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SQ95QG8SR5Q56LSNF682 Illumina, Inc. 452327109 340000.00000000 NS USD 125919000.00000000 0.841253181813 Long EC CORP US N 1 N N N UnitedHealth Group, Inc. 549300GHBMY8T5GXDE41 UnitedHealth Group, Inc. 91324P102 200000.00000000 NS USD 58990000.00000000 0.394106728890 Long EC CORP US N 1 N N N Globant SA 2221008DCMSPYS42DS88 Globant SA N/A 100000.00000000 NS USD 14985000.00000000 0.100113397735 Long EC CORP LU N 1 N N N Vroom, Inc. N/A Vroom, Inc. 92918V109 100000.00000000 NS USD 5214000.00000000 0.034834251304 Long EC CORP US N 1 N N N Tradeweb Markets, Inc. N/A Tradeweb Markets, Inc., Class A 892672106 2000000.00000000 NS USD 116280000.00000000 0.776855915161 Long EC CORP US N 1 N N N Cadence Design Systems, Inc. GCT7RXJOGLXPV0NXZY22 Cadence Design Systems, Inc. 127387108 900000.00000000 NS USD 86364000.00000000 0.576989888691 Long EC CORP US N 1 N N N Mastercard, Inc. AR5L2ODV9HN37376R084 Mastercard, Inc., Class A 57636Q104 1000000.00000000 NS USD 295700000.00000000 1.975544325020 Long EC CORP US N 1 N N N Xilinx, Inc. 6EY4K7ZMF9UX1CU6KC79 Xilinx, Inc. 983919101 900000.00000000 NS USD 88551000.00000000 0.591601033225 Long EC CORP US N 1 N N N MercadoLibre, Inc. 549300DKPDN9M5S8GB14 MercadoLibre, Inc. 58733R102 250000.00000000 NS USD 246442500.00000000 1.646459527625 Long EC CORP US N 1 N N N Entegris, Inc. IYX6OWO7BT5DKO3BYG52 Entegris, Inc. 29362U104 125000.00000000 NS USD 7381250.00000000 0.049313447916 Long EC CORP US N 1 N N N Charter Communications, Inc. 0J0XRGZE3PBRFEZ7MV65 Charter Communications, Inc., Class A 16119P108 100000.00000000 NS USD 51004000.00000000 0.340753002209 Long EC CORP US N 1 N N N Zalando SE 529900YRFFGH5AXU4S86 Zalando SE N/A 500000.00000000 NS 35467115.49000000 0.236952515154 Long EC CORP DE N 2 N N N Sea Ltd. 529900OM6JLLW44YKI15 Sea Ltd. 81141R100 2200000.00000000 NS USD 235928000.00000000 1.576213126524 Long EC CORP KY N 1 N N N Alteryx, Inc. 549300XWZG0JHL7I0827 Alteryx, Inc., Class A 02156B103 500000.00000000 NS USD 82140000.00000000 0.548769735736 Long EC CORP US N 1 N N N Verisk Analytics, Inc. 549300I1YSWNIRKBWP67 Verisk Analytics, Inc. 92345Y106 500000.00000000 NS USD 85100000.00000000 0.568545221708 Long EC CORP US N 1 N N N Visa, Inc. 549300JZ4OKEHW3DPJ59 Visa, Inc., Class A 92826C839 1300000.00000000 NS USD 251121000.00000000 1.677716153004 Long EC CORP US N 1 N N N Cerence, Inc. 5493002WL2W5WMS89568 Cerence, Inc. 156727109 100000.00000000 NS USD 4084000.00000000 0.027284825916 Long EC CORP US N 1 N N N Institutional Fiduciary Trust Money Market Portfolio N/A Institutional Fiduciary Trust Money Market Portfolio 457756500 61254000.00000000 NS USD 61254000.00000000 0.409232303296 Long STIV RF US N 1 N N JP MORGAN SECURITIES LLC ZBUT11V806EZRVTWT807 JP MORGAN SECURITIES LLC SLRPQ 0.07% 07/01/2020 N/A 3772112.00000000 PA USD 3772112.00000000 0.025201131061 Long RA CORP US N 2 Repurchase Y 0.07 2020-07-01 3772112.00000000 USD 3847566.02659262 USD UST N N BNP PARIBAS SA R0MUWSFPU8MPRO8K5P83 BNP PARIBAS SA SLRPQ 0.07% 07/01/2020 N/A 11531498.00000000 PA USD 11531498.00000000 0.077040870588 Long RA CORP US N 2 Repurchase Y 0.07 2020-07-01 11531498.00000000 USD 11762131.57166510 USD UST N N 2020-07-30 Franklin Custodian Funds Robert Kubilis Robert Kubilis Chief Financial Officer, Chief Accounting Officer and Treasurer XXXX NPORT-EX 2 Franklin_Custodian_Funds.htm
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited),
June
30,
2020
Franklin
DynaTech
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
1
a
a
Country
Shares
a
Value
a
Common
Stocks
98.6%
Aerospace
&
Defense
0.4%
a
Axon
Enterprise,
Inc.
...................................
United
States
250,000
$
24,532,500
a
Mercury
Systems,
Inc.
..................................
United
States
400,000
31,464,000
55,996,500
Automobiles
0.4%
a
Tesla,
Inc.
...........................................
United
States
60,000
64,788,600
a
Biotechnology
2.0%
a
Applied
Molecular
Transport,
Inc.
.........................
United
States
622,200
15,642,108
a
Argenx
SE
..........................................
Netherlands
250,000
56,267,858
a
CRISPR
Therapeutics
AG
...............................
Switzerland
500,000
36,745,000
a
Deciphera
Pharmaceuticals,
Inc.
..........................
United
States
500,000
29,860,000
a
Iovance
Biotherapeutics
,
Inc.
.............................
United
States
1,300,000
35,685,000
a
Legend
Biotech
Corp.,
ADR
.............................
United
States
200,000
8,512,000
a
Neurocrine
Biosciences,
Inc.
.............................
United
States
550,000
67,100,000
a,b
Novavax
,
Inc.
........................................
United
States
125,000
10,418,750
a
PTC
Therapeutics,
Inc.
.................................
United
States
300,000
15,222,000
a
Repare
Therapeutics,
Inc.
...............................
Canada
407,900
12,653,058
a
uniQure
NV
..........................................
Netherlands
400,000
18,024,000
306,129,774
Capital
Markets
3.1%
Intercontinental
Exchange,
Inc.
...........................
United
States
700,000
64,120,000
Moody's
Corp.
........................................
United
States
350,000
96,155,500
MSCI,
Inc.
...........................................
United
States
550,000
183,601,000
Tradeweb
Markets,
Inc.,
A
...............................
United
States
2,000,000
116,280,000
460,156,500
Diversified
Consumer
Services
0.3%
a
Chegg
,
Inc.
..........................................
United
States
650,000
43,719,000
a
Electric
Utilities
0.6%
NextEra
Energy,
Inc.
...................................
United
States
350,000
84,059,500
Electronic
Equipment,
Instruments
&
Components
1.5%
Amphenol
Corp.,
A
....................................
United
States
700,000
67,067,000
Keyence
Corp.
.......................................
Japan
130,000
54,478,001
a
Keysight
Technologies,
Inc.
..............................
United
States
1,000,000
100,780,000
222,325,001
Entertainment
2.2%
a
Netflix,
Inc.
..........................................
United
States
150,000
68,256,000
a
Sea
Ltd.,
ADR
........................................
Taiwan
2,200,000
235,928,000
a
Spotify
Technology
SA
..................................
United
States
125,000
32,273,750
336,457,750
Equity
Real
Estate
Investment
Trusts
(REITs)
3.9%
American
Tower
Corp.
..................................
United
States
500,000
129,270,000
Crown
Castle
International
Corp.
..........................
United
States
500,000
83,675,000
Digital
Realty
Trust,
Inc.
................................
United
States
530,025
75,321,853
Equinix
,
Inc.
.........................................
United
States
200,000
140,460,000
SBA
Communications
Corp.
.............................
United
States
500,000
148,960,000
577,686,853
Health
Care
Equipment
&
Supplies
7.4%
Abbott
Laboratories
....................................
United
States
1,300,000
118,859,000
Baxter
International,
Inc.
................................
United
States
300,000
25,830,000
Danaher
Corp.
.......................................
United
States
1,100,000
194,513,000
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
DynaTech
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
2
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
(continued)
a
DexCom
,
Inc.
........................................
United
States
160,000
$
64,864,000
a
Edwards
Lifesciences
Corp.
.............................
United
States
1,350,000
93,298,500
a
IDEXX
Laboratories,
Inc.
................................
United
States
500,000
165,080,000
a
Inari
Medical,
Inc.
.....................................
United
States
150,000
7,266,000
a
Intuitive
Surgical,
Inc.
..................................
United
States
220,000
125,362,600
a
iRhythm
Technologies,
Inc.
..............................
United
States
200,000
23,178,000
ResMed
,
Inc.
........................................
United
States
500,000
96,000,000
c,d
Siemens
Healthineers
AG,
144A,
Reg
S
....................
Germany
600,000
28,838,315
STERIS
plc
..........................................
United
States
500,000
76,720,000
Stryker
Corp.
........................................
United
States
500,000
90,095,000
1,109,904,415
Health
Care
Providers
&
Services
0.4%
a
Guardant
Health,
Inc.
..................................
United
States
100,000
8,113,000
UnitedHealth
Group,
Inc.
................................
United
States
200,000
58,990,000
67,103,000
Health
Care
Technology
2.8%
a
Inspire
Medical
Systems,
Inc.
............................
United
States
625,000
54,387,500
a,b
Livongo
Health,
Inc.
...................................
United
States
800,000
60,152,000
a
Teladoc
Health,
Inc.
...................................
United
States
350,000
66,794,000
a
Veeva
Systems,
Inc.,
A
.................................
United
States
1,000,000
234,420,000
415,753,500
Industrial
Conglomerates
0.9%
Roper
Technologies,
Inc.
................................
United
States
350,000
135,891,000
Insurance
0.1%
a,b
Selectquote
,
Inc.
......................................
United
States
322,500
8,168,925
a
Interactive
Media
&
Services
6.6%
a
Adevinta
ASA
........................................
France
1,000,000
10,123,905
a
Alphabet,
Inc.,
A
......................................
United
States
220,000
311,971,000
a
Alphabet,
Inc.,
C
......................................
United
States
62,170
87,884,134
a
Facebook,
Inc.,
A
.....................................
United
States
1,150,000
261,130,500
a,b
Match
Group,
Inc.
.....................................
United
States
650,000
69,582,500
Tencent
Holdings
Ltd.
..................................
China
3,000,000
192,232,499
a,b
ZoomInfo
Technologies,
Inc.,
A
...........................
United
States
1,250,000
63,787,500
996,712,038
Internet
&
Direct
Marketing
Retail
11.9%
a
Alibaba
Group
Holding
Ltd.,
ADR
.........................
China
1,000,000
215,700,000
a
Amazon.com,
Inc.
.....................................
United
States
400,000
1,103,528,000
a
Booking
Holdings,
Inc.
.................................
United
States
30,000
47,770,200
a
Chewy,
Inc.,
A
........................................
United
States
850,000
37,986,500
a,c,d
Delivery
Hero
SE,
144A,
Reg
S
...........................
Germany
600,000
61,654,894
a
Fiverr
International
Ltd.
.................................
Israel
500,000
36,910,000
a
MercadoLibre
,
Inc.
....................................
Argentina
250,000
246,442,500
a,c,d
Zalando
SE,
144A,
Reg
S
...............................
Germany
500,000
35,467,115
1,785,459,209
IT
Services
15.3%
a,c,d
Adyen
NV,
144A,
Reg
S
................................
Netherlands
200,000
291,072,933
a
Afterpay
Ltd.
.........................................
Australia
100,000
4,318,144
a
EPAM
Systems,
Inc.
...................................
United
States
160,000
40,321,600
a
Fiserv,
Inc.
..........................................
United
States
500,000
48,810,000
Jack
Henry
&
Associates,
Inc.
............................
United
States
300,000
55,209,000
a,b
Kingsoft
Cloud
Holdings
Ltd.,
ADR
........................
China
69,000
2,174,880
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
DynaTech
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
3
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
IT
Services
(continued)
Mastercard
,
Inc.,
A
....................................
United
States
1,000,000
$
295,700,000
a
MongoDB,
Inc.
.......................................
United
States
500,000
113,170,000
a
Okta
,
Inc.
...........................................
United
States
775,000
155,178,250
a
PayPal
Holdings,
Inc.
..................................
United
States
2,000,000
348,460,000
a
Shift4
Payments,
Inc.,
A
................................
United
States
300,000
10,650,000
a
Shopify,
Inc.,
A
.......................................
Canada
500,000
475,035,910
a
Square,
Inc.,
A
.......................................
United
States
150,000
15,741,000
a
Twilio
,
Inc.,
A
.........................................
United
States
600,000
131,652,000
Visa,
Inc.,
A
..........................................
United
States
1,300,000
251,121,000
a
Wix.com
Ltd.
.........................................
Israel
225,000
57,649,500
2,296,264,217
Life
Sciences
Tools
&
Services
3.4%
a
10X
Genomics,
Inc.,
A
..................................
United
States
100,000
8,931,000
a
Evotec
SE
...........................................
Germany
500,000
13,645,942
a
Illumina,
Inc.
.........................................
United
States
340,000
125,919,000
Lonza
Group
AG
......................................
Switzerland
170,000
90,048,614
a
Repligen
Corp.
.......................................
United
States
600,000
74,166,000
Thermo
Fisher
Scientific,
Inc.
............................
United
States
360,000
130,442,400
a,c,d
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
..................
China
3,249,916
59,653,826
502,806,782
Machinery
0.2%
Fortive
Corp.
.........................................
United
States
400,000
27,064,000
Media
0.9%
a
Charter
Communications,
Inc.,
A
..........................
United
States
100,000
51,004,000
a
Liberty
Broadband
Corp.,
A
..............................
United
States
750,000
91,642,500
142,646,500
Pharmaceuticals
1.5%
AstraZeneca
plc
......................................
United
Kingdom
1,300,000
135,291,247
a
Catalent
,
Inc.
........................................
United
States
550,000
40,315,000
Zoetis,
Inc.
..........................................
United
States
350,000
47,964,000
223,570,247
Professional
Services
1.8%
a
CoStar
Group,
Inc.
....................................
United
States
200,000
142,134,000
TransUnion
..........................................
United
States
500,000
43,520,000
Verisk
Analytics,
Inc.
...................................
United
States
500,000
85,100,000
270,754,000
Road
&
Rail
0.0%
†
a
Uber
Technologies,
Inc.
.................................
United
States
25,000
777,000
a
Semiconductors
&
Semiconductor
Equipment
5.7%
Analog
Devices,
Inc.
...................................
United
States
500,000
61,320,000
ASML
Holding
NV,
NYRS
...............................
Netherlands
300,000
110,409,000
Entegris
,
Inc.
.........................................
United
States
125,000
7,381,250
Intel
Corp.
...........................................
United
States
800,000
47,864,000
KLA
Corp.
...........................................
United
States
300,000
58,344,000
Lam
Research
Corp.
...................................
United
States
425,000
137,470,500
Monolithic
Power
Systems,
Inc.
...........................
United
States
450,000
106,650,000
NVIDIA
Corp.
........................................
United
States
550,000
208,950,500
Teradyne,
Inc.
........................................
United
States
250,000
21,127,500
Xilinx,
Inc.
...........................................
United
States
900,000
88,551,000
848,067,750
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
DynaTech
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
4
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Software
23.9%
a
Adobe,
Inc.
..........................................
United
States
500,000
$
217,655,000
a
Alteryx,
Inc.,
A
........................................
United
States
500,000
82,140,000
a
ANSYS,
Inc.
.........................................
United
States
400,000
116,692,000
a
Aspen
Technology,
Inc.
.................................
United
States
250,000
25,902,500
a
Atlassian
Corp.
plc,
A
..................................
United
States
950,000
171,256,500
a
Autodesk,
Inc.
........................................
United
States
500,000
119,595,000
a
Avalara,
Inc.
.........................................
United
States
600,000
79,854,000
a
Bill.com
Holdings,
Inc.
..................................
United
States
350,000
31,573,500
a
Cadence
Design
Systems,
Inc.
...........................
United
States
900,000
86,364,000
a
Cerence
,
Inc.
........................................
United
States
100,000
4,084,000
Constellation
Software,
Inc.
..............................
Canada
65,000
73,395,344
a
Coupa
Software,
Inc.
...................................
United
States
600,000
166,224,000
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
175,000
17,550,750
a
Datadog
,
Inc.,
A
......................................
United
States
600,000
52,170,000
a
DocuSign,
Inc.
.......................................
United
States
1,000,000
172,210,000
a
Globant
SA
..........................................
Argentina
100,000
14,985,000
a
Guidewire
Software,
Inc.
................................
United
States
400,000
44,340,000
a
HubSpot
,
Inc.
