

,

144A,

10

%

,

1/22/25

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

United

States

2,900,000

121,348,195

381,256,287

Electric

Utilities

0.6%

f

Mizuho

Markets

Cayman

LP

into

NextEra

Energy,

Inc.

,

144A,

9

%

,

4/08/25

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

United

States

3,290,000

223,043,226

f

Wells

Fargo

Bank

NA

into

NextEra

Energy,

Inc.

,

144A,

8

%

,

5/20/25

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

United

States

3,500,000

250,437,669

473,480,895

Energy

Equipment

&

Services

0.5%

f

Merrill

Lynch

International

&

Co.

CV

into

Halliburton

Co.

,

144A,

8.5

%

,

11/13/25

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

United

States

5,300,000

147,822,477

f

Wells

Fargo

Bank

NA

into

Schlumberger

NV

,

144A,

10

%

,

11/26/25

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

United

States

5,600,000

222,139,302

369,961,779

Health

Care

Providers

&

Services

0.5%

f

JPMorgan

Chase

Bank

NA

into

CVS

Health

Corp.

,

144A,

9

%

,

11/25/25

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

United

States

3,639,100

165,407,431

f

Wells

Fargo

Bank

NA

into

UnitedHealth

Group,

Inc.

,

144A,

7

%

,

7/14/25

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

United

States

425,000

207,900,175

373,307,606

Hotels,

Restaurants

&

Leisure

0.5%

f

Toronto-Dominion

Bank

(The)

into

Starbucks

Corp.

,

144A,

9

%

,

1/12/26

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

United

States

1,700,000

159,790,320

f

Wells

Fargo

Bank

NA

into

Starbucks

Corp.

,

144A,

8

%

,

3/04/25

.

United

States

2,500,000

228,240,652

388,030,972

Interactive

Media

&

Services

0.8%

f

Citigroup

Global

Markets

Holdings,

Inc.

into

Alphabet,

Inc.

,

144A,

8.5

%

,

8/20/25

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

United

States

1,750,000

314,129,778

f

JPMorgan

Chase

Bank

NA

into

Alphabet,

Inc.

,

144A,

8

%

,

3/18/25

United

States

1,805,000

269,021,956

583,151,734

IT

Services

0.3%

f

Barclays

Bank

plc

into

International

Business

Machines

Corp.

,

144A,

8.5

%

,

6/09/25

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

United

States

1,340,000

255,505,387

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

Shares

a

Value

a

a

a

a

a

a

Equity-Linked

Securities

(continued)

Media

0.5%

f

BNP

Paribas

Issuance

BV

into

Comcast

Corp.

,

144A,

8

%

,

1/15/25

United

States

3,100,000

$

115,763,145

f

JPMorgan

Chase

Bank

NA

into

Comcast

Corp.

,

144A,

8.5

%

,

9/02/25

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

United

States

6,100,000

231,453,053

347,216,198

Metals

&

Mining

1.1%

f

BNP

Paribas

Issuance

BV

into

Freeport-McMoRan,

Inc.

,

144A,

10

%

,

8/12/25

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

United

States

3,100,000

122,060,238

f

Citigroup

Global

Markets

Holdings,

Inc.

into

Freeport-McMoRan,

Inc.

,

144A,

10

%

,

5/20/25

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

United

States

4,100,000

161,258,472

f

Mizuho

Markets

Cayman

LP

into

Barrick

Gold

Corp.

,

144A,

9

%

,

7/01/25

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

Canada

3,225,000

50,485,703

f

Mizuho

Markets

Cayman

LP

into

Freeport-McMoRan,

Inc.

,

144A,

10

%

,

12/24/25

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

United

States

6,000,000

235,972,417

f

UBS

AG

into

Newmont

Corp.

,

144A,

11

%

,

1/16/25

...........

United

States

6,000,000

220,641,458

790,418,288

Multi-Utilities

0.2%

f

Wells

Fargo

Bank

NA

into

Dominion

Energy,

Inc.

,

144A,

9

%

,

1/10/25

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

United

States

2,130,000

114,574,131

Oil,

Gas

&

Consumable

Fuels

0.9%

f

BNP

Paribas

Issuance

BV

into

BP

plc

,

144A,

8.5

%

,

5/15/25

....

United

States

4,750,000

143,760,381

f

Citigroup

Global

Markets

Holdings,

Inc.

into

Exxon

Mobil

Corp.

,

144A,

9

%

,

3/12/25

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

United

States

2,600,000

275,488,016

f

JPMorgan

Chase

Bank

NA

into

Exxon

Mobil

Corp.

,

144A,

8.5

%

,

11/03/25

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

United

States

2,500,000

271,270,714

690,519,111

Pharmaceuticals

0.7%

f

BNP

Paribas

SA

into

Pfizer,

Inc.

,

144A,

10.5

%

,

7/23/25

.......

United

States

9,000,000

242,378,743

f

Mizuho

Markets

Cayman

LP

into

Bristol-Myers

Squibb

Co.

,

144A,

9.5

%

,

5/08/25

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

United

States

4,800,000

255,951,469

498,330,212

Semiconductors

&

Semiconductor

Equipment

3.2%

f

Barclays

Bank

plc

into

Microchip

Technology,

Inc.

,

144A,

10

%

,

10/14/25

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

United

States

1,950,000

119,421,465

f

BNP

Paribas

Issuance

BV

into

Applied

Materials,

Inc.

,

144A,

10

%

,

12/10/25

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

United

States

1,300,000

216,088,809

f

Goldman

Sachs

International

Bank

into

Texas

Instruments,

Inc.

,

144A,

9

%

,

11/10/25

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

United

States

1,670,000

283,712,891

f

Merrill

Lynch

BV

into

Micron

Technology,

Inc.

,

144A,

10

%

,

8/18/25

United

States

1,615,000

143,082,017

f

Mizuho

Markets

Cayman

LP

into

Intel

Corp.

,

144A,

10

%

,

12/08/25

United

States

11,200,000

234,430,485

f

Morgan

Stanley

Finance

II

Ltd.

into

Microchip

Technology,

Inc.

,

144A,

10

%

,

3/03/25

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

United

States

1,850,000

106,912,869

f

National

Bank

of

Canada

into

Broadcom,

Inc.

,

144A,

11.5

%

,

5/13/25

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

United

States

200,000

283,155,570

f

Royal

Bank

of

Canada

into

Texas

Instruments,

Inc.

,

144A,

8

%

,

6/11/25

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

United

States

800,000

151,779,130

f

Royal

Bank

of

Canada

into

Texas

Instruments,

Inc.

,

144A,

8.5

%

,

7/15/25

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

United

States

890,000

167,355,602

f

UBS

AG

into

Analog

Devices,

Inc.

,

144A,

9

%

,

9/17/25

........

United

States

1,120,000

241,778,093

f

UBS

AG

into

Intel

Corp.

,

144A,

10

%

,

7/29/25

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

United

States

5,100,000

109,549,555

f

Wells

Fargo

Bank

NA

into

Intel

Corp.

,

144A,

11

%

,

2/14/25

.....

United

States

4,000,000

81,678,153

f

Wells

Fargo

Bank

NA

into

QUALCOMM,

Inc.

,

144A,

10

%

,

10/22/25

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

United

States

1,250,000

198,121,203

2,337,065,842

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

Shares

a

Value

a

a

a

a

a

a

Equity-Linked

Securities

(continued)

Software

0.8%

f

Merrill

Lynch

BV

into

Microsoft

Corp

,

144A,

7.5

%

,

10/06/25

....

United

States

615,000

$

260,651,285

f

Mizuho

Markets

Cayman

LP

into

Oracle

Corp.

,

144A,

8.5

%

,

2/10/25

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

United

States

2,350,000

300,241,581

560,892,866

Specialty

Retail

0.8%

f

Citigroup

Global

Markets

Holdings,

Inc.

into

Home

Depot,

Inc.

(The)

,

144A,

7.5

%

,

7/21/25

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

United

States

745,000

269,016,973

f

J.P.

Morgan

Structured

Products

BV

into

Home

Depot,

Inc.

(The)

,

144A,

8

%

,

10/15/25

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

United

States

735,000

278,911,198

547,928,171

Technology

Hardware,

Storage

&

Peripherals

0.8%

f

Barclays

Bank

plc

into

Dell

Technologies

Inc

,

144A,

12

%

,

9/03/25

United

States

1,635,000

189,755,352

f

Mizuho

Markets

Cayman

LP

into

Hewlett

Packard

Enterprise

Co.

,

144A,

9.5

%

,

9/30/25

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

United

States

9,500,000

181,997,042

f

UBS

AG

into

Apple,

Inc.

,

144A,

7

%

,

4/02/25

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

United

States

1,150,000

220,407,287

592,159,681

Total

Equity-Linked

Securities

(Cost

$

13,080,722,725

)

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

12,923,627,496

Convertible

Preferred

Stocks

1.4%

Aerospace

&

Defense

0.4%

Boeing

Co.

(The)

,

6

%

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

United

States

5,580,000

339,766,200

Capital

Markets

0.1%

Ares

Management

Corp.

,

6.75

%

,

B

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

United

States

1,000,000

55,040,000

Chemicals

0.3%

Albemarle

Corp.

,

7.25

%

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

United

States

5,500,000

223,795,000

Electric

Utilities

0.4%

a

NextEra

Energy,

Inc.

,

7.234

%

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

United

States

3,500,000

159,600,000

NextEra

Energy,

Inc.

,

7.299

%

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

United

States

2,500,000

121,975,000

281,575,000

Financial

Services

0.2%

a

FNMA

,

5.375

%

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

United

States

4,240

146,810,000

a

Total

Convertible

Preferred

Stocks

(Cost

$

1,239,058,937

)

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

1,046,986,200

Preferred

Stocks

0.1%

Financial

Services

0.1%

a

FNMA

,

8.25

%

,

S

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

United

States

4,000,000

47,720,000

a

Total

Preferred

Stocks

(Cost

$

93,801,501

)

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

47,720,000

Principal

Amount

*

Convertible

Bonds

0.1%

Automobiles

0.0%

†

Rivian

Automotive,

Inc.

,

Senior

Note

,

3.625%,

10/15/30

.......

United

States

15,000,000

13,470,000

Pharmaceuticals

0.1%

f

Jazz

Investments

I

Ltd.

,

Senior

Note

,

144A,

3.125%,

9/15/30

...

United

States

50,000,000

54,050,000

Total

Convertible

Bonds

(Cost

$

61,812,971

)

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

67,520,000

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Income

Fund

(continued)

franklintempleton.com

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

17

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

40.9%

Aerospace

&

Defense

1.7%

Boeing

Co.

(The)

,

Senior

Bond

,

3.2%,

3/01/29

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

United

States

25,000,000

$

23,051,728

Senior

Bond

,

3.625%,

2/01/31

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

United

States

59,000,000

53,591,802

Senior

Bond

,

3.6%,

5/01/34

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

United

States

25,000,000

20,967,196

Senior

Bond

,

3.25%,

2/01/35

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

United

States

25,000,000

19,922,375

Senior

Note

,

2.196%,

2/04/26

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

United

States

45,000,000

43,666,253

Senior

Note

,

5.04%,

5/01/27

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

United

States

165,000,000

165,492,287

Senior

Note

,

5.15%,

5/01/30

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

United

States

390,000,000

384,822,536

Senior

Note

,

6.388%,

5/01/31

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

United

States

30,000,000

31,379,959

Senior

Note

,

6.528%,

5/01/34

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

United

States

35,000,000

36,684,508

f

Bombardier,

Inc.

,

Senior

Note

,

144A,

7.25%,

7/01/31

.........

Canada

40,000,000

41,301,043

RTX

Corp.

,

Senior

Bond

,

6.1%,

3/15/34

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

United

States

25,000,000

26,338,336

Textron,

Inc.

,

Senior

Bond

,

2.45%,

3/15/31

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

United

States

40,000,000

34,058,602

f

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

6.75%,

8/15/28

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

United

States

100,000,000

100,997,375

Senior

Secured

Note

,

144A,

6.375%,

3/01/29

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

United

States

135,000,000

135,468,684

Senior

Secured

Note

,

144A,

6.875%,

12/15/30

...........

United

States

50,000,000

50,779,236

Senior

Secured

Note

,

144A,

6.625%,

3/01/32

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

United

States

100,000,000

101,027,569

1,269,549,489

Automobile

Components

0.3%

f

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625%,

10/15/29

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

United

States

85,000,000

68,942,132

Goodyear

Tire

&

Rubber

Co.

(The)

,

Senior

Bond

,

5%,

5/31/26

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

United

States

57,000,000

56,146,166

Senior

Bond

,

4.875%,

3/15/27

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

United

States

34,757,000

33,607,023

Senior

Note

,

5%,

7/15/29

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

United

States

40,000,000

36,773,760

195,469,081

Automobiles

0.8%

Ford

Motor

Co.

,

Senior

Bond

,

4.346%,

12/08/26

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

United

States

50,000,000

49,245,489

Senior

Bond

,

3.25%,

2/12/32

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

United

States

120,000,000

99,835,896

Senior

Bond

,

6.1%,

8/19/32

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

United

States

195,000,000

194,135,735

General

Motors

Co.

