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FXM8FAOHMYDIPD38UZ17 Booking Holdings, Inc. 09857L108 50000.00000000 NS USD 109404500.00000000 0.409581963809 Long EC CORP US N 1 N N N Tradeweb Markets, Inc. N/A Tradeweb Markets, Inc., Class A 892672106 2400000.00000000 NS USD 202944000.00000000 0.759769498177 Long EC CORP US N 1 N N N Chegg, Inc. 549300AKX7O8JG0O3G77 Chegg, Inc. 163092109 1200000.00000000 NS USD 99732000.00000000 0.373370642109 Long EC CORP US N 1 N N N Paymentus Holdings, Inc. N/A Paymentus Holdings, Inc., Class A 70439P108 421700.00000000 NS USD 14970350.00000000 0.056045092769 Long EC CORP US N 1 N N N Tyler Technologies, Inc. 25490040SMU4Z8LBCW70 Tyler Technologies, Inc. 902252105 230000.00000000 NS USD 104045100.00000000 0.389517765565 Long EC CORP US N 1 N N N DocuSign, Inc. 549300Q7PVDWRZ39JG09 DocuSign, Inc. 256163106 1500000.00000000 NS USD 419355000.00000000 1.569955938132 Long EC CORP US N 1 N N N UnitedHealth Group, Inc. 549300GHBMY8T5GXDE41 UnitedHealth Group, Inc. 91324P102 200000.00000000 NS USD 80088000.00000000 0.299828620555 Long EC CORP US N 1 N N N Zendesk, Inc. 549300SLI6BN94BKKO36 Zendesk, Inc. 98936J101 600000.00000000 NS USD 86604000.00000000 0.324222828071 Long EC CORP US N 1 N N N Thermo Fisher Scientific, Inc. HCHV7422L5HDJZCRFL38 Thermo Fisher Scientific, Inc. 883556102 700000.00000000 NS USD 353129000.00000000 1.322023036512 Long EC CORP US N 1 N N N Guardant Health, Inc. 254900M8C3E5VC8BR186 Guardant Health, Inc. 40131M109 650000.00000000 NS USD 80723500.00000000 0.302207767099 Long EC CORP US N 1 N N N Synopsys, Inc. QG7T915N9S0NY5UKNE63 Synopsys, Inc. 871607107 1000000.00000000 NS USD 275790000.00000000 1.032485956236 Long EC CORP US N 1 N N N MongoDB, Inc. 549300TPTG69WKWE1Z37 MongoDB, Inc. 60937P106 250000.00000000 NS USD 90380000.00000000 0.338359188964 Long EC CORP US N 1 N N N Visa, Inc. 549300JZ4OKEHW3DPJ59 Visa, Inc., Class A 92826C839 1300000.00000000 NS USD 303966000.00000000 1.137969564427 Long EC CORP US N 1 N N N Q2 Holdings, Inc. 549300M9RKR9DZXWS696 Q2 Holdings, Inc. 74736L109 467200.00000000 NS USD 47925376.00000000 0.179420130053 Long EC CORP US N 1 N N N Keyence Corp. 529900M7PQBS7A89DZ11 Keyence Corp. N/A 200000.00000000 NS 100733751.34000000 0.377120938313 Long EC CORP JP N 2 N N N Institutional Fiduciary Trust - Money Market Portfolio 549300M4TP89K77LG374 Institutional Fiduciary Trust - Money Market Portfolio 457756500 185641952.31100000 NS USD 185641952.31000000 0.694995136329 Long STIV RF US N 1 N N N Catalent, Inc. N/A Catalent, Inc. 148806102 1500000.00000000 NS USD 162180000.00000000 0.607159695356 Long EC CORP US N 1 N N N Charter Communications, Inc. 0J0XRGZE3PBRFEZ7MV65 Charter Communications, Inc., Class A 16119P108 150000.00000000 NS USD 108217500.00000000 0.405138144852 Long EC CORP US N 1 N N N BioNTech SE 894500UZJ5LG1F8J1U58 BioNTech SE 09075V102 250000.00000000 NS USD 55970000.00000000 0.209537107837 Long EC CORP DE N 1 N N N Lam Research Corp. 549300I4GMO6D34U1T02 Lam Research Corp. 512807108 500000.00000000 NS USD 325350000.00000000 1.218025692960 Long EC CORP US N 1 N N N Alphawave IP Group plc 213800ZXTO21EU4VMH37 Alphawave IP Group plc N/A 2505500.00000000 NS 12477991.06000000 0.046714349800 Long EC CORP GB N 1 N N N Inmode Ltd. N/A Inmode Ltd. N/A 50000.00000000 NS USD 4734000.00000000 0.017722863471 Long EC CORP IL N 1 N N N Texas Instruments, Inc. WDJNR2L6D8RWOEB8T652 Texas Instruments, Inc. 882508104 75000.00000000 NS USD 14422500.00000000 0.053994085006 Long EC CORP US N 1 N N N Moderna, Inc. 549300EI6OKH5K5Q2G38 Moderna, Inc. 60770K107 400000.00000000 NS USD 93992000.00000000 0.351881576556 Long EC CORP US N 1 N N N salesforce.com, Inc. RCGZFPDMRW58VJ54VR07 salesforce.com, Inc. 79466L302 1000000.00000000 NS USD 244270000.00000000 0.914483282678 Long EC CORP US N 1 N N N Chewy, Inc. N/A Chewy, Inc., Class A 16679L109 2000000.00000000 NS USD 159420000.00000000 0.596826973941 Long EC CORP US N 1 N N N Workday, Inc. 549300J0DYC0N31V7G13 Workday, Inc., Class A 98138H101 550000.00000000 NS USD 131307000.00000000 0.491579221347 Long EC CORP US N 1 N N N Xero Ltd. 254900UG5D8YST164N14 Xero Ltd. N/A 200000.00000000 NS 20567838.14000000 0.077000631022 Long EC CORP NZ N 2 N N N Aspen Technology, Inc. 529900B0MZWTVFG7CB96 Aspen Technology, Inc. 045327103 200000.00000000 NS USD 27508000.00000000 0.102982790108 Long EC CORP US N 1 N N N Olo, Inc. N/A Olo, Inc., Class A 68134L109 50000.00000000 NS USD 1869500.00000000 0.006998921263 Long EC CORP US N 1 N N N Snap, Inc. 549300JNC0L6VP8A2Q35 Snap, Inc., Class A 83304A106 2500000.00000000 NS USD 170350000.00000000 0.637746048242 Long EC CORP US N 1 N N N Upstart Holdings, Inc. N/A Upstart Holdings, Inc. 91680M107 50000.00000000 NS USD 6245000.00000000 0.023379654072 Long EC CORP US N 1 N N N Cloudflare, Inc. 5493007DY18BGNLDWU14 Cloudflare, Inc., Class A 18915M107 25000.00000000 NS USD 2646000.00000000 0.009905935096 Long EC CORP US N 1 N N N Square, Inc. 549300OHIIUWSTIZME52 Square, Inc., Class A 852234103 1600000.00000000 NS USD 390080000.00000000 1.460357960073 Long EC CORP US N 1 N N N Monolithic Power Systems, Inc. 529900TB7O85LSZ1XU31 Monolithic Power Systems, Inc. 609839105 500000.00000000 NS USD 186725000.00000000 0.699049784902 Long EC CORP US N 1 N N N Zoetis, Inc. 549300HD9Q1LOC9KLJ48 Zoetis, Inc. 98978V103 500000.00000000 NS USD 93180000.00000000 0.348841659966 Long EC CORP US N 1 N N N Palo Alto Networks, Inc. 549300QXR2YVZV231H43 Palo Alto Networks, Inc. 697435105 10000.00000000 NS USD 3710500.00000000 0.013891145946 Long EC CORP US N 1 N N N Fiverr International Ltd. 549300Z8OREY6THCPF67 Fiverr International Ltd. N/A 1000000.00000000 NS USD 242490000.00000000 0.907819426113 Long EC CORP IL N 1 N N N Equinix, Inc. 549300EVUN2BTLJ3GT74 Equinix, Inc. 29444U700 50000.00000000 NS USD 40130000.00000000 0.150236271887 Long EC CORP US N 1 N N N 2021-07-30 Franklin Custodian Funds Robert Kubilis Robert Kubilis Chief Financial Officer, Chief Accounting Officer and Treasurer XXXX NPORT-EX 2 FCF.