........................................
United
States
500,000
112,175,000
Intuit,
Inc.
...........................................
United
States
500,000
148,095,000
Microsoft
Corp.
.......................................
United
States
3,000,000
610,530,000
a
Paycom
Software,
Inc.
.................................
United
States
140,000
43,362,200
a
Q2
Holdings,
Inc.
.....................................
United
States
800,000
68,632,000
a
RingCentral,
Inc.,
A
....................................
United
States
400,000
114,004,000
a
salesforce.com,
Inc.
...................................
United
States
1,000,000
187,330,000
a
ServiceNow
,
Inc.
......................................
United
States
1,000,000
405,060,000
a,b
Slack
Technologies,
Inc.,
A
..............................
United
States
2,250,000
69,952,500
a
Synopsys,
Inc.
.......................................
United
States
575,000
112,125,000
a
Tyler
Technologies,
Inc.
.................................
United
States
210,000
72,844,800
a
Workday,
Inc.,
A
......................................
United
States
600,000
112,416,000
a
Xero
Ltd.
............................................
New
Zealand
130,000
8,164,786
a
Zendesk
,
Inc.
........................................
United
States
500,000
44,265,000
3,584,947,880
Specialty
Retail
0.2%
a
Carvana
Co.
.........................................
United
States
150,000
18,030,000
a
Vroom,
Inc.
..........................................
United
States
100,000
5,214,000
23,244,000
Technology
Hardware,
Storage
&
Peripherals
1.0%
Apple,
Inc.
..........................................
United
States
400,000
145,920,000
Textiles,
Apparel
&
Luxury
Goods
0.2%
NIKE,
Inc.,
B
.........................................
United
States
300,000
29,415,000
Total
Common
Stocks
(Cost
$7,795,026,173)
....................................
14,765,788,941
Short
Term
Investments
2.3%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
1.8%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
265,906,787
265,906,787
Total
Money
Market
Funds
(Cost
$265,906,787)
.................................
265,906,787
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
DynaTech
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
5
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
0.4%
Money
Market
Funds
0.4%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
61,254,000
$
61,254,000
Principal
Amount
*
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.1%
Repurchase
Agreements
0.1%
g
Joint
Repurchase
Agreement,
BNP
Paribas
SA,
0.07%,
7/01/20
(Maturity
Value
$11,531,520)
Collateralized
by
U.S.
Treasury
Bonds,
0%
-
7.875%,
8/15/20
-
11/15/22;
and
U.S.
Treasury
Notes,
0.125%
-
2.875%,
12/31/20
-
1/31/24
(valued
at
$11,762,132)
........................
France
11,531,498
11,531,498
g
Joint
Repurchase
Agreement,
JP
Morgan
Securities
LLC,
0.07%,
7/01/20
(Maturity
Value
$3,772,119)
Collateralized
by
U.S.
Treasury
Note,
0.125%,
5/31/22
(valued
at
$3,847,566)
........................................
United
States
3,772,112
3,772,112
Total
Repurchase
Agreements
(Cost
$15,303,610)
.............................................
15,303,610
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$76,557,610)
...........................................................
76,557,610
Total
Short
Term
Investments
(Cost
$342,464,397
)
...............................
342,464,397
a
Total
Investments
(Cost
$8,137,490,570)
100.9%
................................
$15,108,253,338
Other
Assets,
less
Liabilities
(0.9)%
...........................................
(125,794,100)
Net
Assets
100.0%
...........................................................
$14,982,459,238
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
June
30,
2020.
c
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
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.
At
June
30,
2020,
the
aggregate
value
of
these
securities
was
$476,687,083,
representing
3.2%
of
net
assets.
d
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
a
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
June
30,
2020,
the
aggregate
value
of
these
securities
was
$476,687,083,
representing
3.2%
of
net
assets.
e
See
Note
7
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
g
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
June
30,
2020,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited),
June
30,
2020
Franklin
Focused
Growth
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
6
a
a
Country
Shares
a
Value
a
Common
Stocks
87.9%
Automobiles
0.7%
a
Tesla,
Inc.
...........................................
United
States
162
$
174,929
a
Capital
Markets
1.3%
MSCI,
Inc.
...........................................
United
States
982
327,811
Electric
Utilities
2.0%
NextEra
Energy,
Inc.
...................................
United
States
2,128
511,082
Entertainment
2.5%
a
Netflix,
Inc.
..........................................
United
States
488
222,060
a
Sea
Ltd.,
ADR
........................................
Taiwan
3,918
420,166
642,226
Equity
Real
Estate
Investment
Trusts
(REITs)
2.0%
Crown
Castle
International
Corp.
..........................
United
States
3,101
518,952
Food
&
Staples
Retailing
1.7%
Costco
Wholesale
Corp.
................................
United
States
1,472
446,325
Health
Care
Equipment
&
Supplies
7.9%
Abbott
Laboratories
....................................
United
States
4,253
388,852
Danaher
Corp.
.......................................
United
States
3,603
637,119
a
IDEXX
Laboratories,
Inc.
................................
United
States
1,633
539,151
a
Intuitive
Surgical,
Inc.
..................................
United
States
818
466,121
2,031,243
Health
Care
Technology
2.2%
a
Veeva
Systems,
Inc.,
A
.................................
United
States
2,449
574,095
a
Industrial
Conglomerates
1.7%
Roper
Technologies,
Inc.
................................
United
States
1,146
444,946
Interactive
Media
&
Services
7.9%
a
Alphabet,
Inc.,
A
......................................
United
States
490
694,844
a
Facebook,
Inc.,
A
.....................................
United
States
3,267
741,838
Tencent
Holdings
Ltd.
..................................
China
9,004
576,954
a
ZoomInfo
Technologies,
Inc.,
A
...........................
United
States
600
30,618
2,044,254
Internet
&
Direct
Marketing
Retail
12.3%
a
Alibaba
Group
Holding
Ltd.,
ADR
.........................
China
1,963
423,419
a
Amazon.com,
Inc.
.....................................
United
States
818
2,256,715
a
MercadoLibre
,
Inc.
....................................
Argentina
490
483,027
3,163,161
IT
Services
14.2%
a,b,c
Adyen
NV,
144A,
Reg
S
................................
Netherlands
401
583,601
Mastercard
,
Inc.,
A
....................................
United
States
2,128
629,250
a
PayPal
Holdings,
Inc.
..................................
United
States
4,088
712,252
a
Shopify,
Inc.,
A
.......................................
Canada
1,145
1,087,832
Visa,
Inc.,
A
..........................................
United
States
3,267
631,087
3,644,022
Life
Sciences
Tools
&
Services
1.8%
a
Illumina,
Inc.
.........................................
United
States
656
242,950
a,b,c
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
..................
China
12,263
225,093
468,043
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Focused
Growth
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
7
See
Abbreviations
on
page
44.
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Media
1.9%
a
Charter
Communications,
Inc.,
A
..........................
United
States
979
$
499,329
a
Personal
Products
1.7%
Estee
Lauder
Cos.,
Inc.
(The),
A
..........................
United
States
2,284
430,945
Professional
Services
1.9%
a
CoStar
Group,
Inc.
....................................
United
States
327
232,389
Verisk
Analytics,
Inc.
...................................
United
States
1,466
249,513
481,902
Road
&
Rail
0.8%
a
Uber
Technologies,
Inc.
.................................
United
States
6,229
193,597
a
Semiconductors
&
Semiconductor
Equipment
4.2%
Analog
Devices,
Inc.
...................................
United
States
1,790
219,525
ASML
Holding
NV,
NYRS
...............................
Netherlands
655
241,060
NVIDIA
Corp.
........................................
United
States
1,633
620,393
1,080,978
Software
17.9%
a
Adobe,
Inc.
..........................................
United
States
1,142
497,124
a
Atlassian
Corp.
plc,
A
..................................
United
States
1,144
206,229
a
Coupa
Software,
Inc.
...................................
United
States
985
272,884
Microsoft
Corp.
.......................................
United
States
10,788
2,195,466
a
salesforce.com,
Inc.
...................................
United
States
2,447
458,397
a
ServiceNow
,
Inc.
......................................
United
States
2,450
992,397
4,622,497
Specialty
Retail
0.0%
†
a
Vroom,
Inc.
..........................................
United
States
200
10,428
a
Textiles,
Apparel
&
Luxury
Goods
1.3%
NIKE,
Inc.,
B
.........................................
United
States
3,428
336,116
Total
Common
Stocks
(Cost
$17,712,991)
......................................
22,646,881
Short
Term
Investments
11.0%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
11.0%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
2,837,657
2,837,657
Total
Money
Market
Funds
(Cost
$2,837,657)
...................................
2,837,657
Total
Short
Term
Investments
(Cost
$2,837,657
)
.................................
2,837,657
a
Total
Investments
(Cost
$20,550,648)
98.9%
....................................
$25,484,538
Other
Assets,
less
Liabilities
1.1%
.............................................
273,403
Net
Assets
100.0%
...........................................................
$25,757,941
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
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.
At
June
30,
2020,
the
aggregate
value
of
these
securities
was
$808,694,
representing
3.1%
of
net
assets.
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Focused
Growth
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
8
c
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
a
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
June
30,
2020,
the
aggregate
value
of
these
securities
was
$808,694,
representing
3.1%
of
net
assets.
d
See
Note
7
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited),
June
30,
2020
Franklin
Growth
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
9
a
a
Country
Shares
a
Value
a
Common
Stocks
99.3%
Aerospace
&
Defense
5.0%
BWX
Technologies,
Inc.
................................
United
States
1,404,022
$
79,523,806
General
Dynamics
Corp.
................................
United
States
464,689
69,452,418
Lockheed
Martin
Corp.
.................................
United
States
494,945
180,615,329
a
Mercury
Systems,
Inc.
..................................
United
States
609,400
47,935,404
Northrop
Grumman
Corp.
...............................
United
States
1,088,879
334,764,960
Raytheon
Technologies
Corp.
............................
United
States
2,462,983
151,769,013
864,060,930
Auto
Components
0.0%
†
Aptiv
plc
............................................
United
States
14,860
1,157,891
Beverages
2.7%
Brown-Forman
Corp.,
B
................................
United
States
1,608,570
102,401,566
Constellation
Brands,
Inc.,
A
.............................
United
States
552,040
96,579,398
a
Monster
Beverage
Corp.
................................
United
States
2,696,800
186,942,176
PepsiCo,
Inc.
........................................
United
States
643,429
85,099,920
471,023,060
Biotechnology
2.8%
AbbVie,
Inc.
.........................................
United
States
455,350
44,706,263
Amgen,
Inc.
.........................................
United
States
989,889
233,475,220
a
Deciphera
Pharmaceuticals,
Inc.
..........................
United
States
577,400
34,482,328
a
Iovance
Biotherapeutics
,
Inc.
.............................
United
States
409,200
11,232,540
a
Neurocrine
Biosciences,
Inc.
.............................
United
States
494,945
60,383,290
a
PTC
Therapeutics,
Inc.
.................................
United
States
971,300
49,283,762
a
Regeneron
Pharmaceuticals,
Inc.
.........................
United
States
75,300
46,960,845
480,524,248
Building
Products
1.0%
Allegion
plc
..........................................
United
States
692,923
70,830,589
Trane
Technologies
plc
.................................
United
States
1,088,879
96,888,453
167,719,042
Capital
Markets
2.8%
BlackRock,
Inc.
.......................................
United
States
227,796
123,941,526
Charles
Schwab
Corp.
(The)
.............................
United
States
3,019,527
101,878,841
Intercontinental
Exchange,
Inc.
...........................
United
States
1,410,905
129,238,898
S&P
Global,
Inc.
......................................
United
States
9,180
3,024,626
T
Rowe
Price
Group,
Inc.
...............................
United
States
890,901
110,026,274
Tradeweb
Markets,
Inc.,
A
...............................
United
States
343,000
19,942,020
488,052,185
Chemicals
3.2%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
494,945
119,509,420
Celanese
Corp.
.......................................
United
States
1,237,362
106,833,835
Ecolab,
Inc.
..........................................
United
States
617,359
122,823,573
International
Flavors
&
Fragrances,
Inc.
.....................
United
States
400,000
48,984,000
Linde
plc
............................................
United
Kingdom
719,187
152,546,754
550,697,582
Commercial
Services
&
Supplies
0.3%
Republic
Services,
Inc.
.................................
United
States
644,400
52,873,020
Construction
Materials
0.5%
Martin
Marietta
Materials,
Inc.
............................
United
States
395,957
81,792,837
Consumer
Finance
0.3%
American
Express
Co.
.................................
United
States
593,934
56,542,517
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Growth
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
10
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Diversified
Financial
Services
0.3%
a
Berkshire
Hathaway,
Inc.,
A
..............................
United
States
183
$
48,915,900
a
Electric
Utilities
0.7%
NextEra
Energy,
Inc.
...................................
United
States
508,055
122,019,569
Electrical
Equipment
0.4%
AMETEK,
Inc.
........................................
United
States
692,923
61,926,528
Electronic
Equipment,
Instruments
&
Components
2.2%
Amphenol
Corp.,
A
....................................
United
States
1,433,535
137,346,988
Cognex
Corp.
........................................
United
States
413,136
24,672,482
a
Keysight
Technologies,
Inc.
..............................
United
States
724,829
73,048,267
TE
Connectivity
Ltd.
...................................
United
States
1,850,000
150,867,500
385,935,237
Entertainment
1.1%
Walt
Disney
Co.
(The)
..................................
United
States
1,724,626
192,313,045
Equity
Real
Estate
Investment
Trusts
(REITs)
1.9%
Crown
Castle
International
Corp.
..........................
United
States
1,132,500
189,523,875
Digital
Realty
Trust,
Inc.
................................
United
States
20,875
2,966,546
Equinix
,
Inc.
.........................................
United
States
198,755
139,585,636
SBA
Communications
Corp.
.............................
United
States
10,230
3,047,722
335,123,779
Food
Products
0.6%
Lamb
Weston
Holdings,
Inc.
.............................
United
States
542,780
34,699,925
Mondelez
International,
Inc.,
A
............................
United
States
1,484,834
75,919,563
110,619,488
Health
Care
Equipment
&
Supplies
6.2%
Abbott
Laboratories
....................................
United
States
1,336,351
122,182,572
Baxter
International,
Inc.
................................
United
States
395,957
34,091,897
Danaher
Corp.
.......................................
United
States
1,140,384
201,654,103
a
Edwards
Lifesciences
Corp.
.............................
United
States
1,187,871
82,093,765
a
Haemonetics
Corp.
....................................
United
States
989,889
88,654,459
a
Intuitive
Surgical,
Inc.
..................................
United
States
445,451
253,831,343
Stryker
Corp.
........................................
United
States
406,347
73,219,666
Teleflex,
Inc.
.........................................
United
States
501,695
182,606,946
a
Varian
Medical
Systems,
Inc.
.............................
United
States
296,967
36,384,397
1,074,719,148
Health
Care
Providers
&
Services
1.1%
a
Laboratory
Corp.
of
America
Holdings
......................
United
States
494,945
82,215,314
Quest
Diagnostics,
Inc.
.................................
United
States
890,901
101,527,078
UnitedHealth
Group,
Inc.
................................
United
States
9,100
2,684,045
186,426,437
Health
Care
Technology
0.1%
a
Veeva
Systems,
Inc.,
A
.................................
United
States
59,600
13,971,432
a
Hotels,
Restaurants
&
Leisure
0.4%
Las
Vegas
Sands
Corp.
.................................
United
States
1,443,700
65,746,098
Interactive
Media
&
Services
4.2%
a
Alphabet,
Inc.,
A
......................................
United
States
166,053
235,471,456
a
Alphabet,
Inc.,
C
......................................
United
States
156,831
221,697,870
a
Facebook,
Inc.,
A
.....................................
United
States
798,200
181,247,274
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Growth
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
11
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Interactive
Media
&
Services
(continued)
a
IAC/InterActiveCorp
...................................
United
States
296,967
$
96,039,128
734,455,728
Internet
&
Direct
Marketing
Retail
6.4%
a
Alibaba
Group
Holding
Ltd.,
ADR
.........................
China
525,454
113,340,428
a
Amazon.com,
Inc.
.....................................
United
States
348,852
962,419,875
Expedia
Group,
Inc.
...................................
United
States
346,462
28,479,176
1,104,239,479
IT
Services
6.3%
a,b,c
Adyen
NV,
144A,
Reg
S
................................
Netherlands
59,955
87,256,388
Automatic
Data
Processing,
Inc.
..........................
United
States
692,923
103,169,305
Mastercard
,
Inc.,
A
....................................
United
States
1,397,305
413,183,089
a
Okta
,
Inc.
...........................................
United
States
63,200
12,654,536
a
PayPal
Holdings,
Inc.
..................................
United
States
593,400
103,388,082
a
Twilio
,
Inc.,
A
.........................................
United
States
455,209
99,881,959
Visa,
Inc.,
A
..........................................