,

g

Senior

Bond

,

5.6%,

10/15/32

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

United

States

25,000,000

25,224,300

Senior

Bond

,

5.15%,

4/01/38

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

United

States

140,000,000

128,944,487

f

Volkswagen

Group

of

America

Finance

LLC

,

Senior

Note

,

144A,

1.25%,

11/24/25

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

Germany

97,000,000

94,007,213

591,393,120

Banks

2.8%

Bank

of

America

Corp.

,

h

AA

,

Junior

Sub.

Bond

,

6.1%

to

3/16/25,

FRN

thereafter

,

Perpetual

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

United

States

70,000,000

69,988,682

Senior

Bond

,

3.419%

to

12/19/27,

FRN

thereafter

,

12/20/28

.

United

States

45,000,000

43,157,065

Senior

Bond

,

4.571%

to

4/26/32,

FRN

thereafter

,

4/27/33

...

United

States

185,000,000

175,890,754

Sub.

Bond

,

5.425%

to

8/14/34,

FRN

thereafter

,

8/15/35

.....

United

States

90,000,000

87,642,701

Barclays

plc

,

Senior

Bond

,

4.337%,

1/10/28

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

United

Kingdom

31,000,000

30,326,143

Senior

Bond

,

2.645%

to

6/23/30,

FRN

thereafter

,

6/24/31

...

United

Kingdom

49,000,000

42,573,676

Senior

Bond

,

5.746%

to

8/08/32,

FRN

thereafter

,

8/09/33

...

United

Kingdom

100,000,000

100,128,380

Senior

Bond

,

7.437%

to

11/01/32,

FRN

thereafter

,

11/02/33

..

United

Kingdom

75,000,000

82,550,584

Senior

Bond

,

6.692%

to

9/12/33,

FRN

thereafter

,

9/13/34

...

United

Kingdom

70,000,000

74,250,651

Senior

Note

,

7.325%

to

11/01/25,

FRN

thereafter

,

11/02/26

..

United

Kingdom

30,000,000

30,551,085

Senior

Note

,

5.501%

to

8/08/27,

FRN

thereafter

,

8/09/28

....

United

Kingdom

80,000,000

80,885,200

Sub.

Bond

,

7.119%

to

6/26/33,

FRN

thereafter

,

6/27/34

.....

United

Kingdom

55,000,000

58,396,479

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)

Banks

(continued)

Citigroup,

Inc.

,

Senior

Bond

,

6.27%

to

11/16/32,

FRN

thereafter

,

11/17/33

...

United

States

85,000,000

$

89,161,552

Sub.

Bond

,

6.174%

to

5/24/33,

FRN

thereafter

,

5/25/34

.....

United

States

155,000,000

157,969,599

Sub.

Bond

,

5.411%

to

9/18/34,

FRN

thereafter

,

9/19/39

.....

United

States

50,000,000

47,647,349

Fifth

Third

Bancorp

,

Senior

Note

,

6.339%

to

7/26/28,

FRN

thereafter

,

7/27/29

....

United

States

20,000,000

20,756,095

Senior

Note

,

5.631%

to

1/28/31,

FRN

thereafter

,

1/29/32

....

United

States

20,000,000

20,229,780

JPMorgan

Chase

&

Co.

,

h

NN

,

Junior

Sub.

Bond

,

6.875%

to

5/31/29,

FRN

thereafter

,

Perpetual

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

United

States

50,000,000

52,336,917

Senior

Bond

,

6.254%

to

10/22/33,

FRN

thereafter

,

10/23/34

.

United

States

90,000,000

95,162,118

Senior

Note

,

5.04%

to

1/22/27,

FRN

thereafter

,

1/23/28

.....

United

States

30,000,000

30,115,285

KeyBank

NA

,

Senior

Note

,

5.85%,

11/15/27

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

United

States

50,000,000

51,252,459

Sub.

Bond

,

4.9%,

8/08/32

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

United

States

35,000,000

33,185,229

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond

,

6.037%

to

10/27/32,

FRN

thereafter

,

10/28/33

.

United

States

70,000,000

72,469,160

Senior

Note

,

5.582%

to

6/11/28,

FRN

thereafter

,

6/12/29

....

United

States

20,000,000

20,353,205

Truist

Bank

,

Sub.

Bond

,

2.25%,

3/11/30

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

United

States

15,000,000

12,886,202

Truist

Financial

Corp.

,

Senior

Note

,

6.047%

to

6/07/26,

FRN

thereafter

,

6/08/27

....

United

States

45,000,000

45,749,633

Sub.

Bond

,

4.916%

to

7/27/32,

FRN

thereafter

,

7/28/33

.....

United

States

95,000,000

89,794,701

US

Bancorp

,

Senior

Bond

,

5.85%

to

10/20/32,

FRN

thereafter

,

10/21/33

..

United

States

45,000,000

46,008,104

Senior

Bond

,

5.836%

to

6/09/33,

FRN

thereafter

,

6/12/34

...

United

States

35,000,000

35,692,606

Senior

Note

,

5.775%

to

6/11/28,

FRN

thereafter

,

6/12/29

....

United

States

40,000,000

40,910,514

Senior

Note

,

5.384%

to

1/22/29,

FRN

thereafter

,

1/23/30

....

United

States

20,000,000

20,171,066

Wells

Fargo

&

Co.

,

Senior

Bond

,

4.897%

to

7/24/32,

FRN

thereafter

,

7/25/33

...

United

States

50,000,000

48,304,933

Senior

Bond

,

5.557%

to

7/24/33,

FRN

thereafter

,

7/25/34

...

United

States

90,000,000

89,915,023

Senior

Bond

,

6.491%

to

10/22/33,

FRN

thereafter

,

10/23/34

.

United

States

60,000,000

63,803,974

2,060,216,904

Beverages

0.1%

Coca-Cola

Co.

(The)

,

Senior

Bond

,

1.65%,

6/01/30

..........

United

States

20,000,000

17,062,207

Constellation

Brands,

Inc.

,

Senior

Bond

,

3.15%,

8/01/29

......

United

States

25,000,000

23,063,115

40,125,322

Biotechnology

0.0%

†

AbbVie,

Inc.

,

Senior

Note

,

3.2%,

11/21/29

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

United

States

30,000,000

27,857,740

Building

Products

0.2%

f

AmeriTex

HoldCo

Intermediate

LLC

,

Senior

Secured

Note

,

144A,

10.25%,

10/15/28

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

United

States

20,000,000

21,344,460

f

Camelot

Return

Merger

Sub,

Inc.

,

Senior

Secured

Note

,

144A,

8.75%,

8/01/28

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

United

States

47,600,000

45,664,499

f

EMRLD

Borrower

LP

/

Emerald

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

6.625%,

12/15/30

...........

United

States

50,000,000

50,129,177

Senior

Secured

Note

,

144A,

6.75%,

7/15/31

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

United

States

20,000,000

20,170,660

137,308,796

Capital

Markets

1.1%

Brookfield

Finance,

Inc.

,

Senior

Bond

,

4.85%,

3/29/29

........

Canada

15,000,000

14,904,368

Charles

Schwab

Corp.

(The)

,

Senior

Bond

,

5.853%

to

5/18/33,

FRN

thereafter

,

5/19/34

...

United

States

30,000,000

30,894,664

Senior

Bond

,

6.136%

to

8/23/33,

FRN

thereafter

,

8/24/34

...

United

States

30,000,000

31,512,682

Senior

Note

,

5.643%

to

5/18/28,

FRN

thereafter

,

5/19/29

....

United

States

25,000,000

25,525,490

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)

Capital

Markets

(continued)

Charles

Schwab

Corp.

(The),

(continued)

Senior

Note

,

6.196%

to

11/16/28,

FRN

thereafter

,

11/17/29

..

United

States

40,000,000

$

41,706,800

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

2.65%

to

10/20/31,

FRN

thereafter

,

10/21/32

..

United

States

80,000,000

67,654,511

Senior

Bond

,

6.561%

to

10/23/33,

FRN

thereafter

,

10/24/34

.

United

States

100,000,000

107,541,776

Senior

Bond

,

5.851%

to

4/24/34,

FRN

thereafter

,

4/25/35

...

United

States

65,000,000

66,256,035

Sub.

Bond

,

6.75%,

10/01/37

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

United

States

60,000,000

64,292,182

Morgan

Stanley

,

Senior

Bond

,

6.342%

to

10/17/32,

FRN

thereafter

,

10/18/33

.

United

States

35,000,000

37,035,758

Senior

Bond

,

5.25%

to

4/20/33,

FRN

thereafter

,

4/21/34

....

United

States

220,000,000

216,716,403

Senior

Bond

,

6.627%

to

10/31/33,

FRN

thereafter

,

11/01/34

..

United

States

30,000,000

32,250,398

Sub.

Bond

,

5.948%

to

1/18/33,

FRN

thereafter

,

1/19/38

.....

United

States

67,095,000

67,191,940

803,483,007

Chemicals

0.9%

Celanese

US

Holdings

LLC

,

Senior

Bond

,

6.379%,

7/15/32

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

United

States

68,000,000

69,103,623

Senior

Note

,

6.165%,

7/15/27

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

United

States

40,000,000

40,609,392

Senior

Note

,

6.8%,

11/15/30

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

United

States

30,000,000

31,068,744

f

Consolidated

Energy

Finance

SA

,

Senior

Note

,

144A,

6.5%,

5/15/26

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

Switzerland

90,500,000

89,166,084

f

CVR

Partners

LP

/

CVR

Nitrogen

Finance

Corp.

,

Senior

Secured

Note

,

144A,

6.125%,

6/15/28

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

United

States

25,000,000

24,355,494

Dow

Chemical

Co.

(The)

,

Senior

Bond

,

6.3%,

3/15/33

........

United

States

35,000,000

37,178,419

Huntsman

International

LLC

,

Senior

Bond

,

4.5%,

5/01/29

.....

United

States

25,000,000

23,863,504

f

International

Flavors

&

Fragrances,

Inc.

,

Senior

Bond

,

144A,

2.3%,

11/01/30

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

United

States

55,000,000

46,733,996

Senior

Note

,

144A,

1.832%,

10/15/27

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

United

States

20,000,000

18,385,927

f

Olin

Corp.

,

Senior

Note

,

144A,

9.5%,

6/01/25

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

United

States

30,000,000

30,251,579

f

,g

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25%,

9/01/29

United

States

38,000,000

40,209,562

f

Rain

CII

Carbon

LLC

/

CII

Carbon

Corp.

,

Secured

Note

,

144A,

7.25%,

4/01/25

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

United

States

717,000

711,129

f

SCIH

Salt

Holdings,

Inc.

,

Senior

Note

,

144A,

6.625%,

5/01/29

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

United

States

100,000,000

95,050,920

Senior

Secured

Note

,

144A,

4.875%,

5/01/28

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

United

States

135,000,000

127,147,495

673,835,868

Communications

Equipment

0.9%

f

CommScope

LLC

,

Senior

Note

,

144A,

8.25%,

3/01/27

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

United

States

163,000,000

156,080,130

Senior

Note

,

144A,

7.125%,

7/01/28

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

United

States

200,000,000

176,270,334

Senior

Secured

Note

,

144A,

6%,

3/01/26

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

United

States

224,085,000

223,244,681

Senior

Secured

Note

,

144A,

4.75%,

9/01/29

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

United

States

53,454,000

47,676,788

f

CommScope

Technologies

LLC

,

Senior

Bond

,

144A,

5%,

3/15/27

United

States

27,500,000

24,616,195

627,888,128

Construction

&

Engineering

0.1%

Quanta

Services,

Inc.

,

Senior

Bond

,

2.9%,

10/01/30

.........

United

States

90,000,000

80,353,620

Consumer

Finance

2.2%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.3%,

1/30/32

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

Ireland

50,000,000

43,583,885

Senior

Bond

,

5.3%,

1/19/34

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

Ireland

45,000,000

44,149,870

Senior

Bond

,

4.95%,

9/10/34

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

Ireland

35,000,000

33,348,438

Senior

Note

,

5.75%,

6/06/28

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

Ireland

40,000,000

40,772,181

Capital

One

Financial

Corp.

,

Senior

Bond

,

5.268%

to

5/09/32,

FRN

thereafter

,

5/10/33

...

United

States

50,000,000

48,717,844

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)

Consumer

Finance

(continued)

Capital

One

Financial

Corp.,

(continued)

Senior

Bond

,

5.817%

to

1/31/33,

FRN

thereafter

,

2/01/34

...

United

States

85,000,000

$

85,404,665

Senior

Note

,

4.927%

to

5/09/27,

FRN

thereafter

,

5/10/28

....

United

States

79,532,733

79,302,068

Senior

Note

,

6.312%

to

6/07/28,

FRN

thereafter

,

6/08/29

....

United

States

75,000,000

77,469,847

Senior

Note

,

5.247%

to

7/25/29,

FRN

thereafter

,

7/26/30

....

