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.