United
States
1,385,845
267,703,679
1,087,237,038
Life
Sciences
Tools
&
Services
4.6%
a
10X
Genomics,
Inc.,
A
..................................
United
States
138,100
12,333,711
Agilent
Technologies,
Inc.
...............................
United
States
1,286,856
113,719,465
a
Illumina,
Inc.
.........................................
United
States
524,952
194,415,973
a
Mettler
-Toledo
International,
Inc.
..........................
United
States
423,824
341,411,423
a
Waters
Corp.
........................................
United
States
625,792
112,892,877
a,b,c
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
..................
China
1,008,600
18,513,355
793,286,804
Machinery
3.2%
Caterpillar,
Inc.
.......................................
United
States
544,440
68,871,660
Deere
&
Co.
.........................................
United
States
494,945
77,780,607
Fortive
Corp.
.........................................
United
States
1,084,722
73,392,290
Illinois
Tool
Works,
Inc.
.................................
United
States
989,889
173,082,092
a
Ingersoll
Rand,
Inc.
....................................
United
States
960,826
27,018,427
Otis
Worldwide
Corp.
..................................
United
States
525,303
29,868,729
Stanley
Black
&
Decker,
Inc.
.............................
United
States
785,829
109,528,846
559,542,651
Media
1.0%
Cable
One,
Inc.
.......................................
United
States
79,192
140,553,921
Comcast
Corp.,
A
.....................................
United
States
795,018
30,989,802
171,543,723
Personal
Products
0.0%
†
Estee
Lauder
Cos.,
Inc.
(The),
A
..........................
United
States
44,720
8,437,770
Pharmaceuticals
5.4%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
2,030,908
107,414,724
a
Catalent
,
Inc.
........................................
United
States
3,365,622
246,700,093
Eli
Lilly
and
Co.
.......................................
United
States
1,240,175
203,611,932
a
GW
Pharmaceuticals
plc,
ADR
...........................
United
Kingdom
204,657
25,115,507
Johnson
&
Johnson
...................................
United
States
1,187,967
167,063,799
Merck
&
Co.,
Inc.
.....................................
United
States
989,889
76,548,116
Pfizer,
Inc.
...........................................
United
States
2,733,084
89,371,847
a
Reata
Pharmaceuticals,
Inc.,
A
...........................
United
States
96,100
14,993,522
930,819,540
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Growth
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
12
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Professional
Services
3.7%
a
CoStar
Group,
Inc.
....................................
United
States
48,405
$
34,399,981
Equifax,
Inc.
.........................................
United
States
544,440
93,578,347
IHS
Markit
Ltd.
.......................................
United
States
3,520,639
265,808,245
Verisk
Analytics,
Inc.
...................................
United
States
1,501,824
255,610,445
649,397,018
Road
&
Rail
4.4%
Canadian
National
Railway
Co.
...........................
Canada
989,889
87,674,469
Canadian
Pacific
Railway
Ltd.
............................
Canada
494,945
126,379,256
JB
Hunt
Transport
Services,
Inc.
..........................
United
States
494,945
59,561,681
Kansas
City
Southern
..................................
United
States
742,417
110,835,434
a
Uber
Technologies,
Inc.
.................................
United
States
1,008,700
31,350,396
Union
Pacific
Corp.
....................................
United
States
2,009,475
339,741,938
755,543,174
Semiconductors
&
Semiconductor
Equipment
4.6%
ASML
Holding
NV,
NYRS
...............................
Netherlands
643,429
236,801,175
Lam
Research
Corp.
...................................
United
States
29,697
9,605,792
Monolithic
Power
Systems,
Inc.
...........................
United
States
445,451
105,571,887
NVIDIA
Corp.
........................................
United
States
509,040
193,389,386
NXP
Semiconductors
NV
...............................
Netherlands
670,800
76,498,032
Texas
Instruments,
Inc.
.................................
United
States
1,385,845
175,960,740
797,827,012
Software
13.6%
a
Adobe,
Inc.
..........................................
United
States
168,700
73,436,797
a
Atlassian
Corp.
plc,
A
..................................
United
States
122,600
22,101,102
a
Autodesk,
Inc.
........................................
United
States
853,512
204,151,535
a
Avalara,
Inc.
.........................................
United
States
376,250
50,075,112
a
Bill.com
Holdings,
Inc.
..................................
United
States
879,336
79,324,901
Intuit,
Inc.
...........................................
United
States
989,889
293,195,223
Microsoft
Corp.
.......................................
United
States
3,675,252
747,950,534
a
PTC,
Inc.
...........................................
United
States
1,192,028
92,727,858
a
salesforce.com,
Inc.
...................................
United
States
558,120
104,552,620
a
ServiceNow
,
Inc.
......................................
United
States
999,769
404,966,431
a
Synopsys,
Inc.
.......................................
United
States
446,900
87,145,500
a
Tyler
Technologies,
Inc.
.................................
United
States
179,452
62,248,310
a
Workday,
Inc.,
A
......................................
United
States
742,728
139,157,518
2,361,033,441
Technology
Hardware,
Storage
&
Peripherals
6.0%
Apple,
Inc.
..........................................
United
States
2,867,065
1,045,905,312
Textiles,
Apparel
&
Luxury
Goods
1.1%
NIKE,
Inc.,
B
.........................................
United
States
1,886,312
184,952,892
Trading
Companies
&
Distributors
0.7%
Fastenal
Co.
.........................................
United
States
2,721,500
116,589,060
Water
Utilities
0.5%
American
Water
Works
Co.,
Inc.
..........................
United
States
692,923
89,151,473
Total
Common
Stocks
(Cost
$5,633,200,211)
....................................
17,202,122,088
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Growth
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
13
See
Abbreviations
on
page
44
.
Short
Term
Investments
0.8%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
0.8%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
146,179,794
$
146,179,794
Total
Money
Market
Funds
(Cost
$146,179,794)
.................................
146,179,794
Total
Short
Term
Investments
(Cost
$146,179,794
)
...............................
146,179,794
a
Total
Investments
(Cost
$5,779,380,005)
100.1%
................................
$17,348,301,882
Other
Assets,
less
Liabilities
(0.1)%
...........................................
(22,470,996)
Net
Assets
100.0%
...........................................................
$17,325,830,886
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
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.
At
June
30,
2020,
the
aggregate
value
of
these
securities
was
$105,769,743,
representing
0.6%
of
net
assets.
c
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
a
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
June
30,
2020,
the
aggregate
value
of
these
securities
was
$105,769,743,
representing
0.6%
of
net
assets.
d
See
Note
7
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited),
June
30,
2020
Franklin
Income
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
14
a
a
Country
Shares
a
Value
a
Common
Stocks
31.5%
Aerospace
&
Defense
0.5%
Raytheon
Technologies
Corp.
............................
United
States
5,000,000
$
308,100,000
Air
Freight
&
Logistics
0.5%
United
Parcel
Service,
Inc.,
B
............................
United
States
3,000,000
333,540,000
Automobiles
0.5%
a
General
Motors
Co.
....................................
United
States
12,000,000
303,600,000
Banks
3.7%
Bank
of
America
Corp.
.................................
United
States
13,000,000
308,750,000
Barclays
plc
.........................................
United
Kingdom
200,000,000
282,148,289
Citigroup,
Inc.
........................................
United
States
3,500,000
178,850,000
JPMorgan
Chase
&
Co.
.................................
United
States
8,500,000
799,510,000
Truist
Financial
Corp.
..................................
United
States
7,000,000
262,850,000
US
Bancorp
.........................................
United
States
6,000,000
220,920,000
Wells
Fargo
&
Co.
.....................................
United
States
13,288,526
340,186,266
2,393,214,555
Beverages
1.3%
Coca-Cola
Co.
(The)
...................................
United
States
10,000,000
446,800,000
a
PepsiCo,
Inc.
........................................
United
States
3,000,000
396,780,000
843,580,000
Capital
Markets
0.6%
Morgan
Stanley
.......................................
United
States
7,500,000
362,250,000
Chemicals
1.1%
a
Air
Products
and
Chemicals,
Inc.
..........................
United
States
750,000
181,095,000
BASF
SE
...........................................
Germany
9,500,000
533,561,230
714,656,230
Communications
Equipment
0.1%
Cisco
Systems,
Inc.
...................................
United
States
2,000,000
93,280,000
Diversified
Telecommunication
Services
2.1%
AT&T,
Inc.
...........................................
United
States
7,500,000
226,725,000
BCE,
Inc.
...........................................
Canada
5,000,000
208,537,439
Deutsche
Telekom
AG
..................................
Germany
5,000,000
83,888,735
Verizon
Communications,
Inc.
............................
United
States
15,000,000
826,950,000
1,346,101,174
Electric
Utilities
2.4%
Duke
Energy
Corp.
....................................
United
States
6,000,000
479,340,000
Southern
Co.
(The)
....................................
United
States
19,860,688
1,029,776,673
1,509,116,673
Energy
Equipment
&
Services
0.0%
†
b,c
Weatherford
International
plc
.............................
United
States
14,700,000
28,959,000
b
Entertainment
0.2%
a
Walt
Disney
Co.
(The)
..................................
United
States
955,000
106,492,050
Equity
Real
Estate
Investment
Trusts
(REITs)
0.2%
Host
Hotels
&
Resorts,
Inc.
..............................
United
States
14,500,000
156,455,000
Health
Care
Providers
&
Services
0.3%
CVS
Health
Corp.
.....................................
United
States
2,500,000
162,425,000
Hotels,
Restaurants
&
Leisure
0.2%
McDonald's
Corp.
.....................................
United
States
600,000
110,682,000
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
15
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Household
Products
1.2%
a
Procter
&
Gamble
Co.
(The)
.............................
United
States
6,300,000
$
753,291,000
Industrial
Conglomerates
0.7%
Honeywell
International,
Inc.
.............................
United
States
3,000,000
433,770,000
Insurance
0.7%
MetLife,
Inc.
.........................................
United
States
12,000,000
438,240,000
IT
Services
0.2%
International
Business
Machines
Corp.
.....................
United
States
1,000,000
120,770,000
Media
0.5%
Comcast
Corp.,
A
.....................................
United
States
7,500,000
292,350,000
Metals
&
Mining
0.8%
Rio
Tinto
plc,
ADR
.....................................
Australia
9,650,000
542,137,000
Multiline
Retail
0.4%
Target
Corp.
.........................................
United
States
2,085,000
250,054,050
Multi-Utilities
2.3%
a
Dominion
Energy,
Inc.
..................................
United
States
14,000,000
1,136,520,000
DTE
Energy
Co.
......................................
United
States
2,000,000
215,000,000
Sempra
Energy
.......................................
United
States
1,000,000
117,230,000
1,468,750,000
Oil,
Gas
&
Consumable
Fuels
3.6%
BP
plc,
ADR
.........................................
United
Kingdom
15,000,000
349,800,000
Chevron
Corp.
.......................................
United
States
7,500,000
669,225,000
Exxon
Mobil
Corp.
.....................................
United
States
17,500,000
782,600,000
Royal
Dutch
Shell
plc,
ADR,
A
............................
Netherlands
16,000,000
523,040,000
2,324,665,000
Personal
Products
0.3%
Unilever
plc
..........................................
United
Kingdom
3,000,000
161,816,677
Pharmaceuticals
4.4%
AstraZeneca
plc
......................................
United
Kingdom
7,000,000
728,491,330
Bayer
AG
...........................................
Germany
3,500,000
259,409,376
Bristol-Myers
Squibb
Co.
................................
United
States
4,149,000
243,961,200
Johnson
&
Johnson
...................................
United
States
3,576,000
502,892,880
a
Merck
&
Co.,
Inc.
.....................................
United
States
7,000,000
541,310,000
Pfizer,
Inc.
...........................................
United
States
17,500,000
572,250,000
2,848,314,786
Road
&
Rail
0.5%
Union
Pacific
Corp.
....................................
United
States
2,000,000
338,140,000
Semiconductors
&
Semiconductor
Equipment
1.3%
a
Analog
Devices,
Inc.
...................................
United
States
620,000
76,036,800
a
Broadcom,
Inc.
.......................................
United
States
250,000
78,902,500
Intel
Corp.
...........................................
United
States
2,700,000
161,541,000
Texas
Instruments,
Inc.
.................................
United
States
4,000,000
507,880,000
824,360,300
Software
0.4%
NortonLifeLock
,
Inc.
...................................
United
States
3,400,000
67,422,000
Oracle
Corp.
.........................................
United
States
3,100,000
171,337,000
238,759,000
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
16
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Tobacco
0.4%
Philip
Morris
International,
Inc.
...........................
United
States
4,000,000
$
280,240,000
Wireless
Telecommunication
Services
0.1%
Vodafone
Group
plc
...................................
United
Kingdom
50,000,000
79,484,810
Total
Common
Stocks
(Cost
$19,080,277,298)
...................................
20,167,594,305
Equity-Linked
Securities
19.7%
Aerospace
&
Defense
1.0%
d
BNP
Paribas
Issuance
BV
into
Raytheon
Technologies
Corp.,
144A,
9%,
..............................................
United
States
4,546,000
283,430,177
d
Morgan
Stanley
Finance
LLC
into
General
Dynamics
Corp.,
144A,
8%,
..............................................
United
States
1,450,000
207,291,298
d
Royal
Bank
of
Canada
into
Boeing
Co.
(The),
144A,
8.5%,
......
United
States
847,000
157,648,139
648,369,614
Airlines
0.1%
d
Wells
Fargo
Bank
NA
into
Delta
Air
Lines,
Inc.,
144A,
10%,
......
United
States
2,000,000
59,220,321
Automobiles
0.6%
d
Societe
Generale
SA
into
Ford
Motor
Co.,
144A,
12%,
.........
United
States
37,800,000
223,209,236
d
Wells
Fargo
Bank
NA
into
General
Motors
Co.,
144A,
8.5%,
.....
United
States
6,512,000
171,788,959
394,998,195
Banks
0.9%
d
Barclays
Bank
plc
into
Bank
of
America
Corp.,
144A,
8.5%,
.....
United
States
9,040,000
221,091,952
d
Credit
Suisse
AG
into
Bank
of
America
Corp.,
144A,
7%,
.......
United
States
8,550,000
207,616,115
d
Credit
Suisse
AG
into
Wells
Fargo
&
Co.,
144A,
8%,
...........
United
States
5,640,000
152,157,925
580,865,992
Biotechnology
1.1%
d
Citigroup
Global
Markets
Holdings,
Inc.
into
AbbVie,
Inc.,
144A,
10%,
.............................................
United
States
3,520,000
282,398,528
d
Merrill
Lynch
International
&
Co.
CV
into
Gilead
Sciences,
Inc.,
144A,
9%,
..............................................
United
States
2,540,000
178,559,552
d
Royal
Bank
of
Canada
into
AbbVie,
Inc.,
144A,
9%,
...........
United
States
2,900,000
265,779,685
726,737,765
Capital
Markets
0.4%
d
JPMorgan
Chase
Bank
NA
into
Morgan
Stanley,
144A,
8.5%,
....
United
States
5,100,000
237,331,033
Communications
Equipment
0.8%
d
Credit
Suisse
AG
into
Cisco
Systems,
Inc.,
144A,
10%,
........
United
States
5,085,000
234,124,274
d
JPMorgan
Chase
Bank
NA
into
Cisco
Systems,
Inc.,
144A,
7.5%,
.
United
States
6,050,000
277,363,013
511,487,287
Containers
&
Packaging
0.3%
d
Barclays
Bank
plc
into
International
Paper
Co.,
144A,
9%,
......
United
States
5,634,000
198,721,590
Energy
Equipment
&
Services
0.8%
d
Barclays
Bank
plc
into
Schlumberger
Ltd.,
144A,
9%,
..........
United
States
7,150,000
136,195,964
d
JPMorgan
Chase
Bank
NA
into
Baker
Hughes
Co.,
144A,
8.5%,
..
United
States
11,360,000
178,491,991
d
Wells
Fargo
Bank
NA
into
Halliburton
Co.,
144A,
10%,
.........
United
States
12,700,000
171,282,735
485,970,690
Health
Care
Providers
&
Services
0.8%
d
Credit
Suisse
AG
into
CVS
Health
Corp.,
144A,
8.5%,
.........
United
States
4,000,000
251,438,629
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
17
a
a
Country
Shares
a
Value
a
Equity-Linked
Securities
(continued)
Health
Care
Providers
&
Services
(continued)
d
Morgan
Stanley
Finance
LLC
into
CVS
Health
Corp.,
144A,
8%,
..
United
States
3,732,000
$
238,472,949
489,911,578
Insurance
0.6%
d
Goldman
Sachs
International
into
MetLife,
Inc.,
144A,
7.5%,
.....
United
States
5,210,000
195,384,992
d
Royal
Bank
of
Canada
into
MetLife,
Inc.,
144A,
7.5%,
..........
United
States
5,350,000
195,770,311
391,155,303
Interactive
Media
&
Services
1.3%
d
Citigroup
Global
Markets,
Inc.
into
Alphabet,
Inc.,
144A,
7.5%,
...
