0001752724-21-037466.txt : 20210224 0001752724-21-037466.hdr.sgml : 20210224 20210224150526 ACCESSION NUMBER: 0001752724-21-037466 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20201231 FILED AS OF DATE: 20210224 PERIOD START: 20210930 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN CUSTODIAN FUNDS CENTRAL INDEX KEY: 0000038721 IRS NUMBER: 132573775 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-00537 FILM NUMBER: 21672014 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 BUSINESS PHONE: 650-312-2000 MAIL ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN CUSTODIAN FUNDS INC DATE OF NAME CHANGE: 19920703 0000038721 S000006756 FRANKLIN INCOME FUND C000018329 CLASS A1 FKINX C000018332 CLASS C FCISX C000018333 ADVISOR CLASS FRIAX C000018334 CLASS R FISRX C000128787 Class R6 FNCFX C000199719 Class A FKIQX NPORT-P 1 primary_doc.xml NPORT-P false 0000038721 XXXXXXXX S000006756 C000018334 C000199719 C000128787 C000018333 C000018332 C000018329 Franklin Custodian Funds 811-00537 0000038721 549300PYEMTLTOE2MK86 One Franklin Parkway San Mateo 94403-1906 650-312-2000 Franklin Income Fund S000006756 2I64NSETYA60QJ4H0C97 2021-09-30 2020-12-31 N 68786113019.01 165073043.24 68621039975.77 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 90446093.18000000 CAD EUR GBP USD UST Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 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N/A 2000000.00000000 NS USD 80538008.76000000 0.117366348263 Long SN CORP US N 2 2021-04-12 Fixed 10.00000000 N N N N N N Institutional Fiduciary Trust - Money Market Portfolio 549300M4TP89K77LG374 Institutional Fiduciary Trust - Money Market Portfolio 457756500 498874698.99100000 NS USD 498874698.99000000 0.726999618726 Long STIV RF US N 1 N N N Citigroup Global Markets Holdings, Inc. into Alphabet, Inc. 82VOJDD5PTRDMVVMGV31 Citigroup Global Markets Holdings, Inc. into Alphabet, Inc. 17327U798 259000.00000000 NS USD 374782585.17000000 0.546162788122 Long SN CORP US N 2 2021-03-19 Fixed 7.50000000 N N N N N N Weatherford International plc 529900LPBDSCQDJKHQ39 Weatherford International plc N/A 13900000.00000000 NS USD 83400000.00000000 0.121537067974 Long EC CORP IE N 1 N N N BAT Capital Corp. 2138005GYEXN7XRHFA84 BAT Capital Corp. 05526DBB0 170000000.00000000 PA USD 189327764.10000000 0.275903373319 Long DBT CORP US N 2 2027-08-15 Fixed 3.55700000 N N N N N N JPMorgan Chase & Co. 8I5DZWZKVSZI1NUHU748 JPMorgan Chase & Co., Series I 46625HHA1 125959000.00000000 PA USD 125093661.67000000 0.182296365246 Long DBT CORP US N 2 2021-01-30 Variable 3.68438000 N N N N N N Bausch Health Cos., Inc. 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ANGGYXNX0JLX3X63JN86 Credit Suisse AG into Pfizer Inc., Series 0039 22550T773 6250000.00000000 NS USD 237354528.19000000 0.345891767705 Long SN CORP CH N 2 2021-07-20 Fixed 11.00000000 N N N N N N Kraft Heinz Foods Co. 5493003STKEZ2S0RNU91 Kraft Heinz Foods Co. 50077LAT3 24400000.00000000 PA USD 27925598.70000000 0.040695388338 Long DBT CORP US N 2 2029-01-30 Fixed 4.62500000 N N N N N N Credit Suisse AG into General Motors Co. N/A Credit Suisse AG into General Motors Co. N/A 5678000.00000000 NS USD 243396109.53000000 0.354696037273 Long SN CORP US N 2 2021-12-17 Fixed 10.00000000 N N N N N N 2021-01-29 Franklin Custodian Funds Robert Kubilis Robert Kubilis Chief Financial Officer, Chief Accounting Officer and Treasurer XXXX NPORT-EX 2 FCF.htm
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited),
December
31,
2020
Franklin
DynaTech
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
1
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
99.0%
Aerospace
&
Defense
0.3%
a
Axon
Enterprise,
Inc.
...................................
United
States
310,000
$
37,984,300
a
TransDigm
Group,
Inc.
.................................
United
States
35,000
21,659,750
59,644,050
Automobiles
1.9%
a
Tesla,
Inc.
...........................................
United
States
600,000
423,402,000
Biotechnology
2.2%
a,b
Applied
Molecular
Transport,
Inc.
.........................
United
States
622,200
19,145,094
a
Argenx
SE
..........................................
Netherlands
300,000
88,407,912
a,b
Certara
,
Inc.
.........................................
United
States
500,000
16,860,000
a
CRISPR
Therapeutics
AG
...............................
Switzerland
500,000
76,555,000
a
Dyne
Therapeutics,
Inc.
................................
United
States
1,000,000
21,000,000
a
Exact
Sciences
Corp.
..................................
United
States
60,000
7,949,400
a,b
Invitae
Corp.
.........................................
United
States
1,100,000
45,991,000
a
Iovance
Biotherapeutics
,
Inc.
.............................
United
States
2,000,000
92,800,000
a
Legend
Biotech
Corp.,
ADR
.............................
United
States
100,000
2,816,000
a
Natera
,
Inc.
..........................................
United
States
900,000
89,568,000
a
PTC
Therapeutics,
Inc.
.................................
United
States
300,000
18,309,000
a,b
Repare
Therapeutics,
Inc.
...............................
Canada
400,000
13,720,000
493,121,406
Capital
Markets
2.1%
MarketAxess
Holdings,
Inc.
..............................
United
States
10,000
5,705,600
Moody's
Corp.
........................................
United
States
350,000
101,584,000
MSCI,
Inc.
...........................................
United
States
555,000
247,824,150
Tradeweb
Markets,
Inc.,
A
...............................
United
States
2,000,000
124,900,000
480,013,750
Diversified
Consumer
Services
0.4%
a
Chegg
,
Inc.
..........................................
United
States
1,050,000
94,846,500
Electric
Utilities
0.7%
NextEra
Energy,
Inc.
...................................
United
States
2,000,000
154,300,000
Electrical
Equipment
0.1%
a
Array
Technologies,
Inc.
................................
United
States
759,100
32,747,574
Electronic
Equipment,
Instruments
&
Components
0.8%
Amphenol
Corp.,
A
....................................
United
States
500,000
65,385,000
Keyence
Corp.
.......................................
Japan
150,000
84,377,555
a
Keysight
Technologies,
Inc.
..............................
United
States
200,000
26,418,000
176,180,555
Entertainment
3.5%
Activision
Blizzard,
Inc.
.................................
United
States
300,000
27,855,000
a
Netflix,
Inc.
..........................................
United
States
180,000
97,331,400
Nintendo
Co.
Ltd.
.....................................
Japan
125,000
80,242,677
a
Sea
Ltd.,
ADR
........................................
Taiwan
2,500,000
497,625,000
a
Spotify
Technology
SA
..................................
United
States
275,000
86,531,500
789,585,577
Equity
Real
Estate
Investment
Trusts
(REITs)
1.9%
American
Tower
Corp.
..................................
United
States
250,000
56,115,000
Crown
Castle
International
Corp.
..........................
United
States
500,000
79,595,000
Equinix
,
Inc.
.........................................
United
States
200,000
142,836,000
SBA
Communications
Corp.
.............................
United
States
500,000
141,065,000
419,611,000
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
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
7.3%
Abbott
Laboratories
....................................
United
States
1,500,000
$
164,235,000
a,b
CryoPort
,
Inc.
........................................
United
States
200,000
8,776,000
Danaher
Corp.
.......................................
United
States
1,250,000
277,675,000
a
DexCom
,
Inc.
........................................
United
States
225,000
83,187,000
a
Edwards
Lifesciences
Corp.
.............................
United
States
1,300,000
118,599,000
a
IDEXX
Laboratories,
Inc.
................................
United
States
580,000
289,924,600
a
Inari
Medical,
Inc.
.....................................
United
States
600,000
52,374,000
a
Intuitive
Surgical,
Inc.
..................................
United
States
205,000
167,710,500
a
iRhythm
Technologies,
Inc.
..............................
United
States
500,000
118,605,000
a
Novocure
Ltd.
........................................
United
States
100,000
17,304,000
a
Outset
Medical,
Inc.
...................................
United
States
110,000
6,252,400
ResMed
,
Inc.
........................................
United
States
550,000
116,908,000
STERIS
plc
..........................................
United
States
500,000
94,770,000
Stryker
Corp.
........................................
United
States
500,000
122,520,000
1,638,840,500
Health
Care
Providers
&
Services
0.6%
a
Guardant
Health,
Inc.
..................................
United
States
600,000
77,328,000
UnitedHealth
Group,
Inc.
................................
United
States
200,000
70,136,000
147,464,000
Health
Care
Technology
2.6%
a,b
Accolade,
Inc.
........................................
United
States
52,500
2,283,750
a,b
American
Well
Corp.,
A
.................................
United
States
47,700
1,208,241
a
Inspire
Medical
Systems,
Inc.
............................
United
States
750,000
141,067,500
a
Teladoc
Health,
Inc.
...................................
United
States
829,520
165,870,819
a
Veeva
Systems,
Inc.,
A
.................................
United
States
1,000,000
272,250,000
582,680,310
Hotels,
Restaurants
&
Leisure
0.1%
a,b
Airbnb,
Inc.,
A
........................................
United
States
89,400
13,123,920
Industrial
Conglomerates
0.6%
Roper
Technologies,
Inc.
................................
United
States
300,000
129,327,000
Interactive
Media
&
Services
7.7%
a
Adevinta
ASA
........................................
France
1,000,000
16,810,546
a
Alphabet,
Inc.,
A
......................................
United
States
200,000
350,528,000
a
Alphabet,
Inc.,
C
......................................
United
States
62,170
108,914,380
a
Facebook,
Inc.,
A
.....................................
United
States
2,000,000
546,320,000
a
Match
Group,
Inc.
.....................................
United
States
1,000,000
151,190,000
a
Pinterest,
Inc.,
A
......................................
United
States
1,700,000
112,030,000
a
Snap,
Inc.,
A
.........................................
United
States
500,000
25,035,000
Tencent
Holdings
Ltd.
..................................
China
5,000,000
359,768,990
a,b
ZoomInfo
Technologies,
Inc.,
A
...........................
United
States
1,400,000
67,522,000
1,738,118,916
Internet
&
Direct
Marketing
Retail
14.0%
a
Alibaba
Group
Holding
Ltd.,
ADR
.........................
China
1,000,000
232,730,000
a
Amazon.com,
Inc.
.....................................
United
States
500,000
1,628,465,000
a
Booking
Holdings,
Inc.
.................................
United
States
35,000
77,954,450
a,b
Chewy,
Inc.,
A
........................................
United
States
2,000,000
179,780,000
a,c
Delivery
Hero
SE,
144A,
Reg
S
...........................
Germany
700,000
109,476,795
a,b
DoorDash
,
Inc.,
A
.....................................
United
States
30,600
4,368,150
a
Farfetch
Ltd.,
A
.......................................
United
Kingdom
500,000
31,905,000
a
Fiverr
International
Ltd.
.................................
Israel
1,000,000
195,100,000
a,c
JD
Health
International,
Inc.,
144A,
Reg
S
...................
China
499,965
9,673,684
a
JD.com,
Inc.,
ADR
.....................................
China
250,000
21,975,000
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
a
a
a
a
a
Common
Stocks
(continued)
Internet
&
Direct
Marketing
Retail
(continued)
a,c
Meituan
Dianping
,
B,
Reg
S
.............................
China
599,959
$
22,584,531
a
MercadoLibre
,
Inc.
....................................
Argentina
300,000
502,566,000
a
Ozon
Holdings
plc,
ADR
................................
Russia
125,000
5,176,250
a
Pinduoduo
,
Inc.,
ADR
..................................
China
140,000
24,873,800
a
THG
Holdings
plc
.....................................
United
Kingdom
2,770,400
29,552,633
a,c
Zalando
SE,
144A,
Reg
S
...............................
Germany
650,000
72,303,412
3,148,484,705
IT
Services
15.4%
a,c
Adyen
NV,
144A,
Reg
S
................................
Netherlands
200,000
464,727,365
a
Afterpay
Ltd.
.........................................
Australia
500,000
45,452,850
a
EPAM
Systems,
Inc.
...................................
United
States
200,000
71,670,000
a
Globant
SA
..........................................
Argentina
100,000
21,761,000
a,b
Kingsoft
Cloud
Holdings
Ltd.,
ADR
........................
China
69,000
3,004,950
Mastercard
,
Inc.,
A
....................................
United
States
1,000,000
356,940,000
a
MongoDB,
Inc.
.......................................
United
States
625,000
224,400,000
a,c
Nuvei
Corp.,
144A,
Reg
S
...............................
Canada
272,900
16,436,767
a
Okta
,
Inc.
...........................................
United
States
845,000
214,849,700
a
PayPal
Holdings,
Inc.
..................................
United
States
2,000,000
468,400,000
a
Shift4
Payments,
Inc.,
A
................................
United
States
350,000
26,390,000
a
Shopify,
Inc.,
A
.......................................
Canada
515,000
581,888,059
a
Snowflake,
Inc.,
A
.....................................
United
States
201,700
56,758,380
a
Square,
Inc.,
A
.......................................
United
States
1,000,000
217,640,000
a
StoneCo
Ltd.,
A
.......................................
Brazil
150,000
12,588,000
a
Twilio
,
Inc.,
A
.........................................
United
States
880,000
297,880,000
Visa,
Inc.,
A
..........................................
United
States
1,300,000
284,349,000
a
Wix.com
Ltd.
.........................................
Israel
415,000
103,733,400
3,468,869,471
Life
Sciences
Tools
&
Services
4.6%
a
10X
Genomics,
Inc.,
A
..................................
United
States
565,000
80,004,000
a
Berkeley
Lights,
Inc.
...................................
United
States
350,000
31,293,500
a
Bio-Rad
Laboratories,
Inc.,
A
.............................
United
States
30,000
17,488,200
a,b
Evotec
SE
...........................................
Germany
500,000
18,476,697
a
Illumina,
Inc.
.........................................
United
States
350,000
129,500,000
Lonza
Group
AG
......................................
Switzerland
250,000
161,041,701
a
Maravai
LifeSciences
Holdings,
Inc.,
A
.....................
United
States
400,000
11,220,000
a
QIAGEN
NV
.........................................
United
States
65,000
3,435,250
a
Repligen
Corp.
.......................................
United
States
725,000
138,931,750
a,b
Seer,
Inc.
...........................................
United
States
50,000
2,807,000
a
Sotera
Health
Co.
.....................................
United
States
388,700
10,665,928
Thermo
Fisher
Scientific,
Inc.
............................
United
States
500,000
232,890,000
a,c
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
..................