United

States

40,000,000

39,891,531

Senior

Note

,

7.624%

to

10/29/30,

FRN

thereafter

,

10/30/31

..

United

States

40,000,000

44,178,122

Sub.

Bond

,

4.2%,

10/29/25

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

United

States

10,000,000

9,938,602

Sub.

Bond

,

3.75%,

7/28/26

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

United

States

64,800,000

63,642,376

Ford

Motor

Credit

Co.

LLC

,

Senior

Bond

,

4.134%,

8/04/25

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

United

States

50,000,000

49,704,385

Senior

Bond

,

5.113%,

5/03/29

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

United

States

85,000,000

82,867,591

Senior

Note

,

5.125%,

6/16/25

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

United

States

108,015,000

107,977,834

Senior

Note

,

3.375%,

11/13/25

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

United

States

32,000,000

31,512,270

Senior

Note

,

6.95%,

6/10/26

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

United

States

35,000,000

35,815,182

Senior

Note

,

2.7%,

8/10/26

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

United

States

60,000,000

57,665,004

Senior

Note

,

4.95%,

5/28/27

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

United

States

85,000,000

84,262,112

Senior

Note

,

6.8%,

5/12/28

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

United

States

92,000,000

95,104,987

Senior

Note

,

7.35%,

3/06/30

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

United

States

45,000,000

47,672,958

General

Motors

Financial

Co.,

Inc.

,

Senior

Bond

,

3.6%,

6/21/30

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

United

States

37,720,000

34,596,113

Senior

Bond

,

3.1%,

1/12/32

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

United

States

80,000,000

68,503,691

Senior

Bond

,

6.4%,

1/09/33

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

United

States

50,000,000

51,850,726

Senior

Note

,

5%,

4/09/27

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

United

States

50,000,000

50,067,655

Senior

Note

,

5.8%,

6/23/28

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

United

States

50,000,000

51,020,139

Senior

Note

,

5.8%,

1/07/29

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

United

States

75,000,000

76,546,758

Senior

Note

,

5.85%,

4/06/30

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

United

States

20,000,000

20,435,865

f

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note

,

144A,

6.5%,

3/26/31

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

United

Kingdom

15,000,000

15,544,380

1,571,547,079

Consumer

Staples

Distribution

&

Retail

0.1%

f

7-Eleven,

Inc.

,

Senior

Bond

,

144A,

1.8%,

2/10/31

...........

United

States

75,000,000

60,575,086

Containers

&

Packaging

1.7%

f

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

plc

,

Senior

Note

,

144A,

4%,

9/01/29

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

United

States

124,275,000

106,894,266

Senior

Secured

Note

,

144A,

6%,

6/15/27

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

United

States

20,115,000

19,975,929

f

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

Senior

Note

,

144A,

5.25%,

8/15/27

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

United

States

508,009,000

290,929,292

Senior

Secured

Note

,

144A,

4.125%,

8/15/26

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

United

States

226,100,000

203,734,188

f

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note

,

144A,

9.25%,

4/15/27

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

United

States

325,000,000

330,253,950

Senior

Secured

Note

,

144A,

7.875%,

4/15/27

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

United

States

245,000,000

250,257,700

f

Pactiv

Evergreen

Group

Issuer,

Inc.

/

Pactiv

Evergreen

Group

Issuer

LLC

,

Senior

Secured

Note

,

144A,

4%,

10/15/27

......

United

States

40,000,000

39,701,643

f

Sealed

Air

Corp.

,

Senior

Note

,

144A,

6.125%,

2/01/28

........

United

States

20,000,000

20,082,651

1,261,829,619

Diversified

REITs

0.3%

VICI

Properties

LP

,

Senior

Bond

,

5.125%,

5/15/32

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

United

States

60,000,000

58,463,851

g

Senior

Bond

,

5.75%,

4/01/34

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

United

States

20,000,000

20,197,740

Senior

Note

,

4.95%,

2/15/30

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

United

States

50,000,000

49,047,136

f

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

4.25%,

12/01/26

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

United

States

100,000,000

98,408,171

226,116,898

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)

Diversified

Telecommunication

Services

0.8%

f

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond

,

144A,

5.5%,

5/01/26

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

United

States

20,000,000

$

19,959,746

Senior

Bond

,

144A,

5.125%,

5/01/27

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

United

States

310,100,000

304,972,540

Senior

Bond

,

144A,

5%,

2/01/28

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

United

States

200,700,000

193,623,057

Senior

Bond

,

144A,

4.75%,

3/01/30

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

United

States

20,000,000

18,286,424

Verizon

Communications,

Inc.

,

Senior

Bond

,

4.016%,

12/03/29

.

United

States

50,000,000

48,011,364

584,853,131

Electric

Utilities

2.4%

American

Electric

Power

Co.,

Inc.

,

Senior

Bond

,

5.95%,

11/01/32

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

United

States

30,000,000

30,937,837

Senior

Bond

,

5.625%,

3/01/33

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

United

States

30,000,000

30,322,666

Duke

Energy

Corp.

,

Senior

Bond

,

4.5%,

8/15/32

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

United

States

56,891,000

54,218,175

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond

,

5.25%,

3/15/34

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

United

States

85,000,000

84,124,961

NRG

Energy,

Inc.

,

f

Senior

Bond

,

144A,

3.625%,

2/15/31

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

United

States

65,000,000

56,884,872

f

Senior

Bond

,

144A,

6.25%,

11/01/34

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

United

States

65,000,000

63,806,281

Senior

Note

,

5.75%,

1/15/28

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

United

States

18,075,000

18,025,178

f

Senior

Note

,

144A,

3.375%,

2/15/29

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

United

States

48,300,000

43,865,504

f

Senior

Note

,

144A,

5.75%,

7/15/29

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

United

States

80,000,000

78,169,567

f

Senior

Note

,

144A,

6%,

2/01/33

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

United

States

75,000,000

72,901,531

f

Senior

Secured

Bond

,

144A,

7%,

3/15/33

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

United

States

30,000,000

32,402,675

f

Senior

Secured

Note

,

144A,

2.45%,

12/02/27

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

United

States

30,000,000

27,869,826

Pacific

Gas

and

Electric

Co.

,

Senior

Bond

,

4.55%,

7/01/30

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

United

States

136,500,000

132,199,658

Senior

Bond

,

6.15%,

1/15/33

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

United

States

50,000,000

51,989,975

Senior

Bond

,

6.4%,

6/15/33

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

United

States

30,000,000

31,640,197

Senior

Note

,

3.15%,

1/01/26

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

United

States

50,000,000

49,149,667

Senior

Note

,

6.1%,

1/15/29

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

United

States

49,000,000

50,742,684

PG&E

Corp.

,

Senior

Secured

Bond

,

5.25%,

7/01/30

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

United

States

20,000,000

19,589,430

Senior

Secured

Note

,

5%,

7/01/28

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

United

States

107,284,000

104,896,310

Southern

Co.

(The)

,

Senior

Bond

,

5.7%,

10/15/32

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

United

States

45,000,000

46,345,735

Senior

Bond

,

5.2%,

6/15/33

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

United

States

50,000,000

49,462,779

f

Vistra

Operations

Co.

LLC

,

Senior

Note

,

144A,

5.5%,

9/01/26

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

United

States

109,160,000

108,905,698

Senior

Note

,

144A,

5%,

7/31/27

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

United

States

66,250,000

65,059,057

Senior

Note

,

144A,

4.375%,

5/01/29

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

United

States

154,000,000

145,133,065

Senior

Note

,

144A,

7.75%,

10/15/31

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

United

States

79,000,000

82,949,655

Senior

Note

,

144A,

6.875%,

4/15/32

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

United

States

100,000,000

102,486,656

Senior

Secured

Bond

,

144A,

4.3%,

7/15/29

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

United

States

35,000,000

33,449,094

Senior

Secured

Bond

,

144A,

6.95%,

10/15/33

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

United

States

75,000,000

80,890,725

Senior

Secured

Note

,

144A,

3.7%,

1/30/27

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

United

States

33,500,000

32,637,176

1,781,056,634

Electrical

Equipment

0.1%

Regal

Rexnord

Corp.

,

Senior

Note

,

6.3%,

2/15/30

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

United

States

25,000,000

25,728,524

Senior

Note

,

6.4%,

4/15/33

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

United

States

60,000,000

61,936,549

87,665,073

Energy

Equipment

&

Services

0.4%

f

Schlumberger

Holdings

Corp.

,

Senior

Note

,

144A,

3.9%,

5/17/28

United

States

22,500,000

21,851,444

f

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp.

,

Senior

Note

,

144A,

7.125%,

3/15/29

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

United

States

40,000,000

40,744,096

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)

Energy

Equipment

&

Services

(continued)

f

Weatherford

International

Ltd.

,

Senior

Note

,

144A,

8.625%,

4/30/30

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

United

States

245,000,000

$

253,168,276

315,763,816

Entertainment

0.3%

Netflix,

Inc.

,

Senior

Bond

,

4.375%,

11/15/26

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

United

States

90,000,000

89,750,842

Senior

Bond

,

4.875%,

4/15/28

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

United

States

89,300,000

89,709,454

Senior

Bond

,

5.875%,

11/15/28

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

United

States

50,000,000

51,840,071

231,300,367

Financial

Services

0.1%

Fiserv,

Inc.

,

Senior

Bond

,

4.2%,

10/01/28

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

United

States

52,000,000

50,600,361

Senior

Bond

,

2.65%,

6/01/30

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

United

States

25,000,000

22,107,617

Senior

Bond

,

5.6%,

3/02/33

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

United

States

30,000,000

30,398,783

103,106,761

Food

Products

0.5%

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

5.125%,

2/01/28

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

United

States

30,000,000

29,812,684

Senior

Note

,

5.75%,

4/01/33

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

United

States

110,000,000

109,569,041

Senior

Note

,

6.75%,

3/15/34

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

United

States

50,000,000

52,898,924

Pilgrim's

Pride

Corp.

,

Senior

Bond

,

6.25%,

7/01/33

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

United

States

68,000,000

69,368,007

Senior

Bond

,

6.875%,

5/15/34

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

United

States

40,000,000

42,583,960

f

Post

Holdings,

Inc.

,

Senior

Bond

,

144A,

4.5%,

9/15/31

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

United

States

22,000,000

19,727,793

Senior

Secured

Note

,

144A,

6.25%,

2/15/32

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

United

States

45,000,000

44,718,165

368,678,574

Ground

Transportation

0.2%

f

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

4.375%,

8/15/27

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

United

Kingdom

20,000,000

19,664,375

Senior

Bond

,

144A,

5.55%,

5/30/33

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

United

Kingdom

55,000,000

54,248,387

Senior

Bond

,

144A,

5.95%,

10/15/33

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

United

Kingdom

35,000,000

35,418,536

109,331,298

Health

Care

Equipment

&

Supplies

0.6%

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

5.905%,

11/22/32

United

States

105,000,000

109,140,623

f

Medline

Borrower

LP

,

Senior

Note

,

144A,

5.25%,

10/01/29

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

United

States

45,000,000

43,470,629

Senior

Secured

Note

,

144A,

3.875%,

4/01/29

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

United

States

265,000,000

245,630,374

f

Medline

Borrower

LP

/

Medline

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

6.25%,

4/01/29

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

United

States

25,000,000

25,294,851

423,536,477

Health

Care

Providers

&

Services

6.8%

Centene

Corp.

,

Senior

Note

,

4.25%,

12/15/27

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

United

States

81,745,000

79,247,592

Senior

Note

,

4.625%,

12/15/29

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

United

States

166,100,000

157,221,138

Senior

Note

,

3.375%,

2/15/30

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

United

States

47,000,000

41,891,323

f

CHS/Community

Health

Systems,

Inc.

,

Secured

Note

,

144A,

6.875%,

4/15/29

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

United

States

480,000,000

363,112,330

Secured

Note

,

144A,

6.125%,

4/01/30

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

United

States

600,000,000

412,280,988

Senior

Note

,

144A,

6.875%,

4/01/28

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

United

States

435,000,000

317,546,315

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)

Health

Care

Providers

&

Services

(continued)

f

CHS/Community

Health

Systems,

Inc.,

(continued)

Senior

Secured

Note

,

144A,

8%,

12/15/27

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

United

States

300,000,000

$

299,790,393

Senior

Secured

Note

,

144A,

10.875%,

1/15/32

...........

United

States

500,000,000

516,489,020

CVS

Health

Corp.

,

Senior

Bond

,

5.25%,

2/21/33

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

United

States

145,000,000

139,065,998

Senior

Bond

,

4.78%,

3/25/38

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

United

States

61,925,000

53,597,540

f

DaVita,

Inc.

,

Senior

Bond

,

144A,

3.75%,

2/15/31

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

United

States

65,000,000

56,303,656

Senior

Note

,

144A,

4.625%,

6/01/30

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

United

States

285,000,000

262,252,759

Senior

Note

,

144A,

6.875%,

9/01/32

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

United

States

50,000,000

50,443,749

f

Fresenius

Medical

Care

US

Finance

III,

Inc.