United
States
259,000
348,883,805
d
Goldman
Sachs
International
into
Facebook,
Inc.,
144A,
9%,
....
United
States
2,590,000
475,309,484
824,193,289
Internet
&
Direct
Marketing
Retail
1.1%
d
Citigroup
Global
Markets
Holdings,
Inc.
into
Amazon.com,
Inc.,
144A,
8%,
..............................................
United
States
169,100
329,815,348
d
Goldman
Sachs
International
into
Amazon.com,
Inc.,
144A,
7.5%,
United
States
190,000
369,086,030
698,901,378
IT
Services
0.7%
d
Barclays
Bank
plc
into
Fidelity
National
Information
Services,
Inc.,
144A,
7.5%,
.......................................
United
States
1,495,000
199,972,644
d
Barclays
Bank
plc
into
International
Business
Machines
Corp.,
144A,
8%,
..............................................
United
States
2,000,000
241,387,868
441,360,512
Machinery
0.7%
d
Credit
Suisse
AG
into
Cummins,
Inc.,
144A,
8%,
.............
United
States
1,700,000
294,244,463
d
UBS
AG
into
Caterpillar,
Inc.,
144A,
9.5%,
..................
United
States
1,428,600
174,870,050
469,114,513
Media
0.4%
d
Barclays
Bank
plc
into
Comcast
Corp.,
144A,
9%,
............
United
States
6,400,000
249,438,576
Metals
&
Mining
0.8%
d
Barclays
Bank
plc
into
Rio
Tinto
plc,
144A,
10%,
.............
Australia
5,000,000
271,464,027
d
JPMorgan
Chase
Bank
NA
into
Barrick
Gold
Corp.,
144A,
10%,
..
Canada
13,200,000
265,267,267
536,731,294
Pharmaceuticals
1.2%
d
Goldman
Sachs
International
into
Bristol-Myers
Squibb
Co.,
144A,
8%,
..............................................
United
States
5,000,000
275,965,308
d
Goldman
Sachs
International
into
Bristol-Myers
Squibb
Co.,
144A,
8%,
..............................................
United
States
3,984,000
234,605,869
d
Royal
Bank
of
Canada
into
Merck
&
Co.,
Inc.,
144A,
7%,
.......
United
States
3,220,000
253,310,460
763,881,637
Semiconductors
&
Semiconductor
Equipment
4.0%
d
BNP
Paribas
Issuance
BV
into
Texas
Instruments,
Inc.,
144A,
8.5%,
United
States
1,439,000
180,807,854
d
Credit
Suisse
AG
into
Broadcom,
Inc.,
144A,
10%,
............
United
States
1,275,000
377,717,007
d
JPMorgan
Chase
Bank
NA
into
NVIDIA
Corp.,
144A,
10%,
......
United
States
1,786,000
344,887,304
d
JPMorgan
Chase
Bank
NA
into
Texas
Instruments,
Inc.,
144A,
9%,
United
States
2,236,000
278,510,294
d
Merrill
Lynch
International
&
Co.
CV
into
Intel
Corp.,
144A,
8%,
..
United
States
4,583,000
277,943,692
d
Morgan
Stanley
Finance
LLC
into
Intel
Corp.,
144A,
8.5%,
......
United
States
7,300,000
400,521,797
d
Royal
Bank
of
Canada
into
Analog
Devices,
Inc.,
144A,
8.5%,
...
United
States
1,700,000
197,145,268
d
Royal
Bank
of
Canada
into
Intel
Corp.,
144A,
8%,
............
United
States
5,070,000
292,433,677
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
18
a
a
Country
Shares
a
Value
a
Equity-Linked
Securities
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
d
Royal
Bank
of
Canada
into
Intel
Corp.,
144A,
8%,
............
United
States
3,700,000
$
222,871,877
2,572,838,770
Software
1.0%
d
Citigroup
Global
Markets
Holdings,
Inc.
into
Microsoft
Corp.,
144A,
8%,
..............................................
United
States
2,200,000
383,341,890
d
UBS
AG
into
Oracle
Corp.,
144A,
9%,
.....................
United
States
4,303,900
237,329,482
620,671,372
Specialty
Retail
0.6%
d
BNP
Paribas
Issuance
BV
into
Home
Depot,
Inc.
(The),
144A,
7%,
United
States
1,680,000
380,775,074
Technology
Hardware,
Storage
&
Peripherals
0.5%
d
Citigroup
Global
Markets
Holdings,
Inc.
into
Apple,
Inc.,
144A,
8%,
United
States
1,180,000
346,568,202
Total
Equity-Linked
Securities
(Cost
$13,370,758,562)
...........................
12,629,243,985
Convertible
Preferred
Stocks
2.4%
Banks
0.6%
Bank
of
America
Corp.,
7.25%,
L
..........................
United
States
307,429
412,631,204
Electric
Utilities
0.4%
NextEra
Energy,
Inc.,
5.279%
............................
United
States
2,750,000
116,737,500
Southern
Co.
(The),
6.75%,
2019
.........................
United
States
2,750,000
121,165,000
237,902,500
Health
Care
Equipment
&
Supplies
0.1%
Danaher
Corp.,
5%,
B
..................................
United
States
50,000
53,681,500
Machinery
0.1%
Fortive
Corp.,
5%,
A
...................................
United
States
81,266
69,987,092
Multi-Utilities
0.2%
Sempra
Energy,
6%,
A
.................................
United
States
500,000
48,865,000
Sempra
Energy,
6.75%,
B
...............................
United
States
739,000
72,614,140
121,479,140
Semiconductors
&
Semiconductor
Equipment
0.7%
Broadcom,
Inc.,
8%,
A
..................................
United
States
420,000
468,027,000
Thrifts
&
Mortgage
Finance
0.2%
b
FNMA,
5.375%
.......................................
United
States
4,250
99,875,000
b
Wireless
Telecommunication
Services
0.1%
b,d
2020
Cash
Mandatory
Exchangeable
Trust,
144A,
5.25%
.......
United
States
37,500
38,270,625
b
Total
Convertible
Preferred
Stocks
(Cost
$1,514,684,289)
........................
1,501,854,061
Preferred
Stocks
0.2%
Banks
0.1%
JPMorgan
Chase
&
Co.,
6%,
EE
..........................
United
States
2,299,000
62,992,600
Thrifts
&
Mortgage
Finance
0.1%
b
FHLMC,
8.375%,
Z
....................................
United
States
6,500,000
51,610,000
b
FNMA,
8.25%,
S
......................................
United
States
4,500,000
35,775,000
87,385,000
Total
Preferred
Stocks
(Cost
$320,518,876)
.....................................
150,377,600
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
19
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Convertible
Bonds
0.1%
Airlines
0.1%
Southwest
Airlines
Co.,
Senior
Note,
1.25%,
5/01/25
...........
United
States
60,000,000
$
72,361,860
Oil,
Gas
&
Consumable
Fuels
0.0%
†
e,f
Chesapeake
Energy
Corp.,
Senior
Note,
5.5%,
9/15/26
.........
United
States
203,359,000
8,134,360
Total
Convertible
Bonds
(Cost
$153,410,218)
...................................
80,496,220
Corporate
Bonds
31.2%
Aerospace
&
Defense
0.1%
Raytheon
Technologies
Corp.
,
Senior
Bond,
3.125%,
5/04/27
..........................
United
States
40,000,000
44,366,164
Senior
Note,
3.95%,
8/16/25
...........................
United
States
20,000,000
22,851,186
67,217,350
Air
Freight
&
Logistics
0.1%
d
XPO
Logistics,
Inc.,
Senior
Note,
144A,
6.5%,
6/15/22
..........
United
States
50,000,000
50,173,750
Airlines
0.0%
†
d
American
Airlines
Group,
Inc.,
Senior
Note,
144A,
5%,
6/01/22
...
United
States
16,000,000
9,328,640
Automobiles
0.5%
Ford
Motor
Co.
,
Senior
Bond,
4.346%,
12/08/26
.........................
United
States
120,000,000
112,300,800
Senior
Note,
9%,
4/22/25
.............................
United
States
50,000,000
54,156,250
General
Motors
Co.
,
Senior
Bond,
5.15%,
4/01/38
...........................
United
States
165,000,000
158,285,617
Senior
Note,
6.125%,
10/01/25
.........................
United
States
20,000,000
22,501,233
347,243,900
Banks
3.7%
Bank
of
America
Corp.
,
g
AA,
Junior
Sub.
Bond,
6.1%
to
3/17/25,
FRN
thereafter,
Perpetual
United
States
80,000,000
84,455,600
g
U,
Junior
Sub.
Bond,
5.2%
to
6/01/23,
FRN
thereafter,
Perpetual
United
States
75,000,000
72,620,330
g
X,
Junior
Sub.
Bond,
6.25%
to
9/05/24,
FRN
thereafter,
Perpetual
United
States
85,000,000
88,151,541
Senior
Bond,
3.419%
to
12/20/27,
FRN
thereafter,
12/20/28
...
United
States
135,000,000
150,441,301
Senior
Note,
3.004%
to
12/20/22,
FRN
thereafter,
12/20/23
....
United
States
50,000,000
52,613,081
Barclays
plc
,
Senior
Bond,
3.65%,
3/16/25
...........................
United
Kingdom
50,000,000
54,325,500
Senior
Bond,
4.375%,
1/12/26
..........................
United
Kingdom
125,000,000
141,283,750
Senior
Note,
4.61%
to
2/15/22,
FRN
thereafter,
2/15/23
.......
United
Kingdom
50,000,000
52,659,529
Senior
Note,
3.932%
to
5/07/24,
FRN
thereafter,
5/07/25
......
United
Kingdom
50,000,000
54,047,510
Citigroup,
Inc.
,
g
Junior
Sub.
Bond,
5.95%
to
1/30/23,
FRN
thereafter,
Perpetual
.
United
States
155,000,000
154,025,836
g
D,
Junior
Sub.
Bond,
5.35%
to
5/15/23,
FRN
thereafter,
Perpetual
United
States
150,000,000
142,198,500
g
M,
Junior
Sub.
Bond,
6.3%
to
5/15/24,
FRN
thereafter,
Perpetual
United
States
140,000,000
140,340,900
Sub.
Bond,
4.125%,
7/25/28
...........................
United
States
140,000,000
158,337,365
HSBC
Holdings
plc,
Senior
Note,
4.292%
to
9/12/25,
FRN
thereafter,
9/12/26
...........................................
United
Kingdom
100,000,000
111,368,527
g
JPMorgan
Chase
&
Co.
,
h
I,
Junior
Sub.
Bond,
FRN,
4.23%,
(3-month
USD
LIBOR
+
3.47%),
Perpetual
.........................................
United
States
204,959,000
186,971,569
Q,
Junior
Sub.
Bond,
5.15%
to
5/01/23,
FRN
thereafter,
Perpetual
United
States
90,700,000
88,586,961
R,
Junior
Sub.
Bond,
6%
to
8/01/23,
FRN
thereafter,
Perpetual
.
United
States
105,000,000
106,119,995
S,
Junior
Sub.
Bond,
6.75%
to
2/01/24,
FRN
thereafter,
Perpetual
United
States
80,000,000
86,168,216
U,
Junior
Sub.
Bond,
6.125%
to
4/30/24,
FRN
thereafter,
Perpetual
.........................................
United
States
60,000,000
61,355,246
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
20
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
g
JPMorgan
Chase
&
Co.,
(continued)
h
V,
Junior
Sub.
Bond,
FRN,
4.753%,
(3-month
USD
LIBOR
+
3.32%),
Perpetual
...................................
United
States
195,100,000
$
172,546,463
X,
Junior
Sub.
Bond,
6.1%
to
10/01/24,
FRN
thereafter,
Perpetual
United
States
80,000,000
82,033,415
g
Wells
Fargo
&
Co.,
S,
Junior
Sub.
Bond,
5.9%
to
6/15/24,
FRN
thereafter,
Perpetual
.................................
United
States
125,000,000
124,127,711
2,364,778,846
Beverages
0.1%
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.,
Senior
Bond,
4.9%,
2/01/46
............................
Belgium
20,000,000
24,538,473
Anheuser-Busch
InBev
Worldwide,
Inc.,
Senior
Bond,
4%,
4/13/28
Belgium
25,000,000
28,866,229
53,404,702
Biotechnology
0.3%
AbbVie,
Inc.
,
Senior
Bond,
3.2%,
5/14/26
............................
United
States
35,000,000
38,965,273
Senior
Note,
2.9%,
11/06/22
...........................
United
States
35,000,000
36,736,276
d
Senior
Note,
144A,
3.8%,
3/15/25
.......................
United
States
100,000,000
111,618,987
187,320,536
Capital
Markets
0.4%
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Note,
2.876%
to
10/31/21,
FRN
thereafter,
10/31/22
....
United
States
115,000,000
117,933,953
Senior
Note,
3.272%
to
9/29/24,
FRN
thereafter,
9/29/25
......
United
States
100,000,000
107,870,212
g
Morgan
Stanley,
J,
Junior
Sub.
Bond,
5.55%
to
7/15/20,
FRN
thereafter,
Perpetual
.................................
United
States
35,000,000
32,172,071
257,976,236
Chemicals
0.1%
d
Olin
Corp.,
Senior
Note,
144A,
9.5%,
6/01/25
................
United
States
40,000,000
44,675,000
Communications
Equipment
0.2%
d
CommScope
Technologies
LLC,
Senior
Bond,
144A,
6%,
6/15/25
.
United
States
21,398,000
20,719,683
d
CommScope
,
Inc.
,
Senior
Bond,
144A,
5.5%,
6/15/24
.......................
United
States
80,000,000
81,466,400
Senior
Note,
144A,
7.125%,
7/01/28
.....................
United
States
45,000,000
45,117,000
147,303,083
Construction
Materials
0.3%
d
CEMEX
Finance
LLC,
Senior
Secured
Bond,
144A,
6%,
4/01/24
..
Mexico
57,800,000
57,384,418
d
Cemex
SAB
de
CV
,
Senior
Secured
Bond,
144A,
5.7%,
1/11/25
................
Mexico
65,000,000
63,739,650
Senior
Secured
Bond,
144A,
7.75%,
4/16/26
...............
Mexico
50,100,000
51,265,326
172,389,394
Consumer
Finance
1.1%
Capital
One
Financial
Corp.
,
Sub.
Bond,
4.2%,
10/29/25
............................
United
States
123,000,000
136,652,971
Sub.
Bond,
3.75%,
7/28/26
............................
United
States
110,200,000
120,348,121
Ford
Motor
Credit
Co.
LLC
,
Senior
Bond,
4.134%,
8/04/25
..........................
United
States
145,000,000
137,978,375
Senior
Bond,
5.113%,
5/03/29
..........................
United
States
115,000,000
112,638,475
Senior
Note,
3.336%,
3/18/21
..........................
United
States
48,000,000
47,656,080
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
21
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Consumer
Finance
(continued)
Ford
Motor
Credit
Co.
LLC,
(continued)
Senior
Note,
5.125%,
6/16/25
..........................
United
States
60,000,000
$
60,286,800
General
Motors
Financial
Co.,
Inc.,
Senior
Note,
4.15%,
6/19/23
..
United
States
75,000,000
78,424,338
693,985,160
Containers
&
Packaging
0.5%
d
Mauser
Packaging
Solutions
Holding
Co.
,
Senior
Note,
144A,
7.25%,
4/15/25
......................
United
States
200,995,000
182,853,191
Senior
Secured
Note,
144A,
5.5%,
4/15/24
................
United
States
105,000,000
103,358,063
286,211,254
Diversified
Telecommunication
Services
0.4%
AT&T,
Inc.
,
Senior
Bond,
4.125%,
2/17/26
..........................
United
States
90,000,000
102,639,305
Senior
Note,
3%,
6/30/22
.............................
United
States
90,000,000
94,025,074
d
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond,
144A,
5.5%,
5/01/26
.......................
United
States
40,000,000
41,543,800
Senior
Bond,
144A,
5.125%,
5/01/27
.....................
United
States
40,000,000
41,442,000
279,650,179
Electric
Utilities
0.0%
†
Southern
Co.
(The),
B,
Junior
Sub.
Bond,
5.5%
to
3/15/22,
FRN
thereafter,
3/15/57
...................................
United
States
14,092,000
14,293,623
Energy
Equipment
&
Services
0.7%
d
Weatherford
International
Ltd.,
Senior
Note,
144A,
11%,
12/01/24
.
United
States
675,113,000
472,579,100
Entertainment
0.4%
Netflix,
Inc.
,
Senior
Bond,
4.375%,
11/15/26
.........................
United
States
100,000,000
104,248,000
Senior
Bond,
4.875%,
4/15/28
..........................
United
States
79,300,000
84,922,370
Senior
Bond,
5.875%,
11/15/28
.........................
United
States
50,000,000
56,954,250
246,124,620
Equity
Real
Estate
Investment
Trusts
(REITs)
0.6%
American
Tower
Corp.,
Senior
Bond,
3.375%,
10/15/26
.........