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FCF-Q3PH
1
Statement
of
Investments
(unaudited)
Franklin
DynaTech
Fund
2
Franklin
Focused
Growth
Fund
8
Franklin
Growth
Fund
10
Franklin
Income
Fund
16
Franklin
U.S.
Government
Securities
Fund
30
Franklin
Utilities
Fund
33
Notes
to
Statements
of
Investments
35
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited),
June
30,
2021
Franklin
DynaTech
Fund
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
99.4%
Aerospace
&
Defense
0.4%
a
Axon
Enterprise,
Inc.
...................................
United
States
501,074
$
88,589,883
a
TransDigm
Group,
Inc.
.................................
United
States
35,000
22,655,150
111,245,033
Automobiles
1.5%
a
Tesla,
Inc.
...........................................
United
States
600,000
407,820,000
Banks
0.3%
a
SVB
Financial
Group
...................................
United
States
150,000
83,464,500
Biotechnology
1.6%
a,b
Applied
Molecular
Transport,
Inc.
.........................
United
States
622,200
28,459,428
a
Argenx
SE
..........................................
Netherlands
300,000
90,522,234
a
BioNTech
SE,
ADR
....................................
Germany
250,000
55,970,000
a
Intellia
Therapeutics,
Inc.
................................
United
States
264,200
42,776,622
a
Moderna,
Inc.
........................................
United
States
400,000
93,992,000
a
Natera,
Inc.
..........................................
United
States
1,000,000
113,530,000
425,250,284
Capital
Markets
2.1%
Moody's
Corp.
........................................
United
States
265,000
96,028,050
MSCI,
Inc.
...........................................
United
States
500,000
266,540,000
Tradeweb
Markets,
Inc.,
A
...............................
United
States
2,400,000
202,944,000
565,512,050
Chemicals
0.1%
a,c
SK
IE
Technology
Co.
Ltd.,
144A,
Reg
S
....................
South
Korea
100,000
16,196,052
Commercial
Services
&
Supplies
0.0%
†
a
ACV
Auctions,
Inc.,
A
..................................
United
States
68,094
1,745,249
Consumer
Finance
0.0%
†
a
Upstart
Holdings,
Inc.
..................................
United
States
50,000
6,245,000
Diversified
Consumer
Services
0.4%
a
Chegg,
Inc.
..........................................
United
States
1,200,000
99,732,000
Electric
Utilities
0.6%
NextEra
Energy,
Inc.
...................................
United
States
2,050,000
150,224,000
Electronic
Equipment,
Instruments
&
Components
1.0%
Amphenol
Corp.,
A
....................................
United
States
1,200,000
82,092,000
Keyence
Corp.
.......................................
Japan
175,000
88,142,032
a
Keysight
Technologies,
Inc.
..............................
United
States
200,000
30,882,000
a
Zebra
Technologies
Corp.,
A
.............................
United
States
150,000
79,423,500
280,539,532
Entertainment
4.1%
Activision
Blizzard,
Inc.
.................................
United
States
1,000,000
95,440,000
a
Netflix,
Inc.
..........................................
United
States
100,000
52,821,000
Nintendo
Co.
Ltd.
.....................................
Japan
150,000
86,808,766
a
ROBLOX
Corp.,
A
.....................................
United
States
2,000,000
179,960,000
a
Sea
Ltd.,
ADR
........................................
Taiwan
2,500,000
686,500,000
1,101,529,766
Equity
Real
Estate
Investment
Trusts
(REITs)
1.0%
Crown
Castle
International
Corp.
..........................
United
States
500,000
97,550,000
Equinix,
Inc.
.........................................
United
States
50,000
40,130,000
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)
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
SBA
Communications
Corp.
.............................
United
States
400,000
$
127,480,000
265,160,000
Food
Products
0.0%
†
a
Oatly
Group
AB,
ADR
..................................
United
States
51,800
1,267,028
Health
Care
Equipment
&
Supplies
6.4%
Abbott
Laboratories
....................................
United
States
1,500,000
173,895,000
a
CryoPort,
Inc.
........................................
United
States
250,000
15,775,000
Danaher
Corp.
.......................................
United
States
1,500,000
402,540,000
a
DexCom,
Inc.
........................................
United
States
100,000
42,700,000
a
Edwards
Lifesciences
Corp.
.............................
United
States
1,200,000
124,284,000
a
IDEXX
Laboratories,
Inc.
................................
United
States
650,000
410,507,500
a
Inari
Medical,
Inc.
.....................................
United
States
825,000
76,956,000
a
Inmode
Ltd.