,

Senior

Bond

,

144A,

2.375%,

2/16/31

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

Germany

10,000,000

8,233,136

HCA,

Inc.

,

Senior

Bond

,

5.625%,

9/01/28

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

United

States

115,000,000

116,589,270

Senior

Bond

,

4.125%,

6/15/29

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

United

States

38,500,000

36,745,683

Senior

Bond

,

2.375%,

7/15/31

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

United

States

28,716,000

23,845,618

Senior

Bond

,

5.5%,

6/01/33

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

United

States

100,000,000

98,973,947

Senior

Note

,

3.625%,

3/15/32

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

United

States

82,954,000

73,135,755

Humana,

Inc.

,

Senior

Bond

,

5.875%,

3/01/33

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

United

States

35,000,000

35,146,333

f

,g

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5%,

9/01/29

......

Italy

50,000,000

47,183,225

f

MPH

Acquisition

Holdings

LLC

,

Senior

Note

,

144A,

5.75%,

11/01/28

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

United

States

115,000,000

75,040,950

Senior

Secured

Note

,

144A,

5.5%,

9/01/28

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

United

States

170,000,000

145,924,835

Tenet

Healthcare

Corp.

,

Secured

Note

,

6.25%,

2/01/27

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

United

States

150,000,000

149,999,490

Senior

Bond

,

6.875%,

11/15/31

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

United

States

55,258,000

57,479,427

Senior

Note

,

6.125%,

10/01/28

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

United

States

510,000,000

509,510,339

Senior

Secured

Note

,

4.25%,

6/01/29

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

United

States

130,000,000

122,162,828

Senior

Secured

Note

,

4.375%,

1/15/30

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

United

States

50,000,000

46,477,054

Senior

Secured

Note

,

6.125%,

6/15/30

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

United

States

425,000,000

422,181,408

Senior

Secured

Note

,

6.75%,

5/15/31

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

United

States

159,775,000

161,535,880

UnitedHealth

Group,

Inc.

,

Senior

Bond

,

5.35%,

2/15/33

.......

United

States

110,000,000

110,732,823

4,990,140,802

Health

Care

Technology

0.1%

f

,i

Multiplan

Corp.

,

Senior

Note

,

144A,

PIK,

6%,

10/15/27

.......

United

States

100,000,000

67,500,000

Hotels,

Restaurants

&

Leisure

2.3%

f

Caesars

Entertainment,

Inc.

,

Senior

Note

,

144A,

8.125%,

7/01/27

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

United

States

33,690,000

34,054,439

Senior

Note

,

144A,

4.625%,

10/15/29

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

United

States

100,000,000

93,706,302

g

Senior

Note

,

144A,

6%,

10/15/32

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

United

States

90,000,000

86,859,741

Senior

Secured

Note

,

144A,

7%,

2/15/30

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

United

States

52,000,000

53,002,542

Senior

Secured

Note

,

144A,

6.5%,

2/15/32

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

United

States

45,000,000

45,239,785

f

Carnival

Corp.

,

Senior

Note

,

144A,

7.625%,

3/01/26

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

United

States

165,000,000

165,366,534

Senior

Note

,

144A,

5.75%,

3/01/27

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

United

States

230,000,000

229,661,723

Senior

Note

,

144A,

6%,

5/01/29

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

United

States

30,000,000

29,951,976

Senior

Note

,

144A,

10.5%,

6/01/30

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

United

States

97,000,000

103,697,732

Expedia

Group,

Inc.

,

Senior

Bond

,

3.8%,

2/15/28

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

United

States

57,000,000

55,082,694

Senior

Note

,

5%,

2/15/26

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

United

States

30,000,000

30,055,966

Senior

Note

,

3.25%,

2/15/30

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

United

States

60,000,000

55,343,818

f

Senior

Note

,

144A,

6.25%,

5/01/25

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

United

States

54,596,000

54,634,974

f

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75%,

1/15/30

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

United

States

75,000,000

69,254,144

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)

Hotels,

Restaurants

&

Leisure

(continued)

f

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.,

(continued)

Senior

Secured

Note

,

144A,

4.625%,

1/15/29

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

United

States

120,000,000

$

111,774,576

f

Hilton

Domestic

Operating

Co.,

Inc.

,

Senior

Note

,

144A,

6.125%,

4/01/32

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

United

States

40,000,000

39,916,360

Marriott

International,

Inc.

,

Senior

Note

,

5%,

10/15/27

........

United

States

15,000,000

15,123,203

f

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note

,

144A,

4.25%,

7/01/26

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

United

States

20,000,000

19,637,462

Senior

Note

,

144A,

5.5%,

4/01/28

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

United

States

50,000,000

49,661,730

f

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.

,

Senior

Bond

,

144A,

5.25%,

5/15/27

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

United

States

135,000,000

133,640,231

f

Wynn

Macau

Ltd.

,

g

Senior

Bond

,

144A,

5.5%,

10/01/27

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

Macau

51,457,000

50,118,468

Senior

Note

,

144A,

5.5%,

1/15/26

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

Macau

50,000,000

49,549,148

f

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125%,

2/15/31

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

United

States

30,000,000

31,263,448

Senior

Note

,

144A,

6.25%,

3/15/33

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

United

States

100,000,000

98,562,600

1,705,159,596

Household

Durables

0.1%

KB

Home

,

Senior

Note

,

7.25%,

7/15/30

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

United

States

20,000,000

20,529,780

Shea

Homes

LP

/

Shea

Homes

Funding

Corp.

,

Senior

Note

,

4.75%,

2/15/28

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

United

States

25,000,000

23,971,967

Senior

Note

,

4.75%,

4/01/29

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

United

States

40,000,000

37,907,448

82,409,195

Household

Products

0.1%

f

Energizer

Holdings,

Inc.

,

Senior

Note

,

144A,

6.5%,

12/31/27

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

United

States

20,000,000

20,089,300

g

Senior

Note

,

144A,

4.75%,

6/15/28

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

United

States

24,000,000

22,891,566

42,980,866

Independent

Power

and

Renewable

Electricity

Producers

0.7%

f

Calpine

Corp.

,

Senior

Note

,

144A,

5.125%,

3/15/28

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

United

States

240,000,000

232,947,924

Senior

Note

,

144A,

4.625%,

2/01/29

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

United

States

22,000,000

20,786,469

Senior

Secured

Bond

,

144A,

3.75%,

3/01/31

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

United

States

40,000,000

35,779,841

Senior

Secured

Note

,

144A,

4.5%,

2/15/28

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

United

States

132,175,000

126,877,294

f

,h

Vistra

Corp.

,

Junior

Sub.

Bond

,

144A,

8%

to

10/14/26,

FRN

thereafter

,

Perpetual

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

United

States

10,000,000

10,239,380

Junior

Sub.

Bond

,

144A,

7%

to

12/14/26,

FRN

thereafter

,

Perpetual

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

United

States

90,000,000

90,613,591

517,244,499

Insurance

0.1%

f

Five

Corners

Funding

Trust

III

,

Senior

Note

,

144A,

5.791%,

2/15/33

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

United

States

30,000,000

30,813,847

Prudential

Financial,

Inc.

,

Junior

Sub.

Bond

,

5.7%

to

9/14/28,

FRN

thereafter

,

9/15/48

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

United

States

65,000,000

64,596,630

95,410,477

Interactive

Media

&

Services

0.0%

†

Meta

Platforms,

Inc.

,

Senior

Note

,

3.85%,

8/15/32

...........

United

States

15,000,000

13,944,670

IT

Services

0.0%

†

Twilio,

Inc.

,

Senior

Bond

,

3.875%,

3/15/31

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

United

States

35,000,000

31,421,914

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)

Media

0.7%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Note

,

4.908%,

7/23/25

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

United

States

150,000,000

$

149,874,180

f

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75%,

4/15/28

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

United

States

179,000,000

161,718,180

Senior

Secured

Note

,

144A,

5.125%,

8/15/27

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

United

States

80,417,564

77,499,066

f

Stagwell

Global

LLC

,

Senior

Note

,

144A,

5.625%,

8/15/29

.....

United

States

55,000,000

52,430,911

f

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

6.625%,

6/01/27

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

United

States

60,000,000

59,828,832

Senior

Secured

Note

,

144A,

8%,

8/15/28

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

United

States

20,000,000

20,386,520

521,737,689

Metals

&

Mining

1.2%

f

Alcoa

Nederland

Holding

BV

,

Senior

Note

,

144A,

5.5%,

12/15/27

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

United

States

104,742,000

105,202,328

Senior

Note

,

144A,

4.125%,

3/31/29

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

United

States

101,547,000

94,817,913

ArcelorMittal

SA

,

g

Senior

Bond

,

6.8%,

11/29/32

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

Luxembourg

55,000,000

58,795,879

Senior

Note

,

6.55%,

11/29/27

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

Luxembourg

25,000,000

26,013,015

f

Cleveland-Cliffs,

Inc.

,

Senior

Bond

,

144A,

4.875%,

3/01/31

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

United

States

25,000,000

22,459,905

Senior

Note

,

144A,

7.375%,

5/01/33

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

United

States

40,000,000

39,335,481

f

FMG

Resources

August

2006

Pty.

Ltd.

,

Senior

Bond

,

144A,

4.375%,

4/01/31

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

Australia

198,000,000

178,405,611

Senior

Bond

,

144A,

6.125%,

4/15/32

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

Australia

32,500,000

32,132,055

Senior

Note

,

144A,

4.5%,

9/15/27

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

Australia

16,000,000

15,495,632

Senior

Note

,

144A,

5.875%,

4/15/30

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

Australia

62,035,000

61,022,350

Freeport-McMoRan,

Inc.

,

Senior

Bond

,

5.25%,

9/01/29

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

United

States

61,402,000

61,715,457

Senior

Bond

,

5.4%,

11/14/34

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

United

States

59,500,000

58,901,948

f

Glencore

Funding

LLC

,

Senior

Bond

,

144A,

2.5%,

9/01/30

....

Australia

55,000,000

47,706,962

f

Mineral

Resources

Ltd.

,

Senior

Note

,

144A,

8%,

11/01/27

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

Australia

20,000,000

20,469,466

g

Senior

Note

,

144A,

8.5%,

5/01/30

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

Australia

35,000,000

35,743,103

858,217,105

Multi-Utilities

0.2%

Dominion

Energy,

Inc.

,

Senior

Note

,

5.375%,

11/15/32

........

United

States

32,854,000

32,939,190

Sempra

,

Senior

Bond

,

5.5%,

8/01/33

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

United

States

35,000,000

35,099,058

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

5.15%,

9/15/32

.

United

States

40,000,000

39,947,932

107,986,180

Oil,

Gas

&

Consumable

Fuels

3.2%

BP

Capital

Markets

America,

Inc.

,

Senior

Bond

,

3.633%,

4/06/30

United

States

46,500,000

43,832,397

f

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

144A,

11%,

4/15/26

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

United

States

224,172,000

226,232,141

Senior

Note

,

144A,

8.125%,

1/15/27

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

United

States

130,000,000

129,722,645

Senior

Note

,

144A,

9.75%,

7/15/28

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

United

States

73,565,000

75,138,776

Senior

Secured

Note

,

144A,

9.25%,

7/15/29

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

United

States

140,000,000

145,248,317

Cheniere

Corpus

Christi

Holdings

LLC

,

Senior

Secured

Note

,

5.125%,

6/30/27

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

United

States

87,973,000

88,472,346

Senior

Secured

Note

,

3.7%,

11/15/29

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

United

States

60,000,000

56,372,023

Cheniere

Energy

Partners

LP

,

Senior

Note

,

5.95%,

6/30/33

....

United

States

30,000,000

30,730,196

Cheniere

Energy,

Inc.

,

Senior

Note

,

5.65%,

4/15/34

..........

United

States

40,000,000

40,256,360

f

CITGO

Petroleum

Corp.

,

Senior

Secured

Note

,

144A,

7%,

6/15/25

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

United

States

33,224,000

33,356,431

Senior

Secured

Note

,

144A,

6.375%,

6/15/26

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

United

States

77,000,000

77,329,714

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)

Oil,

Gas

&

Consumable

Fuels

(continued)

f

Civitas

Resources,

Inc.

,

Senior

Note

,

144A,

8.75%,

7/01/31

....

United

States

25,000,000

$

26,094,588

Energy

Transfer

LP

,

Senior

Bond

,

5.75%,

2/15/33

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

United

States

30,000,000

30,431,335

Senior

Bond

,

6.55%,

12/01/33

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

United

States

25,000,000

26,630,500

f

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Bond

,

144A,

7.25%,

2/15/35

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

United

States

60,000,000

56,460,930

Senior

Note

,

144A,

6%,

4/15/30

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

United

States

25,000,000

23,619,995

Kinder

Morgan,

Inc.