United
States
50,000,000
55,656,871
Equinix
,
Inc.,
Senior
Bond,
5.375%,
5/15/27
.................
United
States
75,000,000
81,998,625
Iron
Mountain,
Inc.
,
Senior
Bond,
5.75%,
8/15/24
...........................
United
States
115,000,000
116,462,225
d
Senior
Note,
144A,
4.875%,
9/15/27
.....................
United
States
120,610,000
117,847,428
371,965,149
Food
&
Staples
Retailing
0.1%
Walmart,
Inc.
,
Senior
Note,
3.4%,
6/26/23
............................
United
States
20,000,000
21,733,631
Senior
Note,
3.55%,
6/26/25
...........................
United
States
45,000,000
51,045,184
72,778,815
Food
Products
0.4%
Kraft
Heinz
Foods
Co.
,
Senior
Bond,
4.625%,
1/30/29
..........................
United
States
24,400,000
26,316,270
d
Senior
Bond,
144A,
5.5%,
6/01/50
.......................
United
States
45,000,000
48,130,884
Senior
Note,
3.95%,
7/15/25
...........................
United
States
25,041,000
26,773,546
d
Post
Holdings,
Inc.
,
Senior
Bond,
144A,
5%,
8/15/26
........................
United
States
87,000,000
87,493,725
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
22
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Food
Products
(continued)
d
Post
Holdings,
Inc.,
(continued)
Senior
Bond,
144A,
5.625%,
1/15/28
.....................
United
States
65,000,000
$
67,425,475
256,139,900
Health
Care
Providers
&
Services
9.5%
Centene
Corp.,
Senior
Note,
4.625%,
12/15/29
...............
United
States
30,000,000
31,838,100
CHS/Community
Health
Systems,
Inc.
,
d
Secured
Note,
144A,
11%,
6/30/23
......................
United
States
1,385,000,000
1,082,509,075
d
Secured
Note,
144A,
8.125%,
6/30/24
....................
United
States
740,000,000
498,105,100
Senior
Note,
6.875%,
2/01/22
..........................
United
States
19,766,000
15,874,569
d
Senior
Note,
144A,
6.875%,
4/01/28
.....................
United
States
1,400,000,000
524,125,000
d
Senior
Secured
Note,
144A,
6.625%,
2/15/25
..............
United
States
300,000,000
282,750,000
d
Senior
Secured
Note,
144A,
8%,
3/15/26
..................
United
States
370,000,000
350,094,000
d
Senior
Secured
Note,
144A,
8%,
12/15/27
.................
United
States
552,000,000
529,000,920
Cigna
Corp.
,
Senior
Note,
3.75%,
7/15/23
...........................
United
States
36,552,000
39,705,705
Senior
Note,
4.125%,
11/15/25
.........................
United
States
30,000,000
34,502,174
CVS
Health
Corp.
,
Senior
Bond,
4.3%,
3/25/28
............................
United
States
125,000,000
146,231,616
Senior
Bond,
5.05%,
3/25/48
...........................
United
States
65,000,000
84,688,285
DaVita,
Inc.
,
Senior
Bond,
5.125%,
7/15/24
..........................
United
States
202,700,000
206,449,950
Senior
Bond,
5%,
5/01/25
.............................
United
States
120,000,000
122,820,000
HCA,
Inc.
,
Senior
Bond,
5.875%,
5/01/23
..........................
United
States
90,000,000
97,558,200
Senior
Bond,
5.625%,
9/01/28
..........................
United
States
100,000,000
111,772,000
Senior
Secured
Bond,
5%,
3/15/24
......................
United
States
124,800,000
138,857,421
Tenet
Healthcare
Corp.
,
Secured
Note,
5.125%,
5/01/25
.........................
United
States
133,300,000
128,795,793
d
Secured
Note,
144A,
6.25%,
2/01/27
.....................
United
States
10,000,000
9,956,200
Senior
Bond,
6.875%,
11/15/31
.........................
United
States
55,258,000
49,652,628
Senior
Note,
8.125%,
4/01/22
..........................
United
States
860,000,000
904,548,000
Senior
Note,
6.75%,
6/15/23
...........................
United
States
565,000,000
561,327,500
Senior
Note,
7%,
8/01/25
.............................
United
States
70,000,000
68,788,650
Senior
Secured
Note,
4.625%,
7/15/24
...................
United
States
85,200,000
83,605,482
6,103,556,368
Hotels,
Restaurants
&
Leisure
0.7%
d
Colt
Merger
Sub,
Inc.
,
Senior
Note,
144A,
8.125%,
7/01/27
.....................
United
States
40,000,000
39,000,000
Senior
Secured
Note,
144A,
6.25%,
7/01/25
...............
United
States
30,000,000
29,841,000
d
Golden
Nugget,
Inc.,
Senior
Note,
144A,
6.75%,
10/15/24
.......
United
States
68,000,000
48,960,000
d
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
,
Senior
Bond,
144A,
4.25%,
5/30/23
......................
United
States
84,000,000
79,221,660
Senior
Bond,
144A,
5.5%,
3/01/25
.......................
United
States
164,500,000
151,043,078
Senior
Bond,
144A,
5.25%,
5/15/27
......................
United
States
99,827,000
86,513,073
434,578,811
Household
Durables
0.2%
d
Shea
Homes
LP
/
Shea
Homes
Funding
Corp.,
Senior
Bond,
144A,
6.125%,
4/01/25
.....................................
United
States
96,278,000
97,110,323
Independent
Power
and
Renewable
Electricity
Producers
0.3%
Calpine
Corp.,
Senior
Note,
5.5%,
2/01/24
...................
United
States
158,500,000
158,993,728
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
23
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Insurance
0.1%
Prudential
Financial,
Inc.,
Junior
Sub.
Bond,
5.7%
to
9/15/28,
FRN
thereafter,
9/15/48
...................................
United
States
70,000,000
$
78,687,533
Internet
&
Direct
Marketing
Retail
0.1%
Alibaba
Group
Holding
Ltd.,
Senior
Bond,
3.4%,
12/06/27
.......
China
50,000,000
55,573,294
Machinery
0.2%
d
Navistar
International
Corp.,
Senior
Secured
Note,
144A,
9.5%,
5/01/25
...........................................
United
States
30,000,000
32,268,750
d
Vertical
Holdco
GmbH,
Senior
Note,
144A,
7.625%,
7/25/28
.....
Germany
12,000,000
12,000,000
d
Vertical
US
Newco,
Inc.,
Senior
Secured
Note,
144A,
5.25%,
7/15/27
Germany
50,000,000
50,000,000
94,268,750
Media
2.2%
d
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.,
Senior
Secured
Note,
144A,
5.375%,
8/15/26
....................
United
States
125,000,000
91,240,000
DISH
DBS
Corp.
,
Senior
Note,
5.875%,
7/15/22
..........................
United
States
391,500,000
398,948,288
Senior
Note,
5%,
3/15/23
.............................
United
States
300,000,000
299,704,500
Senior
Note,
5.875%,
11/15/24
.........................
United
States
128,200,000
127,659,637
d
Senior
Note,
144A,
7.375%,
7/01/28
.....................
United
States
40,000,000
39,950,000
d
Univision
Communications,
Inc.
,
Senior
Secured
Note,
144A,
5.125%,
5/15/23
..............
United
States
175,000,000
177,132,375
Senior
Secured
Note,
144A,
5.125%,
2/15/25
..............
United
States
202,220,000
191,098,911
Senior
Secured
Note,
144A,
9.5%,
5/01/25
................
United
States
55,000,000
58,575,000
Senior
Secured
Note,
144A,
6.625%,
6/01/27
..............
United
States
40,000,000
38,350,000
1,422,658,711
Metals
&
Mining
0.4%
d
Cleveland-Cliffs,
Inc.,
Senior
Secured
Note,
144A,
6.75%,
3/15/26
.
United
States
50,000,000
48,375,000
d
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Note,
144A,
4.75%,
5/15/22
......................
Australia
40,200,000
41,064,099
Senior
Note,
144A,
5.125%,
3/15/23
.....................
Australia
25,000,000
25,765,375
Senior
Note,
144A,
5.125%,
5/15/24
.....................
Australia
60,540,000
62,513,907
Freeport-McMoRan,
Inc.
,
i
Senior
Bond,
5.25%,
9/01/29
...........................
United
States
40,000,000
41,085,600
Senior
Note,
3.875%,
3/15/23
..........................
United
States
62,636,000
62,842,699
281,646,680
Oil,
Gas
&
Consumable
Fuels
1.8%
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note,
7.625%,
1/15/22
..........................
United
States
182,665,000
175,087,143
Senior
Note,
7.75%,
4/15/23
...........................
United
States
142,585,000
133,123,772
d
Senior
Note,
144A,
11%,
4/15/25
........................
United
States
290,380,000
282,391,646
f
Chesapeake
Energy
Corp.
,
d
Secured
Note,
144A,
11.5%,
1/01/25
.....................
United
States
1,075,000,000
116,395,625
Senior
Note,
7%,
10/01/24
............................
United
States
410,000,000
14,350,000
HighPoint
Operating
Corp.
,
Senior
Bond,
7%,
10/15/22
............................
United
States
205,783,000
50,111,247
Senior
Note,
8.75%,
6/15/25
...........................
United
States
175,845,000
43,082,025
Kinder
Morgan,
Inc.,
Senior
Bond,
7.75%,
1/15/32
.............
United
States
109,000,000
152,480,203
Occidental
Petroleum
Corp.,
Senior
Note,
8%,
7/15/25
.........
United
States
50,000,000
50,312,500
d
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
,
Senior
Note,
144A,
6%,
2/15/28
........................
United
States
37,000,000
30,802,500
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
24
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
d
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.,
(continued)
Senior
Secured
Note,
144A,
9.25%,
5/15/25
...............
United
States
50,000,000
$
53,468,750
Sunoco
LP
/
Sunoco
Finance
Corp.,
Senior
Note,
5.5%,
2/15/26
..
United
States
67,775,000
65,983,029
1,167,588,440
Pharmaceuticals
2.5%
AstraZeneca
plc
,
Senior
Note,
2.375%,
11/16/20
.........................
United
Kingdom
25,000,000
25,190,763
Senior
Note,
2.375%,
6/12/22
..........................
United
Kingdom
31,500,000
32,627,074
d
Bausch
Health
Americas,
Inc.
,
Senior
Note,
144A,
9.25%,
4/01/26
......................
United
States
175,000,000
190,085,000
Senior
Note,
144A,
8.5%,
1/31/27
.......................
United
States
35,000,000
37,212,875
d
Bausch
Health
Cos.,
Inc.
,
Senior
Bond,
144A,
6.125%,
4/15/25
.....................
United
States
122,400,000
124,319,232
Senior
Bond,
144A,
7.25%,
5/30/29
......................
United
States
40,000,000
42,032,600
Senior
Note,
144A,
5.5%,
3/01/23
.......................
United
States
52,984,000
52,857,104
Senior
Note,
144A,
5.875%,
5/15/23
.....................
United
States
54,822,000
54,727,706
Senior
Note,
144A,
9%,
12/15/25
.......................
United
States
105,000,000
113,233,050
Senior
Note,
144A,
7%,
1/15/28
........................
United
States
40,000,000
41,267,600
Senior
Secured
Note,
144A,
7%,
3/15/24
..................
United
States
87,300,000
90,754,461
Senior
Secured
Note,
144A,
5.5%,
11/01/25
...............
United
States
91,000,000
93,098,460
d
Bayer
US
Finance
II
LLC,
Senior
Note,
144A,
4.25%,
12/15/25
...
Germany
75,000,000
86,232,224
d
Bristol-Myers
Squibb
Co.,
Senior
Bond,
144A,
3.4%,
7/26/29
.....
United
States
50,000,000
58,320,187
d
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco
,
Inc.
,
Secured
Note,
144A,
9.5%,
7/31/27
......................
United
States
79,939,000
84,951,175
Senior
Note,
144A,
6%,
6/30/28
........................
United
States
107,739,000
70,030,350
d
Mallinckrodt
International
Finance
SA
/
Mallinckrodt
CB
LLC
,
Senior
Bond,
144A,
5.5%,
4/15/25
.......................
United
States
106,400,000
17,888,500
Senior
Note,
144A,
5.75%,
8/01/22
......................
United
States
190,110,000
48,002,775
Senior
Note,
144A,
5.625%,
10/15/23
....................
United
States
230,000,000
46,000,000
Senior
Secured
Note,
144A,
10%,
4/15/25
.................
United
States
57,000,000
48,307,500
Mylan
NV,
Senior
Note,
3.95%,
6/15/26
.....................
United
States
140,000,000
156,648,230
d
Par
Pharmaceutical,
Inc.,
Senior
Secured
Note,
144A,
7.5%,
4/01/27
United
States
86,744,000
89,306,851
1,603,093,717
Road
&
Rail
0.1%
d
Ashtead
Capital,
Inc.
,
Senior
Bond,
144A,
4.375%,
8/15/27
.....................
United
Kingdom
34,500,000
35,547,420
Senior
Note,
144A,
4%,
5/01/28
........................
United
Kingdom
25,000,000
24,937,500
60,484,920
Semiconductors
&
Semiconductor
Equipment
0.2%
Broadcom
Corp.
/
Broadcom
Cayman
Finance
Ltd.,
Senior
Note,
3.5%,
1/15/28
......................................
United
States
40,000,000
42,286,540
Microchip
Technology,
Inc.,
Senior
Secured
Note,
4.333%,
6/01/23
United
States
69,000,000
74,494,322
116,780,862
Technology
Hardware,
Storage
&
Peripherals
0.1%
NCR
Corp.
,
Senior
Note,
5%,
7/15/22
.............................
United
States
35,000,000
35,011,025
Senior
Note,
6.375%,
12/15/23
.........................
United
States
35,000,000
35,659,925
70,670,950
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
25
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Tobacco
0.4%
BAT
Capital
Corp.
,
Senior
Note,
3.222%,
8/15/24
..........................
United
Kingdom
88,500,000
$
94,884,313
Senior
Note,
3.557%,
8/15/27
..........................
United
Kingdom
170,000,000
184,053,813
278,938,126
Trading
Companies
&
Distributors
0.2%
United
Rentals
North
America,
Inc.,
Senior
Bond,
4.875%,
1/15/28
United
States
103,000,000
105,736,195
d
WESCO
Distribution,
Inc.,
Senior
Note,
144A,
7.125%,
6/15/25
...
United
States
40,000,000
42,288,000
148,024,195
Wireless
Telecommunication
Services
2.2%
Sprint
Communications,
Inc.
,
Senior
Bond,
6%,
11/15/22
............................
United
States
347,700,000
367,211,185
Senior
Note,
7%,
8/15/20
.............................
United
States
102,500,000
103,087,325
Senior
Note,
11.5%,
11/15/21
..........................
United
States
200,000,000
221,955,000
Sprint
Corp.
,
Senior
Note,
7.875%,
9/15/23
..........................
United
States
187,350,000
211,236,188
Senior
Note,
7.125%,
6/15/24
..........................
United
States
190,650,000
215,613,711
Senior
Note,
7.625%,
3/01/26
..........................
United
States
96,300,000
113,892,566
d
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
150,000,000
173,034,000
1,406,029,975
Total
Corporate
Bonds
(Cost
$23,693,686,847)
..................................
19,974,224,620
Units
Index-Linked
Notes
0.2%
Capital
Markets
0.2%
j
Credit
Suisse
AG,
Senior
Note,
11.06%,
2/08/21
..............
United
States
33,000
91,302,750
d,j
UBS
AG,
Senior
Note,
144A,
Zero
Cpn
.,
5/07/21
..............
Switzerland
75,000
70,842,000
162,144,750
Total
Index-Linked
Notes
(Cost
$174,480,150)
...................................
162,144,750
Principal
Amount
*
h
Senior
Floating
Rate
Interests
0.3%
Hotels,
Restaurants
&
Leisure
0.1%
Golden
Nugget
Online
Gaming,
Inc.,
Term
Loan
,
13%,
(2-month
USD
LIBOR
+
12%),
10/04/23
..............
United
States
13,867,491
15,254,240
B,
13%,
(3-month
USD
LIBOR
+
12%),
10/04/23
............
United
States
36,132,509
39,745,760
55,000,000
a
a
a
a
a
a
Media
0.1%
Univision
Communications,
Inc.,
First
Lien,
Term
Loan,
3.75%,
(1-month
USD
LIBOR
+
2.75%),
3/15/24
..................
United
States
55,254,625
51,352,268
Multiline
Retail
0.1%
Belk,
Inc.,
First
Lien,
Term
Loan,
7.75%,
(3-month
USD
LIBOR
+
6.75%),
7/31/25
.....................................
United
States
134,581,318
49,054,890
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
26
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
h
Senior
Floating
Rate
Interests
(continued)
Oil,
Gas
&
Consumable
Fuels
0.0%
†
f
Chesapeake
Energy
Corp.,
Term
Loan,
A,
9%,
(1-month
USD
LIBOR
+
8%),
6/24/24
......................................