.........................................
United
States
50,000
4,734,000
a
Insulet
Corp.
.........................................
United
States
25,000
6,862,750
a
Intuitive
Surgical,
Inc.
..................................
United
States
250,000
229,910,000
STERIS
plc
..........................................
United
States
500,000
103,150,000
Stryker
Corp.
........................................
United
States
500,000
129,865,000
1,721,179,250
Health
Care
Providers
&
Services
0.7%
a
Accolade,
Inc.
........................................
United
States
125,000
6,788,750
a
Guardant
Health,
Inc.
..................................
United
States
650,000
80,723,500
a
LifeStance
Health
Group,
Inc.
............................
United
States
1,160,900
32,342,674
UnitedHealth
Group,
Inc.
................................
United
States
200,000
80,088,000
199,942,924
Health
Care
Technology
1.7%
a
Doximity,
Inc.,
A
......................................
United
States
110,900
6,454,380
a
Inspire
Medical
Systems,
Inc.
............................
United
States
750,000
144,945,000
a
Veeva
Systems,
Inc.,
A
.................................
United
States
1,000,000
310,950,000
462,349,380
Hotels,
Restaurants
&
Leisure
0.6%
a
Airbnb,
Inc.,
A
........................................
United
States
250,000
38,285,000
a
Booking
Holdings,
Inc.
.................................
United
States
50,000
109,404,500
147,689,500
Industrial
Conglomerates
0.4%
Roper
Technologies,
Inc.
................................
United
States
200,000
94,040,000
Interactive
Media
&
Services
9.6%
a
Adevinta
ASA
........................................
France
1,000,000
19,184,419
a
Alphabet,
Inc.,
A
......................................
United
States
260,000
634,865,400
a
Alphabet,
Inc.,
C
......................................
United
States
67,170
168,349,514
a
Facebook,
Inc.,
A
.....................................
United
States
2,100,000
730,191,000
a
Match
Group,
Inc.
.....................................
United
States
1,000,000
161,250,000
a
Pinterest,
Inc.,
A
......................................
United
States
2,500,000
197,375,000
a
Snap,
Inc.,
A
.........................................
United
States
2,500,000
170,350,000
Tencent
Holdings
Ltd.
..................................
China
5,000,000
376,460,126
a,c
Trustpilot
Group
plc,
144A,
Reg
S
.........................
United
Kingdom
2,007,100
9,479,388
a
ZoomInfo
Technologies,
Inc.,
A
...........................
United
States
2,000,000
104,340,000
2,571,844,847
Internet
&
Direct
Marketing
Retail
10.6%
a
Amazon.com,
Inc.
.....................................
United
States
500,000
1,720,080,000
a
Chewy,
Inc.,
A
........................................
United
States
2,000,000
159,420,000
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)
Internet
&
Direct
Marketing
Retail
(continued)
a,c
Delivery
Hero
SE,
144A,
Reg
S
...........................
Saudi
Arabia
700,000
$
92,496,099
a,b
DoorDash,
Inc.,
A
.....................................
United
States
100,000
17,833,000
a
Fiverr
International
Ltd.
.................................
Israel
1,000,000
242,490,000
a,c
Meituan
Dianping,
B,
144A,
Reg
S
........................
China
1,000,000
41,250,899
a
MercadoLibre,
Inc.
....................................
Argentina
300,000
467,337,000
a
Ozon
Holdings
plc,
ADR
................................
Russia
125,000
7,327,500
a
THG
plc
............................................
United
Kingdom
2,000,000
16,877,480
a,c
Zalando
SE,
144A,
Reg
S
...............................
Germany
500,000
60,475,059
2,825,587,037
IT
Services
15.6%
a,c
Adyen
NV,
144A,
Reg
S
................................
Netherlands
200,000
490,507,586
a
Afterpay
Ltd.
.........................................
Australia
600,000
53,245,470
a
Endava
plc,
ADR
......................................
United
Kingdom
50,000
5,669,000
a
EPAM
Systems,
Inc.
...................................
United
States
350,000
178,836,000
a
Globant
SA
..........................................
United
States
250,000
54,795,000
a,b
Marqeta,
Inc.,
A
.......................................
United
States
943,600
26,486,852
Mastercard,
Inc.,
A
....................................
United
States
1,000,000
365,090,000
a
MongoDB,
Inc.
.......................................
United
States
250,000
90,380,000
a,c
Nuvei
Corp.,
144A,
Reg
S
...............................
Canada
750,000
61,875,000
a
Okta,
Inc.
...........................................
United
States
350,000
85,638,000
a
Paymentus
Holdings,
Inc.,
A
.............................
United
States
421,700
14,970,350
a
PayPal
Holdings,
Inc.
..................................
United
States
2,500,000
728,700,000
a
Shopify,
Inc.,
A
.......................................
Canada
500,000
731,143,376
a
Snowflake,
Inc.,
A
.....................................
United
States
225,000
54,405,000
a
Square,
Inc.,
A
.......................................
United
States
1,600,000
390,080,000
a
Twilio,
Inc.,
A
.........................................
United
States
1,000,000
394,160,000
Visa,
Inc.,
A
..........................................
United
States
1,300,000
303,966,000
a
Wix.com
Ltd.
.........................................
Israel
500,000
145,140,000
4,175,087,634
Life
Sciences
Tools
&
Services
5.7%
a
10X
Genomics,
Inc.,
A
..................................
United
States
600,000
117,492,000
a
Bio-Rad
Laboratories,
Inc.,
A
.............................
United
States
150,000
96,643,500
Bio-Techne
Corp.
.....................................
United
States
150,000
67,539,000
a
Evotec
SE
...........................................
Germany
500,000
22,683,791
a
Illumina,
Inc.
.........................................
United
States
425,000
201,114,250
Lonza
Group
AG
......................................
Switzerland
250,000
177,239,191
a
Maravai
LifeSciences
Holdings,
Inc.,
A
.....................
United
States
1,200,000
50,076,000
a
Olink
Holding
AB,
ADR
.................................
Sweden
68,100
2,344,002
a
Repligen
Corp.
.......................................
United
States
800,000
159,696,000
Thermo
Fisher
Scientific,
Inc.
............................
United
States
700,000
353,129,000
a,c
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
..................
China
15,000,000
274,652,626
1,522,609,360
Media
0.9%
a
Charter
Communications,
Inc.,
A
..........................
United
States
150,000
108,217,500
a
Liberty
Broadband
Corp.,
A
..............................