China
15,000,000
198,920,157
1,036,674,183
Media
0.9%
a
Charter
Communications,
Inc.,
A
..........................
United
States
130,000
86,001,500
a
Liberty
Broadband
Corp.,
A
..............................
United
States
750,000
118,185,000
204,186,500
Multiline
Retail
0.0%
†
Magazine
Luiza
SA
....................................
Brazil
1,000,000
4,795,350
Pharmaceuticals
1.4%
AstraZeneca
plc
......................................
United
Kingdom
1,250,000
124,650,706
a
Catalent
,
Inc.
........................................
United
States
1,100,000
114,477,000
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
a
a
a
a
a
Common
Stocks
(continued)
Pharmaceuticals
(continued)
Zoetis,
Inc.
..........................................
United
States
500,000
$
82,750,000
321,877,706
Professional
Services
1.4%
a
CoStar
Group,
Inc.
....................................
United
States
200,000
184,856,000
a,b
Dun
&
Bradstreet
Holdings,
Inc.
...........................
United
States
1,000,000
24,900,000
Verisk
Analytics,
Inc.
...................................
United
States
500,000
103,795,000
313,551,000
Road
&
Rail
0.1%
a
Uber
Technologies,
Inc.
.................................
United
States
400,000
20,400,000
Semiconductors
&
Semiconductor
Equipment
5.7%
Analog
Devices,
Inc.
...................................
United
States
500,000
73,865,000
ASML
Holding
NV,
NYRS
...............................
Netherlands
400,000
195,088,000
Entegris
,
Inc.
.........................................
United
States
550,000
52,855,000
Intel
Corp.
...........................................
United
States
750,000
37,365,000
KLA
Corp.
...........................................
United
States
305,000
78,967,550
Lam
Research
Corp.
...................................
United
States
450,000
212,521,500
Monolithic
Power
Systems,
Inc.
...........................
United
States
450,000
164,803,500
NVIDIA
Corp.
........................................
United
States
700,000
365,540,000
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
...........
Taiwan
425,000
46,342,000
Teradyne,
Inc.
........................................
United
States
525,000
62,942,250
1,290,289,800
Software
21.4%
a
Adobe,
Inc.
..........................................
United
States
600,000
300,072,000
a
ANSYS,
Inc.
.........................................
United
States
400,000
145,520,000
a
Aspen
Technology,
Inc.
.................................
United
States
300,000
39,075,000
a
Atlassian
Corp.
plc,
A
..................................
United
States
1,000,000
233,870,000
a
Autodesk,
Inc.
........................................
United
States
500,000
152,670,000
a
Avalara,
Inc.
.........................................
United
States
750,000
123,667,500
Bentley
Systems,
Inc.,
B
................................
United
States
149,400
6,052,194
a
Bill.com
Holdings,
Inc.
..................................
United
States
600,000
81,900,000
a,b
C3.ai,
Inc.,
A
.........................................
United
States
198,000
27,472,500
a
Cadence
Design
Systems,
Inc.
...........................
United
States
1,000,000
136,430,000
a
Cerence
,
Inc.
........................................
United
States
1,400,000
140,672,000
a
Coupa
Software,
Inc.
...................................
United
States
645,000
218,596,950
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
535,000
113,323,700
a
Datadog
,
Inc.,
A
......................................
United
States
825,000
81,213,000
a
DocuSign,
Inc.
.......................................
United
States
1,200,000
266,760,000
a
Duck
Creek
Technologies,
Inc.
...........................
United
States
67,300
2,914,090
a
HubSpot
,
Inc.
........................................
United
States
600,000
237,864,000
Intuit,
Inc.
...........................................
United
States
500,000
189,925,000
a
Lightspeed
POS,
Inc.
..................................
Canada
125,000
8,827,922
Microsoft
Corp.
.......................................
United
States
3,000,000
667,260,000
a,b
nCino
,
Inc.
..........................................
United
States
93,300
6,755,853
a
Plaid,
Inc.
...........................................
Japan
466,600
16,787,749
a
Q2
Holdings,
Inc.
.....................................
United
States
1,000,000
126,530,000
a
RingCentral,
Inc.,
A
....................................
United
States
450,000
170,536,500
a
salesforce.com,
Inc.
...................................
United
States
1,000,000
222,530,000
a
ServiceNow
,
Inc.
......................................
United
States
1,000,000
550,430,000
a
Synopsys,
Inc.
.......................................
United
States
825,000
213,873,000
a
Tyler
Technologies,
Inc.
.................................
United
States
210,000
91,669,200
a,b
Unity
Software,
Inc.
....................................
United
States
200,000
30,694,000
a,b
Vertex,
Inc.,
A
........................................
United
States
160,400
5,589,940
a
Workday,
Inc.,
A
......................................
United
States
500,000
119,805,000
a
Xero
Ltd.
............................................
New
Zealand
200,000
22,699,838
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
42
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
a
Zendesk
,
Inc.
........................................
United
States
500,000
$
71,560,000
4,823,546,936
Specialty
Retail
0.3%
a
Carvana
Co.
.........................................
United
States
325,000
77,850,500
Technology
Hardware,
Storage
&
Peripherals
0.9%
Apple,
Inc.
..........................................
United
States
1,600,000
212,304,000
Textiles,
Apparel
&
Luxury
Goods
0.1%
NIKE,
Inc.,
B
.........................................
United
States
250,000
35,367,500
Total
Common
Stocks
(Cost
$10,678,251,993)
...................................
22,331,204,709
Short
Term
Investments
1.8%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
1.3%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
285,243,110
285,243,110
Total
Money
Market
Funds
(Cost
$285,243,110)
.................................
285,243,110
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.5%
a
a
a
a
a
Money
Market
Funds
0.4%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
97,161,000
97,161,000
Principal
Amount
*
Repurchase
Agreements
0.1%
f
Joint
Repurchase
Agreement,
BofA
Securities,
Inc.,
0.06%,
1/04/21
(Maturity
Value
$24,146,061)
Collateralized
by
U.S.
Treasury
Note,
1.5%,
11/30/24
(valued
at
$24,628,850)
.......................................
24,145,900
24,145,900
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$121,306,900)
..........................................................
121,306,900
Total
Short
Term
Investments
(Cost
$406,550,010
)
...............................
406,550,010
a
Total
Investments
(Cost
$11,084,802,003)
100.8%
................................
$22,737,754,719
Other
Assets,
less
Liabilities
(0.8)%
...........................................
(188,578,771)
Net
Assets
100.0%
...........................................................
$22,549,175,948
*
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
December
31,
2020.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
December
31,
2020,
the
aggregate
value
of
these
securities
was
$894,122,711,
representing
4.0%
of
net
assets.
d
See
Note
7
regarding
investments
in
affiliated
management
investment
companies.
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
DynaTech
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
6
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
f
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
December
31,
2020,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited),
December
31,
2020
Franklin
Focused
Growth
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
94.2%
Automobiles
3.3%
a
Tesla,
Inc.
...........................................
United
States
3,415
$
2,409,863
Capital
Markets
1.4%
MSCI,
Inc.
...........................................
United
States
2,283
1,019,428
Electric
Utilities
2.1%
NextEra
Energy,
Inc.
...................................
United
States
19,747
1,523,481
Entertainment
4.3%
a
Netflix,
Inc.
..........................................
United
States
1,137
614,810
a
Sea
Ltd.,
ADR
........................................
Taiwan
9,105
1,812,350
a
Spotify
Technology
SA
..................................
United
States
2,274
715,537
3,142,697
Equity
Real
Estate
Investment
Trusts
(REITs)
1.0%
Crown
Castle
International
Corp.
..........................
United
States
4,561
726,066
Food
&
Staples
Retailing
1.8%
Costco
Wholesale
Corp.
................................
United
States
3,412
1,285,573
Health
Care
Equipment
&
Supplies
8.8%
Abbott
Laboratories
....................................
United
States
9,611
1,052,308
Danaher
Corp.
.......................................
United
States
8,337
1,851,981
a
IDEXX
Laboratories,
Inc.
................................
United
States
3,788
1,893,508
a
Intuitive
Surgical,
Inc.
..................................
United
States
1,900
1,554,390
6,352,187
Health
Care
Technology
2.1%
a
Veeva
Systems,
Inc.,
A
.................................
United
States
5,686
1,548,013
Hotels,
Restaurants
&
Leisure
0.1%
a
Airbnb,
Inc.,
A
........................................
United
States
400
58,720
Industrial
Conglomerates
1.5%
Roper
Technologies,
Inc.
................................
United
States
2,589
1,116,092
Interactive
Media
&
Services
7.6%
a
Facebook,
Inc.,
A
.....................................
United
States
10,999
3,004,487
a
Pinterest,
Inc.,
A
......................................
United
States
14,431
951,003
Tencent
Holdings
Ltd.
..................................
China
20,891
1,503,187
5,458,677
Internet
&
Direct
Marketing
Retail
13.6%
a
Alibaba
Group
Holding
Ltd.,
ADR
.........................
China
4,546
1,057,991
a
Amazon.com,
Inc.
.....................................
United
States
1,897
6,178,396
a
DoorDash
,
Inc.,
A
.....................................
United
States
200
28,550
a
MercadoLibre
,
Inc.
....................................
Argentina
1,516
2,539,633
9,804,570
IT
Services
16.7%
a,b
Adyen
NV,
144A,
Reg
S
................................
Netherlands
1,039
2,414,259
Mastercard
,
Inc.,
A
....................................
United
States
4,909
1,752,218
a
PayPal
Holdings,
Inc.
..................................
United
States
11,398
2,669,412
a
Shopify,
Inc.,
A
.......................................
Canada
3,017
3,408,847
a
Square,
Inc.,
A
.......................................
United
States
4,053
882,095
a
Twilio
,
Inc.,
A
.........................................
United
States
2,868
970,818
12,097,649
Life
Sciences
Tools
&
Services
1.5%
a,b
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
..................
China
84,498
1,120,557
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Focused
Growth
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
8
See
Abbreviations
on
page
42
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Media
2.1%
a
Charter
Communications,
Inc.,
A
..........................
United
States
2,276
$
1,505,688
Personal
Products
1.0%
Estee
Lauder
Cos.,
Inc.
(The),
A
..........................
United
States
2,585
688,101
Professional
Services
2.4%
a
CoStar
Group,
Inc.
....................................
United
States
1,138
1,051,831
Verisk
Analytics,
Inc.
...................................
United
States
3,428
711,618
1,763,449
Semiconductors
&
Semiconductor
Equipment
5.3%
Analog
Devices,
Inc.
...................................
United
States
3,420
505,237
ASML
Holding
NV,
NYRS
...............................
Netherlands
1,516
739,384
NVIDIA
Corp.
........................................
United
States
4,927
2,572,879
3,817,500
Software
17.6%
a
Adobe,
Inc.
..........................................
United
States
2,661
1,330,819
a
Atlassian
Corp.
plc,
A
..................................
United
States
2,643
618,118
a
Coupa
Software,
Inc.
...................................
United
States
2,283
773,732
Microsoft
Corp.
.......................................
United
States
25,060
5,573,845
a
salesforce.com,
Inc.
...................................
United
States
5,684
1,264,861
a
ServiceNow
,
Inc.
......................................
United
States
5,695
3,134,699
12,696,074
Total
Common
Stocks
(Cost
$52,992,647)
......................................
68,134,385
Short
Term
Investments
5.8%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
5.8%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
4,157,211
4,157,211
Total
Money
Market
Funds
(Cost
$4,157,211)
...................................
4,157,211
Total
Short
Term
Investments
(Cost
$4,157,211
)
.................................
4,157,211
a
Total
Investments
(Cost
$57,149,858)
100.0%
...................................
$72,291,596
Other
Assets,
less
Liabilities
0.0%
.............................................
4,432
Net
Assets
100.0%
...........................................................
$72,296,028
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
December
31,
2020,
the
aggregate
value
of
these
securities
was
$3,534,816,
representing
4.9%
of
net
assets.
c
See
Note
7
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited),
December
31,
2020
Franklin
Growth
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
99.4%
Aerospace
&
Defense
3.8%
BWX
Technologies,
Inc.
................................
United
States
1,395,585
$
84,125,864
Lockheed
Martin
Corp.
.................................
United
States
491,971
174,639,866
a
Mercury
Systems,
Inc.
..................................
United
States
809,208
71,258,856
Northrop
Grumman
Corp.
...............................
United
States
933,636
284,497,562
Raytheon
Technologies
Corp.
............................
United
States
2,448,182
175,069,495
789,591,643
Auto
Components
0.3%
Aptiv
plc
............................................
United
States
420,971
54,848,312
Beverages
2.9%
Brown-Forman
Corp.,
B
................................
United
States
1,598,904
127,000,945
Constellation
Brands,
Inc.,
A
.............................
United
States
548,723
120,197,773
a
Monster
Beverage
Corp.
................................
United
States
2,680,594
247,901,333
PepsiCo,
Inc.
........................................
United
States
639,563
94,847,193
589,947,244
Biotechnology
2.1%
AbbVie,
Inc.
.........................................
United
States
452,614
48,497,590
Amgen,
Inc.
.........................................
United
States
769,595
176,945,283
a
Certara
,
Inc.
.........................................
United
States
249,400
8,409,768
a
Deciphera
Pharmaceuticals,
Inc.
..........................
United
States
573,931
32,754,242
a
Iovance
Biotherapeutics
,
Inc.
.............................
United
States
406,741
18,872,783
a
Neurocrine
Biosciences,
Inc.
.............................
United
States
491,971
47,155,420
a
PTC
Therapeutics,
Inc.
.................................
United
States
965,463
58,922,207
a
Regeneron
Pharmaceuticals,
Inc.
.........................
United
States
74,848
36,159,817
427,717,110
Building
Products
1.2%
Allegion
plc
..........................................
United
States
688,759
80,157,772
Trane
Technologies
plc
.................................
United
States
1,082,336
157,111,894
237,269,666
Capital
Markets
3.0%
BlackRock,
Inc.
.......................................
United
States
226,428
163,376,859
Charles
Schwab
Corp.
(The)
.............................
United
States
3,001,382
159,193,301
Intercontinental
Exchange,
Inc.
...........................
United
States
1,402,427
161,685,809
MarketAxess
Holdings,
Inc.
..............................
United
States
90,147
51,434,272
S&P
Global,
Inc.
......................................
United
States
104,350
34,302,976
Tradeweb
Markets,
Inc.,
A
...............................
United
States
916,652
57,244,917
627,238,134
Chemicals
2.2%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
491,971
134,416,316
Ecolab,
Inc.
..........................................
United
States
613,649
132,769,098
Linde
plc
............................................
United
Kingdom
714,866
188,374,340
455,559,754
Commercial
Services
&
Supplies
0.3%
Republic
Services,
Inc.
.................................
United
States
640,528
61,682,846
Construction
Materials
0.5%
Martin
Marietta
Materials,
Inc.
............................
United
States
393,578
111,764,345
Electric
Utilities
0.8%
NextEra
Energy,
Inc.
...................................