United
States
77,725,000
$
45,080,500
Total
Senior
Floating
Rate
Interests
(Cost
$303,949,317)
.........................
200,487,658
U.S.
Government
and
Agency
Securities
8.1%
U.S.
Treasury
Bonds
,
7.5%,
11/15/24
......................................
United
States
350,000,000
460,468,750
6.875%,
8/15/25
.....................................
United
States
400,000,000
533,945,312
6.125%,
11/15/27
....................................
United
States
300,000,000
423,281,250
6.125%,
8/15/29
.....................................
United
States
100,000,000
149,427,734
U.S.
Treasury
Notes
,
2.5%,
2/28/21
......................................
United
States
500,000,000
507,763,670
2.375%,
3/15/21
.....................................
United
States
750,000,000
761,689,455
2.625%,
6/15/21
.....................................
United
States
500,000,000
511,806,640
2%,
11/30/22
.......................................
United
States
450,000,000
469,880,861
2.75%,
4/30/23
.....................................
United
States
500,000,000
536,357,420
2.75%,
5/31/23
.....................................
United
States
500,000,000
537,421,875
2.875%,
5/31/25
.....................................
United
States
250,000,000
281,547,852
Total
U.S.
Government
and
Agency
Securities
(Cost
$4,901,122,013)
..............
5,173,590,819
Mortgage-Backed
Securities
2.7%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
0.2%
FHLMC
Pool,
30
Year,
4%,
5/01/49
-
10/01/49
................
United
States
103,266,409
110,184,475
110,184,475
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.9%
FNMA,
30
Year,
3%,
7/01/50
.............................
United
States
83,740,000
88,311,088
FNMA,
30
Year,
4%,
10/01/47
-
2/01/50
.....................
United
States
435,736,359
464,206,962
552,518,050
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
1.6%
GNMA
II,
Single-family,
30
Year,
3.5%,
1/20/50
...............
United
States
354,416,543
374,876,216
GNMA
II,
Single-family,
30
Year,
3.5%,
6/20/50
...............
United
States
174,090,000
184,942,657
GNMA
II,
Single-family,
30
Year,
4%,
9/20/49
-
1/20/50
.........
United
States
455,293,046
483,077,381
1,042,896,254
Total
Mortgage-Backed
Securities
(Cost
$1,687,157,749)
.........................
1,705,598,779
Shares
Escrows
and
Litigation
Trusts
0.0%
b,e
Motors
Liquidation
Co.,
Escrow
Account
....................
United
States
400,000,000
—
b,e
Motors
Liquidation
Co.,
Escrow
Account,
Convertible
Preferred,
C
.
United
States
11,000,000
—
Total
Escrows
and
Litigation
Trusts
(Cost
$2,416,248)
...........................
—
Total
Long
Term
Investments
(Cost
$65,202,461,567)
............................
61,745,612,797
a
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
27
See
Abbreviations
on
page
44
.
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
aa
a
a
Options
Purchased
0.2%
Puts
-
Exchange-Traded
Equity
Options
S&P
500
Index,
October
Strike
Price
$2,750.00,
Expires
10/16/20
.
15,000
1,500,000
$
120,150,000
Total
Options
Purchased
(Cost
$275,207,682)
...................................
120,150,000
Short
Term
Investments
3.8%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
3.8%
k,l
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
2,456,261,680
2,456,261,680
Total
Money
Market
Funds
(Cost
$2,456,261,680)
................................
2,456,261,680
Total
Short
Term
Investments
(Cost
$2,456,261,680
)
.............................
2,456,261,680
a
Total
Investments
(Cost
$67,933,930,929)
100.4%
...............................
$64,322,024,477
Options
Written
(0.1)%
.......................................................
(75,029,550)
Other
Assets,
less
Liabilities
(0.3)%
...........................................
(179,657,545)
Net
Assets
100.0%
...........................................................
$64,067,337,382
Number
of
Contracts
Notional
Amount
#
a
a
a
a
a
Options
Written
(0.1)%
Calls
-
Exchange-Traded
Equity
Options
Air
Products
and
Chemicals,
Inc.,
August
Strike
Price
$250.00,
Expires
8/21/20
.....................................
7,500
750,000
(4,477,500)
Analog
Devices,
Inc.,
July
Strike
Price
$120.00,
Expires
7/17/20
..
6,200
620,000
(3,224,000)
Broadcom,
Inc.,
July
Strike
Price
$330.00,
Expires
7/17/20
......
2,500
250,000
(800,000)
Dominion
Energy,
Inc.,
July
Strike
Price
$90.00,
Expires
7/17/20
..
10,000
1,000,000
(50,000)
General
Motors
Co.,
July
Strike
Price
$30.00,
Expires
7/17/20
....
40,000
4,000,000
(400,000)
Merck
&
Co.,
Inc.,
July
Strike
Price
$85.00,
Expires
7/17/20
......
20,000
2,000,000
(160,000)
PepsiCo,
Inc.,
July
Strike
Price
$145.00,
Expires
7/17/20
........
10,000
1,000,000
(80,000)
Procter
&
Gamble
Co.
(The),
August
Strike
Price
$130.00,
Expires
8/21/20
...........................................
10,000
1,000,000
(750,000)
Walt
Disney
Co.
(The),
August
Strike
Price
$125.00,
Expires
8/21/20
9,550
955,000
(1,633,050)
(11,574,550)
Puts
-
Exchange-Traded
Equity
Options
Duke
Energy
Corp.,
July
Strike
Price
$75.00,
Expires
7/17/20
....
10,000
1,000,000
(550,000)
PepsiCo,
Inc.,
July
Strike
Price
$120.00,
Expires
7/17/20
........
10,000
1,000,000
(450,000)
Procter
&
Gamble
Co.
(The),
August
Strike
Price
$110.00,
Expires
8/21/20
...........................................
10,000
1,000,000
(1,960,000)
S&P
500
Index,
October
Strike
Price
$2,450.00,
Expires
10/16/20
.
15,000
1,500,000
(60,495,000)
(63,455,000)
Total
Options
Written
(Premiums
received
$179,066,890)
.........................
$
(75,029,550)
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
28
#
Notional
amount
is
the
number
of
units
specified
in
the
contract,
and
can
include
currency
units,
bushels,
shares,
pounds,
barrels
or
other
units.
Currency
units
are
stated
in
U.S.
dollars
unless
otherwise
indicated.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
A
portion
or
all
of
these
securities
is
held
in
connection
with
written
option
contracts
open
at
period
end.
b
Non-income
producing.
c
See
Note
6
regarding
holdings
of
5%
voting
securities.
d
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
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.
At
June
30,
2020,
the
aggregate
value
of
these
securities
was
$13,332,437,838,
representing
20.8%
of
net
assets.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
8
regarding
fair
value
measurements.
f
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
g
Perpetual
security
with
no
stated
maturity
date.
h
The
coupon
rate
shown
represents
the
rate
at
period
end.
i
A
portion
or
all
of
the
security
is
on
loan
at
June
30,
2020.
j
Security
pays
variable
interest
based
on
the
distributions
of
the
strategy
index
and
proceeds
earned
from
related
equity
derivatives.
The
coupon
rate
shown
represents
the
combined
rate
at
period
end.
Cash
payment
at
maturity
or
upon
early
redemption
is
based
on
the
performance
of
the
strategy
index.
k
See
Note
7
regarding
investments
in
affiliated
management
investment
companies.
l
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited),
June
30,
2020
Franklin
U.S.
Government
Securities
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
29
a
a
Principal
Amount
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.5%
U.S.
Treasury
Bonds,
4.75%,
2/15/37
....................................
$
14,500,000
$
23,130,615
Total
U.S.
Government
and
Agency
Securities
(Cost
$19,061,694)
.................
23,130,615
Mortgage-Backed
Securities
97.5%
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
97.5%
GNMA
I,
30
Year,
4.5%,
4/15/40
........................................
7,669,998
8,560,006
GNMA
I,
30
Year,
5%,
9/15/40
..........................................
14,991,787
17,139,838
GNMA
I,
30
Year,
5%,
5/15/33
-
8/15/39
...................................
24,084,939
27,519,217
GNMA
I,
30
Year,
5.5%,
6/15/29
-
8/15/39
.................................
21,133,484
24,678,135
GNMA
I,
30
Year,
6%,
5/15/24
-
12/15/39
..................................
24,364,191
28,917,749
GNMA
I,
30
Year,
6.5%,
5/15/24
-
7/15/36
.................................
1,260,367
1,463,653
GNMA
I,
30
Year
,
7%,
12/15/23
-
5/15/32
..................................
7,223,355
8,718,541
GNMA
I,
30
Year,
7.5%,
7/15/26
-
8/15/33
.................................
1,935,443
2,264,391
GNMA
I,
30
Year,
8%,
10/15/29
.........................................
3,295
3,994
GNMA
I,
30
Year,
8.5%,
11/15/24
........................................
942
1,040
GNMA
I,
30
Year,
10%,
12/15/20
-
3/15/25
.................................
1,040
1,041
GNMA
I,
Single-family,
30
Year,
3.5%,
4/15/43
-
5/15/43
......................
21,303,679
22,976,505
GNMA
I,
Single-family,
30
Year,
4%,
10/15/40
-
8/15/46
.......................
78,796,631
86,194,190
GNMA
I,
Single-family,
30
Year,
4.5%,
2/15/39
-
6/15/41
......................
147,064,260
165,037,143
GNMA
I,
Single-family,
30
Year,
5%,
11/15/39
..............................
16,794,243
19,212,047
GNMA
I,
Single-family,
30
Year,
5%,
2/15/33
-
6/15/40
........................
205,254,292
233,696,598
GNMA
I,
Single-family,
30
Year,
5.5%,
5/15/28
-
2/15/40
......................
88,718,400
101,576,201
GNMA
I,
Single-family,
30
Year,
6%,
10/15/23
-
2/15/39
.......................
73,630,268
84,939,483
GNMA
I,
Single-family,
30
Year,
6.5%,
5/15/23
-
8/15/37
......................
27,864,036
31,434,400
GNMA
I,
Single-family,
30
Year,
7%,
4/15/22
-
9/15/32
........................
12,042,315
12,976,221
GNMA
I,
Single-family,
30
Year,
7.25%,
12/15/25
-
1/15/26
.....................
60,846
62,140
GNMA
I,
Single-family,
30
Year,
7.5%,
1/15/22
-
7/15/31
......................
2,765,228
2,892,979
GNMA
I,
Single-family,
30
Year,
7.7%,
10/15/21
.............................
5,419
5,439
GNMA
I,
Single-family,
30
Year
,
8%,
4/15/21
-
9/15/30
........................
1,419,208
1,458,977
GNMA
I,
Single-family,
30
Year,
8.5%,
4/15/21
-
5/15/25
......................
159,242
162,032
GNMA
I,
Single-family,
30
Year,
9%,
10/15/20
-
7/15/23
.......................
77,287
78,148
GNMA
I,
Single-family,
30
Year,
9.5%,
7/15/20
-
8/15/22
......................
38,799
38,951
GNMA
I,
Single-family,
30
Year,
10%,
8/15/20
-
2/15/25
.......................
13,735
13,761
GNMA
I,
Single-family,
30
Year,
10.5%,
10/15/20
............................
112
113
GNMA
II,
30
Year,
4.5%,
5/20/34
-
6/20/41
.................................
6,552,972
7,198,612
GNMA
II,
30
Year,
6%,
3/20/34
-
9/20/34
..................................
2,182,311
2,408,718
GNMA
II,
30
Year,
6.5%,
9/20/31
-
3/20/34
.................................
1,819,774
2,175,419
GNMA
II,
30
Year,
7%,
7/20/32
.........................................
496,080
602,604
GNMA
II,
30
Year,
7.5%,
10/20/24
.......................................
47,685
49,895
GNMA
II,
30
Year,
8%,
12/20/28
........................................
98,288
112,602
GNMA
II,
Single-family,
30
Year,
2.5%,
6/20/50
.............................
151,000,000
159,137,985
GNMA
II,
Single-family,
30
Year,
3%,
10/20/44
..............................
40,860,263
43,867,558
GNMA
II,
Single-family,
30
Year,
3%,
12/20/44
..............................
28,590,496
30,585,070
GNMA
II,
Single-family,
30
Year,
3%,
5/20/45
...............................
42,559,935
45,425,246
GNMA
II,
Single-family,
30
Year,
3%,
6/20/45
...............................
16,955,654
18,091,459
GNMA
II,
Single-family,
30
Year,
3%,
4/20/46
...............................
61,567,474
65,551,669
GNMA
II,
Single-family,
30
Year,
3%,
9/20/47
...............................
49,519,201
52,557,602
GNMA
II,
Single-family,
30
Year,
3%,
10/20/47
..............................
84,821,446
90,026,376
GNMA
II,
Single-family,
30
Year,
3%,
4/20/48
...............................
15,469,042
16,426,953
GNMA
II,
Single-family,
30
Year,
3%,
12/20/49
..............................
101,323,600
107,540,616
GNMA
II,
Single-family,
30
Year,
3%,
2/20/50
...............................
102,844,609
109,154,952
GNMA
II,
Single-family,
30
Year,
3%,
5/20/50
...............................
427,113,306
453,468,437
GNMA
II,
Single-family,
30
Year,
3%,
6/20/50
...............................
243,827,974
259,008,652
GNMA
II,
Single-family,
30
Year,
3%,
2/20/45
-
1/20/50
.......................
50,894,233
54,150,417
GNMA
II,
Single-family,
30
Year,
3.5%,
7/20/42
.............................
69,872,330
76,013,682
GNMA
II,
Single-family,
30
Year,
3.5%,
9/20/42
.............................
85,916,459
93,468,306
GNMA
II,
Single-family,
30
Year,
3.5%,
10/20/42
............................
17,757,407
19,318,265
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
U.S.
Government
Securities
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
30
a
a
Principal
Amount
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
(continued)
GNMA
II,
Single-family,
30
Year,
3.5%,
11/20/42
............................
$
14,922,567
$
16,234,246
GNMA
II,
Single-family,
30
Year,
3.5%,
4/20/43
.............................
18,113,925
19,706,228
GNMA
II,
Single-family,
30
Year,
3.5%,
5/20/43
.............................
24,731,406
26,935,931
GNMA
II,
Single-family,
30
Year,
3.5%,
6/20/43
.............................
28,517,702
31,013,625
GNMA
II,
Single-family,
30
Year,
3.5%,
8/20/43
.............................
19,658,389
21,333,874
GNMA
II,
Single-family,
30
Year
,
3.5%,
9/20/47
.............................
469,997,336
500,484,973
GNMA
II,
Single-family,
30
Year,
3.5%,
11/20/47
............................
466,667,050
496,761,022
GNMA
II,
Single-family,
30
Year,
3.5%,
2/20/50
.............................
100,302,009
106,213,201
GNMA
II,
Single-family,
30
Year,
3.5%,
5/20/50
.............................
27,922,826
29,594,238
GNMA
II,
Single-family,
30
Year,
3.5%,
10/20/40
-
1/20/49
.....................
39,680,426
43,134,877
GNMA
II,
Single-family,
30
Year,
4%,
11/20/40
..............................
23,806,668
26,256,746
GNMA
II,
Single-family,
30
Year,
4%,
1/20/41
...............................
15,741,889
17,364,112
GNMA
II,
Single-family,
30
Year,
4%,
7/20/41
...............................
18,977,894
20,930,147
GNMA
II,
Single-family,
30
Year,
4%,
9/20/41
...............................
22,566,982
24,889,556
GNMA
II,
Single-family,
30
Year,
4%,
10/20/41
..............................
27,911,091
30,786,387
GNMA
II,
Single-family,
30
Year,
4%,
11/20/41
..............................
25,822,681
28,487,797
GNMA
II,
Single-family,
30
Year,
4%,
2/20/44
...............................
16,135,454
17,751,008
GNMA
II,
Single-family,
30
Year,
4%,
5/20/47
...............................
118,937,399
127,876,819
GNMA
II,
Single-family,
30
Year,
4%,
11/20/49
..............................
54,265,049
58,009,633
GNMA
II,
Single-family,
30
Year,
4%,
12/20/49
..............................
220,851,077
235,202,433
GNMA
II,
Single-family,
30
Year,
4%,
5/20/40
-
2/20/44
.......................
31,153,233
34,351,605
GNMA
II,
Single-family,
30
Year,
4.5%,
12/20/39
............................
16,032,270
17,611,819
GNMA
II,
Single-family,
30
Year,
4.5%,
5/20/41
.............................
20,784,514
22,830,205
GNMA
II,
Single-family,
30
Year,
4.5%,
6/20/41
.............................
24,971,777
27,426,817
GNMA
II,
Single-family,
30
Year,
4.5%,
7/20/41
.............................
27,667,224
30,930,153
GNMA
II,
Single-family,
30
Year
,
4.5%,
9/20/41
.............................