United
States
750,000
126,127,500
234,345,000
Pharmaceuticals
1.0%
a
Catalent,
Inc.
........................................
United
States
1,500,000
162,180,000
Zoetis,
Inc.
..........................................
United
States
500,000
93,180,000
255,360,000
Professional
Services
0.6%
a
CoStar
Group,
Inc.
....................................
United
States
2,000,000
165,640,000
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
DynaTech
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
5
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Road
&
Rail
0.5%
a
DiDi
Global,
Inc.,
ADR
..................................
China
2,194,900
$
31,035,886
a,b
TuSimple
Holdings,
Inc.,
A
...............................
United
States
167,700
11,946,948
a
Uber
Technologies,
Inc.
.................................
United
States
1,600,000
80,192,000
123,174,834
Semiconductors
&
Semiconductor
Equipment
8.8%
a
Alphawave
IP
Group
plc
................................
United
Kingdom
2,505,500
12,477,991
Analog
Devices,
Inc.
...................................
United
States
1,000,000
172,160,000
ASML
Holding
NV,
NYRS
...............................
Netherlands
600,000
414,504,000
a
Enphase
Energy,
Inc.
..................................
United
States
50,000
9,181,500
Entegris,
Inc.
.........................................
United
States
800,000
98,376,000
Infineon
Technologies
AG
...............................
Germany
250,000
10,056,661
Intel
Corp.
...........................................
United
States
750,000
42,105,000
KLA
Corp.
...........................................
United
States
315,000
102,126,150
Lam
Research
Corp.
...................................
United
States
500,000
325,350,000
Monolithic
Power
Systems,
Inc.
...........................
United
States
500,000
186,725,000
NVIDIA
Corp.
........................................
United
States
1,000,000
800,100,000
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
...........
Taiwan
825,000
99,132,000
Teradyne,
Inc.
........................................
United
States
575,000
77,027,000
Texas
Instruments,
Inc.
.................................
United
States
75,000
14,422,500
2,363,743,802
Software
21.7%
a
Adobe,
Inc.
..........................................
United
States
600,000
351,384,000
a
ANSYS,
Inc.
.........................................
United
States
450,000
156,177,000
a
Aspen
Technology,
Inc.
.................................
United
States
200,000
27,508,000
a
Atlassian
Corp.
plc,
A
..................................
United
States
1,000,000
256,860,000
a
Autodesk,
Inc.
........................................
United
States
600,000
175,140,000
a
Avalara,
Inc.
.........................................
United
States
1,000,000
161,800,000
b
Bentley
Systems,
Inc.,
B
................................
United
States
350,000
22,673,000
a
Bill.com
Holdings,
Inc.
..................................
United
States
200,000
36,636,000
a
Cadence
Design
Systems,
Inc.
...........................
United
States
1,200,000
164,184,000
a
Cerence,
Inc.
........................................
United
States
1,500,000
160,065,000
a
Cloudflare,
Inc.,
A
.....................................
United
States
25,000
2,646,000
a
Coupa
Software,
Inc.
...................................
United
States
300,000
78,633,000
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
775,000
194,765,250
a
Datadog,
Inc.,
A
......................................
United
States
1,000,000
104,080,000
a
DocuSign,
Inc.
.......................................
United
States
1,500,000
419,355,000
a
DoubleVerify
Holdings,
Inc.
..............................
United
States
281,300
11,910,242
a
Five9,
Inc.
...........................................
United
States
425,000
77,940,750
a
Fortinet,
Inc.
.........................................
United
States
50,000
11,909,500
a
HubSpot,
Inc.
........................................
United
States
700,000
407,904,000
Intuit,
Inc.
...........................................
United
States
1,025,000
502,424,250
a
Lightspeed
POS,
Inc.
..................................
Canada
250,000
20,921,557
a
Lightspeed
POS,
Inc.
..................................
Canada
95,400
7,976,394
Microsoft
Corp.
.......................................
United
States
3,000,000
812,700,000
a
Monday.com
Ltd.
......................................
United
States
119,100
26,629,569
a
Olo,
Inc.,
A
..........................................
United
States
50,000
1,869,500
a
Palo
Alto
Networks,
Inc.
................................
United
States
10,000
3,710,500
a
Procore
Technologies,
Inc.
..............................
United
States
325,000
30,858,750
a
Q2
Holdings,
Inc.
.....................................
United
States
431,500
44,263,270
a
RingCentral,
Inc.,
A
....................................
United
States
200,000
58,116,000
a
salesforce.com,
Inc.
...................................
United
States
1,000,000
244,270,000
a
SentinelOne,
Inc.,
A
...................................
United
States
441,500
18,763,750
a
ServiceNow,
Inc.
......................................
United
States
1,000,000
549,550,000
a,b,d
Sprinklr,
Inc.,
A
.......................................
United
States
1,131,300
23,293,467
a
Synopsys,
Inc.
.......................................
United
States
1,000,000
275,790,000
a
Tyler
Technologies,
Inc.
.................................
United
States
230,000
104,045,100
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
DynaTech
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
6
See
Abbreviations
on
page
45
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
a,b
UiPath,
Inc.,
A
........................................
United
States
263,600
$
17,906,348
a
Workday,
Inc.,
A
......................................
United
States
550,000
131,307,000
a
Xero
Ltd.
............................................
New
Zealand
200,000
20,567,838
a
Zendesk,
Inc.
........................................
United
States
600,000
86,604,000
5,803,138,035
Specialty
Retail
0.7%
a,c
Auto1
Group
SE,
144A,
Reg
S
...........................
Germany
100,000
4,393,574
a
Carvana
Co.
.........................................
United
States
625,000
188,637,500
193,031,074
Technology
Hardware,
Storage
&
Peripherals
0.8%
Apple,
Inc.
..........................................
United
States
1,600,000
219,136,000
Total
Common
Stocks
(Cost
$12,702,643,075)
...................................
26,593,829,171
Short
Term
Investments
1.0%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
0.7%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
191,530,524
191,530,524
Total
Money
Market
Funds
(Cost
$191,530,524)
.................................
191,530,524
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.3%
a
a
a
a
a
Money
Market
Funds
0.2%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
61,308,000
61,308,000
Principal
Amount
*
Repurchase
Agreements
0.1%
g
Joint
Repurchase
Agreement,
BofA
Securities,
Inc.,
0.05%,
7/01/21
(Maturity
Value
$15,637,578)
Collateralized
by
U.S.
Treasury
Note,
1.5%,
11/30/24
(valued
at
$15,950,320)
.......................................