United
States
2,020,008
155,843,617
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
a
a
a
a
a
Common
Stocks
(continued)
Electrical
Equipment
0.4%
AMETEK,
Inc.
........................................
United
States
688,759
$
83,298,513
Electronic
Equipment,
Instruments
&
Components
2.7%
Amphenol
Corp.,
A
....................................
United
States
1,424,921
186,336,919
Cognex
Corp.
........................................
United
States
410,654
32,969,356
a
Keysight
Technologies,
Inc.
..............................
United
States
720,474
95,167,411
TE
Connectivity
Ltd.
...................................
United
States
1,838,883
222,633,565
a
Vontier
Corp.
.........................................
United
States
431,281
14,404,785
551,512,036
Entertainment
1.5%
a
Walt
Disney
Co.
(The)
..................................
United
States
1,714,262
310,589,989
Equity
Real
Estate
Investment
Trusts
(REITs)
1.3%
Crown
Castle
International
Corp.
..........................
United
States
1,125,695
179,199,387
Equinix
,
Inc.
.........................................
United
States
112,561
80,388,815
SBA
Communications
Corp.
.............................
United
States
10,169
2,868,980
262,457,182
Food
Products
0.6%
Lamb
Weston
Holdings,
Inc.
.............................
United
States
539,519
42,481,726
Mondelez
International,
Inc.,
A
............................
United
States
1,475,911
86,296,516
128,778,242
Health
Care
Equipment
&
Supplies
6.2%
Abbott
Laboratories
....................................
United
States
1,328,321
145,437,866
Danaher
Corp.
.......................................
United
States
1,133,531
251,802,576
a
Edwards
Lifesciences
Corp.
.............................
United
States
1,180,733
107,718,272
a
Haemonetics
Corp.
....................................
United
States
983,941
116,842,994
a
Intuitive
Surgical,
Inc.
..................................
United
States
415,775
340,145,528
Stryker
Corp.
........................................
United
States
403,906
98,973,126
Teleflex,
Inc.
.........................................
United
States
498,681
205,242,139
1,266,162,501
Health
Care
Providers
&
Services
1.0%
a
Laboratory
Corp.
of
America
Holdings
......................
United
States
491,971
100,140,697
Quest
Diagnostics,
Inc.
.................................
United
States
487,454
58,089,893
UnitedHealth
Group,
Inc.
................................
United
States
153,671
53,889,346
212,119,936
Health
Care
Technology
0.3%
a,b
American
Well
Corp.,
A
.................................
United
States
399,194
10,111,584
a
Veeva
Systems,
Inc.,
A
.................................
United
States
224,046
60,996,524
71,108,108
Hotels,
Restaurants
&
Leisure
0.5%
a
Airbnb,
Inc.,
A
........................................
United
States
83,600
12,272,480
Las
Vegas
Sands
Corp.
.................................
United
States
1,547,725
92,244,410
104,516,890
Insurance
0.0%
†
a,b
Root,
Inc.,
A
.........................................
United
States
402,800
6,327,988
Interactive
Media
&
Services
4.5%
a
Alphabet,
Inc.,
A
......................................
United
States
165,056
289,283,748
a
Alphabet,
Inc.,
C
......................................
United
States
155,889
273,098,821
a
Facebook,
Inc.,
A
.....................................
United
States
793,404
216,726,237
a
IAC/InterActiveCorp
...................................
United
States
295,183
55,892,901
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
a
a
a
a
a
Common
Stocks
(continued)
Interactive
Media
&
Services
(continued)
a
Match
Group,
Inc.
.....................................
United
States
637,122
$
96,326,475
931,328,182
Internet
&
Direct
Marketing
Retail
6.2%
a
Alibaba
Group
Holding
Ltd.,
ADR
.........................
China
522,297
121,554,181
a
Amazon.com,
Inc.
.....................................
United
States
332,203
1,081,961,917
a
Booking
Holdings,
Inc.
.................................
United
States
29,136
64,893,738
1,268,409,836
IT
Services
7.0%
a,c
Adyen
NV,
144A,
Reg
S
................................
Netherlands
59,595
138,477,137
Automatic
Data
Processing,
Inc.
..........................
United
States
517,859
91,246,756
Mastercard
,
Inc.,
A
....................................
United
States
1,334,308
476,267,897
a
Okta
,
Inc.
...........................................
United
States
121,796
30,967,851
a
PayPal
Holdings,
Inc.
..................................
United
States
725,315
169,868,773
a
Snowflake,
Inc.,
A
.....................................
United
States
255,854
71,997,316
a
Twilio
,
Inc.,
A
.........................................
United
States
452,474
153,162,449
Visa,
Inc.,
A
..........................................
United
States
1,377,517
301,304,293
1,433,292,472
Life
Sciences
Tools
&
Services
4.9%
a
10X
Genomics,
Inc.,
A
..................................
United
States
261,166
36,981,106
Agilent
Technologies,
Inc.
...............................
United
States
1,279,123
151,563,284
a
Illumina,
Inc.
.........................................
United
States
591,874
218,993,380
a
Maravai
LifeSciences
Holdings,
Inc.,
A
.....................
United
States
496,000
13,912,800
a
Mettler
-Toledo
International,
Inc.
..........................
United
States
401,478
457,556,447
a
Seer,
Inc.
...........................................
United
States
42,600
2,391,564
a,c
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
..................
China
9,367,269
124,222,575
1,005,621,156
Machinery
3.8%
Caterpillar,
Inc.
.......................................
United
States
541,169
98,503,581
Deere
&
Co.
.........................................
United
States
491,971
132,364,798
Fortive
Corp.
.........................................
United
States
1,078,204
76,358,407
Illinois
Tool
Works,
Inc.
.................................
United
States
983,941
200,605,891
a
Ingersoll
Rand,
Inc.
....................................
United
States
955,052
43,512,169
Otis
Worldwide
Corp.
..................................
United
States
522,147
35,271,030
Stanley
Black
&
Decker,
Inc.
.............................
United
States
781,107
139,474,466
Xylem,
Inc.
..........................................
United
States
469,300
47,770,047
773,860,389
Media
1.1%
Cable
One,
Inc.
.......................................
United
States
78,717
175,359,435
Comcast
Corp.,
A
.....................................
United
States
790,241
41,408,629
216,768,064
Personal
Products
0.1%
Estee
Lauder
Cos.,
Inc.
(The),
A
..........................
United
States
91,468
24,347,867
Pharmaceuticals
4.6%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
2,018,704
100,915,013
a
Catalent
,
Inc.
........................................
United
States
3,345,397
348,155,466
Eli
Lilly
and
Co.
.......................................
United
States
1,232,723
208,132,951
a,b
GW
Pharmaceuticals
plc,
ADR
...........................
United
Kingdom
203,428
23,477,625
Johnson
&
Johnson
...................................
United
States
1,180,828
185,838,711
Merck
&
Co.,
Inc.
.....................................
United
States
983,941
80,486,374
947,006,140
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
a
a
a
a
a
Common
Stocks
(continued)
Professional
Services
3.2%
a
CoStar
Group,
Inc.
....................................
United
States
62,428
$
57,700,952
Equifax,
Inc.
.........................................
United
States
541,169
104,359,030
IHS
Markit
Ltd.
.......................................
United
States
2,068,914
185,850,545
Verisk
Analytics,
Inc.
...................................
United
States
1,492,799
309,890,144
657,800,671
Road
&
Rail
4.7%
Canadian
National
Railway
Co.
...........................
Canada
983,941
108,085,919
Canadian
Pacific
Railway
Ltd.
............................
Canada
491,971
170,561,426
JB
Hunt
Transport
Services,
Inc.
..........................
United
States
491,971
67,227,837
Kansas
City
Southern
..................................
United
States
737,956
150,638,958
a
Uber
Technologies,
Inc.
.................................
United
States
1,002,639
51,134,589
Union
Pacific
Corp.
....................................
United
States
1,997,400
415,898,628
963,547,357
Semiconductors
&
Semiconductor
Equipment
4.9%
ASML
Holding
NV,
NYRS
...............................
Netherlands
475,853
232,083,025
Lam
Research
Corp.
...................................
United
States
29,519
13,940,938
Monolithic
Power
Systems,
Inc.
...........................
United
States
442,775
162,157,489
NVIDIA
Corp.
........................................
United
States
505,981
264,223,278
NXP
Semiconductors
NV
...............................
Netherlands
666,769
106,022,939
Texas
Instruments,
Inc.
.................................
United
States
1,377,517
226,091,865
1,004,519,534
Software
14.9%
a
Adobe,
Inc.
..........................................
United
States
167,687
83,863,622
a
Atlassian
Corp.
plc,
A
..................................
United
States
216,818
50,707,226
a
Autodesk,
Inc.
........................................
United
States
848,383
259,045,265
a
Avalara,
Inc.
.........................................
United
States
565,134
93,184,945
a
Bill.com
Holdings,
Inc.
..................................
United
States
1,066,191
145,535,071
a
Duck
Creek
Technologies,
Inc.
...........................
United
States
74,649
3,232,302
Intuit,
Inc.
...........................................
United
States
983,941
373,749,989
Microsoft
Corp.
.......................................
United
States
3,653,166
812,537,182
a
Paycom
Software,
Inc.
.................................
United
States
159,635
72,194,929
a
PTC,
Inc.
...........................................
United
States
1,184,865
141,721,703
a
salesforce.com,
Inc.
...................................
United
States
554,766
123,452,078
a
ServiceNow
,
Inc.
......................................
United
States
957,661
527,125,344
a
Synopsys,
Inc.
.......................................
United
States
444,215
115,158,297
a
Tyler
Technologies,
Inc.
.................................
United
States
178,374
77,863,818
a
Workday,
Inc.,
A
......................................
United
States
738,265
176,895,677
3,056,267,448
Technology
Hardware,
Storage
&
Peripherals
5.5%
Apple,
Inc.
..........................................
United
States
8,504,954
1,128,522,346
Textiles,
Apparel
&
Luxury
Goods
1.3%
NIKE,
Inc.,
B
.........................................
United
States
1,874,977
265,252,996
Trading
Companies
&
Distributors
0.6%
Fastenal
Co.
.........................................
United
States
2,705,146
132,092,279
Water
Utilities
0.5%
American
Water
Works
Co.,
Inc.
..........................
United
States
688,759
105,703,844
Total
Common
Stocks
(Cost
$5,852,125,405)
....................................
20,422,674,637
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
42
.
Short
Term
Investments
0.8%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
0.7%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
152,398,489
$
152,398,489
Total
Money
Market
Funds
(Cost
$152,398,489)
.................................
152,398,489
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.1%
a
a
a
a
a
Money
Market
Funds
0.1%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
13,086,000
13,086,000
Principal
Amount
*
Repurchase
Agreements
0.0%
†
f
Joint
Repurchase
Agreement,
BofA
Securities,
Inc.,
0.06%,
1/04/21
(Maturity
Value
$3,272,421)
Collateralized
by
U.S.
Treasury
Note,
1.5%,
11/30/24
(valued
at
$3,337,851)
........................................
3,272,399
3,272,399
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$16,358,399)
...........................................................
16,358,399
Total
Short
Term
Investments
(Cost
$168,756,888
)
...............................
168,756,888
a
Total
Investments
(Cost
$6,020,882,293)
100.2%
................................
$20,591,431,525
Other
Assets,
less
Liabilities
(0.2)%
...........................................
(37,135,536)
Net
Assets
100.0%
...........................................................
$20,554,295,989
*
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
December
31,
2020.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
December
31,
2020,
the
aggregate
value
of
these
securities
was
$262,699,712,
representing
1.3%
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.
f
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
December
31,
2020,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited),
December
31,
2020
Franklin
Income
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
14
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
46.2%
Aerospace
&
Defense
1.2%
a
Lockheed
Martin
Corp.
.................................
United
States
1,000,000
$
354,980,000
Raytheon
Technologies
Corp.
............................
United
States
6,750,000
482,692,500
837,672,500
Air
Freight
&
Logistics
0.7%
United
Parcel
Service,
Inc.,
B
............................
United
States
3,000,000
505,200,000
Automobiles
0.2%
General
Motors
Co.
....................................
United
States
3,000,000
124,920,000
Banks
7.0%
Bank
of
America
Corp.
.................................
United
States
37,576,597
1,138,946,653
b
Barclays
plc
.........................................
United
Kingdom
140,000,000
280,873,669
Citigroup,
Inc.
........................................
United
States
6,000,000
369,960,000
a
JPMorgan
Chase
&
Co.
.................................
United
States
15,000,000
1,906,050,000
Truist
Financial
Corp.
..................................
United
States
12,000,000
575,160,000
US
Bancorp
.........................................
United
States
8,000,000
372,720,000
Wells
Fargo
&
Co.
.....................................
United
States
5,428,264
163,825,008
4,807,535,330
Beverages
3.3%
Coca-Cola
Co.
(The)
...................................
United
States
17,500,000
959,700,000
a
PepsiCo,
Inc.
........................................
United
States
9,000,000
1,334,700,000
2,294,400,000
Biotechnology
0.2%
Gilead
Sciences,
Inc.
..................................
United
States
2,540,000
147,980,400
Capital
Markets
0.4%
Morgan
Stanley
.......................................
United
States
4,000,000
274,120,000
Chemicals
1.0%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
1,057,000
288,793,540
BASF
SE
...........................................
Germany
5,000,000
395,229,557
684,023,097
Containers
&
Packaging
0.2%
International
Paper
Co.
.................................
United
States
2,426,573
120,649,210
Diversified
Telecommunication
Services
2.4%
AT&T,
Inc.
...........................................
United
States
10,000,000
287,600,000
BCE,
Inc.
...........................................
Canada
7,500,000
320,906,375
Verizon
Communications,
Inc.
............................
United
States
17,500,000
1,028,125,000
1,636,631,375
Electric
Utilities
5.6%
American
Electric
Power
Co.,
Inc.
.........................
United
States
6,500,000
541,255,000
Duke
Energy
Corp.
....................................
United
States
11,500,000
1,052,940,000
Edison
International
...................................
United
States
7,525,000
472,720,500
Exelon
Corp.
.........................................
United
States
6,500,000
274,430,000
FirstEnergy
Corp.
.....................................
United
States
3,000,000
91,830,000
PPL
Corp.
...........................................
United
States
5,000,000
141,000,000
Southern
Co.
(The)
....................................
United
States
21,000,000
1,290,030,000
3,864,205,500
Energy
Equipment
&
Services
0.5%
Baker
Hughes
Co.
.....................................
United
States
10,999,999
229,349,979
b,c
Weatherford
International
plc
.............................
United
States
13,900,000
83,400,000
312,749,979
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
a
a
a
a
a
Common
Stocks
(continued)
Equity
Real
Estate
Investment
Trusts
(REITs)
0.1%
Host
Hotels
&
Resorts,
Inc.
..............................
United
States
6,000,000
$
87,780,000
Health
Care
Providers
&
Services
0.9%
b,c
Community
Health
Systems,
Inc.
..........................
United
States
10,000,000
74,300,000
CVS
Health
Corp.
.....................................