37,626,248
41,332,766
GNMA
II,
Single-family,
30
Year,
4.5%,
10/20/41
............................
27,848,656
30,593,330
GNMA
II,
Single-family,
30
Year,
4.5%,
5/20/33
-
2/20/44
......................
48,412,113
53,144,846
GNMA
II,
Single-family,
30
Year,
5%,
9/20/33
...............................
15,896,858
18,006,634
GNMA
II,
Single-family,
30
Year,
5%,
7/20/33
-
9/20/41
.......................
54,033,627
61,083,499
GNMA
II,
Single-family,
30
Year,
5.5%,
6/20/34
-
4/20/40
......................
61,161,048
70,501,426
GNMA
II,
Single-family,
30
Year,
6%,
10/20/23
-
7/20/39
......................
44,368,298
51,251,537
GNMA
II,
Single-family,
30
Year,
6.5%,
6/20/24
-
1/20/39
......................
13,778,869
16,101,070
GNMA
II,
Single-family,
30
Year,
7%,
2/20/28
-
7/20/33
.......................
3,612,445
4,325,960
GNMA
II,
Single-family,
30
Year,
7.5%,
10/20/22
-
4/20/32
.....................
636,766
729,997
GNMA
II,
Single-family,
30
Year,
8%,
5/20/24
-
6/20/30
.......................
260,950
304,162
GNMA
II,
Single-family,
30
Year,
8.5%,
7/20/21
-
6/20/25
......................
25,319
25,598
GNMA
II,
Single-family,
30
Year,
9%,
10/20/21
-
11/20/21
......................
5,322
5,391
GNMA
II,
Single-family,
30
Year,
9.5%,
11/20/20
-
4/20/25
.....................
13,794
13,845
GNMA
II,
Single-family,
30
Year,
10%,
11/20/20
-
3/20/21
......................
4,470
4,491
GNMA
II,
Single-family,
30
Year,
10.5%,
12/20/20
-
1/20/21
....................
2,870
2,875
GNMA
II,
Single-family,
30
Year,
11%,
1/20/21
..............................
183
183
4,947,909,090
Total
Mortgage-Backed
Securities
(Cost
$4,776,194,376)
.........................
4,947,909,090
Total
Long
Term
Investments
(Cost
$4,795,256,070)
.............................
4,971,039,705
a
a
a
a
a
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
U.S.
Government
Securities
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
31
See
Abbreviations
on
page
44
.
Short
Term
Investments
1.8%
a
a
Shares
a
Value
a
Money
Market
Funds
1.8%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
......................
92,853,763
$
92,853,763
Total
Money
Market
Funds
(Cost
$92,853,763)
..................................
92,853,763
a
Total
Investments
(Cost
$4,888,109,833)
99.8%
..................................
$5,063,893,468
Other
Assets,
less
Liabilities
0.2%
.............................................
10,139,477
Net
Assets
100.0%
...........................................................
$5,074,032,945
a
See
Note
7
regarding
investments
in
affiliated
management
investment
companies.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited),
June
30,
2020
Franklin
Utilities
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
32
a
a
Country
Shares
a
Value
a
Common
Stocks
99.7%
Diversified
Telecommunication
Services
0.5%
TELUS
Corp.
........................................
Canada
2,000,000
$
33,545,726
Electric
Utilities
55.3%
Alliant
Energy
Corp.
...................................
United
States
3,856,870
184,512,661
American
Electric
Power
Co.,
Inc.
.........................
United
States
3,000,000
238,920,000
Duke
Energy
Corp.
....................................
United
States
2,800,000
223,692,000
Edison
International
...................................
United
States
4,000,000
217,240,000
Emera,
Inc.
..........................................
Canada
2,200,000
86,570,660
Entergy
Corp.
........................................
United
States
2,100,000
197,001,000
Evergy
,
Inc.
..........................................
United
States
2,400,000
142,296,000
Eversource
Energy
....................................
United
States
2,500,000
208,175,000
Exelon
Corp.
.........................................
United
States
6,800,000
246,772,000
FirstEnergy
Corp.
.....................................
United
States
4,400,000
170,632,000
NextEra
Energy,
Inc.
...................................
United
States
2,600,000
624,442,000
OGE
Energy
Corp.
....................................
United
States
1,400,000
42,504,000
a
PG&E
Corp.
.........................................
United
States
5,000,000
44,350,000
Pinnacle
West
Capital
Corp.
.............................
United
States
1,900,000
139,251,000
PNM
Resources,
Inc.
..................................
United
States
2,600,070
99,946,691
PPL
Corp.
...........................................
United
States
2,200,000
56,848,000
Southern
Co.
(The)
....................................
United
States
4,000,000
207,400,000
Xcel
Energy,
Inc.
......................................
United
States
3,090,000
193,125,000
3,323,678,012
Gas
Utilities
3.0%
Atmos
Energy
Corp.
...................................
United
States
250,000
24,895,000
New
Jersey
Resources
Corp.
............................
United
States
1,000,000
32,650,000
Southwest
Gas
Holdings,
Inc.
............................
United
States
1,000,000
69,050,000
Spire,
Inc.
...........................................
United
States
800,000
52,568,000
179,163,000
Independent
Power
and
Renewable
Electricity
Producers
1.0%
Clearway
Energy,
Inc.,
C
................................
United
States
2,537,458
58,513,781
Multi-Utilities
32.4%
Ameren
Corp.
........................................
United
States
1,668,250
117,378,070
Black
Hills
Corp.
......................................
United
States
784,393
44,443,707
CenterPoint
Energy,
Inc.
................................
United
States
6,500,000
121,355,000
CMS
Energy
Corp.
....................................
United
States
5,000,000
292,100,000
Consolidated
Edison,
Inc.
...............................
United
States
1,100,000
79,123,000
Dominion
Energy,
Inc.
..................................
United
States
4,250,000
345,015,000
DTE
Energy
Co.
......................................
United
States
1,900,000
204,250,000
E.ON
SE
............................................
Germany
8,000,000
90,293,389
National
Grid
plc
......................................
United
Kingdom
5,999,933
73,198,602
NiSource,
Inc.
........................................
United
States
4,065,416
92,447,560
NorthWestern
Corp.
...................................
United
States
1,000,000
54,520,000
Public
Service
Enterprise
Group,
Inc.
......................
United
States
2,100,000
103,236,000
Sempra
Energy
.......................................
United
States
1,988,900
233,158,747
WEC
Energy
Group,
Inc.
................................
United
States
1,100,000
96,415,000
1,946,934,075
Oil,
Gas
&
Consumable
Fuels
3.0%
a
Cheniere
Energy,
Inc.
..................................
United
States
1,200,000
57,984,000
Kinder
Morgan,
Inc.
....................................
United
States
600,000
9,102,000
Origin
Energy
Ltd.
.....................................
Australia
7,000,000
28,480,592
Williams
Cos.,
Inc.
(The)
................................
United
States
4,400,000
83,688,000
179,254,592
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Utilities
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
33
See
Abbreviations
on
page
44
.
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Water
Utilities
4.5%
American
Water
Works
Co.,
Inc.
..........................
United
States
1,300,000
$
167,258,000
Essential
Utilities,
Inc.
..................................
United
States
1,750,000
73,920,000
United
Utilities
Group
plc
................................
United
Kingdom
3,000,000
33,708,849
274,886,849
Total
Common
Stocks
(Cost
$3,399,626,702)
....................................
5,995,976,035
Principal
Amount
*
a
a
a
a
a
Corporate
Bonds
0.1%
Electric
Utilities
0.1%
Evergy
Missouri
West,
Inc.,
Senior
Bond,
8.27%,
11/15/21
.......
United
States
6,100,000
6,654,464
Total
Corporate
Bonds
(Cost
$6,091,114)
.......................................
6,654,464
Total
Long
Term
Investments
(Cost
$3,405,717,816)
.............................
6,002,630,499
a
Short
Term
Investments
0.9%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
0.9%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
53,344,746
53,344,746
Total
Money
Market
Funds
(Cost
$53,344,746)
..................................
53,344,746
Total
Short
Term
Investments
(Cost
$53,344,746
)
................................
53,344,746
a
Total
Investments
(Cost
$3,459,062,562)
100.7%
................................
$6,055,975,245
Other
Assets,
less
Liabilities
(0.7)%
...........................................
(42,844,620)
Net
Assets
100.0%
...........................................................
$6,013,130,625
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
See
Note
7
regarding
investments
in
affiliated
management
investment
companies.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
34
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 six
separate
funds
(Funds)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP). 
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
Funds’
administrator
has
responsibility
for
oversight
of
valuation,
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.
Investments
in
repurchase
agreements
are
valued
at
cost,
which
approximates
fair
value. 
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,
book
values,
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
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Funds’
portfolio
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
35
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
June
30,
2020,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
inputs
within
the
fair
value
hierarchy.
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.
3.
Derivative
Financial
Instruments
Certain
or
all
Funds
invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
or
initial
margin
requirements
are
set
by
the
broker
or
exchange
clearing
house
for
exchange
traded
and
centrally
cleared
derivatives.
Initial
margin
deposited
is
held
at
the
exchange
and
can
be
in
the
form
of
cash
and/or
securities.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
terms
are
contract
specific
for
OTC
derivatives.
For
OTC
derivatives
traded
under
an
ISDA
master
agreement,
posting
of
collateral
is
required
by
either
the
Fund
or
the
applicable
counterparty
if
the
total
net
exposure
of
all
OTC
derivatives
with
the
applicable
counterparty
exceeds
the
minimum
transfer
amount,
which
typically
ranges
from
$100,000
to
$250,000,
and
can
vary
depending
on
the
counterparty
and
the
type
of
the
agreement.
Generally,
collateral
is
determined
at
the
close
of
Fund
business
each
day
and
any
additional
collateral
required
due
to
changes
in
derivative
values
may
be
delivered
by
the
Fund
or
the
counterparty
the
next
business
day,
or
within
a
few
business
days.
Collateral
pledged
and/or
received
by
the
Fund,
if
any,
is
held
in
segregated
accounts
with
the
Fund’s
custodian/counterparty
broker
and
can
be
in
the
form
of
cash
and/or
securities.
Unrestricted
cash
may
be
invested
according
to
the
Funds’ investment
objectives.
To
the
extent
that
the
amounts
due
to
the
Fund
from
its
counterparties
are
not
subject
to
collateralization
or
are
not
fully
collateralized,
the
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
Certain
or
all
Funds entered
into
exchange
traded
futures
contracts
primarily
to
manage
exposure
to
interest
rate
risk.
A
futures
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
an
asset
at
a
specified
price
on
a
future
date.
Required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable.
The
Funds
did
not
hold
any
futures
contracts
at
period
end.
Certain
or
all
Funds
entered
into
credit
default
swap
contracts
primarily
to
manage
exposure
to
credit
risk.
A
credit
default
swap
is
an
agreement
between
the
Fund
and
a
counterparty
whereby
the
buyer
of
the
contract
receives
credit
protection
and
the
seller
of
the
contract
guarantees
the
credit
worthiness
of
a
referenced
debt
obligation.
These
agreements
may
be
privately
negotiated
in
the
over-the-counter
market
(OTC
credit
default
swaps)
or
may
be
executed
in
a
multilateral
trade
facility
platform,
such
as
a
registered
exchange
(centrally
cleared
credit
default
swaps).
The
underlying
referenced
debt
obligation
may
be
a
single
issuer
of
corporate
or
sovereign
debt,
a
credit
index,
a
basket
of
issuers
or
indices,
or
a
tranche
of
a
credit
index
or
basket
of
issuers
or
indices.
In
the
event
of
a
default
of
the
underlying
referenced
debt
obligation,
the
buyer
is
entitled
to
receive
the
notional
amount
of
the
credit
default
swap
contract
from
the
seller
in
exchange
for
the
referenced
debt
obligation,
a
net
settlement
amount
equal
to
the
notional
amount
of
the
credit
default
swap
less
the
recovery
value
of
the
2. Financial
Instrument
Valuation
(continued)
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
36
referenced
debt
obligation,
or
other
agreed
upon
amount.
For
centrally
cleared
credit
default
swaps,
required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable.
Over
the
term
of
the
contract,
the
buyer
pays
the
seller
a
periodic
stream
of
payments,
provided
that
no
event
of
default
has
occurred.
Such
periodic
payments
are
accrued
daily
as
an
unrealized
appreciation
or
depreciation
until
the
payments
are
made,
at
which
time
they
are
realized.
Upfront
payments
and
receipts
represent
compensating
factors
between
stated
terms
of
the
credit
default
swap
agreement
and
prevailing
market
conditions
(credit
spreads
and
other
relevant
factors).
These
upfront
payments
and
receipts
are
amortized
over
the
term
of
the
contract
as
a
realized
gain
or
loss.
The
Funds
did
not
hold
any
credit
default
swap
contracts
at
period
end. 
Certain
or
all
Funds purchased
or
wrote
exchange
traded
option
contracts
primarily
to
manage
exposure
to
equity
price
risk.
An
option
is
a
contract
entitling
the
holder
to
purchase
or
sell
a
specific
amount
of
shares
or
units
of
an
asset
or
notional
amount
of
a
swap
(swaption),
at
a
specified
price.
When
an
option
is
purchased
or
written,
an
amount
equal
to
the
premium
paid
or
received
is
recorded
as
an
asset
or
liability,
respectively.
Upon
exercise
of
an
option,
the
acquisition
cost
or
sales
proceeds
of
the
underlying
investment
is
adjusted
by
any
premium
received
or
paid.
Upon
expiration
of
an
option,
any
premium
received
or
paid
is
recorded
as
a
realized
gain
or
loss.
Upon
closing
an
option
other
than
through
expiration
or
exercise,
the
difference
between
the
premium
received
or
paid
and
the
cost
to
close
the
position
is
recorded
as
a
realized
gain
or
loss.
The
following
Fund
has
invested
in
derivatives
during
the
period. 
Franklin
Income
Fund
–
Futures,
options
and
swaps
4.
Mortgage
Dollar
Rolls 
Franklin
U.S.
Government
Securities
Fund
enters
into
mortgage
dollar
rolls,
typically
on
a
to-be-announced
basis.
Mortgage
dollar
rolls
are
agreements
between
the
Fund
and
a
financial
institution
where
the
Fund
sells
(or
buys)
mortgage-backed
securities
for
delivery
on
a
specified
date
and
simultaneously
contracts
to
repurchase
(or
sell)
substantially
similar
(same
type,
coupon,
and
maturity)
securities
at
a
future
date
and
at
a
predetermined
price.
Gains
or
losses
are
realized
on
the
initial
sale,
and
the
difference
between
the
repurchase
price
and
the
sale
price
is
recorded
as
an
unrealized
gain
or
loss
to
the
Fund
upon
entering
into
the
mortgage
dollar
roll.
In
addition,
the
Fund
may
invest
the
cash
proceeds
that
are
received
from
the
initial
sale.
During
the
period
between
the
sale
and
repurchase,
the
Fund
is
not
entitled
to
principal
and
interest
paid
on
the
mortgage
backed
securities.
Transactions
in
mortgage
dollar
rolls
are
accounted
for
as
purchases
and
sales
and
may
result
in
an
increase
to
the
Fund’s
portfolio
turnover
rate.
The
risks
of
mortgage
dollar
roll
transactions
include
the
potential
inability
of
the
counterparty
to
fulfill
its
obligations.
5. Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the
Funds, their ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and their ability
to
achieve their investment
objectives.
3.
Derivative
Financial
Instruments
(continued)
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
37
6.
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.
During
the
period
ended
June
30,
2020,
investments
in
“affiliated
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/Principal
Amount
*
Held
at
End
of
Period
Investment
Income
Franklin
Income
Fund
Non-Controlled
Affiliates
Dividends
Chesapeake
Energy
Corp.
..
$325,710,000
$—
$(159,935,764)
$
(334,910,619)
$
169,136,383
$
—
a
—
$
—
Chesapeake
Energy
Corp.,
Convertible
Preferred,
5.75%
$44,721,438
$—
$(2,811,237)
(65,365,704)
—
b
—
b
—
b
3,248,175
Weatherford
International
plc
.
$—
$331,232,648
c
$(2,940,341)
(4,892,313)
(294,440,994)
28,959,000
14,700,000
—
Interest
Chesapeake
Energy
Corp.,
Senior
Bond,
8%,
6/15/27
.
$135,500,000
$14,777,377
c
$(139,196,735)
c
$
—
$
(11,080,642)
$
—
a
—
$
4,468,444
Chesapeake
Energy
Corp.,
Senior
Note,
8%,
1/15/25
..
$396,487,500
$30,022,467
c
$(357,006,250)
c
—
(69,503,717)
—
a
—
11,243,333
Chesapeake
Energy
Corp.,
Senior
Note,
7.5%,
10/01/26
$88,502,000
$114,424
c
$(66,260,220)
c
—
(22,356,204)
—
a
—
2,099,500
Chesapeake
Energy
Corp.,
Senior
Note,
144A,
8%,
3/15/26
..............