15,637,556
15,637,556
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$76,945,556)
...........................................................
76,945,556
Total
Short
Term
Investments
(Cost
$268,476,080
)
...............................
268,476,080
a
Total
Investments
(Cost
$12,971,119,155)
100.4%
................................
$26,862,305,251
Other
Assets,
less
Liabilities
(0.4)%
...........................................
(117,536,884)
Net
Assets
100.0%
...........................................................
$26,744,768,367
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
June
30,
2021.
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
DynaTech
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
7
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
June
30,
2021,
the
aggregate
value
of
these
securities
was
$1,051,326,283,
representing
3.9%
of
net
assets.
d
See
Note
7
regarding
holdings
of
5%
voting
securities.
e
See
Note
8
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
g
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
June
30,
2021,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited),
June
30,
2021
Franklin
Focused
Growth
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
8
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
95.8%
Automobiles
2.8%
a
Tesla,
Inc.
...........................................
United
States
4,043
$
2,748,027
Capital
Markets
1.3%
MSCI,
Inc.
...........................................
United
States
2,348
1,251,672
Electric
Utilities
1.7%
NextEra
Energy,
Inc.
...................................
United
States
22,077
1,617,803
Entertainment
4.0%
a
ROBLOX
Corp.,
A
.....................................
United
States
12,272
1,104,235
a
Sea
Ltd.,
ADR
........................................
Taiwan
9,907
2,720,462
3,824,697
Equity
Real
Estate
Investment
Trusts
(REITs)
1.1%
Crown
Castle
International
Corp.
..........................
United
States
5,646
1,101,535
Food
&
Staples
Retailing
1.7%
Costco
Wholesale
Corp.
................................
United
States
4,243
1,678,828
Health
Care
Equipment
&
Supplies
9.8%
Abbott
Laboratories
....................................
United
States
13,162
1,525,871
Danaher
Corp.
.......................................
United
States
10,366
2,781,820
a
IDEXX
Laboratories,
Inc.
................................
United
States
4,717
2,979,021
a
Intuitive
Surgical,
Inc.
..................................
United
States
2,358
2,168,511
9,455,223
Health
Care
Technology
2.3%
a
Veeva
Systems,
Inc.,
A
.................................
United
States
7,065
2,196,862
Interactive
Media
&
Services
9.2%
a
Facebook,
Inc.,
A
.....................................
United
States
15,088
5,246,248
a
Pinterest,
Inc.,
A
......................................
United
States
14,148
1,116,985
Tencent
Holdings
Ltd.
..................................
China
33,792
2,544,268
8,907,501
Internet
&
Direct
Marketing
Retail
11.4%
a
Amazon.com,
Inc.
.....................................
United
States
2,358
8,111,897
a
MercadoLibre
,
Inc.
....................................
Argentina
1,886
2,937,992
11,049,889
IT
Services
18.1%
a,b
Adyen
NV,
144A,
Reg
S
................................
Netherlands
1,159
2,842,491
a
Marqeta
,
Inc.,
A
.......................................
United
States
3,300
92,631
Mastercard
,
Inc.,
A
....................................
United
States
5,872
2,143,809
a
PayPal
Holdings,
Inc.
..................................
United
States
13,668
3,983,949
a
Shopify,
Inc.,
A
.......................................
Canada
3,513
5,137,013
a
Square,
Inc.,
A
.......................................
United
States
8,025
1,956,495
a
Twilio
,
Inc.,
A
.........................................
United
States
3,502
1,380,348
17,536,736
Life
Sciences
Tools
&
Services
2.0%
a,b
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
..................
China
108,007
1,977,627
Media
2.1%
a
Charter
Communications,
Inc.,
A
..........................
United
States
2,823
2,036,653
Personal
Products
1.1%
Estee
Lauder
Cos.,
Inc.
(The),
A
..........................
United
States
3,294
1,047,755
Professional
Services
0.8%
a
CoStar
Group,
Inc.
....................................
United
States
9,600
795,072
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Focused
Growth
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
9
See
Abbreviations
on
page
45
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
10.3%
Analog
Devices,
Inc.
...................................
United
States
10,384
$
1,787,710
ASML
Holding
NV,
NYRS
...............................
Netherlands
2,824
1,950,932
NVIDIA
Corp.
........................................
United
States
6,127
4,902,213
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
...........
Taiwan
11,027
1,325,004
9,965,859
Software
16.1%
a
Adobe,
Inc.
..........................................
United
States
3,174
1,858,821
a
Atlassian
Corp.
plc,
A
..................................
United
States
3,281
842,758
Microsoft
Corp.
.......................................
United
States
29,740
8,056,566
a
Procore
Technologies,
Inc.
..............................
United
States
400
37,980
a
salesforce.com,
Inc.
...................................
United
States
4,706
1,149,534
a
SentinelOne
,
Inc.,
A
...................................
United
States
1,700
72,250
a
ServiceNow
,
Inc.
......................................
United
States
6,594
3,623,733
15,641,642
Total
Common
Stocks
(Cost
$66,658,372)
......................................
92,833,381
Short
Term
Investments
3.5%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
3.5%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
3,401,447
3,401,447
Total
Money
Market
Funds
(Cost
$3,401,447)
...................................
3,401,447
Total
Short
Term
Investments
(Cost
$3,401,447
)
.................................
3,401,447
a
Total
Investments
(Cost
$70,059,819)
99.3%
....................................
$96,234,828
Other
Assets,
less
Liabilities
0.7%
.............................................
662,189
Net
Assets
100.0%
...........................................................
$96,897,017
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
June
30,
2021,
the
aggregate
value
of
these
securities
was
$4,820,118,
representing
5.0%
of
net
assets.
c
See
Note
8
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),
June
30,
2021
Franklin
Growth
Fund
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
99.2%
Aerospace
&
Defense
3.8%
BWX
Technologies,
Inc.
................................
United
States
1,395,585
$
81,111,400
Lockheed
Martin
Corp.
.................................
United
States
491,971
186,137,228
a
Mercury
Systems,
Inc.
..................................
United
States
809,208
53,634,306
Northrop
Grumman
Corp.
...............................
United
States
808,736
293,918,925
Raytheon
Technologies
Corp.
............................
United
States
2,448,182
208,854,406
823,656,265
Auto
Components
0.4%
a
Aptiv
plc
............................................
United
States
607,271
95,541,946
Beverages
2.7%
Brown-Forman
Corp.,
B
................................
United
States
1,598,904
119,821,866
Constellation
Brands,
Inc.,
A
.............................