United
States
8,000,000
546,400,000
620,700,000
Health
Care
Technology
0.1%
b,d
Multiplan
Corp.
.......................................
United
States
4,400,000
35,156,000
Household
Products
1.3%
Procter
&
Gamble
Co.
(The)
.............................
United
States
6,500,000
904,410,000
Industrial
Conglomerates
0.9%
Honeywell
International,
Inc.
.............................
United
States
3,000,000
638,100,000
Insurance
1.2%
MetLife,
Inc.
.........................................
United
States
17,170,000
806,131,500
IT
Services
0.8%
International
Business
Machines
Corp.
.....................
United
States
4,487,000
564,823,560
Machinery
0.4%
Cummins,
Inc.
........................................
United
States
1,180,000
267,978,000
Media
0.2%
Comcast
Corp.,
A
.....................................
United
States
2,750,000
144,100,000
Metals
&
Mining
1.1%
Nucor
Corp.
.........................................
United
States
1,000,000
53,190,000
Rio
Tinto
plc,
ADR
.....................................
Australia
8,871,864
667,341,610
720,531,610
Multiline
Retail
0.3%
Target
Corp.
.........................................
United
States
1,258,100
222,092,393
Multi-Utilities
2.3%
Dominion
Energy,
Inc.
..................................
United
States
14,000,000
1,052,800,000
DTE
Energy
Co.
......................................
United
States
2,500,000
303,525,000
Sempra
Energy
.......................................
United
States
2,000,000
254,820,000
1,611,145,000
Oil,
Gas
&
Consumable
Fuels
5.4%
BP
plc,
ADR
.........................................
United
Kingdom
6,000,000
123,120,000
Chevron
Corp.
.......................................
United
States
17,500,000
1,477,875,000
Exxon
Mobil
Corp.
.....................................
United
States
30,000,000
1,236,600,000
d
Royal
Dutch
Shell
plc,
ADR,
A
............................
Netherlands
6,000,000
210,840,000
TOTAL
SE,
ADR
......................................
France
12,500,000
523,875,000
Valero
Energy
Corp.
...................................
United
States
1,800,000
101,826,000
3,674,136,000
Personal
Products
0.3%
Unilever
plc
..........................................
United
Kingdom
3,000,000
179,934,183
Pharmaceuticals
5.1%
AstraZeneca
plc
......................................
United
Kingdom
6,000,000
598,323,391
Bristol-Myers
Squibb
Co.
................................
United
States
10,000,000
620,300,000
Johnson
&
Johnson
...................................
United
States
6,000,000
944,280,000
Merck
&
Co.,
Inc.
.....................................
United
States
12,500,000
1,022,500,000
Pfizer,
Inc.
...........................................
United
States
8,500,000
312,885,000
b
Viatris
,
Inc.
..........................................
United
States
1,563,393
29,297,985
3,527,586,376
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
a
a
a
a
a
Common
Stocks
(continued)
Road
&
Rail
0.8%
a
Union
Pacific
Corp.
....................................
United
States
2,500,000
$
520,550,000
Semiconductors
&
Semiconductor
Equipment
1.1%
a
Intel
Corp.
...........................................
United
States
11,000,000
548,020,000
Texas
Instruments,
Inc.
.................................
United
States
1,100,000
180,543,000
728,563,000
Specialty
Retail
0.2%
a
Home
Depot,
Inc.
(The)
.................................
United
States
500,000
132,810,000
Tobacco
0.9%
Philip
Morris
International,
Inc.
...........................
United
States
7,500,000
620,925,000
Wireless
Telecommunication
Services
0.1%
Vodafone
Group
plc
...................................
United
Kingdom
50,000,000
82,130,398
Total
Common
Stocks
(Cost
$26,963,869,057)
...................................
31,699,670,411
Equity-Linked
Securities
18.7%
Aerospace
&
Defense
1.0%
e
BNP
Paribas
Issuance
BV
into
Raytheon
Technologies
Corp.,
144A,
9%,
6/16/21
........................................
United
States
4,546,000
321,098,106
e
JPMorgan
Chase
Bank
NA
into
Raytheon
Technologies
Corp.,
144A,
10%,
1/11/22
.......................................
United
States
2,120,000
151,863,632
e
Morgan
Stanley
Finance
LLC
into
General
Dynamics
Corp.,
144A,
8%,
5/24/21
........................................
United
States
1,450,000
211,996,942
684,958,680
Airlines
0.1%
e
Wells
Fargo
Bank
NA
into
Delta
Air
Lines,
Inc.,
144A,
10%,
4/12/21
United
States
2,000,000
80,538,009
Automobiles
1.2%
e
Barclays
Bank
plc
into
General
Motors
Co.,
144A,
10%,
12/08/21
.
United
States
5,735,000
243,609,607
e
Credit
Suisse
AG
into
General
Motors
Co.,
144A,
10%,
12/17/21
..
United
States
5,678,000
243,396,110
e
Societe
Generale
SA
into
Ford
Motor
Co.,
144A,
12%,
2/23/21
...
United
States
37,800,000
307,123,550
794,129,267
Biotechnology
0.8%
e
Royal
Bank
of
Canada
into
AbbVie,
Inc.,
144A,
9%,
2/02/21
......
United
States
2,900,000
282,722,716
e
Societe
Generale
SA
into
AbbVie,
Inc.,
144A,
2.521%,
12/10/21
..
United
States
2,345,000
247,975,244
530,697,960
Capital
Markets
0.4%
e
Barclays
Bank
plc
into
Morgan
Stanley,
144A,
8%,
8/20/21
......
United
States
5,148,000
300,559,696
Communications
Equipment
0.7%
e
Credit
Suisse
AG
into
Cisco
Systems,
Inc.,
144A,
10%,
6/01/21
...
United
States
5,085,000
224,733,850
e
JPMorgan
Chase
Bank
NA
into
Cisco
Systems,
Inc.,
144A,
7.5%,
1/19/21
...........................................
United
States
6,050,000
269,128,817
493,862,667
Containers
&
Packaging
0.4%
e
National
Bank
of
Canada
into
International
Paper
Co.,
144A,
9.5%,
12/06/21
..........................................
United
States
5,000,000
248,986,005
Energy
Equipment
&
Services
0.6%
e
Barclays
Bank
plc
into
Schlumberger
Ltd.,
144A,
9%,
1/28/21
....
United
States
7,150,000
150,036,926
e
Wells
Fargo
Bank
NA
into
Halliburton
Co.,
144A,
10%,
1/11/21
...
United
States
12,700,000
235,824,643
385,861,569
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
a
a
a
a
a
Equity-Linked
Securities
(continued)
Health
Care
Providers
&
Services
0.7%
e
Morgan
Stanley
Finance
LLC
into
CVS
Health
Corp.,
144A,
8%,
5/25/21
...........................................
United
States
3,732,000
$
248,901,304
e
Royal
Bank
of
Canada
into
CVS
Health
Corp.,
144A,
7.5%,
9/03/21
United
States
3,933,000
258,428,556
507,329,860
Insurance
0.7%
e
BNP
Paribas
Issuance
BV
into
MetLife,
Inc.,
144A,
9%,
9/07/21
...
United
States
6,597,000
284,371,780
e
Royal
Bank
of
Canada
into
MetLife,
Inc.,
144A,
9.5%,
12/21/21
...
United
States
4,545,000
215,483,585
499,855,365
Interactive
Media
&
Services
1.2%
e
Citigroup
Global
Markets
Holdings,
Inc.
into
Alphabet,
Inc.,
144A,
7.5%,
3/19/21
......................................
United
States
259,000
374,782,585
e
Goldman
Sachs
International
Bank
into
Facebook,
Inc.,
144A,
9%,
3/26/21
...........................................
United
States
2,590,000
487,233,749
862,016,334
Internet
&
Direct
Marketing
Retail
0.5%
e
Citigroup
Global
Markets
Holdings,
Inc.
into
Amazon.com,
Inc.,
144A,
9.54%,
12/02/21
.....................................
United
States
113,000
364,858,245
IT
Services
0.3%
e
Barclays
Bank
plc
into
Fidelity
National
Information
Services,
Inc.,
144A,
7.5%,
6/02/21
.................................
United
States
1,495,000
209,663,150
Machinery
0.6%
e
Goldman
Sachs
International
Bank
into
Cummins,
Inc.,
144A,
9%,
1/28/22
...........................................
United
States
920,000
197,174,069
e
UBS
AG
into
Caterpillar,
Inc.,
144A,
9.5%,
4/29/21
.............
United
States
1,428,600
194,997,706
392,171,775
Media
0.8%
e
Barclays
Bank
plc
into
Comcast
Corp.,
144A,
9%,
4/28/21
.......
United
States
6,400,000
276,497,582
e
Merrill
Lynch
International
&
Co.
CV
into
Comcast
Corp.,
144A,
7%,
8/09/21
...........................................
United
States
5,600,000
259,441,161
535,938,743
Metals
&
Mining
0.4%
e
JPMorgan
Chase
Bank
NA
into
Barrick
Gold
Corp.,
144A,
10%,
2/09/21
...........................................
Canada
13,200,000
265,730,096
Multiline
Retail
0.3%
e
Societe
Generale
SA
into
Target
Corp.,
144A,
8%,
12/20/21
......
United
States
1,165,000
205,964,561
Pharmaceuticals
1.5%
e
Credit
Suisse
AG
into
Pfizer,
Inc.,
144A,
11%,
7/20/21
..........
United
States
6,250,000
237,354,528
e
Goldman
Sachs
International
Bank
into
Bristol-Myers
Squibb
Co.,
144A,
8%,
2/10/21
...................................
United
States
3,984,000
248,050,094
e
Merrill
Lynch
International
&
Co.
CV
into
Pfizer,
Inc.,
144A,
8%,
8/17/21
...........................................
United
States
7,000,000
255,994,572
e
Royal
Bank
of
Canada
into
Merck
&
Co.,
Inc.,
144A,
7%,
1/25/21
.
United
States
3,220,000
264,564,960
1,005,964,154
Semiconductors
&
Semiconductor
Equipment
3.1%
e
BNP
Paribas
Issuance
BV
into
Texas
Instruments,
Inc.,
144A,
8.5%,
6/01/21
...........................................
United
States
1,439,000
200,392,401
e
Credit
Suisse
AG
into
Broadcom,
Inc.,
144A,
10%,
4/14/21
......
United
States
1,275,000
426,992,821
e
Credit
Suisse
AG
into
Texas
Instruments,
Inc.,
144A,
8%,
8/13/21
.
United
States
2,239,000
321,914,480
e
Goldman
Sachs
International
Bank
into
Texas
Instruments,
Inc.,
144A,
9%,
1/26/22
...................................
United
States
1,593,000
245,782,076
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
a
a
a
a
a
Equity-Linked
Securities
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
e
Merrill
Lynch
International
&
Co.
CV
into
Intel
Corp.,
144A,
8%,
2/23/21
...........................................
United
States
4,583,000
$
230,067,778
e
Merrill
Lynch
International
&
Co.
CV
into
Intel
Corp.,
144A,
8.5%,
12/08/21
..........................................
United
States
6,167,000
292,854,806
e
Royal
Bank
of
Canada
into
Analog
Devices,
Inc.,
144A,
8%,
9/15/21
United
States
1,718,000
225,487,784
e
Royal
Bank
of
Canada
into
Analog
Devices,
Inc.,
144A,
8.5%,
9/10/21
...........................................
United
States
1,240,000
163,872,469
2,107,364,615
Software
2.0%
e
Citigroup
Global
Markets
Holdings,
Inc.
into
Microsoft
Corp.,
144A,
8%,
4/12/21
........................................
United
States
2,200,000
391,446,082
e
Merrill
Lynch
International
&
Co.
CV
into
Oracle
Corp.,
144A,
8%,
11/08/21
..........................................
United
States
4,500,000
283,082,349
e
Societe
Generale
SA
into
Microsoft
Corp.,
144A,
8%,
8/24/21
....
United
States
1,240,000
272,386,080
e
Societe
Generale
SA
into
Oracle
Corp.,
144A,
8%,
8/05/21
......
United
States
3,390,000
202,297,373
e
UBS
AG
into
Oracle
Corp.,
144A,
9%,
4/29/21
................
United
States
4,303,900
252,713,674
1,401,925,558
Specialty
Retail
0.6%
e
BNP
Paribas
Issuance
BV
into
Home
Depot,
Inc.
(The),
144A,
7%,
2/16/21
...........................................
United
States
1,680,000
400,194,746
Technology
Hardware,
Storage
&
Peripherals
0.8%
e
BNP
Paribas
Issuance
BV
into
Apple,
Inc.,
144A,
10%,
12/22/21
..
United
States
1,630,000
210,606,584
e
Citigroup
Global
Markets
Holdings,
Inc.
into
Apple,
Inc.,
144A,
8%,
1/13/21
...........................................
United
States
1,180,000
353,929,951
564,536,535
Total
Equity-Linked
Securities
(Cost
$12,381,284,547)
...........................
12,843,107,590
Convertible
Preferred
Stocks
3.7%
Banks
0.6%
Bank
of
America
Corp.,
7.25%,
L
..........................
United
States
250,000
379,645,000
Capital
Markets
0.1%
KKR
&
Co.,
Inc.,
6%,
C
.................................
United
States
1,350,000
81,378,000
Chemicals
0.0%
†
International
Flavors
&
Fragrances,
Inc.,
6%
.................
United
States
500,000
20,420,000
Electric
Utilities
1.3%
d
American
Electric
Power
Co.,
Inc.,
6.125%
..................
United
States
50,000
2,505,000
d
American
Electric
Power
Co.,
Inc.,
6.125%
..................
United
States
1,750,000
88,602,500
d
NextEra
Energy,
Inc.,
5.279%
............................
United
States
4,000,000
203,360,000
NextEra
Energy,
Inc.,
6.219%
............................
United
States
6,500,000
333,905,000
Southern
Co.
(The),
6.75%,
2019
.........................
United
States
5,000,000
259,500,000
887,872,500
Health
Care
Equipment
&
Supplies
0.1%
Danaher
Corp.,
5%,
B
..................................
United
States
50,000
65,055,000
Machinery
0.1%
Fortive
Corp.,
5%,
A
...................................
United
States
95,000
95,339,150
Multi-Utilities
0.4%
d
Dominion
Energy,
Inc.,
7.25%,
A
..........................
United
States
850,000
85,280,500
DTE
Energy
Co.,
6.25%
................................
United
States
1,500,000
72,210,000
Sempra
Energy,
6%,
A
.................................
United
States
500,000
49,880,000
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
Shares
a
Value
a
a
a
a
a
a
Convertible
Preferred
Stocks
(continued)
Multi-Utilities
(continued)
Sempra
Energy,
6.75%,
B
...............................
United
States
839,000
$
87,029,470
294,399,970
Semiconductors
&
Semiconductor
Equipment
0.9%
Broadcom,
Inc.,
8%,
A
..................................
United
States
420,000
597,437,400
Thrifts
&
Mortgage
Finance
0.2%
b
FNMA,
5.375%
.......................................