,

Senior

Bond

,

5.2%,

6/01/33

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

United

States

87,000,000

85,038,538

Senior

Bond

,

5.4%,

2/01/34

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

United

States

50,000,000

49,268,896

Senior

Note

,

5%,

2/01/29

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

United

States

40,000,000

39,880,996

f

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.5%,

4/15/32

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

United

States

35,000,000

34,663,202

Senior

Note

,

144A,

6.25%,

4/15/33

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

United

States

40,000,000

38,864,904

Occidental

Petroleum

Corp.

,

Senior

Bond

,

6.625%,

9/01/30

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

United

States

80,000,000

83,778,868

Senior

Bond

,

6.125%,

1/01/31

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

United

States

52,000,000

53,242,553

Senior

Bond

,

5.55%,

10/01/34

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

United

States

30,000,000

29,199,872

Senior

Note

,

5.5%,

12/01/25

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

United

States

30,000,000

30,104,349

Senior

Note

,

6.375%,

9/01/28

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

United

States

60,000,000

61,903,860

f

Tennessee

Gas

Pipeline

Co.

LLC

,

Senior

Bond

,

144A,

2.9%,

3/01/30

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

United

States

40,050,000

35,926,343

f

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Note

,

144A,

6.25%,

1/15/30

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

United

States

25,000,000

25,250,800

f

Venture

Global

LNG,

Inc.

,

h

Junior

Sub.

Bond

,

144A,

9%

to

9/29/29,

FRN

thereafter

,

Perpetual

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

United

States

234,000,000

245,028,186

Senior

Secured

Note

,

144A,

8.125%,

6/01/28

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

United

States

44,500,000

46,326,855

Senior

Secured

Note

,

144A,

7%,

1/15/30

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

United

States

35,000,000

35,558,044

Senior

Secured

Note

,

144A,

8.375%,

6/01/31

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

United

States

90,000,000

93,956,541

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

3.5%,

11/15/30

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

United

States

130,000,000

119,507,185

Senior

Bond

,

2.6%,

3/15/31

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

United

States

35,000,000

30,155,445

Senior

Bond

,

5.65%,

3/15/33

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

United

States

55,000,000

55,520,253

2,303,104,384

Passenger

Airlines

2.0%

f

,i

American

Airlines

Group,

Inc.

,

Senior

Secured

Note

,

144A,

PIK,

10.75%,

2/15/26

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

United

States

145,000,000

148,625,000

f

American

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

8.5%,

5/15/29

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

United

States

135,000,000

141,825,385

f

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5%,

4/20/26

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

United

States

128,999,999

128,684,914

Senior

Secured

Note

,

144A,

5.75%,

4/20/29

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

United

States

185,795,000

184,397,307

f

Avianca

Midco

2

plc

,

Senior

Secured

Note

,

144A,

9%,

12/01/28

United

Kingdom

60,000,000

58,642,338

f

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.5%,

10/20/25

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

United

States

31,210,773

31,024,853

Senior

Secured

Note

,

144A,

4.75%,

10/20/28

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

United

States

341,718,000

337,251,113

f

JetBlue

Airways

Corp.

/

JetBlue

Loyalty

LP

,

Senior

Secured

Note

,

144A,

9.875%,

9/20/31

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

United

States

70,000,000

74,447,608

f

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets

Ltd.

,

Senior

Secured

Note

,

144A,

6.5%,

6/20/27

.....

United

States

97,750,000

98,436,492

f

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375%,

4/15/26

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

United

States

107,762,000

106,040,916

Senior

Secured

Note

,

144A,

4.625%,

4/15/29

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

United

States

136,643,000

130,028,973

1,439,404,899

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)

Personal

Care

Products

0.1%

f

BellRing

Brands,

Inc.

,

Senior

Note

,

144A,

7%,

3/15/30

.......

United

States

30,000,000

$

30,776,490

Haleon

US

Capital

LLC

,

Senior

Note

,

3.375%,

3/24/29

.......

United

States

30,000,000

28,236,624

59,013,114

Pharmaceuticals

1.1%

f

1375209

BC

Ltd.

,

Senior

Secured

Note

,

144A,

9%,

1/30/28

....

Canada

467,060,000

468,294,066

f

Bausch

Health

Cos.,

Inc.

,

Senior

Secured

Note

,

144A,

11%,

9/30/28

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

United

States

150,000,000

142,675,500

f

Endo

Finance

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

8.5%,

4/15/31

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

United

States

50,000,000

53,039,150

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

7.125%,

1/31/25

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

Israel

27,220,000

27,238,077

Senior

Note

,

6.75%,

3/01/28

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

Israel

26,000,000

26,570,050

Senior

Note

,

7.875%,

9/15/29

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

Israel

25,000,000

26,974,850

Senior

Note

,

8.125%,

9/15/31

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

Israel

30,000,000

33,567,270

Viatris,

Inc.

,

Senior

Note

,

2.7%,

6/22/30

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

United

States

40,000,000

34,707,471

813,066,434

Semiconductors

&

Semiconductor

Equipment

0.7%

Broadcom,

Inc.

,

Senior

Bond

,

4.15%,

11/15/30

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

United

States

20,000,000

19,145,310

Senior

Bond

,

4.3%,

11/15/32

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

United

States

140,000,000

132,122,703

f

Senior

Bond

,

144A,

4.15%,

4/15/32

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

United

States

25,000,000

23,452,559

f

Senior

Bond

,

144A,

3.469%,

4/15/34

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

United

States

35,000,000

30,348,759

f

Senior

Note

,

144A,

4%,

4/15/29

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

United

States

28,000,000

26,948,375

f

Entegris,

Inc.

,

Senior

Secured

Note

,

144A,

4.75%,

4/15/29

....

United

States

60,000,000

57,502,653

Intel

Corp.

,

g

Senior

Bond

,

5.2%,

2/10/33

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

United

States

25,000,000

24,180,569

Senior

Note

,

5.125%,

2/10/30

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

United

States

20,000,000

19,830,718

Micron

Technology,

Inc.

,

Senior

Bond

,

5.327%,

2/06/29

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

United

States

25,000,000

25,134,595

Senior

Bond

,

4.663%,

2/15/30

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

United

States

20,000,000

19,535,748

Senior

Bond

,

5.875%,

2/09/33

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

United

States

40,000,000

40,984,868

Senior

Note

,

6.75%,

11/01/29

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

United

States

55,000,000

58,582,614

477,769,471

Software

0.5%

f

McAfee

Corp.

,

Senior

Note

,

144A,

7.375%,

2/15/30

..........

United

States

50,000,000

48,624,573

Oracle

Corp.

,

Senior

Bond

,

2.65%,

7/15/26

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

United

States

85,000,000

82,465,321

Senior

Bond

,

3.25%,

11/15/27

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

United

States

40,000,000

38,468,849

Senior

Bond

,

2.875%,

3/25/31

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

United

States

25,000,000

22,009,808

Senior

Bond

,

6.25%,

11/09/32

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

United

States

95,000,000

100,715,773

Roper

Technologies,

Inc.

,

Senior

Bond

,

1.75%,

2/15/31

.......

United

States

20,000,000

16,436,378

Workday,

Inc.

,

Senior

Bond

,

3.8%,

4/01/32

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

United

States

30,000,000

27,311,910

336,032,612

Specialized

REITs

0.5%

American

Tower

Corp.

,

Senior

Bond

,

2.9%,

1/15/30

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

United

States

20,000,000

18,022,093

Senior

Bond

,

5.65%,

3/15/33

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

United

States

105,000,000

106,392,710

Senior

Note

,

5.5%,

3/15/28

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

United

States

20,000,000

20,302,899

Crown

Castle,

Inc.

,

Senior

Bond

,

3.3%,

7/01/30

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

United

States

41,400,000

37,677,478

Senior

Bond

,

5.1%,

5/01/33

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

United

States

60,000,000

58,552,075

f

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

4.875%,

9/15/27

......

United

States

65,000,000

63,423,993

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)

Specialized

REITs

(continued)

Weyerhaeuser

Co.

,

Senior

Bond

,

3.375%,

3/09/33

..........

United

States

30,000,000

$

26,059,740

330,430,988

Specialty

Retail

0.4%

AutoNation,

Inc.

,

Senior

Bond

,

4.75%,

6/01/30

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

United

States

40,959,000

39,581,461

Senior

Bond

,

2.4%,

8/01/31

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

United

States

44,451,000

36,706,770

Senior

Bond

,

3.85%,

3/01/32

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

United

States

32,953,000

29,551,678

Home

Depot,

Inc.

(The)

,

Senior

Bond

,

5.875%,

12/16/36

......

United

States

20,000,000

21,048,712

Lowe's

Cos.,

Inc.

,

Senior

Bond

,

2.625%,

4/01/31

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

United

States

40,000,000

34,764,690

Senior

Bond

,

3.75%,

4/01/32

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

United

States

63,000,000

57,719,648

Senior

Bond

,

5%,

4/15/33

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

United

States

50,000,000

49,246,033

Senior

Bond

,

5.15%,

7/01/33

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

United

States

35,000,000

34,813,140

303,432,132

Technology

Hardware,

Storage

&

Peripherals

0.4%

Dell

International

LLC

/

EMC

Corp.

,

Senior

Bond

,

5.75%,

2/01/33

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

United

States

40,000,000

41,107,100

Senior

Note

,

5.3%,

10/01/29

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

United

States

55,000,000

55,573,394

Hewlett

Packard

Enterprise

Co.

,

Senior

Bond

,

5%,

10/15/34

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

United

States

30,000,000

28,851,007

Senior

Note

,

4.85%,

10/15/31

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

United

States

30,000,000

29,271,354

HP,

Inc.

,

Senior

Bond

,

5.5%,

1/15/33

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

United

States

70,000,000

70,664,321

Senior

Note

,

4%,

4/15/29

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

United

States

88,630,000

84,999,681

310,466,857

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

f

,g

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

9%,

2/15/31

..........

United

States

19,200,000

20,490,924

Tobacco

0.4%

BAT

Capital

Corp.

,

Senior

Bond

,

2.726%,

3/25/31

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

United

Kingdom

25,000,000

21,586,640

Senior

Bond

,

6.421%,

8/02/33

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

United

Kingdom

53,500,000

56,572,069

Senior

Note

,

3.557%,

8/15/27

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

United

Kingdom

90,000,000

87,110,998

Senior

Note

,

2.259%,

3/25/28

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

United

Kingdom

37,812,000

34,750,985

Philip

Morris

International,

Inc.

,

Senior

Bond

,

5.75%,

11/17/32

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

United

States

41,000,000

42,176,784

Senior

Bond

,

5.375%,

2/15/33

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

United

States

55,000,000

55,132,311

297,329,787

Trading

Companies

&

Distributors

0.4%

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

4.875%,

1/15/28

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

United

States

140,000,000

136,363,254

Senior

Bond

,

3.875%,

2/15/31

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

United

States

30,000,000

26,824,383

Senior

Bond

,

3.75%,

1/15/32

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

United

States

31,000,000

27,177,380

f

Senior

Secured

Note

,

144A,

6%,

12/15/29

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

United

States

73,800,000

74,509,441

264,874,458

Water

Utilities

0.0%

†

American

Water

Capital

Corp.

,

Senior

Bond

,

4.45%,

6/01/32

...

United

States

30,000,000

28,608,229

Wireless

Telecommunication

Services

0.3%

Sprint

LLC

,

Senior

Note

,

7.625%,

3/01/26

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

United

States

86,300,000

88,273,680

f

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

58,500,000

58,760,561

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

Corporate

Bonds

(continued)

Wireless

Telecommunication

Services

(continued)

T-Mobile

USA,

Inc.

,

Senior

Bond

,

5.2%,

1/15/33

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

United

States

45,000,000

$

44,562,414

Senior

Note

,

3.375%,

4/15/29

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

United

States

30,000,000

28,022,679

219,619,334

Total

Corporate

Bonds

(Cost

$

29,778,859,873

)

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

29,870,638,504

Senior

Floating

Rate

Interests

0.1%

Building

Products

0.1%

j

EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan

,

6.829

%

,

(

3-month

SOFR

+

2.5

%

),

8/04/31

..

United

States

34,912,500

35,094,394

Total

Senior

Floating

Rate

Interests

(Cost

$

34,828,405

)

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

35,094,394

U.S.

Government

and

Agency

Securities

7.6%

U.S.

Treasury

Bonds

,

4.125

%,

8/15/53

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

United

States

1,500,000,000

1,336,434,345

4.625

%,

5/15/54

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

United

States

600,000,000

583,146,144

U.S.

Treasury

Notes

,

4.125

%,

10/31/27

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

United

States

1,250,000,000

1,245,263,425

4

%,

10/31/29

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

United

States

1,000,000,000

983,366,070

3.875

%,

8/15/33

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

United

States

1,500,000,000

1,428,047,685

Total

U.S.