United
States
548,723
128,340,822
a
Monster
Beverage
Corp.
................................
United
States
2,680,594
244,872,262
PepsiCo,
Inc.
........................................
United
States
639,563
94,764,050
587,799,000
Biotechnology
1.9%
AbbVie,
Inc.
.........................................
United
States
452,614
50,982,441
Amgen,
Inc.
.........................................
United
States
661,595
161,263,781
a
Deciphera
Pharmaceuticals,
Inc.
..........................
United
States
573,931
21,011,614
a
Iovance
Biotherapeutics
,
Inc.
.............................
United
States
406,741
10,583,401
a
Mirati
Therapeutics,
Inc.
................................
United
States
267,000
43,128,510
a
Neurocrine
Biosciences,
Inc.
.............................
United
States
369,571
35,966,650
a
PTC
Therapeutics,
Inc.
.................................
United
States
965,463
40,810,121
a
Regeneron
Pharmaceuticals,
Inc.
.........................
United
States
74,848
41,805,602
405,552,120
Building
Products
1.4%
Allegion
plc
..........................................
United
States
688,759
95,944,129
Trane
Technologies
plc
.................................
United
States
1,082,336
199,301,351
295,245,480
Capital
Markets
4.0%
BlackRock,
Inc.
.......................................
United
States
226,428
198,117,707
Charles
Schwab
Corp.
(The)
.............................
United
States
3,001,382
218,530,623
a,b,c,d
Churchill
Capital
Corp.
IV
...............................
United
States
4,040,405
95,232,047
a,e
Coinbase
Global,
Inc.,
A
................................
United
States
56,200
14,235,460
Intercontinental
Exchange,
Inc.
...........................
United
States
1,402,427
166,468,085
MarketAxess
Holdings,
Inc.
..............................
United
States
90,147
41,791,248
S&P
Global,
Inc.
......................................
United
States
104,350
42,830,458
a,b,c,d
Soaring
Eagle
Acquisition
Corp.,
A
.........................
United
States
2,000,000
20,000,000
Tradeweb
Markets,
Inc.,
A
...............................
United
States
916,652
77,512,093
874,717,721
Chemicals
2.2%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
491,971
141,530,217
a,e
Danimer
Scientific,
Inc.
.................................
United
States
214,900
5,383,245
Ecolab,
Inc.
..........................................
United
States
613,649
126,393,284
Linde
plc
............................................
United
Kingdom
714,866
206,667,761
479,974,507
Commercial
Services
&
Supplies
0.3%
Republic
Services,
Inc.
.................................
United
States
640,528
70,464,485
Construction
Materials
0.6%
Martin
Marietta
Materials,
Inc.
............................
United
States
367,278
129,212,073
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)
Electric
Utilities
0.7%
NextEra
Energy,
Inc.
...................................
United
States
2,020,008
$
148,026,186
Electrical
Equipment
0.4%
AMETEK,
Inc.
........................................
United
States
688,759
91,949,326
Electronic
Equipment,
Instruments
&
Components
2.8%
Amphenol
Corp.,
A
....................................
United
States
2,849,842
194,957,691
Cognex
Corp.
........................................
United
States
410,654
34,515,469
a
Keysight
Technologies,
Inc.
..............................
United
States
720,474
111,248,390
TE
Connectivity
Ltd.
...................................
United
States
1,838,883
248,635,371
Vontier
Corp.
.........................................
United
States
431,281
14,051,135
603,408,056
Entertainment
1.3%
a
Walt
Disney
Co.
(The)
..................................
United
States
1,662,362
292,193,369
Equity
Real
Estate
Investment
Trusts
(REITs)
1.0%
Crown
Castle
International
Corp.
..........................
United
States
1,125,695
219,623,095
Food
Products
0.2%
Lamb
Weston
Holdings,
Inc.
.............................
United
States
539,519
43,517,603
Health
Care
Equipment
&
Supplies
5.8%
Abbott
Laboratories
....................................
United
States
1,253,421
145,309,097
Danaher
Corp.
.......................................
United
States
1,133,531
304,194,379
a
Edwards
Lifesciences
Corp.
.............................
United
States
1,180,733
122,288,517
a
Haemonetics
Corp.
....................................
United
States
983,941
65,569,828
a
Intuitive
Surgical,
Inc.
..................................
United
States
384,575
353,670,553
Stryker
Corp.
........................................
United
States
403,906
104,906,505
Teleflex,
Inc.
.........................................
United
States
424,481
170,552,221
1,266,491,100
Health
Care
Providers
&
Services
0.9%
a
Guardant
Health,
Inc.
..................................
United
States
156,800
19,472,992
a
Laboratory
Corp.
of
America
Holdings
......................
United
States
382,671
105,559,796
UnitedHealth
Group,
Inc.
................................
United
States
153,671
61,536,015
186,568,803
Health
Care
Technology
0.4%
a
American
Well
Corp.,
A
.................................
United
States
399,194
5,021,860
a
Certara
,
Inc.
.........................................
United
States
249,400
7,065,502
a
Veeva
Systems,
Inc.,
A
.................................
United
States
252,746
78,591,369
90,678,731
Hotels,
Restaurants
&
Leisure
0.9%
a
Airbnb,
Inc.,
A
........................................
United
States
253,500
38,820,990
a
Booking
Holdings,
Inc.
.................................
United
States
29,136
63,752,190
a
Las
Vegas
Sands
Corp.
.................................
United
States
1,924,125
101,382,146
203,955,326
Interactive
Media
&
Services
5.7%
a
Alphabet,
Inc.,
A
......................................
United
States
165,056
403,032,090
a
Alphabet,
Inc.,
C
......................................
United
States
155,889
390,707,719
a
Facebook,
Inc.,
A
.....................................
United
States
793,404
275,874,505
a
IAC/InterActiveCorp
...................................
United
States
295,183
45,508,363
a
Match
Group,
Inc.
.....................................
United
States
637,122
102,735,922
a
Vimeo,
Inc.
..........................................
United
States
479,229
23,482,221
1,241,340,820
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)
Internet
&
Direct
Marketing
Retail
5.4%
a
Alibaba
Group
Holding
Ltd.,
ADR
.........................
China
460,797
$
104,499,544
a
Amazon.com,
Inc.
.....................................
United
States
312,803
1,076,092,368
1,180,591,912
IT
Services
7.1%
a,f
Adyen
NV,
144A,
Reg
S
................................