United
States
4,250
132,812,500
b
Total
Convertible
Preferred
Stocks
(Cost
$2,256,439,936)
........................
2,554,359,520
Preferred
Stocks
0.2%
Banks
0.1%
d
JPMorgan
Chase
&
Co.,
6%,
EE
..........................
United
States
1,008,146
28,711,998
Thrifts
&
Mortgage
Finance
0.1%
b,d
FHLMC,
8.375%,
Z
....................................
United
States
6,500,000
56,940,000
b,d
FNMA,
8.25%,
S
......................................
United
States
4,500,000
38,610,000
95,550,000
Total
Preferred
Stocks
(Cost
$288,247,526)
.....................................
124,261,998
Principal
Amount
*
Convertible
Bonds
0.2%
Airlines
0.2%
Southwest
Airlines
Co.
,
Senior
Note
,
1.25
%
,
5/01/25
...........
United
States
60,000,000
87,450,000
Oil,
Gas
&
Consumable
Fuels
0.0%
†
f
Chesapeake
Energy
Corp.
,
Senior
Note
,
6
%
,
9/15/26
..........
United
States
203,359,000
10,167,950
Total
Convertible
Bonds
(Cost
$153,560,832)
...................................
97,617,950
Corporate
Bonds
26.0%
Aerospace
&
Defense
0.1%
Raytheon
Technologies
Corp.
,
Senior
Note
,
3.125
%
,
5/04/27
.....
United
States
40,000,000
44,913,943
Air
Freight
&
Logistics
0.1%
e
XPO
Logistics,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
6/15/22
..........
United
States
50,000,000
50,256,250
Airlines
0.0%
†
e
American
Airlines
Group,
Inc.
,
Senior
Note
,
144A,
5
%
,
6/01/22
...
United
States
16,000,000
14,414,160
Automobiles
0.5%
Ford
Motor
Co.
,
Senior
Note,
9%,
4/22/25
.............................
United
States
50,000,000
61,506,750
Senior
Note,
4.346%,
12/08/26
.........................
United
States
120,000,000
127,972,800
General
Motors
Co.
,
Senior
Bond
,
5.15
%
,
4/01/38
.............
United
States
150,000,000
180,358,022
369,837,572
Banks
2.5%
Bank
of
America
Corp.
,
g
AA,
Junior
Sub.
Bond,
6.1%
to
3/17/25,
FRN
thereafter,
Perpetual
United
States
70,000,000
79,362,150
g
X,
Junior
Sub.
Bond,
6.25%
to
9/05/24,
FRN
thereafter,
Perpetual
United
States
55,000,000
61,046,105
Senior
Bond,
3.419%
to
12/20/27,
FRN
thereafter,
12/20/28
...
United
States
135,000,000
152,733,831
Senior
Note,
3.004%
to
12/20/22,
FRN
thereafter,
12/20/23
....
United
States
40,000,000
42,136,195
Barclays
plc
,
Senior
Note,
4.61%
to
2/15/22,
FRN
thereafter,
2/15/23
.......
United
Kingdom
40,000,000
41,763,280
Senior
Note,
3.65%,
3/16/25
...........................
United
Kingdom
50,000,000
55,156,400
Senior
Note,
3.932%
to
5/07/24,
FRN
thereafter,
5/07/25
......
United
Kingdom
50,000,000
54,717,301
Senior
Note,
4.375%,
1/12/26
..........................
United
Kingdom
125,000,000
144,207,369
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)
Citigroup,
Inc.
,
g
Junior
Sub.
Bond,
5.95%
to
1/30/23,
FRN
thereafter,
Perpetual
.
United
States
135,000,000
$
141,751,084
g
D,
Junior
Sub.
Bond,
5.35%
to
5/15/23,
FRN
thereafter,
Perpetual
United
States
100,000,000
104,375,000
g
M,
Junior
Sub.
Bond,
6.3%
to
5/15/24,
FRN
thereafter,
Perpetual
United
States
115,000,000
124,947,500
Sub.
Bond,
4.125%,
7/25/28
...........................
United
States
130,000,000
152,115,617
g
JPMorgan
Chase
&
Co.
,
h
I,
Junior
Sub.
Bond,
FRN,
3.684%,
(3-month
USD
LIBOR
+
3.47%),
Perpetual
...................................
United
States
125,959,000
125,093,661
Q,
Junior
Sub.
Bond,
5.15%
to
5/01/23,
FRN
thereafter,
Perpetual
United
States
60,700,000
62,960,704
R,
Junior
Sub.
Bond,
6%
to
8/01/23,
FRN
thereafter,
Perpetual
.
United
States
55,000,000
58,320,865
S,
Junior
Sub.
Bond,
6.75%
to
2/01/24,
FRN
thereafter,
Perpetual
United
States
65,000,000
72,996,083
h
V,
Junior
Sub.
Bond,
FRN,
3.545%,
(3-month
USD
LIBOR
+
3.32%),
Perpetual
...................................
United
States
113,100,000
111,255,339
X,
Junior
Sub.
Bond,
6.1%
to
10/01/24,
FRN
thereafter,
Perpetual
United
States
70,000,000
76,799,129
g
Wells
Fargo
&
Co.
,
S
,
Junior
Sub.
Bond
,
5.9%
to
6/15/24,
FRN
thereafter
,
Perpetual
.................................
United
States
70,000,000
74,536,600
1,736,274,213
Beverages
0.0%
†
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
4
%
,
4/13/28
Belgium
25,000,000
29,480,132
Biotechnology
0.3%
AbbVie,
Inc.
,
Senior
Note,
2.9%,
11/06/22
...........................
United
States
35,000,000
36,624,630
Senior
Note,
3.8%,
3/15/25
............................
United
States
100,000,000
111,642,334
Senior
Note,
3.2%,
5/14/26
............................
United
States
25,000,000
27,724,320
175,991,284
Capital
Markets
0.6%
e
Churchill
Capital
Corp.
II
,
144A,
6
%
,
10/15/27
................
United
States
185,000,000
179,345,469
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Note,
2.876%
to
10/31/21,
FRN
thereafter,
10/31/22
....
United
States
100,000,000
102,040,234
Senior
Note,
3.272%
to
9/29/24,
FRN
thereafter,
9/29/25
......
United
States
100,000,000
109,628,662
391,014,365
Chemicals
0.1%
e
Olin
Corp.
,
Senior
Note
,
144A,
9.5
%
,
6/01/25
................
United
States
40,000,000
50,032,000
Communications
Equipment
0.1%
e
CommScope
,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
7/01/28
.........
United
States
40,000,000
42,668,400
Construction
Materials
0.2%
e
Cemex
SAB
de
CV
,
Senior
Secured
Bond,
144A,
5.7%,
1/11/25
................
Mexico
65,000,000
66,527,500
Senior
Secured
Bond,
144A,
7.75%,
4/16/26
...............
Mexico
50,100,000
52,893,075
119,420,575
Consumer
Finance
1.0%
Capital
One
Financial
Corp.
,
Sub.
Note,
4.2%,
10/29/25
............................
United
States
113,000,000
129,018,927
Sub.
Note,
3.75%,
7/28/26
............................
United
States
100,200,000
113,655,676
Ford
Motor
Credit
Co.
LLC
,
Senior
Note,
3.336%,
3/18/21
..........................
United
States
48,000,000
48,180,000
Senior
Note,
5.125%,
6/16/25
..........................
United
States
60,000,000
65,313,000
Senior
Note,
4.134%,
8/04/25
..........................
United
States
149,650,000
157,226,031
Senior
Note,
5.113%,
5/03/29
..........................
United
States
110,000,000
122,644,500
General
Motors
Financial
Co.,
Inc.
,
Senior
Note
,
4.15
%
,
6/19/23
..
United
States
75,000,000
80,709,260
716,747,394
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)
Containers
&
Packaging
0.4%
e
Mauser
Packaging
Solutions
Holding
Co.
,
Senior
Note,
144A,
7.25%,
4/15/25
......................
United
States
200,995,000
$
203,256,194
Senior
Secured
Note,
144A,
5.5%,
4/15/24
................
United
States
105,000,000
107,224,950
310,481,144
Diversified
Financial
Services
0.1%
e
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
United
States
100,000,000
97,875,000
Diversified
Telecommunication
Services
0.4%
AT&T,
Inc.
,
Senior
Bond,
4.125%,
2/17/26
..........................
United
States
75,000,000
86,834,860
Senior
Note,
3%,
6/30/22
.............................
United
States
90,000,000
93,166,189
e
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond,
144A,
5.5%,
5/01/26
.......................
United
States
40,000,000
41,506,200
Senior
Bond,
144A,
5.125%,
5/01/27
.....................
United
States
30,000,000
31,875,750
253,382,999
Energy
Equipment
&
Services
0.9%
e
Weatherford
International
Ltd.
,
144A,
8.75%,
9/01/24
................................
United
States
170,000,000
170,637,500
Senior
Note,
144A,
11%,
12/01/24
.......................
United
States
613,500,000
480,063,750
650,701,250
Entertainment
0.4%
Netflix,
Inc.
,
Senior
Bond,
4.375%,
11/15/26
.........................
United
States
100,000,000
111,062,500
Senior
Bond,
4.875%,
4/15/28
..........................
United
States
69,300,000
78,262,569
Senior
Bond,
5.875%,
11/15/28
.........................
United
States
50,000,000
60,026,750
249,351,819
Equity
Real
Estate
Investment
Trusts
(REITs)
0.3%
American
Tower
Corp.
,
Senior
Bond
,
3.375
%
,
10/15/26
.........
United
States
30,000,000
33,725,116
Equinix
,
Inc.
,
Senior
Bond
,
5.375
%
,
5/15/27
.................
United
States
70,000,000
76,322,485
e
Iron
Mountain,
Inc.
,
Senior
Note
,
144A,
4.875
%
,
9/15/27
........
United
States
89,610,000
93,902,767
203,950,368
Food
Products
0.3%
Kraft
Heinz
Foods
Co.
,
Senior
Bond,
4.625%,
1/30/29
..........................
United
States
24,400,000
27,925,599
Senior
Note,
3.95%,
7/15/25
...........................
United
States
25,041,000
27,588,042
e
Post
Holdings,
Inc.
,
Senior
Bond,
144A,
5%,
8/15/26
........................
United
States
87,000,000
89,978,445
Senior
Bond,
144A,
5.625%,
1/15/28
.....................
United
States
45,000,000
48,009,375
193,501,461
Health
Care
Providers
&
Services
8.3%
e
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
11%,
6/30/23
......................
United
States
1,370,000,000
1,445,206,150
Secured
Note,
144A,
8.125%,
6/30/24
....................
United
States
735,000,000
762,562,500
Senior
Note,
144A,
6.875%,
4/01/28
.....................
United
States
570,000,000
459,360,150
Senior
Secured
Note,
144A,
6.625%,
2/15/25
..............
United
States
133,300,000
140,545,521
Senior
Secured
Note,
144A,
8%,
3/15/26
..................
United
States
335,000,000
361,297,500
Senior
Secured
Note,
144A,
5.625%,
3/15/27
..............
United
States
250,000,000
269,125,000
Senior
Secured
Note,
144A,
8%,
12/15/27
.................
United
States
420,000,000
456,750,000
Senior
Secured
Note,
144A,
6%,
1/15/29
..................
United
States
250,000,000
270,377,500
Cigna
Corp.
,
Senior
Note
,
3.75
%
,
7/15/23
...................
United
States
36,552,000
39,522,114
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)
Health
Care
Providers
&
Services
(continued)
CVS
Health
Corp.
,
Senior
Bond,
4.3%,
3/25/28
............................
United
States
125,000,000
$
148,878,066
Senior
Bond,
5.05%,
3/25/48
...........................
United
States
50,000,000
67,769,805
HCA,
Inc.
,
Senior
Bond,
5.875%,
5/01/23
..........................
United
States
90,000,000
99,018,450
Senior
Bond,
5.625%,
9/01/28
..........................
United
States
80,000,000
94,642,000
Senior
Secured
Note,
5%,
3/15/24
.......................
United
States
124,800,000
140,439,443
Tenet
Healthcare
Corp.
,
Secured
Note,
5.125%,
5/01/25
.........................
United
States
120,000,000
122,488,800
Senior
Bond,
6.875%,
11/15/31
.........................
United
States
55,258,000
58,493,908
Senior
Note,
6.75%,
6/15/23
...........................
United
States
565,000,000
608,392,000
e
Senior
Note,
144A,
6.125%,
10/01/28
....................
United
States
158,000,000
165,193,740
5,710,062,647
Hotels,
Restaurants
&
Leisure
0.7%
e
Caesars
Entertainment,
Inc.
,
Senior
Note,
144A,
8.125%,
7/01/27
.....................
United
States
35,000,000
38,791,462
Senior
Secured
Note,
144A,
6.25%,
7/01/25
...............
United
States
30,000,000
31,987,650
e
Golden
Nugget,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
10/15/24
.......
United
States
38,500,000
38,271,695
e
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
,
Senior
Bond,
144A,
5.5%,
3/01/25
.......................
United
States
164,500,000
172,177,215
Senior
Note,
144A,
4.25%,
5/30/23
......................
United
States
84,000,000
85,379,700
Senior
Note,
144A,
5.25%,
5/15/27
......................
United
States
96,827,000
99,985,981
466,593,703
Insurance
0.1%
Prudential
Financial,
Inc.
,
Junior
Sub.
Bond
,
5.7%
to
9/15/28,
FRN
thereafter
,
9/15/48
...................................
United
States
65,000,000
75,116,125
Internet
&
Direct
Marketing
Retail
0.1%
Alibaba
Group
Holding
Ltd.
,
Senior
Note
,
3.4
%
,
12/06/27
.......
China
40,000,000
44,789,075
Machinery
0.1%
e
Vertical
US
Newco,
Inc.
,
Senior
Secured
Note
,
144A,
5.25
%
,
7/15/27
Germany
43,000,000
45,660,625
Media
1.9%
e
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.
,
Senior
Secured
Note
,
144A,
5.375
%
,
8/15/26
....................
United
States
135,000,000
109,940,625
DISH
DBS
Corp.
,
Senior
Note,
5.875%,
7/15/22
..........................
United
States
391,500,000
409,509,000
Senior
Note,
5%,
3/15/23
.............................
United
States
300,000,000
310,125,000
Senior
Note,
5.875%,
11/15/24
.........................
United
States
128,200,000
134,610,000
Senior
Note,
7.375%,
7/01/28
..........................
United
States
40,000,000
42,650,000
e
Univision
Communications,
Inc.
,
Senior
Secured
Note,
144A,
5.125%,
2/15/25
..............
United
States
202,220,000
204,115,813
Senior
Secured
Note,
144A,
9.5%,
5/01/25
................
United
States
55,000,000
61,462,500
Senior
Secured
Note,
144A,
6.625%,
6/01/27
..............
United
States
30,000,000
32,273,250
1,304,686,188
Metals
&
Mining
0.4%
e
Cleveland-Cliffs,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
3/15/26
.
United
States
50,000,000
54,062,500
e
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Note,
144A,
4.75%,
5/15/22
......................