Government

and

Agency

Securities

(Cost

$

5,639,472,434

)

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

5,576,257,669

Asset-Backed

Securities

0.1%

Passenger

Airlines

0.1%

United

Airlines

Pass-Through

Trust

,

2020-1

,

A

,

5.875%,

10/15/27

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

United

States

45,493,333

46,502,871

2023-1

,

A

,

5.8%,

1/15/36

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

United

States

48,882,850

50,026,562

96,529,433

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$

94,228,330

)

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

96,529,433

Mortgage-Backed

Securities

3.5%

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

2.4%

FHLMC

Pool,

30

Year

,

5

%,

11/01/54

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

United

States

594,888,133

574,498,378

FHLMC

Pool,

30

Year

,

5

%,

5/01/53

-

12/01/54

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

United

States

427,620,031

413,120,812

FHLMC

Pool,

30

Year

,

5.5

%,

6/01/53

-

12/01/54

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

United

States

782,634,486

773,048,441

1,760,667,631

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

1.0%

FNMA,

30

Year

,

4

%,

8/01/49

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

United

States

22,921,542

21,321,680

FNMA,

30

Year

,

5

%,

5/01/53

-

11/01/53

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

United

States

360,342,763

348,503,254

FNMA,

30

Year

,

5.5

%,

7/01/53

-

11/01/54

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

United

States

313,423,770

309,581,479

679,406,413

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

0.1%

GNMA

II,

Single-family,

30

Year

,

5.5

%,

5/20/53

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

United

States

74,525,113

74,151,193

Total

Mortgage-Backed

Securities

(Cost

$

2,524,656,803

)

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

2,514,225,237

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

Country

Shares

a

Value

a

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.0%

a,c,e

Endo,

Inc.,

Escrow

Account

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

United

States

307,256,000

$

—

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

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

—

Total

Long

Term

Investments

(Cost

$

70,353,226,837

)

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

71,360,130,279

a

Short

Term

Investments

1.4%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

1.3%

d,k

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.183

%

..

United

States

957,623,823

957,623,823

Total

Money

Market

Funds

(Cost

$

957,623,823

)

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

957,623,823

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.1%

Money

Market

Funds

0.1%

d,k

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.183

%

..

United

States

39,436,000

39,436,000

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

39,436,000

)

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

39,436,000

Total

Short

Term

Investments

(Cost

$

997,059,823

)

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

997,059,823

a

Total

Investments

(Cost

$

71,350,286,660

)

99.2

%

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

$72,357,190,102

Options

Written

(

0.1

)

%

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

(37,703,850)

Other

Assets,

less

Liabilities

0.9

%

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

641,516,899

Net

Assets

100.0%

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

$72,961,003,151

a

a

a

Number

of

Contracts

Notional

Amount

#

Options

Written

(0.1)%

Calls

-

Exchange-Traded

Equity

Options

Abbott

Laboratories

,

February

Strike

Price

$

125.00

,

Expires

2/21/25

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

10,000

113,110,000

(

350,000

)

Air

Products

and

Chemicals,

Inc.

,

January

Strike

Price

$

340.00

,

Expires

1/17/25

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

5,000

145,020,000

(

290,000

)

BlackRock,

Inc.

,

January

Strike

Price

$

1,100.00

,

Expires

1/17/25

1,000

102,511,000

(

210,000

)

Chevron

Corp.

,

January

Strike

Price

$

170.00

,

Expires

1/17/25

..

10,000

144,840,000

(

10,000

)

Chevron

Corp.

,

February

Strike

Price

$

175.00

,

Expires

2/21/25

.

10,000

144,840,000

(

80,000

)

Chevron

Corp.

,

March

Strike

Price

$

175.00

,

Expires

3/21/25

...

10,000

144,840,000

(

160,000

)

ConocoPhillips

,

January

Strike

Price

$

120.00

,

Expires

1/17/25

.

10,000

99,170,000

(

30,000

)

CVS

Health

Corp.

,

February

Strike

Price

$

65.00

,

Expires

2/21/25

20,000

89,780,000

(

220,000

)

Exxon

Mobil

Corp.

,

January

Strike

Price

$

130.00

,

Expires

1/17/25

10,000

107,570,000

(

20,000

)

Exxon

Mobil

Corp.

,

March

Strike

Price

$

130.00

,

Expires

3/21/25

10,000

107,570,000

(

270,000

)

Fifth

Third

Bancorp

,

January

Strike

Price

$

47.00

,

Expires

1/17/25

10,000

42,280,000

(

30,000

)

Home

Depot,

Inc.

(The)

,

February

Strike

Price

$

460.00

,

Expires

2/21/25

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

5,000

194,495,000

(

160,000

)

Honeywell

International,

Inc.

,

January

Strike

Price

$

220.00

,

Expires

1/17/25

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

10,000

225,890,000

(

8,060,000

)

Johnson

&

Johnson

,

January

Strike

Price

$

170.00

,

Expires

1/17/25

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

10,000

144,620,000

(

20,000

)

Lockheed

Martin

Corp.

,

January

Strike

Price

$

600.00

,

Expires

1/17/25

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

2,500

121,485,000

(

12,500

)

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Income

Fund

(continued)

franklintempleton.com

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

31

See

Abbreviations

on

page

44

.

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

Options

Written

(continued)

Calls

-

Exchange-Traded

(continued)

Equity

Options

(continued)

McDonald's

Corp.

,

March

Strike

Price

$

330.00

,

Expires

3/21/25

7,500

217,417,500

$

(

502,500

)

Microchip

Technology,

Inc.

,

February

Strike

Price

$

75.00

,

Expires

2/21/25

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

10,000

57,350,000

(

190,000

)

Microchip

Technology,

Inc.

,

January

Strike

Price

$

80.00

,

Expires

1/17/25

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

8,000

45,880,000

(

8,000

)

Microsoft

Corp.

,

February

Strike

Price

$

475.00

,

Expires

2/21/25

2,600

109,590,000

(

496,600

)

NextEra

Energy,

Inc.

,

January

Strike

Price

$

85.00

,

Expires

1/17/25

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

10,000

71,690,000

(

30,000

)

NextEra

Energy,

Inc.

,

March

Strike

Price

$

87.50

,

Expires

3/21/25

10,000

71,690,000

(

290,000

)

NIKE,

Inc.

,

January

Strike

Price

$

90.00

,

Expires

1/17/25

......

10,000

75,670,000

(

30,000

)

Pfizer,

Inc.

,

January

Strike

Price

$

30.00

,

Expires

1/17/25

......

20,000

53,060,000

(

40,000

)

Rio

Tinto

plc

,

January

Strike

Price

$

70.00

,

Expires

1/17/25

....

5,000

29,405,000

(

20,000

)

Shell

plc

,

January

Strike

Price

$

70.00

,

Expires

1/17/25

.......

10,000

62,650,000

(

40,000

)

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

January

Strike

Price

$

220.00

,

Expires

1/17/25

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

10,000

197,490,000

(

1,580,000

)

United

Parcel

Service,

Inc.

,

March

Strike

Price

$

150.00

,

Expires

3/21/25

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

10,000

126,100,000

(

590,000

)

(

13,739,600

)

Puts

-

Exchange-Traded

Equity

Options

Amgen,

Inc.

,

February

Strike

Price

$

235.00

,

Expires

2/21/25

...

5,000

130,320,000

(

1,070,000

)

Applied

Materials,

Inc.

,

March

Strike

Price

$

150.00

,

Expires

3/21/25

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

10,000

162,630,000

(

5,950,000

)

BlackRock,

Inc.

,

January

Strike

Price

$

960.00

,

Expires

1/17/25

.

1,000

102,511,000

(

360,000

)

Citigroup,

Inc.

,

January

Strike

Price

$

55.00

,

Expires

1/17/25

...

25,000

175,975,000

(

150,000

)

Eli

Lilly

&

Co.

,

January

Strike

Price

$

620.00

,

Expires

1/17/25

...

2,500

193,000,000

(

131,250

)

Exxon

Mobil

Corp.

,

February

Strike

Price

$

110.00

,

Expires

2/21/25

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

10,000

107,570,000

(

5,180,000

)

Home

Depot,

Inc.

(The)

,

February

Strike

Price

$

360.00

,

Expires

2/21/25

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

5,000

194,495,000

(

1,675,000

)

Honeywell

International,

Inc.

,

January

Strike

Price

$

190.00

,

Expires

1/17/25

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

10,000

225,890,000

(

120,000

)

JPMorgan

Chase

&

Co.

,

January

Strike

Price

$

225.00

,

Expires

1/17/25

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

10,000

239,710,000

(

1,380,000

)

McDonald's

Corp.

,

March

Strike

Price

$

275.00

,

Expires

3/21/25

7,500

217,417,500

(

3,450,000

)

Merck

&

Co.,

Inc.

,

January

Strike

Price

$

90.00

,

Expires

1/17/25

.

10,000

99,480,000

(

170,000

)

Microchip

Technology,

Inc.

,

February

Strike

Price

$

50.00

,

Expires

2/21/25

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

15,000

86,025,000

(

1,725,000

)

Microsoft

Corp.

,

February

Strike

Price

$

390.00

,

Expires

2/21/25

2,600

109,590,000

(

1,313,000

)

Oracle

Corp.

,

January

Strike

Price

$

160.00

,

Expires

1/17/25

...

10,000

166,640,000

(

1,220,000

)

Target

Corp.

,

January

Strike

Price

$

115.00

,

Expires

1/17/25

...

10,000

135,180,000

(

70,000

)

(

23,964,250

)

Total

Options

Written

(Premiums

received

$

79,163,889

)

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

$

(

37,703,850

)

#

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.

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

Franklin

Income

Fund

(continued)

franklintempleton.com

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

32

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

held

in

connection

with

written

option

contracts

open

at

period

end.

c

See

Note

4

regarding

holdings

of

5%

voting

securities.

d

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

e

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

f

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

December

31,

2024,

the

aggregate

value

of

these

securities

was

$28,286,336,342,

representing

38.8%

of

net

assets.

g

A

portion

or

all

of

the

security

is

on

loan

at

December

31,

2024.

h

Perpetual

security

with

no

stated

maturity

date.

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

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited),

December

31,

2024

Franklin

U.S.

Government

Securities

Fund

franklintempleton.com

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

33

a

a

Principal

Amount

a

Value

a

a

a

a

a

U.S.

Government

and

Agency

Securities

3.4%

U.S.

Treasury

Bonds

,

4.75

%,

2/15/37

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

$

37,500,000

$

38,051,146

4.5

%,

2/15/44

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

33,400,000

31,889,717

4.625

%,

5/15/54

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

6,000,000

5,831,461

Total

U.S.

Government

and

Agency

Securities

(Cost

$

80,305,722

)