$448,500,000
$7,914,472
c
$(399,497,205)
c
—
(56,917,267)
—
a
—
11,542,588
Chesapeake
Energy
Corp.,
Senior
Note,
5.5%,
9/15/26
$6,075,000
$103,470,594
c
$(5,887,500)
(10,437,322)
—
b
—
b
—
b
5,496,166
Chesapeake
Energy
Corp.,
Senior
Note,
7%,
10/01/24
.
$212,871,889
$77,873,416
c
$(8,570,175)
(21,786,042)
—
b
—
b
—
b
14,270,279
Total
Affiliated
Securities
(Value
is
0.0%
of
Net
Assets)
$1,658,367,827
$565,405,398
$(1,142,105,427)
(437,39
2
,
000
)
(285
,
162
,
441
)
$28,959,000
$52,368,485
a
As
of
June
30,
2020,
no
longer
held
by
the
fund.
b
As
of
June
30,
2020,
no
longer
an
affiliate.
c
May
include
accretion,
amortization,
partnership
adjustments,
and/or
corporate
actions.
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
38
7.
Investments
in
Affiliated
Management
Investment
Companies 
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies
for
purposes
other
than
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
June
30,
2020,
investments
in
affiliated
management
investment
companies
were
as
follows: 
a
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
a
Franklin
Dyna
Te
ch
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$439,351,721
$2,211,220,870
$(2,384,665,804)
$
—
$
—
$
265,906,787
265,906,787
$
1,899,425
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$—
$219,632,000
$(158,378,000)
$
—
$
—
$
61,254,000
61,254,000
$
167,998
Total
Affiliated
Securities
....
$439,351,721
$2,430,852,870
$(2,543,043,804)
$—
$—
$327,160,787
$2,067,423
Franklin
Focused
Growth
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$116,522
$13,946,772
$(11,225,637)
—
—
2,837,657
2,837,657
855
Total
Affiliated
Securities
....
$116,522
$13,946,772
$(11,225,637)
$—
$—
$2,837,657
$855
Franklin
Growth
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$195,726,982
$1,290,769,509
$(1,340,316,697)
—
—
146,179,794
146,179,794
1,295,768
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$—
$224,308,000
$(224,308,000)
—
—
—
—
40,951
Total
Affiliated
Securities
....
$195,726,982
$1,515,077,509
$(1,564,624,697)
$—
$—
$146,179,794
$1,336,719
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
39
8. 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
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
a
Franklin
Income
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$1,386,045,053
$23,156,755,202
$(22,086,538,575)
$
—
$
—
$
2,456,261,680
2,456,261,680
$
18,671,113
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$23,902,000
$26,115,000
$(50,017,000)
$
—
$
—
$
—
—
$
81,781
Total
Affiliated
Securities
....
$1,409,947,053
$23,182,870,202
$(22,136,555,575)
$—
$—
$2,456,261,680
$18,752,894
Franklin
U.S.
Government
Securities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$86,808,469
$1,027,120,854
$(1,021,075,560)
—
—
92,853,763
92,853,763
887,173
Total
Affiliated
Securities
....
$86,808,469
$1,027,120,854
$(1,021,075,560)
$—
$—
$92,853,763
$887,173
Franklin
Utilities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$35,371,057
$588,362,380
$(570,388,691)
—
—
53,344,746
53,344,746
172,866
Total
Affiliated
Securities
....
$35,371,057
$588,362,380
$(570,388,691)
$—
$—
$53,344,746
$172,866
7.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
40
A
summary
of
inputs
used
as
of
June
30,
2020,
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
...................
$
55,996,500
$
—
$
—
$
55,996,500
Automobiles
..........................
64,788,600
—
—
64,788,600
Biotechnology
.........................
249,861,916
56,267,858
—
306,129,774
Capital
Markets
........................
460,156,500
—
—
460,156,500
Diversified
Consumer
Services
............
43,719,000
—
—
43,719,000
Electric
Utilities
........................
84,059,500
—
—
84,059,500
Electronic
Equipment,
Instruments
&
Components
........................
167,847,000
54,478,001
—
222,325,001
Entertainment
.........................
336,457,750
—
—
336,457,750
Equity
Real
Estate
Investment
Trusts
(REITs)
.
577,686,853
—
—
577,686,853
Health
Care
Equipment
&
Supplies
.........
1,081,066,100
28,838,315
—
1,109,904,415
Health
Care
Providers
&
Services
..........
67,103,000
—
—
67,103,000
Health
Care
Technology
.................
415,753,500
—
—
415,753,500
Industrial
Conglomerates
................
135,891,000
—
—
135,891,000
Insurance
............................
8,168,925
—
—
8,168,925
Interactive
Media
&
Services
..............
794,355,634
202,356,404
—
996,712,038
Internet
&
Direct
Marketing
Retail
..........
1,688,337,200
97,122,009
—
1,785,459,209
IT
Services
...........................
2,291,946,073
4,318,144
—
2,296,264,217
Life
Sciences
Tools
&
Services
............
339,458,400
163,348,382
—
502,806,782
Machinery
............................
27,064,000
—
—
27,064,000
Media
...............................
142,646,500
—
—
142,646,500
Pharmaceuticals
.......................
88,279,000
135,291,247
—
223,570,247
Professional
Services
...................
270,754,000
—
—
270,754,000
Road
&
Rail
..........................
777,000
—
—
777,000
Semiconductors
&
Semiconductor
Equipment
.
848,067,750
—
—
848,067,750
Software
.............................
3,576,783,094
8,164,786
—
3,584,947,880
Specialty
Retail
........................
23,244,000
—
—
23,244,000
Technology
Hardware,
Storage
&
Peripherals
.
145,920,000
—
—
145,920,000
Textiles,
Apparel
&
Luxury
Goods
..........
29,415,000
—
—
29,415,000
Short
Term
Investments
...................
327,160,787
15,303,610
—
342,464,397
Total
Investments
in
Securities
...........
$14,342,764,582
$765,488,756
$—
$15,108,253,338
Franklin
Focused
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Automobiles
..........................
174,929
—
—
174,929
Capital
Markets
........................
327,811
—
—
327,811
Electric
Utilities
........................
511,082
—
—
511,082
Entertainment
.........................
642,226
—
—
642,226
Equity
Real
Estate
Investment
Trusts
(REITs)
.
518,952
—
—
518,952
Food
&
Staples
Retailing
.................
446,325
—
—
446,325
Health
Care
Equipment
&
Supplies
.........
2,031,243
—
—
2,031,243
Health
Care
Technology
.................
574,095
—
—
574,095
Industrial
Conglomerates
................
444,946
—
—
444,946
Interactive
Media
&
Services
..............
1,467,300
576,954
—
2,044,254
Internet
&
Direct
Marketing
Retail
..........
3,163,161
—
—
3,163,161
IT
Services
...........................
3,644,022
—
—
3,644,022
Life
Sciences
Tools
&
Services
............
242,950
225,093
—
468,043
Media
...............................
499,329
—
—
499,329
Personal
Products
.....................
430,945
—
—
430,945
Professional
Services
...................
481,902
—
—
481,902
8. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
41
Level
1
Level
2
Level
3
Total
Franklin
Focused
Growth
Fund
(continued)
Assets:
Common
Stocks:
Road
&
Rail
..........................
$
193,597
$
—
$
—
$
193,597
Semiconductors
&
Semiconductor
Equipment
.
1,080,978
—
—
1,080,978
Software
.............................
4,622,497
—
—
4,622,497
Specialty
Retail
........................
10,428
—
—
10,428
Textiles,
Apparel
&
Luxury
Goods
..........
336,116
—
—
336,116
Short
Term
Investments
...................
2,837,657
—
—
2,837,657
Total
Investments
in
Securities
...........
$24,682,491
$802,047
$—
$25,484,538
Franklin
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
864,060,930
—
—
864,060,930
Auto
Components
......................
1,157,891
—
—
1,157,891
Beverages
...........................
471,023,060
—
—
471,023,060
Biotechnology
.........................
480,524,248
—
—
480,524,248
Building
Products
......................
167,719,042
—
—
167,719,042
Capital
Markets
........................
488,052,185
—
—
488,052,185
Chemicals
...........................
550,697,582
—
—
550,697,582
Commercial
Services
&
Supplies
...........
52,873,020
—
—
52,873,020
Construction
Materials
..................
81,792,837
—
—
81,792,837
Consumer
Finance
.....................
56,542,517
—
—
56,542,517
Diversified
Financial
Services
.............
48,915,900
—
—
48,915,900
Electric
Utilities
........................
122,019,569
—
—
122,019,569
Electrical
Equipment
....................
61,926,528
—
—
61,926,528
Electronic
Equipment,
Instruments
&
Components
........................
385,935,237
—
—
385,935,237
Entertainment
.........................
192,313,045
—
—
192,313,045
Equity
Real
Estate
Investment
Trusts
(REITs)
.
335,123,779
—
—
335,123,779
Food
Products
........................
110,619,488
—
—
110,619,488
Health
Care
Equipment
&
Supplies
.........
1,074,719,148
—
—
1,074,719,148
Health
Care
Providers
&
Services
..........
186,426,437
—
—
186,426,437
Health
Care
Technology
.................
13,971,432
—
—
13,971,432
Hotels,
Restaurants
&
Leisure
.............
65,746,098
—
—
65,746,098
Interactive
Media
&
Services
..............
734,455,728
—
—
734,455,728
Internet
&
Direct
Marketing
Retail
..........
1,104,239,479
—
—
1,104,239,479
IT
Services
...........................
1,087,237,038
—
—
1,087,237,038
Life
Sciences
Tools
&
Services
............
774,773,449
18,513,355
—
793,286,804
Machinery
............................
559,542,651
—
—
559,542,651
Media
...............................
171,543,723
—
—
171,543,723
Personal
Products
.....................
8,437,770
—
—
8,437,770
Pharmaceuticals
.......................
930,819,540
—
—
930,819,540
Professional
Services
...................
649,397,018
—
—
649,397,018
Road
&
Rail
..........................
755,543,174
—
—
755,543,174
Semiconductors
&
Semiconductor
Equipment
.
797,827,012
—
—
797,827,012
Software
.............................
2,361,033,441
—
—
2,361,033,441
Technology
Hardware,
Storage
&
Peripherals
.
1,045,905,312
—
—
1,045,905,312
Textiles,
Apparel
&
Luxury
Goods
..........
184,952,892
—
—
184,952,892
Trading
Companies
&
Distributors
..........
116,589,060
—
—
116,589,060
Water
Utilities
.........................
89,151,473
—
—
89,151,473
Short
Term
Investments
...................
146,179,794
—
—
146,179,794
Total
Investments
in
Securities
...........
$17,329,788,527
$18,513,355
$—
$17,348,301,882
8. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
42
Level
1
Level
2
Level
3
Total
Franklin
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
308,100,000
$
—
$
—
$
308,100,000
Air
Freight
&
Logistics
...................
333,540,000
—
—
333,540,000
Automobiles
..........................
303,600,000
—
—
303,600,000
Banks
...............................
2,111,066,266
282,148,289
—
2,393,214,555
Beverages
...........................
843,580,000
—
—
843,580,000
Capital
Markets
........................
362,250,000
—
—
362,250,000
Chemicals
...........................
181,095,000
533,561,230
—
714,656,230
Communications
Equipment
..............
93,280,000
—
—
93,280,000
Diversified
Telecommunication
Services
.....
1,262,212,439
83,888,735
—
1,346,101,174
Electric
Utilities
........................
1,509,116,673
—
—
1,509,116,673
Energy
Equipment
&
Services
.............
28,959,000
—
—
28,959,000
Entertainment
.........................
106,492,050
—
—
106,492,050
Equity
Real
Estate
Investment
Trusts
(REITs)
.
156,455,000
—
—
156,455,000
Health
Care
Providers
&
Services
..........
162,425,000
—
—
162,425,000
Hotels,
Restaurants
&
Leisure
.............
110,682,000
—
—
110,682,000
Household
Products
....................
753,291,000
—
—
753,291,000
Industrial
Conglomerates
................
433,770,000
—
—
433,770,000
Insurance
............................
438,240,000
—
—
438,240,000
IT
Services
...........................
120,770,000
—
—
120,770,000
Media
...............................
292,350,000
—
—
292,350,000
Metals
&
Mining
.......................
542,137,000
—
—
542,137,000
Multiline
Retail
........................
250,054,050
—
—
250,054,050
Multi-Utilities
..........................
1,468,750,000
—
—
1,468,750,000
Oil,
Gas
&
Consumable
Fuels
.............
2,324,665,000
—
—
2,324,665,000
Personal
Products
.....................
—
161,816,677
—
161,816,677
Pharmaceuticals
.......................
1,860,414,080
987,900,706
—
2,848,314,786
Road
&
Rail
..........................
338,140,000
—
—
338,140,000
Semiconductors
&
Semiconductor
Equipment
.
824,360,300
—
—
824,360,300
Software
.............................
238,759,000
—
—
238,759,000
Tobacco
.............................
280,240,000
—
—
280,240,000
Wireless
Telecommunication
Services
.......
—
79,484,810
—
79,484,810
Equity-Linked
Securities
...................
—
12,629,243,985
—
12,629,243,985
Convertible
Preferred
Stocks
:
Banks
...............................
412,631,204
—
—
412,631,204
Electric
Utilities
........................
237,902,500
—
—
237,902,500
Health
Care
Equipment
&
Supplies
.........
53,681,500
—
—
53,681,500
Machinery
............................
69,987,092
—
—
69,987,092
Multi-Utilities
..........................
121,479,140
—
—
121,479,140
Semiconductors
&
Semiconductor
Equipment
.
468,027,000
—
—
468,027,000
Thrifts
&
Mortgage
Finance
...............
—
99,875,000
—
99,875,000
Wireless
Telecommunication
Services
.......
—
38,270,625
—
38,270,625
Preferred
Stocks
........................
150,377,600
—
—
150,377,600
Convertible
Bonds
:
Airlines
..............................
—
72,361,860
—
72,361,860
Oil,
Gas
&
Consumable
Fuels
.............
—
—
8,134,360
8,134,360
Corporate
Bonds
........................
—
19,974,224,620
—
19,974,224,620
Index-Linked
Notes
......................
—
162,144,750
—
162,144,750
Senior
Floating
Rate
Interests
...............
—
200,487,658
—
200,487,658
U.S.
Government
and
Agency
Securities
.......
—
5,173,590,819
—
5,173,590,819
Mortgage-Backed
Securities
................
—
1,705,598,779
—
1,705,598,779
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Options
purchased
.......................
120,150,000
—
—
120,150,000
8. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
43
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.
9.
Subsequent
Events
The
Funds
have evaluated
subsequent
events
through
the
issuance
of
the
Statements of
Investments
and
determined
that
no
events
have
occurred
that
require
disclosure.
Level
1
Level
2
Level
3
Total
Franklin
Income
Fund
(continued)
Assets:
Short
Term
Investments
...................
$
2,456,261,680
—
—
$
2,456,261,680
Total
Investments
in
Securities
...........
$22,129,291,574
$42,184,598,543
$8,134,360
$64,322,024,477
Liabilities:
Other
Financial
Instruments:
Options
written
..........................
$
75,029,550
$
—
$
—
$
75,029,550
Total
Other
Financial
Instruments
.........
$75,029,550
$—
$—
$75,029,550
Franklin
U.S.
Government
Securities
Fund
Assets:
Investments
in
Securities:
U.S.
Government
and
Agency
Securities
.......
—
23,130,615
—
23,130,615
Mortgage-Backed
Securities
................
—
4,947,909,090
—
4,947,909,090
Short
Term
Investments
...................
92,853,763
—
—
92,853,763
Total
Investments
in
Securities
...........
$92,853,763
$4,971,039,705
$—
$5,063,893,468
Franklin
Utilities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Diversified
Telecommunication
Services
.....
—
33,545,726
—
33,545,726
Electric
Utilities
........................
3,323,678,012
—
—
3,323,678,012
Gas
Utilities
..........................
179,163,000
—
—
179,163,000
Independent
Power
and
Renewable
Electricity
Producers
..........................
58,513,781
—
—
58,513,781
Multi-Utilities
..........................
1,783,442,084
163,491,991
—
1,946,934,075
Oil,
Gas
&
Consumable
Fuels
.............
150,774,000
28,480,592
—
179,254,592
Water
Utilities
.........................
241,178,000
33,708,849
—
274,886,849
Corporate
Bonds
........................
—
6,654,464
—
6,654,464
Short
Term
Investments
...................
53,344,746
—
—
53,344,746
Total
Investments
in
Securities
...........
$5,790,093,623
$265,881,622
$—
$6,055,975,245
a
Includes
securities
determined
to
have
no
value
at
June
30,
2020.
8. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
44
Abbreviations
Selected
Portfolio
ADR
American
Depositary
Receipt
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
LIBOR
London
Inter-Bank
Offered
Rate
NYRS
New
York
Registry
Shares
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.