Australia
40,200,000
41,431,125
Senior
Note,
144A,
5.125%,
3/15/23
.....................
Australia
25,000,000
26,468,750
Senior
Note,
144A,
5.125%,
5/15/24
.....................
Australia
60,540,000
65,799,412
Freeport-McMoRan,
Inc.
,
Senior
Bond,
5.25%,
9/01/29
...........................
United
States
30,000,000
33,425,700
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)
Metals
&
Mining
(continued)
Freeport-McMoRan,
Inc.,
(continued)
Senior
Note,
3.875%,
3/15/23
..........................
United
States
62,636,000
$
65,473,411
286,660,898
Oil,
Gas
&
Consumable
Fuels
1.8%
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note,
7.625%,
1/15/22
..........................
United
States
62,263,000
61,859,225
Senior
Note,
7.75%,
4/15/23
...........................
United
States
128,585,000
125,839,067
e
Senior
Note,
144A,
11%,
4/15/25
........................
United
States
261,500,000
264,766,135
e
Senior
Secured
Note,
144A,
9.25%,
7/15/24
...............
United
States
111,402,000
124,770,240
f
Chesapeake
Energy
Corp.
,
e
Secured
Note,
144A,
11.5%,
1/01/25
.....................
United
States
1,070,000,000
188,855,000
Senior
Note,
7%,
10/01/24
............................
United
States
410,000,000
18,962,500
HighPoint
Operating
Corp.
,
Senior
Bond,
7%,
10/15/22
............................
United
States
205,783,000
80,978,697
Senior
Note,
8.75%,
6/15/25
...........................
United
States
175,845,000
69,458,775
Occidental
Petroleum
Corp.
,
Senior
Bond,
6.125%,
1/01/31
..........................
United
States
40,000,000
42,908,000
Senior
Note,
8%,
7/15/25
.............................
United
States
50,000,000
57,043,750
Senior
Note,
5.5%,
12/01/25
...........................
United
States
30,000,000
31,334,550
Senior
Note,
6.375%,
9/01/28
..........................
United
States
60,000,000
63,562,500
Senior
Note,
6.625%,
9/01/30
..........................
United
States
60,000,000
65,235,000
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
,
Senior
Note,
6%,
2/15/28
.............................
United
States
37,000,000
21,205,625
e
Senior
Secured
Note,
144A,
9.25%,
5/15/25
...............
United
States
24,000,000
23,571,000
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note
,
5.5
%
,
2/15/26
..
United
States
15,775,000
16,225,534
1,256,575,598
Pharmaceuticals
1.7%
AstraZeneca
plc
,
Senior
Note
,
2.375
%
,
6/12/22
...............
United
Kingdom
31,500,000
32,383,872
e
Bausch
Health
Americas,
Inc.
,
Senior
Note
,
144A,
9.25
%
,
4/01/26
.
United
States
137,000,000
152,933,100
e
Bausch
Health
Cos.,
Inc.
,
Senior
Bond,
144A,
6.125%,
4/15/25
.....................
United
States
122,400,000
126,275,184
Senior
Note,
144A,
9%,
12/15/25
.......................
United
States
105,000,000
116,335,275
Senior
Note,
144A,
5%,
2/15/29
........................
United
States
50,000,000
51,503,750
Senior
Secured
Note,
144A,
7%,
3/15/24
..................
United
States
87,300,000
89,897,175
Senior
Secured
Note,
144A,
5.5%,
11/01/25
...............
United
States
75,000,000
77,796,750
e
Bayer
US
Finance
II
LLC
,
Senior
Note
,
144A,
4.25
%
,
12/15/25
...
Germany
65,000,000
74,382,215
Bristol-Myers
Squibb
Co.
,
Senior
Note
,
3.4
%
,
7/26/29
..........
United
States
40,000,000
46,581,500
e
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco
,
Inc.
,
Secured
Note,
144A,
9.5%,
7/31/27
......................
United
States
62,939,000
70,373,669
Senior
Note,
144A,
6%,
6/30/28
........................
United
States
107,739,000
91,685,889
e
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
4/01/27
United
States
76,744,000
83,367,775
Utah
Acquisition
Sub,
Inc.
,
Senior
Note
,
3.95
%
,
6/15/26
.........
United
States
110,000,000
125,915,309
1,139,431,463
Road
&
Rail
0.1%
e
Ashtead
Capital,
Inc.
,
Senior
Note,
144A,
4.375%,
8/15/27
.....................
United
Kingdom
34,500,000
36,526,875
Senior
Note,
144A,
4%,
5/01/28
........................
United
Kingdom
25,000,000
26,616,000
63,142,875
Semiconductors
&
Semiconductor
Equipment
0.1%
Microchip
Technology,
Inc.
,
Senior
Secured
Note
,
4.333
%
,
6/01/23
United
States
69,000,000
74,738,965
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)
Tobacco
0.4%
BAT
Capital
Corp.
,
Senior
Note,
3.222%,
8/15/24
..........................
United
Kingdom
88,500,000
$
95,857,703
Senior
Note,
3.557%,
8/15/27
..........................
United
Kingdom
170,000,000
189,327,764
285,185,467
Trading
Companies
&
Distributors
0.2%
United
Rentals
North
America,
Inc.
,
Senior
Bond
,
4.875
%
,
1/15/28
United
States
93,000,000
99,161,250
e
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
6/15/25
...
United
States
30,000,000
33,034,650
132,195,900
Wireless
Telecommunication
Services
1.8%
Sprint
Communications,
Inc.
,
Senior
Note,
11.5%,
11/15/21
..........................
United
States
200,000,000
217,375,000
Senior
Note,
6%,
11/15/22
.............................
United
States
347,700,000
376,819,875
Sprint
Corp.
,
Senior
Note,
7.875%,
9/15/23
..........................
United
States
187,350,000
217,148,017
Senior
Note,
7.125%,
6/15/24
..........................
United
States
190,650,000
223,184,423
Senior
Note,
7.625%,
3/01/26
..........................
United
States
86,300,000
107,245,873
e
Sprint
Spectrum
Co.
LLC
/
Sprint
Spectrum
Co.
II
LLC
/
Sprint
Spectrum
Co.
III
LLC
,
Senior
Secured
Note
,
144A,
5.152
%
,
3/20/28
...........................................
United
States
100,000,000
116,000,000
1,257,773,188
Total
Corporate
Bonds
(Cost
$18,430,874,175)
..................................
17,842,907,046
Units
Index-Linked
Notes
0.3%
Capital
Markets
0.3%
e,i
Credit
Suisse
AG,
Senior
Note,
144A,
11.06%,
2/08/21
.........
Switzerland
33,000
111,159,180
e,i
UBS
AG,
Senior
Note,
144A,
0%,
5/07/21
...................
Switzerland
75,000
80,361,750
191,520,930
Total
Index-Linked
Notes
(Cost
$174,480,150)
...................................
191,520,930
Principal
Amount
*
h
Senior
Floating
Rate
Interests
0.1%
Oil,
Gas
&
Consumable
Fuels
0.1%
f
Chesapeake
Energy
Corp.,
Term
Loan,
A,
(1-month
USD
LIBOR
+
8%),
6/24/24
.......................................
United
States
77,725,000
66,195,662
Specialty
Retail
0.0%
†
Belk,
Inc.,
First
Lien,
Term
Loan,
7.75%,
(3-month
USD
LIBOR
+
6.75%),
7/31/25
.....................................
United
States
48,264,253
17,323,488
Total
Senior
Floating
Rate
Interests
(Cost
$121,383,357)
.........................
83,519,150
U.S.
Government
and
Agency
Securities
1.4%
U.S.
Treasury
Bonds
,
7.5%,
11/15/24
......................................
United
States
350,000,000
448,123,046
6.875%,
8/15/25
.....................................
United
States
400,000,000
520,218,752
Total
U.S.
Government
and
Agency
Securities
(Cost
$912,447,904)
................
968,341,798
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
Asset-Backed
Securities
0.1%
Airlines
0.1%
United
Airlines
Pass-Through
Trust
,
2020-1
,
A
,
5.875
%
,
10/15/27
.
United
States
55,000,000
$
59,576,902
Total
Asset-Backed
Securities
(Cost
$55,000,000)
...............................
59,576,902
Mortgage-Backed
Securities
1.6%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.7%
FNMA,
30
Year,
3%,
8/01/50
.............................
United
States
421,415,402
441,942,858
FNMA,
30
Year,
4%,
8/01/49
.............................
United
States
57,965,539
63,184,475
505,127,333
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
0.9%
GNMA
II,
Single-family,
30
Year,
3%,
7/20/50
.................
United
States
421,529,061
442,430,770
GNMA
II,
Single-family,
30
Year,
3.5%,
6/20/50
...............
United
States
166,390,814
176,467,849
618,898,619
Total
Mortgage-Backed
Securities
(Cost
$1,132,095,175)
.........................
1,124,025,952
Shares
Escrows
and
Litigation
Trusts
0.0%
f,j
Motors
Liquidation
Co.,
Escrow
Account
....................
United
States
400,000,000
—
b,j
Motors
Liquidation
Co.,
Escrow
Account,
Convertible
Preferred,
C
.
United
States
11,000,000
—
Total
Escrows
and
Litigation
Trusts
(Cost
$603,044)
.............................
—
Total
Long
Term
Investments
(Cost
$62,870,285,703)
............................
67,588,909,247
a
Short
Term
Investments
0.8%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
0.7%
k,l
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
480,232,348
480,232,348
Total
Money
Market
Funds
(Cost
$480,232,348)
.................................
480,232,348
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.1%
a
a
a
a
a
Money
Market
Funds
0.1%
k,l
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
68,298,000
68,298,000
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
26
See
abbreviations
on
page
42
.
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
0.0%
†
m
Joint
Repurchase
Agreement,
BofA
Securities,
Inc.,
0.06%,
1/04/21
(Maturity
Value
$12,575,818)
Collateralized
by
U.S.
Treasury
Note,
1.5%,
11/30/24
(valued
at
$12,827,265)
.......................................
12,575,734
$
12,575,734
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$80,873,734)
...........................................................
80,873,734
Total
Short
Term
Investments
(Cost
$561,106,082
)
...............................
561,106,082
a
Total
Investments
(Cost
$63,431,391,785)
99.3%
................................
$68,150,015,329
Options
Written
(0.0)%
.......................................................
(7,305,000)
Other
Assets,
less
Liabilities
0.7%
.............................................
451,456,542
Net
Assets
100.0%
...........................................................
$68,594,166,871
Number
of
Contracts
Notional
Amount
#
Options
Written
(0.0)%
†
Calls
-
Exchange-Traded
Equity
Options
Home
Depot,
Inc.
(The),
February
Strike
Price
$280.00,
Expires
2/19/21
...........................................
5,000
132,810,000
(1,675,000)
Intel
Corp.,
January
Strike
Price
$55.00,
Expires
1/15/21
........
20,000
99,640,000
(460,000)
JPMorgan
Chase
&
Co.,
January
Strike
Price
$130.00,
Expires
1/15/21
...........................................
20,000
254,140,000
(3,320,000)
Lockheed
Martin
Corp.,
January
Strike
Price
$375.00,
Expires
1/15/21
...........................................
2,500
88,745,000
(225,000)
PepsiCo,
Inc.,
January
Strike
Price
$150.00,
Expires
1/15/21
.....
10,000
148,300,000
(1,280,000)
Union
Pacific
Corp.,
January
Strike
Price
$220.00,
Expires
1/15/21
5,000
104,110,000
(345,000)
(7,305,000)
Total
Options
Written
(Premiums
received
$12,305,544)
..........................
$
(7,305,000)
#
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
the
security
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
A
portion
or
all
of
the
security
is
on
loan
at
December
31,
2020.
e
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
December
31,
2020,
the
aggregate
value
of
these
securities
was
$22,042,012,351,
representing
32.1%
of
net
assets.
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.
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
27
i
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.
j
Fair
valued
using
significant
unobservable
inputs.
See
Note
8
regarding
fair
value
measurements.
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.
m
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
December
31,
2020,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited),
December
31,
2020
Franklin
U.S.
Government
Securities
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
28
a
a
Principal
Amount
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.4%
U.S.
Treasury
Bonds,
4.75%,
2/15/37
....................................
$
14,500,000
$
22,085,879
Total
U.S.
Government
and
Agency
Securities
(Cost
$18,949,284)
.................
22,085,879
Mortgage-Backed
Securities
94.6%
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
94.6%
GNMA
I,
30
Year,
4.5%,
4/15/40
........................................
6,249,966
6,996,602
GNMA
I,
30
Year,
5%,
9/15/40
..........................................
218,196,265
249,507,786
GNMA
I,
30
Year,
5.5%,
2/15/40
........................................
94,524,652
111,241,388
GNMA
I,
30
Year,
6%,
12/15/39
.........................................
85,325,555
103,121,879
GNMA
I,
30
Year,
6.5%,
8/15/37
........................................
24,765,407
29,016,890
GNMA
I,
30
Year,
7%,
12/15/23
-
5/15/32
..................................
6,410,463
7,663,115
GNMA
I,
30
Year,
7.5%,
7/15/26
-
8/15/33
.................................
1,662,508
1,930,062
GNMA
I,
30
Year,
8%,
10/15/29
.........................................
3,064
3,690
GNMA
I,
30
Year,
8.5%,
11/15/24
........................................
819
895
GNMA
I,
30
Year,
10%,
8/15/21
-
2/15/25
..................................
313
313
GNMA
I,
Single-family,
30
Year,
3.5%,
4/15/43
-
5/15/43
......................
18,796,878
20,655,111
GNMA
I,
Single-family,
30
Year,
4%,
10/15/40
-
8/15/46
.......................
61,182,573
67,177,257
GNMA
I,
Single-family,
30
Year,
4.5%,
2/15/39
-
6/15/41
......................
118,013,278
133,180,796
GNMA
I,
Single-family,
30
Year,
5%,
5/15/34
-
2/15/35
........................
32,471
35,759
GNMA
I,
Single-family,
30
Year,
5.5%,
5/15/33
-
4/15/49
......................
1,298,369
1,442,231
GNMA
I,
Single-family,
30
Year,
6%,
9/15/32
...............................
2,918
3,273
GNMA
I,
Single-family,
30
Year,
6.5%,
9/15/31
-
7/15/32
......................
1,998
2,220
GNMA
I,
Single-family,
30
Year,
7%,
10/15/22
-
9/15/32
.......................
10,100,681
10,873,931
GNMA
I,
Single-family,
30
Year,
7.25%,
12/15/25
-
1/15/26
.....................
54,606
55,613
GNMA
I,
Single-family,
30
Year,
7.5%,
1/15/22
-
7/15/31
......................
2,242,346
2,349,159
GNMA
I,
Single-family,
30
Year,
7.7%,
10/15/21
.............................
2,544
2,551
GNMA
I,
Single-family,
30
Year,
8%,
4/15/21
-
9/15/30
........................
1,051,726
1,078,360
GNMA
I,
Single-family,
30
Year,
8.5%,
4/15/21
-
5/15/25
......................