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

75,772,324

Mortgage-Backed

Securities

95.2%

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

95.2%

GNMA

I,

30

Year

,

4.5

%,

4/15/40

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

2,937,191

2,848,390

GNMA

I,

30

Year

,

5

%,

9/15/40

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

100,848,987

100,055,732

GNMA

I,

30

Year

,

5.5

%,

2/15/40

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

43,207,706

43,995,858

GNMA

I,

30

Year

,

6

%,

12/15/39

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

39,742,532

41,448,653

GNMA

I,

30

Year

,

6.5

%,

8/15/37

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

8,686,391

8,901,676

GNMA

I,

30

Year

,

7

%,

9/15/32

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

5,301,585

5,531,142

GNMA

I,

30

Year

,

7.5

%,

7/15/26

-

8/15/33

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

335,471

348,209

GNMA

I,

30

Year

,

8

%,

10/15/29

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

608

627

GNMA

I,

Single-family,

30

Year

,

3.5

%,

4/15/43

-

5/15/43

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

9,551,285

8,771,262

GNMA

I,

Single-family,

30

Year

,

4

%,

10/15/40

-

8/15/46

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

28,889,769

27,136,368

GNMA

I,

Single-family,

30

Year

,

4.5

%,

2/15/39

-

6/15/41

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

54,088,339

52,337,399

GNMA

I,

Single-family,

30

Year

,

5.5

%,

10/15/48

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

540,006

540,569

GNMA

I,

Single-family,

30

Year

,

7.25

%,

12/15/25

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

8,475

8,470

GNMA

I,

Single-family,

30

Year

,

7.5

%,

8/15/25

-

7/15/31

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

571,459

577,904

GNMA

I,

Single-family,

30

Year

,

8

%,

1/15/25

-

9/15/30

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

185,724

186,824

GNMA

II,

30

Year

,

4.5

%,

5/20/34

-

6/20/41

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

2,433,984

2,365,469

GNMA

II,

30

Year

,

6

%,

3/20/34

-

9/20/34

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

758,052

761,365

GNMA

II,

30

Year

,

6

%,

7/20/39

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

17,790,735

18,487,560

GNMA

II,

30

Year

,

6.5

%,

9/20/31

-

9/20/32

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

659,965

675,891

GNMA

II,

30

Year

,

7

%,

7/20/32

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

191,552

198,678

GNMA

II,

30

Year

,

8

%,

12/20/28

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

11,657

11,682

GNMA

II,

Single-family,

30

Year

,

2

%,

8/20/51

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

152,910,837

122,511,174

GNMA

II,

Single-family,

30

Year

,

2

%,

9/20/50

-

4/20/52

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

83,742,748

67,103,811

GNMA

II,

Single-family,

30

Year

,

2.5

%,

11/20/50

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

13,333,412

10,886,535

GNMA

II,

Single-family,

30

Year

,

2.5

%,

7/20/51

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

63,333,668

52,958,143

GNMA

II,

Single-family,

30

Year

,

2.5

%,

8/20/51

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

189,330,166

158,312,996

GNMA

II,

Single-family,

30

Year

,

2.5

%,

9/20/51

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

76,123,595

63,652,424

GNMA

II,

Single-family,

30

Year

,

2.5

%,

10/20/51

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

47,901,642

40,053,961

GNMA

II,

Single-family,

30

Year

,

2.5

%,

12/20/51

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

76,309,592

63,807,512

GNMA

II,

Single-family,

30

Year

,

2.5

%,

1/20/52

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

31,185,931

26,075,865

GNMA

II,

Single-family,

30

Year

,

3

%,

10/20/44

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

16,230,329

14,377,695

GNMA

II,

Single-family,

30

Year

,

3

%,

5/20/45

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

11,813,441

10,454,105

GNMA

II,

Single-family,

30

Year

,

3

%,

4/20/46

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

15,881,763

13,995,575

GNMA

II,

Single-family,

30

Year

,

3

%,

9/20/47

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

12,823,441

11,262,803

GNMA

II,

Single-family,

30

Year

,

3

%,

10/20/47

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

20,497,673

18,007,110

GNMA

II,

Single-family,

30

Year

,

3

%,

6/20/50

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

9,877,461

8,378,342

GNMA

II,

Single-family,

30

Year

,

3

%,

8/20/51

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

113,687,375

98,702,804

GNMA

II,

Single-family,

30

Year

,

3

%,

9/20/51

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

24,199,206

21,035,837

GNMA

II,

Single-family,

30

Year

,

3

%,

12/20/44

-

10/20/50

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

69,631,998

59,948,764

GNMA

II,

Single-family,

30

Year

,

3.5

%,

7/20/42

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

25,287,671

23,152,576

GNMA

II,

Single-family,

30

Year

,

3.5

%,

9/20/42

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

31,864,084

29,144,156

GNMA

II,

Single-family,

30

Year

,

3.5

%,

5/20/43

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

9,519,696

8,704,502

GNMA

II,

Single-family,

30

Year

,

3.5

%,

6/20/43

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

11,005,653

10,064,303

GNMA

II,

Single-family,

30

Year

,

3.5

%,

9/20/47

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

113,769,944

102,624,082

GNMA

II,

Single-family,

30

Year

,

3.5

%,

11/20/47

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

76,073,916

68,871,486

GNMA

II,

Single-family,

30

Year

,

3.5

%,

10/20/40

-

10/20/54

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

43,435,967

39,603,487

GNMA

II,

Single-family,

30

Year

,

4

%,

10/20/41

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

10,155,366

9,627,422

GNMA

II,

Single-family,

30

Year

,

4

%,

11/20/41

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

9,659,121

9,156,969

GNMA

II,

Single-family,

30

Year

,

4

%,

5/20/47

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

27,319,466

25,425,909

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

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

,

4

%,

6/20/47

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

$

20,919,468

$

19,547,733

GNMA

II,

Single-family,

30

Year

,

4

%,

7/20/47

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

13,308,912

12,457,557

GNMA

II,

Single-family,

30

Year

,

4

%,

5/20/40

-

12/20/49

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

56,001,581

52,541,815

GNMA

II,

Single-family,

30

Year

,

4

%,

6/20/52

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

32,560,280

30,040,647

GNMA

II,

Single-family,

30

Year

,

4.5

%,

6/20/41

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

9,350,167

9,026,326

GNMA

II,

Single-family,

30

Year

,

4.5

%,

7/20/41

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

10,403,738

10,100,856

GNMA

II,

Single-family,

30

Year

,

4.5

%,

9/20/41

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

14,999,308

14,562,629

GNMA

II,

Single-family,

30

Year

,

4.5

%,

10/20/41

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

10,650,959

10,340,866

GNMA

II,

Single-family,

30

Year

,

4.5

%,

5/20/52

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

33,879,164

32,119,793

GNMA

II,

Single-family,

30

Year

,

4.5

%,

5/20/33

-

2/20/44

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

31,226,851

30,300,360

GNMA

II,

Single-family,

30

Year

,

5

%,

7/20/53

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

24,190,036

23,515,769

GNMA

II,

Single-family,

30

Year

,

5

%,

8/20/53

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

28,473,343

27,666,869

GNMA

II,

Single-family,

30

Year

,

5

%,

7/20/33

-

9/20/41

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

26,232,952

26,170,107

GNMA

II,

Single-family,

30

Year

,

5.5

%,

7/20/53

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

22,205,900

22,085,390

GNMA

II,

Single-family,

30

Year

,

5.5

%,

1/20/54

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

44,366,379

44,084,718

GNMA

II,

Single-family,

30

Year

,

5.5

%,

6/20/34

-

3/20/54

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

29,664,638

30,191,198

GNMA

II,

Single-family,

30

Year

,

6

%,

6/20/34

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

361,457

366,004

GNMA

II,

Single-family,

30

Year

,

6

%,

8/20/54

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

37,157,059

37,441,127

GNMA

II,

Single-family,

30

Year

,

6

%,

12/20/54

..............................

68,730,000

69,280,857

GNMA

II,

Single-family,

30

Year

,

6.5

%,

8/20/54

.............................

41,875,000

42,634,533

GNMA

II,

Single-family,

30

Year

,

6.5

%,

8/20/25

-

9/20/54

......................

32,511,816

33,218,676

GNMA

II,

Single-family,

30

Year

,

6.5

%,

12/20/54

............................

14,490,000

14,772,883

GNMA

II,

Single-family,

30

Year

,

7

%,

2/20/28

-

7/20/33

.......................

1,348,841

1,386,864

GNMA

II,

Single-family,

30

Year

,

7

%,

7/20/54

...............................

35,215,090

36,109,990

GNMA

II,

Single-family,

30

Year

,

7.5

%,

10/20/25

-

4/20/32

.....................

116,414

119,306

GNMA

II,

Single-family,

30

Year

,

8

%,

3/20/25

-

6/20/30

.......................

56,587

58,186

GNMA

II,

Single-family,

30

Year

,

8.5

%,

1/20/25

.............................

1

1

2,133,231,136

Total

Mortgage-Backed

Securities

(Cost

$

2,407,528,171

)

.........................

2,133,231,136

Total

Long

Term

Investments

(Cost

$

2,487,833,893

)

.............................

2,209,003,460

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

,

4.183

%

..................

26,254,559

26,254,559

Total

Money

Market

Funds

(Cost

$

26,254,559

)

..................................

26,254,559

Total

Short

Term

Investments

(Cost

$

26,254,559

)

................................

26,254,559

a

Total

Investments

(Cost

$

2,514,088,452

)

99.8

%

..................................

$2,235,258,019

Other

Assets,

less

Liabilities

0.2

%

.............................................

5,284,513

Net

Assets

100.0%

...........................................................

$2,240,542,532

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),

December

31,

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

99.6%

Electric

Utilities

58.2%

Alliant

Energy

Corp.

.................................

United

States

3,500,000

$

206,990,000

American

Electric

Power

Co.,

Inc.

.......................

United

States

650,000

59,949,500

Constellation

Energy

Corp.

............................

United

States

300,000

67,113,000

Duke

Energy

Corp.

..................................

United

States

2,600,000

280,124,000

Edison

International

.................................

United

States

3,200,000

255,488,000

Entergy

Corp.

......................................

United

States

4,200,000

318,444,000

Evergy,

Inc.

........................................

United

States

4,250,000

261,587,500

Eversource

Energy

..................................

United

States

1,500,000

86,145,000

Exelon

Corp.

.......................................

United

States

5,150,000

193,846,000

FirstEnergy

Corp.

...................................

United

States

3,200,000

127,296,000

a

Hawaiian

Electric

Industries,

Inc.

........................

United

States

2,702,702

26,297,291

NextEra

Energy,

Inc.

.................................

United

States

8,400,000

602,196,000

NRG

Energy,

Inc.

...................................

United

States

800,000

72,176,000

OGE

Energy

Corp.

..................................

United

States

1,600,000

66,000,000

PG&E

Corp.

.......................................

United

States

14,800,000

298,664,000

Pinnacle

West

Capital

Corp.

...........................

United

States

750,000

63,577,500

PPL

Corp.

.........................................

United

States

7,000,000

227,220,000

Southern

Co.

(The)

..................................

United

States

4,100,000

337,512,000

TXNM

Energy,

Inc.

..................................

United

States

1,600,000

78,672,000

Xcel

Energy,

Inc.

....................................

United

States

1,563,358

105,557,932

3,734,855,723

Gas

Utilities

1.5%

ONE

Gas,

Inc.

.....................................

United

States

700,000

48,475,000

Spire,

Inc.

.........................................

United

States

650,000

44,089,500

92,564,500

Independent

Power

and

Renewable

Electricity

Producers

7.8%

AES

Corp.

(The)

....................................

United

States

1,300,000

16,731,000

Clearway

Energy,

Inc.

,

C

..............................

United

States

1,400,000

36,400,000

Drax

Group

plc

.....................................

United

Kingdom

12,500,000

101,247,839

Vistra

Corp.

........................................

United

States

2,500,000

344,675,000

499,053,839

Multi-Utilities

27.5%

Ameren

Corp.

......................................

United

States

1,800,000

160,452,000

CenterPoint

Energy,

Inc.

..............................

United

States

5,300,000

168,169,000

CMS

Energy

Corp.

..................................

United

States

1,700,000

113,305,000

Dominion

Energy,

Inc.

................................

United

States

2,300,000

123,878,000

DTE

Energy

Co.

....................................

United

States

1,400,000

169,050,000

E.ON

SE

..........................................

Germany

9,000,000

104,832,497

National

Grid

plc

....................................

United

Kingdom

7,458,333

88,606,892

NiSource,

Inc.

......................................

United

States

6,300,000

231,588,000

Northwestern

Energy

Group,

Inc.

.......................

United

States

1,300,000

69,498,000

Public

Service

Enterprise

Group,

Inc.

....................

United

States

2,000,000

168,980,000

Sempra

...........................................

United

States

3,550,000

311,406,000

WEC

Energy

Group,

Inc.

..............................

United

States

550,000

51,722,000

1,761,487,389

Oil,

Gas

&

Consumable

Fuels

3.7%

Cheniere

Energy,

Inc.

................................

United

States

375,000

80,576,250

DT

Midstream,

Inc.

..................................

United

States

900,000

89,487,000

Williams

Cos.,

Inc.

(The)

..............................

United

States

1,250,000

67,650,000

237,713,250

Water

Utilities

0.9%

Essential

Utilities,

Inc.

................................

United

States

900,000

32,688,000

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

$

26,309,525

58,997,525

Total

Common

Stocks

(Cost

$

2,895,107,159

)

..................................

6,384,672,226

Short

Term

Investments

0.3%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

0.3%

b,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.183

%

..

United

States

21,294,234

21,294,234

Total

Money

Market

Funds

(Cost

$

21,294,234

)

................................

21,294,234

Total

Short

Term

Investments

(Cost

$

21,294,234

)

..............................

21,294,234

a

Total

Investments

(Cost

$

2,916,401,393

)

99.9

%

................................

$6,405,966,460

Other

Assets,

less

Liabilities

0.1

%

...........................................

6,545,930

Net

Assets

100.0%

.........................................................

$6,412,512,390

a

a

a

a

Non-income

producing.

b

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

c

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

of

Franklin

Custodian

Funds

Notes

to

Schedules

of

Investments

(unaudited)

38

franklintempleton.com

Quarterly

Schedules

of

Investments

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

December

31,

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

December

31,

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

December

31,

2024,

investments

in

“affiliated

companies”

were

as

follows: 

Shares

Issuer

Acquisition

Date

Cost

Value

Franklin

Growth

Fund

1,150,134

Anduril

Industries,

Inc.,

F

......................

7/17/24

$

25,000,003

$

25,000,003

2,353

Canva,

Inc.,

A

..............................

11/08/21

4,011,298

2,899,461

94

Canva,

Inc.,

A-3

.............................

11/08/21

160,247

115,831

8

Canva,

Inc.,

A-4

.............................

11/08/21

13,638

9,858

5

Canva,

Inc.,

A-5

.............................

11/08/21

8,524

6,161

25,413

Canva,

Inc.,

B

..............................

11/08/21

43,323,040

31,314,917

96,603

Checkout

Payments

Group

Ltd.,

B

...............

1/11/22

30,000,062

10,010,941

822,494

Gusto,

Inc.,

E

...............................

7/13/21

24,999,977

27,871,588

849,894

OneTrust

LLC,

C

............................

4/01/21

16,666,676

11,972,803

540,043

Stripe,

Inc.,

B

...............................

5/18/21

21,671,052

16,871,953

1,759,545

Stripe,

Inc.,

I

...............................

3/15/23

-

5/08/23

35,426,925

54,971,476

Total

Restricted

Securities

(Value

is

1.0%

of

Net

Assets)

...............