Netherlands
59,595
146,158,998
Automatic
Data
Processing,
Inc.
..........................
United
States
109,359
21,720,885
a
Marqeta
,
Inc.,
A
.......................................
United
States
817,400
22,944,418
Mastercard
,
Inc.,
A
....................................
United
States
1,334,308
487,142,508
a
Okta
,
Inc.
...........................................
United
States
255,896
62,612,633
a
Paymentus
Holdings,
Inc.,
A
.............................
United
States
368,600
13,085,300
a
PayPal
Holdings,
Inc.
..................................
United
States
725,315
211,414,816
a
Snowflake,
Inc.,
A
.....................................
United
States
321,754
77,800,117
a
Twilio
,
Inc.,
A
.........................................
United
States
452,474
178,347,152
Visa,
Inc.,
A
..........................................
United
States
1,377,517
322,091,025
1,543,317,852
Life
Sciences
Tools
&
Services
5.6%
a
10X
Genomics,
Inc.,
A
..................................
United
States
315,266
61,735,388
Agilent
Technologies,
Inc.
...............................
United
States
1,279,123
189,067,171
a
Illumina,
Inc.
.........................................
United
States
591,874
280,080,696
a
Maravai
LifeSciences
Holdings,
Inc.,
A
.....................
United
States
375,630
15,675,040
a
Mettler
-Toledo
International,
Inc.
..........................
United
States
313,978
434,966,282
a
Olink
Holding
AB,
ADR
.................................
Sweden
59,800
2,058,316
a,e
Seer,
Inc.
...........................................
United
States
42,600
1,396,428
Thermo
Fisher
Scientific,
Inc.
............................
United
States
109,900
55,441,253
a,f
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
..................
China
9,367,269
171,516,335
1,211,936,909
Machinery
4.0%
Caterpillar,
Inc.
.......................................
United
States
319,869
69,613,091
Deere
&
Co.
.........................................
United
States
462,571
163,153,417
Fortive
Corp.
.........................................
United
States
1,078,204
75,193,947
Illinois
Tool
Works,
Inc.
.................................
United
States
983,941
219,969,850
a
Ingersoll
Rand,
Inc.
....................................
United
States
955,052
46,616,088
Otis
Worldwide
Corp.
..................................
United
States
522,147
42,695,960
a,b,c,g
Proterra
,
Inc.
.........................................
United
States
1,780,600
30,466,066
Stanley
Black
&
Decker,
Inc.
.............................
United
States
781,107
160,119,124
Xylem,
Inc.
..........................................
United
States
469,300
56,297,228
864,124,771
Media
0.6%
Cable
One,
Inc.
.......................................
United
States
47,817
91,464,836
Comcast
Corp.,
A
.....................................
United
States
790,241
45,059,542
136,524,378
Personal
Products
0.3%
Estee
Lauder
Cos.,
Inc.
(The),
A
..........................
United
States
185,168
58,898,237
Pharmaceuticals
4.5%
e
AstraZeneca
plc,
ADR
..................................
United
Kingdom
2,018,704
120,920,370
a
Catalent
,
Inc.
........................................
United
States
2,805,997
303,384,396
Eli
Lilly
&
Co.
........................................
United
States
1,232,723
282,934,583
Johnson
&
Johnson
...................................
United
States
1,180,828
194,529,605
Merck
&
Co.,
Inc.
.....................................
United
States
983,941
76,521,091
a
Organon
&
Co.
.......................................
United
States
98,394
2,977,402
981,267,447
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Growth
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
13
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Professional
Services
2.3%
a
CoStar
Group,
Inc.
....................................
United
States
1,162,280
$
96,260,030
Equifax,
Inc.
.........................................
United
States
482,569
115,580,101
IHS
Markit
Ltd.
.......................................
United
States
914,914
103,074,211
Verisk
Analytics,
Inc.
...................................
United
States
1,105,699
193,187,729
508,102,071
Road
&
Rail
3.1%
Canadian
Pacific
Railway
Ltd.
............................
Canada
1,398,655
107,570,556
JB
Hunt
Transport
Services,
Inc.
..........................
United
States
491,971
80,166,674
a
Uber
Technologies,
Inc.
.................................
United
States
1,002,639
50,252,267
Union
Pacific
Corp.
....................................
United
States
1,997,400
439,288,182
677,277,679
Semiconductors
&
Semiconductor
Equipment
5.9%
a
Alphawave
IP
Group
plc
................................
United
Kingdom
2,232,000
11,115,895
ASML
Holding
NV,
NYRS
...............................
Netherlands
403,753
278,928,723
Lam
Research
Corp.
...................................
United
States
29,519
19,208,013
Monolithic
Power
Systems,
Inc.
...........................
United
States
442,775
165,354,324
NVIDIA
Corp.
........................................
United
States
505,981
404,835,398
NXP
Semiconductors
NV
...............................
China
666,769
137,167,719
Texas
Instruments,
Inc.
.................................
United
States
1,377,517
264,896,519
1,281,506,591
Software
15.5%
a
Adobe,
Inc.
..........................................
United
States
167,687
98,204,215
a,e
AppLovin
Corp.,
A
.....................................
United
States
256,100
19,251,037
a
Atlassian
Corp.
plc,
A
..................................
United
States
216,818
55,691,872
a
Autodesk,
Inc.
........................................
United
States
769,883
224,728,848
a
Avalara,
Inc.
.........................................
United
States
673,934
109,042,521
a
Bill.com
Holdings,
Inc.
..................................
United
States
1,066,191
195,304,867
a
Duck
Creek
Technologies,
Inc.
...........................
United
States
74,649
3,247,978
Intuit,
Inc.
...........................................
United
States
882,841
432,742,173
Microsoft
Corp.
.......................................
United
States
3,653,166
989,642,669
a
Paycom
Software,
Inc.
.................................
United
States
186,135
67,654,488
a,e
Procore
Technologies,
Inc.
..............................
United
States
69,300
6,580,035
a
PTC,
Inc.
...........................................
United
States
1,184,865
167,374,030
a,e
Qualtrics
International,
Inc.,
A
............................
United
States
179,000
6,846,750
a
salesforce.com,
Inc.
...................................
United
States
554,766
135,512,691
a
ServiceNow
,
Inc.
......................................
United
States
870,961
478,636,618
a,b,c
Stripe,
Inc.,
B
........................................
United
States
540,043
24,415,344
a
Synopsys,
Inc.
.......................................
United
States
522,615
144,131,991
a
Tyler
Technologies,
Inc.
.................................