104,920
105,984
GNMA
I,
Single-family,
30
Year,
9%,
2/15/21
-
1/15/23
........................
36,179
36,359
GNMA
I,
Single-family,
30
Year,
9.5%,
2/15/21
-
8/15/22
......................
13,710
13,756
GNMA
I,
Single-family,
30
Year,
10%,
6/15/21
-
2/15/25
.......................
5,746
5,759
GNMA
II,
30
Year,
4.5%,
5/20/34
-
6/20/41
.................................
5,261,041
5,861,702
GNMA
II,
30
Year,
6%,
3/20/34
-
9/20/34
..................................
1,696,579
1,842,331
GNMA
II,
30
Year,
6.5%,
9/20/31
-
3/20/34
.................................
1,618,084
1,917,940
GNMA
II,
30
Year,
7%,
7/20/32
.........................................
437,328
527,395
GNMA
II,
30
Year,
7.5%,
10/20/24
.......................................
34,713
35,141
GNMA
II,
30
Year,
8%,
12/20/28
........................................
83,272
94,120
GNMA
II,
Single-family,
30
Year,
2%,
11/20/50
..............................
103,414,995
108,236,969
GNMA
II,
Single-family,
30
Year,
2%,
12/20/50
..............................
125,000,000
130,828,436
GNMA
II,
Single-family,
30
Year,
2.5%,
6/20/50
.............................
146,779,600
155,469,645
GNMA
II,
Single-family,
30
Year,
2.5%,
7/20/50
.............................
108,114,698
114,529,334
GNMA
II,
Single-family,
30
Year,
2.5%,
8/20/50
.............................
107,076,767
113,439,612
GNMA
II,
Single-family,
30
Year,
2.5%,
9/20/50
.............................
267,085,958
282,987,652
GNMA
II,
Single-family,
30
Year,
2.5%,
11/20/50
............................
20,969,262
22,220,241
GNMA
II,
Single-family,
30
Year,
2.5%,
11/20/50
............................
93,869,326
99,468,227
GNMA
II,
Single-family,
30
Year,
2.5%,
12/20/50
............................
123,500,000
130,866,328
GNMA
II,
Single-family,
30
Year,
3%,
10/20/44
..............................
32,676,695
34,939,276
GNMA
II,
Single-family,
30
Year,
3%,
12/20/44
..............................
20,648,553
22,016,178
GNMA
II,
Single-family,
30
Year,
3%,
5/20/45
...............................
31,564,822
33,757,786
GNMA
II,
Single-family,
30
Year,
3%,
4/20/46
...............................
45,358,817
48,304,976
GNMA
II,
Single-family,
30
Year,
3%,
9/20/47
...............................
36,206,727
38,376,323
GNMA
II,
Single-family,
30
Year,
3%,
10/20/47
..............................
60,969,152
64,620,507
GNMA
II,
Single-family,
30
Year,
3%,
5/20/50
...............................
197,325,978
206,505,963
GNMA
II,
Single-family,
30
Year,
3%,
5/20/50
...............................
15,246,478
16,273,244
GNMA
II,
Single-family,
30
Year,
3%,
6/20/50
...............................
22,607,436
24,133,950
GNMA
II,
Single-family,
30
Year,
3%,
6/20/50
...............................
214,853,013
224,909,975
GNMA
II,
Single-family,
30
Year,
3%,
7/20/50
...............................
276,300,861
290,001,363
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
U.S.
Government
Securities
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
29
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%,
12/20/50
..............................
$
207,430,698
$
220,620,595
GNMA
II,
Single-family,
30
Year,
3%,
2/20/45
-
10/20/50
......................
125,435,195
133,430,448
GNMA
II,
Single-family,
30
Year,
3.5%,
7/20/42
.............................
55,247,080
60,200,772
GNMA
II,
Single-family,
30
Year,
3.5%,
9/20/42
.............................
69,019,643
75,174,094
GNMA
II,
Single-family,
30
Year,
3.5%,
4/20/43
.............................
14,808,495
16,127,988
GNMA
II,
Single-family,
30
Year,
3.5%,
5/20/43
.............................
20,173,405
22,040,804
GNMA
II,
Single-family,
30
Year,
3.5%,
6/20/43
.............................
23,435,510
25,527,006
GNMA
II,
Single-family,
30
Year,
3.5%,
8/20/43
.............................
15,806,359
17,219,247
GNMA
II,
Single-family,
30
Year,
3.5%,
9/20/47
.............................
341,127,298
368,291,128
GNMA
II,
Single-family,
30
Year,
3.5%,
11/20/47
............................
346,131,426
370,808,021
GNMA
II,
Single-family,
30
Year,
3.5%,
5/20/50
.............................
26,214,668
27,800,216
GNMA
II,
Single-family,
30
Year,
3.5%,
10/20/40
-
1/20/49
.....................
58,840,700
64,305,558
GNMA
II,
Single-family,
30
Year,
4%,
11/20/40
..............................
18,816,685
20,817,198
GNMA
II,
Single-family,
30
Year,
4%,
7/20/41
...............................
14,930,862
16,505,064
GNMA
II,
Single-family,
30
Year,
4%,
9/20/41
...............................
18,008,454
19,912,419
GNMA
II,
Single-family,
30
Year,
4%,
10/20/41
..............................
22,336,451
24,695,948
GNMA
II,
Single-family,
30
Year,
4%,
11/20/41
..............................
20,797,233
22,987,908
GNMA
II,
Single-family,
30
Year,
4%,
2/20/44
...............................
14,255,799
16,021,528
GNMA
II,
Single-family,
30
Year,
4%,
5/20/47
...............................
87,946,840
94,667,279
GNMA
II,
Single-family,
30
Year,
4%,
12/20/49
..............................
20,029,709
21,839,999
GNMA
II,
Single-family,
30
Year,
4%,
12/20/49
..............................
18,820,578
20,521,964
GNMA
II,
Single-family,
30
Year,
4%,
5/20/40
-
2/20/44
.......................
38,263,555
42,415,422
GNMA
II,
Single-family,
30
Year,
4.5%,
5/20/41
.............................
16,438,281
18,317,986
GNMA
II,
Single-family,
30
Year,
4.5%,
6/20/41
.............................
19,994,128
22,279,544
GNMA
II,
Single-family,
30
Year,
4.5%,
7/20/41
.............................
22,094,229
24,620,805
GNMA
II,
Single-family,
30
Year,
4.5%,
9/20/41
.............................
30,747,645
34,263,813
GNMA
II,
Single-family,
30
Year,
4.5%,
10/20/41
............................
22,470,374
25,035,690
GNMA
II,
Single-family,
30
Year,
4.5%,
5/20/33
-
2/20/44
......................
52,176,069
58,118,952
GNMA
II,
Single-family,
30
Year,
5%,
7/20/33
-
9/20/41
.......................
58,683,608
67,018,933
GNMA
II,
Single-family,
30
Year,
5.5%,
6/20/34
-
2/20/50
......................
64,398,938
74,586,506
GNMA
II,
Single-family,
30
Year,
6%,
10/20/23
-
7/20/39
......................
38,475,526
44,899,233
GNMA
II,
Single-family,
30
Year,
6.5%,
6/20/24
-
1/20/39
......................
11,891,463
13,907,136
GNMA
II,
Single-family,
30
Year,
7%,
2/20/28
-
7/20/33
.......................
3,190,962
3,803,903
GNMA
II,
Single-family,
30
Year,
7.5%,
10/20/22
-
4/20/32
.....................
561,142
639,933
GNMA
II,
Single-family,
30
Year,
8%,
5/20/24
-
6/20/30
.......................
230,834
266,739
GNMA
II,
Single-family,
30
Year,
8.5%,
12/20/21
-
6/20/25
.....................
15,276
15,425
GNMA
II,
Single-family,
30
Year,
9%,
10/20/21
-
11/20/21
......................
3,189
3,221
GNMA
II,
Single-family,
30
Year,
9.5%,
9/20/21
-
1/20/25
......................
4,678
4,693
GNMA
II,
Single-family,
30
Year,
10%,
1/20/21
..............................
200
199
5,008,378,670
Total
Mortgage-Backed
Securities
(Cost
$4,859,104,419)
.........................
5,008,378,670
Total
Long
Term
Investments
(Cost
$4,878,053,703)
.............................
5,030,464,549
a
a
a
a
a
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
See
Abbreviations
on
page
42
.
Short
Term
Investments
4.9%
a
a
Shares
a
Value
a
Money
Market
Funds
4.9%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
......................
261,750,594
$
261,750,594
Total
Money
Market
Funds
(Cost
$261,750,594)
.................................
261,750,594
Total
Short
Term
Investments
(Cost
$261,750,594
)
...............................
261,750,594
a
Total
Investments
(Cost
$5,139,804,297)
99.9%
..................................
$5,292,215,143
Other
Assets,
less
Liabilities
0.1%
............................................
3,507,546
Net
Assets
100.0%
...........................................................
$5,295,722,689
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),
December
31,
2020
Franklin
Utilities
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
31
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
99.8%
Diversified
Telecommunication
Services
0.6%
a
TELUS
Corp.
........................................
Canada
2,000,000
$
39,635,249
Electric
Utilities
58.6%
Alliant
Energy
Corp.
...................................
United
States
3,856,870
198,744,511
American
Electric
Power
Co.,
Inc.
.........................
United
States
3,000,000
249,810,000
Duke
Energy
Corp.
....................................
United
States
2,900,000
265,524,000
Edison
International
...................................
United
States
4,200,000
263,844,000
Emera,
Inc.
..........................................
Canada
2,000,000
85,056,207
Entergy
Corp.
........................................
United
States
2,300,000
229,632,000
Evergy
,
Inc.
..........................................
United
States
3,200,000
177,632,000
Eversource
Energy
....................................
United
States
2,400,000
207,624,000
Exelon
Corp.
.........................................
United
States
6,300,000
265,986,000
FirstEnergy
Corp.
.....................................
United
States
3,100,000
94,891,000
NextEra
Energy,
Inc.
...................................
United
States
9,900,000
763,785,000
OGE
Energy
Corp.
....................................
United
States
1,400,000
44,604,000
a
PG&E
Corp.
.........................................
United
States
6,000,000
74,760,000
Pinnacle
West
Capital
Corp.
.............................
United
States
2,200,000
175,890,000
PNM
Resources,
Inc.
..................................
United
States
2,200,070
106,769,397
PPL
Corp.
...........................................
United
States
2,200,000
62,040,000
Southern
Co.
(The)
....................................
United
States
4,165,247
255,871,123
Xcel
Energy,
Inc.
......................................
United
States
2,200,000
146,674,000
3,669,137,238
Gas
Utilities
3.0%
Atmos
Energy
Corp.
...................................
United
States
250,000
23,857,500
New
Jersey
Resources
Corp.
............................
United
States
1,000,000
35,550,000
Southwest
Gas
Holdings,
Inc.
............................
United
States
1,000,000
60,750,000
Spire,
Inc.
...........................................
United
States
1,000,000
64,040,000
184,197,500
Independent
Power
and
Renewable
Electricity
Producers
0.8%
Vistra
Corp.
..........................................
United
States
2,500,000
49,150,000
Multi-Utilities
32.0%
Ameren
Corp.
........................................
United
States
1,668,250
130,223,595
Black
Hills
Corp.
......................................
United
States
784,393
48,200,950
CenterPoint
Energy,
Inc.
................................
United
States
6,300,000
136,332,000
CMS
Energy
Corp.
....................................
United
States
5,000,000
305,050,000
Consolidated
Edison,
Inc.
...............................
United
States
1,300,000
93,951,000
Dominion
Energy,
Inc.
..................................
United
States
4,000,000
300,800,000
DTE
Energy
Co.
......................................
United
States
1,900,000
230,679,000
E.ON
SE
............................................
Germany
8,500,000
94,126,408
National
Grid
plc
......................................
United
Kingdom
5,999,933
70,908,960
NiSource,
Inc.
........................................
United
States
4,700,000
107,818,000
NorthWestern
Corp.
...................................
United
States
1,000,000
58,310,000
Public
Service
Enterprise
Group,
Inc.
......................
United
States
1,900,000
110,770,000
Sempra
Energy
.......................................
United
States
1,900,000
242,079,000
WEC
Energy
Group,
Inc.
................................
United
States
800,000
73,624,000
2,002,872,913
Oil,
Gas
&
Consumable
Fuels
2.9%
a
Cheniere
Energy,
Inc.
..................................
United
States
1,300,000
78,039,000
Origin
Energy
Ltd.
.....................................
Australia
7,000,000
25,699,589
Williams
Cos.,
Inc.
(The)
................................
United
States
4,000,000
80,200,000
183,938,589
Water
Utilities
1.9%
Essential
Utilities,
Inc.
..................................
United
States
1,750,000
82,757,500
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Utilities
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
32
See
Abbreviations
on
page
42
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Water
Utilities
(continued)
United
Utilities
Group
plc
................................
United
Kingdom
3,000,000
$
36,695,599
119,453,099
Total
Common
Stocks
(Cost
$3,356,347,247)
....................................
6,248,384,588
Principal
Amount
*
Corporate
Bonds
0.1%
Electric
Utilities
0.1%
Evergy
Missouri
West,
Inc.
,
Senior
Bond
,
8.27
%
,
11/15/21
.......
United
States
6,100,000
6,470,914
Total
Corporate
Bonds
(Cost
$6,094,250)
.......................................
6,470,914
Total
Long
Term
Investments
(Cost
$3,362,441,497)
.............................
6,254,855,502
a
a
Total
Investments
(Cost
$3,362,441,497)
99.9%
..................................
$6,254,855,502
Other
Assets,
less
Liabilities
0.1%
.............................................
3,779,483
Net
Assets
100.0%
...........................................................
$6,258,634,985
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
Franklin
Custodian
Funds
33
Notes
to
Statements
of
Investments
(unaudited)
1.
Organization
Franklin
Custodian
Funds (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of 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)
34
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
December
31,
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 purchased
or
wrote
exchange
traded
option
contracts
primarily
to
manage
and/or
gain
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
-
Options
2. Financial
Instrument
Valuation
(continued)
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
35
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.
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
December
31,
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
Community
Health
Systems
Inc
$
—
$
104,604,374
$
—
$
—
$
(30,304,374)
$
74,300,000
10,000,000
$
—
Weatherford
International
plc
.
28,665,000
—
(3,721,543)
(13,878,469)
72,335,012
83,400,000
13,900,000
—
$28,665,000
$104,604,374
$(3,721,543)
$
(13,878,469)
$
42,030,638
$157,700,000
—
$
—
Total
Affiliated
Securities
(Value
is
0.2%
of
Net
Assets)
$28,665,000
$104,604,374
$(3,721,543)
(13,878,469)
42,030,638
$157,700,000
$—
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
36
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
December
31,
2020,
investments
in
affiliated
management
investment
companies
were
as
follows: 
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
DynaTech
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$323,931,348
$904,919,641
$(943,607,879)
$—
$—
$285,243,110
285,243,110
$—
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$72,237,000
$168,353,000
$(143,429,000)
$
—
$
—
$97,161,000
97,161,000
$—
Total
Affiliated
Securities
....