$201,281,442

$181,044,992

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

December

31,

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

Income

Fund

Non-Controlled

Affiliates

Dividends

Endo,

Inc.

..........

$

114,260,525

$

—

$

—

$

—

$

(6,861,013)

$

107,399,512

4,484,322

$

—

Endo,

Inc.,

Escrow

Account

.........

—

—

—

—

—

—

307,256,000

—

Total

Affiliated

Securities

(Value

is

0.2%

of

Net

Assets)

..........

$114,260,525

$—

$—

$—

$(6,861,013)

$107,399,512

$—

    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,

4.183%

$220,607,622

$928,980,336

$(1,028,123,912)

$—

$—

$121,464,046

121,464,046

$1,335,544

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.183%

$19,487,000

$124,797,000

$(111,840,000)

$—

$—

$32,444,000

32,444,000

$237,055

Total

Affiliated

Securities

...

$240,094,622

$1,053,777,336

$(1,139,963,912)

$—

$—

$153,908,046

$1,572,599

Franklin

Growth

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.183%

$132,381,860

$385,969,588

$(459,822,796)

$—

$—

$58,528,652

58,528,652

$1,034,476

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,

4.183%

$3,085,000

$7,667,000

$(10,752,000)

$—

$—

$—

—

$9,135

Total

Affiliated

Securities

...

$135,466,860

$393,636,588

$(470,574,796)

$—

$—

$58,528,652

$1,043,611

Franklin

Income

Fund

Non-Controlled

Affiliates

Dividends

Clarion

Partners

Real

Estate

Income

Fund,

Inc.,

Class

I

....

$91,974,965

$—

$—

$—

$(236,035)

$91,738,930

7,867,833

$1,581,434

Franklin

BSP

Real

Estate

Credit

BDC

..................

265,381,931

71,225,071

—

—

10,664,499

347,271,501

12,900,130

—

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.183%

298,170,275

5,737,213,904

(5,077,760,356)

—

—

957,623,823

957,623,823

10,015,413

Total

Non-Controlled

Affiliates

$655,527,171

$5,808,438,975

$(5,077,760,356)

$—

$10,428,464

$1,396,634,254

$11,596,847

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.183%

$177,261,000

$89,527,000

$(227,352,000)

$—

$—

$39,436,000

39,436,000

$945,762

Total

Affiliated

Securities

...

$832,788,171

$5,897,965,975

$(5,305,112,356)

$—

$10,428,464

$1,436,070,254

$12,542,609

Franklin

U.S.

Government

Securities

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.183%

$36,624,604

$64,695,895

$(75,065,940)

$—

$—

$26,254,559

26,254,559

$432,359

Total

Affiliated

Securities

...

$36,624,604

$64,695,895

$(75,065,940)

$—

$—

$26,254,559

$432,359

Franklin

Utilities

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.183%

$31,088,886

$192,584,269

$(202,378,921)

$—

$—

$21,294,234

21,294,234

$273,370

Total

Affiliated

Securities

...

$31,088,886

$192,584,269

$(202,378,921)

$—

$—

$21,294,234

$273,370

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

December

31,

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

...................

$

556,341,000

$

—

$

—

$

556,341,000

Automobiles

..........................

747,104,000

—

—

747,104,000

Biotechnology

.........................

439,500,250

83,391,114

—

522,891,364

Broadline

Retail

.......................

2,550,347,000

—

—

2,550,347,000

Capital

Markets

........................

424,921,000

—

—

424,921,000

Communications

Equipment

..............

138,162,500

—

—

138,162,500

Construction

&

Engineering

...............

221,235,000

—

—

221,235,000

Diversified

Consumer

Services

............

32,423,000

—

—

32,423,000

Electrical

Equipment

....................

83,422,500

—

—

83,422,500

Electronic

Equipment,

Instruments

&

Components

........................

201,896,000

40,647,166

—

242,543,166

Energy

Equipment

&

Services

.............

103,275,000

—

—

103,275,000

Entertainment

.........................

250,340,000

—

—

250,340,000

Financial

Services

......................

1,235,497,000

—

—

1,235,497,000

Ground

Transportation

..................

60,320,000

—

—

60,320,000

Health

Care

Equipment

&

Supplies

.........

763,210,500

9,307,973

—

772,518,473

Health

Care

Providers

&

Services

..........

123,854,000

—

—

123,854,000

Health

Care

Technology

.................

55,894,000

77,236,267

—

133,130,267

Hotels,

Restaurants

&

Leisure

.............

477,925,000

—

—

477,925,000

Interactive

Media

&

Services

..............

2,642,497,500

—

—

2,642,497,500

IT

Services

...........................

761,952,585

—

—

761,952,585

Life

Sciences

Tools

&

Services

............

460,954,500

—

—

460,954,500

Media

...............................

76,394,500

—

—

76,394,500

Pharmaceuticals

.......................

535,648,000

—

—

535,648,000

Professional

Services

...................

53,813,400

—

—

53,813,400

Semiconductors

&

Semiconductor

Equipment

.

5,350,172,000

115,637,111

—

5,465,809,111

Software

.............................

6,700,116,477

—

—

6,700,116,477

Specialty

Retail

........................

25,420,000

—

—

25,420,000

Technology

Hardware,

Storage

&

Peripherals

.

651,092,000

—

—

651,092,000

Trading

Companies

&

Distributors

..........

14,382,000

—

—

14,382,000

Warrants

...............................

—

—

—

a

—

Short

Term

Investments

...................

153,908,046

—

—

153,908,046

Total

Investments

in

Securities

...........

$25,892,018,758

$326,219,631

b

$—

$26,218,238,389

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

...................

$

661,839,698

$

—

$

—

$

661,839,698

Beverages

...........................

280,741,320

—

—

280,741,320

Biotechnology

.........................

255,425,892

—

—

255,425,892

Broadline

Retail

.......................

935,667,197

—

—

935,667,197

Building

Products

......................

323,983,478

—

—

323,983,478

Capital

Markets

........................

906,822,665

—

—

906,822,665

Chemicals

...........................

532,454,367

—

—

532,454,367

Commercial

Services

&

Supplies

...........

119,211,824

—

—

119,211,824

Construction

Materials

..................

165,929,757

—

—

165,929,757

Consumer

Staples

Distribution

&

Retail

......

223,102,582

—

—

223,102,582

Electric

Utilities

........................

176,001,029

—

—

176,001,029

Electrical

Equipment

....................

256,524,477

—

—

256,524,477

Electronic

Equipment,

Instruments

&

Components

........................

547,539,992

—

—

547,539,992

Entertainment

.........................

89,845,056

—

—

89,845,056

Financial

Services

......................

772,958,688

—

—

772,958,688

Ground

Transportation

..................

504,861,713

—

—

504,861,713

Health

Care

Equipment

&

Supplies

.........

695,855,619

—

—

695,855,619

Health

Care

Providers

&

Services

..........

215,054,744

—

—

215,054,744

Health

Care

Technology

.................

82,575,688

—

—

82,575,688

Hotels,

Restaurants

&

Leisure

.............

350,198,170

—

—

350,198,170

Industrial

REITs

.......................

85,390,591

—

—

85,390,591

Interactive

Media

&

Services

..............

813,445,251

—

—

813,445,251

IT

Services

...........................

83,701,945

—

31,314,917

115,016,862

Life

Sciences

Tools

&

Services

............

829,576,158

—

—

829,576,158

Machinery

............................

695,916,477

—

—

695,916,477

Pharmaceuticals

.......................

418,947,008

—

—

418,947,008

Professional

Services

...................

76,752,389

—

—

76,752,389

Semiconductors

&

Semiconductor

Equipment

.

2,319,240,983

—

—

2,319,240,983

Software

.............................

3,112,356,262

—

26,882,894

3,139,239,156

Technology

Hardware,

Storage

&

Peripherals

.

789,051,633

—

—

789,051,633

Textiles,

Apparel

&

Luxury

Goods

..........

95,191,498

—

—

95,191,498

Trading

Companies

&

Distributors

..........

179,986,200

—

—

179,986,200

Convertible

Preferred

Stocks

................

—

—

122,847,181

122,847,181

Preferred

Stocks

.........................

—

101,413,093

—

101,413,093

Short

Term

Investments

...................

58,528,652

—

—

58,528,652

Total

Investments

in

Securities

...........

$17,654,679,003

$101,413,093

c

$181,044,992

$17,937,137,088

Franklin

Income

Fund

Assets:

Investments

in

Securities:

Common

Stocks

.........................

18,742,520,915

—

—

18,742,520,915

Management

Investment

Companies

:

Capital

Markets

........................

91,738,930

—

347,271,501

439,010,431

Equity-Linked

Securities

...................

—

12,923,627,496

—

12,923,627,496

Convertible

Preferred

Stocks

:

Aerospace

&

Defense

...................

339,766,200

—

—

339,766,200

Capital

Markets

........................

55,040,000

—

—

55,040,000

Chemicals

...........................

223,795,000

—

—

223,795,000

Electric

Utilities

........................

281,575,000

—

—

281,575,000

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:

(continued)

Convertible

Preferred

Stocks:

(continued)

Financial

Services

......................

$

—

$

146,810,000

$

—

$

146,810,000

Preferred

Stocks

.........................

47,720,000

—

—

47,720,000

Convertible

Bonds

.......................

—

67,520,000

—

67,520,000

Corporate

Bonds

........................

—

29,870,638,504

—

29,870,638,504

Senior

Floating

Rate

Interests

...............

—

35,094,394

—

35,094,394

U.S.

Government

and

Agency

Securities

.......

—

5,576,257,669

—

5,576,257,669

Asset-Backed

Securities

...................

—

96,529,433

—

96,529,433

Mortgage-Backed

Securities

................

—

2,514,225,237

—

2,514,225,237

Escrows

and

Litigation

Trusts

...............

—

—

—

a

—

Short

Term

Investments

...................

997,059,823

—

—

997,059,823

Total

Investments

in

Securities

...........

$20,779,215,868

$51,230,702,733

$347,271,501

$72,357,190,102

Liabilities:

Other

Financial

Instruments:

Options

Written

..........................

$

37,703,850

$

—

$

—

$

37,703,850

Total

Other

Financial

Instruments

.........

$37,703,850

$—

$—

$37,703,850

Franklin

U.S.

Government

Securities

Fund

Assets:

Investments

in

Securities:

d

U.S.

Government

and

Agency

Securities

.......

—

75,772,324

—

75,772,324

Mortgage-Backed

Securities

................

—

2,133,231,136

—

2,133,231,136

Short

Term

Investments

...................

26,254,559

—

—

26,254,559

Total

Investments

in

Securities

...........

$26,254,559

$2,209,003,460

$—

$2,235,258,019

Franklin

Utilities

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Electric

Utilities

........................

3,734,855,723

—

—

3,734,855,723

Gas

Utilities

..........................

92,564,500

—

—

92,564,500

Independent

Power

and

Renewable

Electricity

Producers

..........................

397,806,000

101,247,839

—

499,053,839

Multi-Utilities

..........................

1,568,048,000

193,439,389

—

1,761,487,389

Oil,

Gas

&

Consumable

Fuels

.............

237,713,250

—

—

237,713,250

Water

Utilities

.........................

32,688,000

26,309,525

—

58,997,525

Short

Term

Investments

...................

21,294,234

—

—

21,294,234

Total

Investments

in

Securities

...........

$6,084,969,707

$320,996,753

e

$—

$6,405,966,460

a

Includes

financial

instruments

determined

to

have

no

value.

b

Includes

foreign

securities

valued

at

$326,219,631,

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

$101,413,093,

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

$320,996,753,

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.

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.

At

December

31,

2024,

the

reconciliation

is

as

follows:

Level

3

financial

instruments,

for

the

Franklin

Growth

Fund,

include

fair

value

of

immaterial

assets

and/or

liabilities

developed

using

various

valuation

techniques

and

unobservable

inputs.

May

also

include

values

derived

using

recent

transactions,

private

transaction

prices

or

non-public

third-party

pricing

information

which

is

unobservable.

Abbreviations

Balance

at

Beginning

of

Period

Purchases

Sales

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Net

Accretion

(

Amortiza

-

tion

)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

n

(

Depreciation

)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

Growth

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

IT

Services

........

$

31,148,647

$

—

$

—

$

—

$

—

$

—

$

—

$

166,270

$

31,314,917

$

166,270

Software

..........

23,735,324

—

—

—

—

—

—

3,147,570

26,882,894

3,147,570

Convertible

Preferred

Stocks

:

IT

Services

........

3,015,216

—

—

—

—

—

—

16,095

3,031,311

16,095

Software

..........

89,474,848

—

—

—

—

—

—

5,341,019

94,815,867

5,341,019

Trading

Companies

&

Distributors

......

25,000,003

—

—

—

—

—

—

—

25,000,003

—

Total

Investments

in

Securities

............

$172,374,038

$—

$—

$—

$—

$—

$—

$8,670,954

$181,044,992

$8,670,954

Selected

Portfolio

ADR

American

Depositary

Receipt

BDC

Business

Development

Company

CME

Chicago

Mercantile

Exchange

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.