$396,168,348
$1,073,272,641
$(1,087,036,879)
$—
$—
$382,404,110
$—
Franklin
Focused
Growth
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$2,346,648
$14,785,504
$(12,974,941)
$—
$—
$4,157,211
4,157,211
$—
Total
Affiliated
Securities
....
$2,346,648
$14,785,504
$(12,974,941)
$—
$—
$4,157,211
$—
Franklin
Growth
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$94,207,855
$595,062,391
$(536,871,757)
$—
$—
$152,398,489
152,398,489
$—
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$46,871,000
$39,481,000
$(73,266,000)
—
—
$13,086,000
13,086,000
$—
Total
Affiliated
Securities
....
$141,078,855
$634,543,391
$(610,137,757)
$—
$—
$165,484,489
$—
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
37
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. 
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Income
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$639,000,040
$4,528,905,429
$(4,687,673,121)
$—
$—
$480,232,348
480,232,348
$18
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$23,122,000
$82,046,000
$(36,870,000)
$
—
$
—
$68,298,000
68,298,000
$—
Total
Affiliated
Securities
....
$662,122,040
$4,610,951,429
$(4,724,543,121)
$—
$—
$548,530,348
$18
Franklin
U.S.
Government
Securities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$231,583,058
$76,076,151
$(45,908,615)
$—
$—
$261,750,594
261,750,594
$—
Total
Affiliated
Securities
....
$231,583,058
$76,076,151
$(45,908,615)
$—
$—
$261,750,594
$—
Franklin
Utilities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$5,118,759
$193,873,873
$(198,992,632)
$—
$—
$—
$—
Total
Affiliated
Securities
....
$5,118,759
$193,873,873
$(198,992,632)
$—
$—
$—
$—
7.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
38
A
summary
of
inputs
used
as
of
December
31,
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
...................
$
59,644,050
$
—
$
—
$
59,644,050
Automobiles
..........................
423,402,000
—
—
423,402,000
Biotechnology
.........................
404,713,494
88,407,912
—
493,121,406
Capital
Markets
........................
480,013,750
—
—
480,013,750
Diversified
Consumer
Services
............
94,846,500
—
—
94,846,500
Electric
Utilities
........................
154,300,000
—
—
154,300,000
Electrical
Equipment
....................
32,747,574
—
—
32,747,574
Electronic
Equipment,
Instruments
&
Components
........................
91,803,000
84,377,555
—
176,180,555
Entertainment
.........................
709,342,900
80,242,677
—
789,585,577
Equity
Real
Estate
Investment
Trusts
(REITs)
.
419,611,000
—
—
419,611,000
Health
Care
Equipment
&
Supplies
.........
1,638,840,500
—
—
1,638,840,500
Health
Care
Providers
&
Services
..........
147,464,000
—
—
147,464,000
Health
Care
Technology
.................
582,680,310
—
—
582,680,310
Hotels,
Restaurants
&
Leisure
.............
13,123,920
—
—
13,123,920
Industrial
Conglomerates
................
129,327,000
—
—
129,327,000
Interactive
Media
&
Services
..............
1,361,539,380
376,579,536
—
1,738,118,916
Internet
&
Direct
Marketing
Retail
..........
2,944,119,967
204,364,738
—
3,148,484,705
IT
Services
...........................
2,958,689,256
510,180,215
—
3,468,869,471
Life
Sciences
Tools
&
Services
............
658,235,628
378,438,555
—
1,036,674,183
Media
...............................
204,186,500
—
—
204,186,500
Multiline
Retail
........................
—
4,795,350
—
4,795,350
Pharmaceuticals
.......................
197,227,000
124,650,706
—
321,877,706
Professional
Services
...................
313,551,000
—
—
313,551,000
Road
&
Rail
..........................
20,400,000
—
—
20,400,000
Semiconductors
&
Semiconductor
Equipment
.
1,290,289,800
—
—
1,290,289,800
Software
.............................
4,800,847,098
22,699,838
—
4,823,546,936
Specialty
Retail
........................
77,850,500
—
—
77,850,500
Technology
Hardware,
Storage
&
Peripherals
.
212,304,000
—
—
212,304,000
Textiles,
Apparel
&
Luxury
Goods
..........
35,367,500
—
—
35,367,500
Short
Term
Investments
...................
382,404,110
24,145,900
—
406,550,010
Total
Investments
in
Securities
...........
$20,838,871,737
$1,898,882,982
$—
$22,737,754,719
Franklin
Focused
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Automobiles
..........................
2,409,863
—
—
2,409,863
Capital
Markets
........................
1,019,428
—
—
1,019,428
Electric
Utilities
........................
1,523,481
—
—
1,523,481
Entertainment
.........................
3,142,697
—
—
3,142,697
Equity
Real
Estate
Investment
Trusts
(REITs)
.
726,066
—
—
726,066
Food
&
Staples
Retailing
.................
1,285,573
—
—
1,285,573
Health
Care
Equipment
&
Supplies
.........
6,352,187
—
—
6,352,187
Health
Care
Technology
.................
1,548,013
—
—
1,548,013
Hotels,
Restaurants
&
Leisure
.............
58,720
—
—
58,720
Industrial
Conglomerates
................
1,116,092
—
—
1,116,092
Interactive
Media
&
Services
..............
3,955,490
1,503,187
—
5,458,677
Internet
&
Direct
Marketing
Retail
..........
9,804,570
—
—
9,804,570
IT
Services
...........................
9,683,390
2,414,259
—
12,097,649
Life
Sciences
Tools
&
Services
............
—
1,120,557
—
1,120,557
8. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
39
Level
1
Level
2
Level
3
Total
Franklin
Focused
Growth
Fund
(continued)
Assets:
Investments
in
Securities:
Common
Stocks:
Media
...............................
$
1,505,688
$
—
$
—
$
1,505,688
Personal
Products
.....................
688,101
—
—
688,101
Professional
Services
...................
1,763,449
—
—
1,763,449
Semiconductors
&
Semiconductor
Equipment
.
3,817,500
—
—
3,817,500
Software
.............................
12,696,074
—
—
12,696,074
Short
Term
Investments
...................
4,157,211
—
—
4,157,211
Total
Investments
in
Securities
...........
$67,253,593
$5,038,003
$—
$72,291,596
Franklin
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
789,591,643
—
—
789,591,643
Auto
Components
......................
54,848,312
—
—
54,848,312
Beverages
...........................
589,947,244
—
—
589,947,244
Biotechnology
.........................
427,717,110
—
—
427,717,110
Building
Products
......................
237,269,666
—
—
237,269,666
Capital
Markets
........................
627,238,134
—
—
627,238,134
Chemicals
...........................
455,559,754
—
—
455,559,754
Commercial
Services
&
Supplies
...........
61,682,846
—
—
61,682,846
Construction
Materials
..................
111,764,345
—
—
111,764,345
Electric
Utilities
........................
155,843,617
—
—
155,843,617
Electrical
Equipment
....................
83,298,513
—
—
83,298,513
Electronic
Equipment,
Instruments
&
Components
........................
551,512,036
—
—
551,512,036
Entertainment
.........................
310,589,989
—
—
310,589,989
Equity
Real
Estate
Investment
Trusts
(REITs)
.
262,457,182
—
—
262,457,182
Food
Products
........................
128,778,242
—
—
128,778,242
Health
Care
Equipment
&
Supplies
.........
1,266,162,501
—
—
1,266,162,501
Health
Care
Providers
&
Services
..........
212,119,936
—
—
212,119,936
Health
Care
Technology
.................
71,108,108
—
—
71,108,108
Hotels,
Restaurants
&
Leisure
.............
104,516,890
—
—
104,516,890
Insurance
............................
6,327,988
—
—
6,327,988
Interactive
Media
&
Services
..............
931,328,182
—
—
931,328,182
Internet
&
Direct
Marketing
Retail
..........
1,268,409,836
—
—
1,268,409,836
IT
Services
...........................
1,294,815,335
138,477,137
—
1,433,292,472
Life
Sciences
Tools
&
Services
............
881,398,581
124,222,575
—
1,005,621,156
Machinery
............................
773,860,389
—
—
773,860,389
Media
...............................
216,768,064
—
—
216,768,064
Personal
Products
.....................
24,347,867
—
—
24,347,867
Pharmaceuticals
.......................
947,006,140
—
—
947,006,140
Professional
Services
...................
657,800,671
—
—
657,800,671
Road
&
Rail
..........................
963,547,357
—
—
963,547,357
Semiconductors
&
Semiconductor
Equipment
.
1,004,519,534
—
—
1,004,519,534
Software
.............................
3,056,267,448
—
—
3,056,267,448
Technology
Hardware,
Storage
&
Peripherals
.
1,128,522,346
—
—
1,128,522,346
Textiles,
Apparel
&
Luxury
Goods
..........
265,252,996
—
—
265,252,996
Trading
Companies
&
Distributors
..........
132,092,279
—
—
132,092,279
Water
Utilities
.........................
105,703,844
—
—
105,703,844
Short
Term
Investments
...................
165,484,489
3,272,399
—
168,756,888
Total
Investments
in
Securities
...........
$20,325,459,414
$265,972,111
$—
$20,591,431,525
8. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
40
Level
1
Level
2
Level
3
Total
Franklin
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
837,672,500
$
—
$
—
$
837,672,500
Air
Freight
&
Logistics
...................
505,200,000
—
—
505,200,000
Automobiles
..........................
124,920,000
—
—
124,920,000
Banks
...............................
4,526,661,661
280,873,669
—
4,807,535,330
Beverages
...........................
2,294,400,000
—
—
2,294,400,000
Biotechnology
.........................
147,980,400
—
—
147,980,400
Capital
Markets
........................
274,120,000
—
—
274,120,000
Chemicals
...........................
288,793,540
395,229,557
—
684,023,097
Containers
&
Packaging
.................
120,649,210
—
—
120,649,210
Diversified
Telecommunication
Services
.....
1,636,631,375
—
—
1,636,631,375
Electric
Utilities
........................
3,864,205,500
—
—
3,864,205,500
Energy
Equipment
&
Services
.............
312,749,979
—
—
312,749,979
Equity
Real
Estate
Investment
Trusts
(REITs)
.
87,780,000
—
—
87,780,000
Health
Care
Providers
&
Services
..........
620,700,000
—
—
620,700,000
Health
Care
Technology
.................
35,156,000
—
—
35,156,000
Household
Products
....................
904,410,000
—
—
904,410,000
Industrial
Conglomerates
................
638,100,000
—
—
638,100,000
Insurance
............................
806,131,500
—
—
806,131,500
IT
Services
...........................
564,823,560
—
—
564,823,560
Machinery
............................
267,978,000
—
—
267,978,000
Media
...............................
144,100,000
—
—
144,100,000
Metals
&
Mining
.......................
720,531,610
—
—
720,531,610
Multiline
Retail
........................
222,092,393
—
—
222,092,393
Multi-Utilities
..........................
1,611,145,000
—
—
1,611,145,000
Oil,
Gas
&
Consumable
Fuels
.............
3,674,136,000
—
—
3,674,136,000
Personal
Products
.....................
—
179,934,183
—
179,934,183
Pharmaceuticals
.......................
2,929,262,985
598,323,391
—
3,527,586,376
Road
&
Rail
..........................
520,550,000
—
—
520,550,000
Semiconductors
&
Semiconductor
Equipment
.
728,563,000
—
—
728,563,000
Specialty
Retail
........................
132,810,000
—
—
132,810,000
Tobacco
.............................
620,925,000
—
—
620,925,000
Wireless
Telecommunication
Services
.......
—
82,130,398
—
82,130,398
Equity-Linked
Securities
...................
—
12,843,107,590
—
12,843,107,590
Convertible
Preferred
Stocks
:
Banks
...............................
379,645,000
—
—
379,645,000
Capital
Markets
........................
81,378,000
—
—
81,378,000
Chemicals
...........................
20,420,000
—
—
20,420,000
Electric
Utilities
........................
887,872,500
—
—
887,872,500
Health
Care
Equipment
&
Supplies
.........
65,055,000
—
—
65,055,000
Machinery
............................
95,339,150
—
—
95,339,150
Multi-Utilities
..........................
294,399,970
—
—
294,399,970
Semiconductors
&
Semiconductor
Equipment
.
597,437,400
—
—
597,437,400
Thrifts
&
Mortgage
Finance
...............
—
132,812,500
—
132,812,500
Preferred
Stocks
........................
124,261,998
—
—
124,261,998
Convertible
Bonds
.......................
—
97,617,950
—
97,617,950
Corporate
Bonds
........................
—
17,842,907,046
—
17,842,907,046
Index-Linked
Notes
......................
—
191,520,930
—
191,520,930
Senior
Floating
Rate
Interests
...............
—
83,519,150
—
83,519,150
U.S.
Government
and
Agency
Securities
.......
—
968,341,798
—
968,341,798
Asset-Backed
Securities
..................
—
59,576,902
—
59,576,902
Mortgage-Backed
Securities
................
—
1,124,025,952
—
1,124,025,952
8. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
41
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
year.
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:
Investments
in
Securities:
Convertible
Preferred
Stocks:
Escrows
and
Litigation
Trusts
...............
$
—
$
—
$
—
a
$
—
Short
Term
Investments
...................
548,530,348
12,575,734
—
561,106,082
Total
Investments
in
Securities
...........
$33,257,518,579
$34,892,496,750
$—
$68,150,015,329
Liabilities:
Other
Financial
Instruments:
Options
written
..........................
$
7,305,000
$
—
$
—
$
7,305,000
$—
$—
$—
$—
Franklin
U.S.
Government
Securities
Fund
Assets:
Investments
in
Securities:
b
U.S.
Government
and
Agency
Securities
.......
—
22,085,879
—
22,085,879
Mortgage-Backed
Securities
................
—
5,008,378,670
—
5,008,378,670
Short
Term
Investments
...................
261,750,594
—
—
261,750,594
Total
Investments
in
Securities
...........
$261,750,594
$5,030,464,549
$—
$5,292,215,143
Franklin
Utilities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Diversified
Telecommunication
Services
.....
—
39,635,249
—
39,635,249
Electric
Utilities
........................
3,669,137,238
—
—
3,669,137,238
Gas
Utilities
..........................
184,197,500
—
—
184,197,500
Independent
Power
and
Renewable
Electricity
Producers
..........................
49,150,000
—
—
49,150,000
Multi-Utilities
..........................
1,837,837,545
165,035,368
—
2,002,872,913
Oil,
Gas
&
Consumable
Fuels
.............
158,239,000
25,699,589
—
183,938,589
Water
Utilities
.........................
82,757,500
36,695,599
—
119,453,099
Corporate
Bonds
........................
—
6,470,914
—
6,470,914
Total
Investments
in
Securities
...........
$5,981,318,783
$273,536,719
$—
$6,254,855,502
a
Includes
securities
determined
to
have
no
value
at
December
31,
2020.
b
For
detailed
categories,
see
the
accompanying
Statement
of
Investments.
8. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
42
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.