United
States
118,574
53,639,320
a
Workday,
Inc.,
A
......................................
United
States
738,265
176,253,386
3,388,900,833
Technology
Hardware,
Storage
&
Peripherals
5.1%
Apple,
Inc.
..........................................
United
States
8,158,354
1,117,368,164
Textiles,
Apparel
&
Luxury
Goods
1.3%
NIKE,
Inc.,
B
.........................................
United
States
1,874,977
289,665,197
Trading
Companies
&
Distributors
0.6%
Fastenal
Co.
.........................................
United
States
2,705,146
140,667,592
Water
Utilities
0.5%
American
Water
Works
Co.,
Inc.
..........................
United
States
688,759
106,158,425
Total
Common
Stocks
(Cost
$5,954,410,900)
....................................
21,636,224,070
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Growth
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
14
See
Abbreviations
on
page
45
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Convertible
Preferred
Stocks
0.2%
Software
0.2%
a,b,c
OneTrust
LLC,
0%,
C
..................................
United
States
849,894
$
18,748,661
a,b,c
Stripe,
Inc.,
0
%,
H
.....................................
United
States
756,137
34,184,954
52,933,615
Total
Convertible
Preferred
Stocks
(Cost
$47,006,673)
...........................
52,933,615
Total
Long
Term
Investments
(Cost
$6,001,417,573)
.............................
21,689,157,685
a
Short
Term
Investments
1.5%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
1.1%
h,i
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
237,732,525
237,732,525
Total
Money
Market
Funds
(Cost
$237,732,525)
.................................
237,732,525
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.4%
a
a
a
a
a
Money
Market
Funds
0.3%
h,i
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
68,012,000
68,012,000
Principal
Amount
*
Repurchase
Agreements
0.1%
j
Joint
Repurchase
Agreement,
BofA
Securities,
Inc.,
0.05%,
7/01/21
(Maturity
Value
$16,098,404)
Collateralized
by
U.S.
Treasury
Note,
1.5%,
11/30/24
(valued
at
$16,420,363)
.......................................
16,098,382
16,098,382
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$84,110,382)
...........................................................
84,110,382
Total
Short
Term
Investments
(Cost
$321,842,907
)
...............................
321,842,907
a
Total
Investments
(Cost
$6,323,260,480)
100.9%
................................
$22,011,000,592
Other
Assets,
less
Liabilities
(0.9)%
...........................................
(193,216,101)
Net
Assets
100.0%
...........................................................
$21,817,784,491
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
9
regarding
fair
value
measurements.
c
See
Note
6
regarding
restricted
securities.
d
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
e
A
portion
or
all
of
the
security
is
on
loan
at
June
30,
2021.
f
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
June
30,
2021,
the
aggregate
value
of
these
securities
was
$317,675,333,
representing
1.5%
of
net
assets.
g
See
Note
7
regarding
holdings
of
5%
voting
securities.
h
See
Note
8
regarding
investments
in
affiliated
management
investment
companies.
i
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Growth
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
15
j
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
June
30,
2021,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited),
June
30,
2021
Franklin
Income
Fund
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
48.3%
Aerospace
&
Defense
1.4%
a
Lockheed
Martin
Corp.
.................................
United
States
2,000,000
$
756,700,000
Raytheon
Technologies
Corp.
............................
United
States
2,959,550
252,479,210
1,009,179,210
Banks
3.8%
Bank
of
America
Corp.
.................................
United
States
9,406,300
387,821,749
Barclays
plc
.........................................
United
Kingdom
160,000,000
379,719,920
a
Citigroup,
Inc.
........................................
United
States
11,000,000
778,250,000
a
JPMorgan
Chase
&
Co.
.................................
United
States
3,000,000
466,620,000
Truist
Financial
Corp.
..................................
United
States
9,000,000
499,500,000
US
Bancorp
.........................................
United
States
5,000,000
284,850,000
2,796,761,669
Beverages
2.7%
Coca-Cola
Co.
(The)
...................................
United
States
20,000,000
1,082,200,000
a
PepsiCo,
Inc.
........................................
United
States
6,000,000
889,020,000
1,971,220,000
Biotechnology
2.1%
a
AbbVie,
Inc.
.........................................
United
States
10,000,000
1,126,400,000
a
Amgen,
Inc.
.........................................
United
States
1,500,000
365,625,000
1,492,025,000
Capital
Markets
0.4%
a
Morgan
Stanley
.......................................
United
States
3,310,000
303,493,900
Chemicals
1.5%
a
Air
Products
and
Chemicals,
Inc.
..........................
United
States
1,150,000
330,832,000
BASF
SE
...........................................
Germany
10,000,000
789,464,266
1,120,296,266
Communications
Equipment
1.0%
Cisco
Systems,
Inc.
...................................
United
States
13,000,000
689,000,000
Diversified
Telecommunication
Services
3.5%
a
AT&T,
Inc.
...........................................
United
States
25,000,000
719,500,000
BCE,
Inc.
...........................................
Canada
7,500,000
369,812,462
TELUS
Corp.
........................................
Canada
4,000,000
89,695,503
Verizon
Communications,
Inc.
............................
United
States
25,000,000
1,400,750,000
2,579,757,965
Electric
Utilities
5.8%
American
Electric
Power
Co.,
Inc.
.........................
United
States
8,750,000
740,162,500
Duke
Energy
Corp.
....................................
United
States
7,169,990
707,821,413
Edison
International
...................................
United
States
11,000,000
636,020,000
Entergy
Corp.
........................................
United
States
1,390,000
138,583,000
Exelon
Corp.
.........................................
United
States
7,500,000
332,325,000
FirstEnergy
Corp.
.....................................
United
States
2,059,900
76,648,879
a
NextEra
Energy,
Inc.
...................................
United
States
2,000,000
146,560,000
b
PG&E
Corp.
.........................................
United
States
10,000,000
101,700,000
PPL
Corp.
...........................................
United
States
6,500,000
181,805,000
Southern
Co.
(The)
....................................
United
States
17,000,000
1,028,670,000
Xcel
Energy,
Inc.
......................................
United
States
2,500,000
164,700,000
4,254,995,792
Energy
Equipment
&
Services
0.4%
Halliburton
Co.
.......................................
United
States
4,000,000
92,480,000
b,c
Weatherford
International
plc
.............................
United
States
12,034,009
219,018,964
311,498,964
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
Common
Stocks
(continued)
Food
&
Staples
Retailing
0.6%
a
Walmart,
Inc.
........................................
United
States
3,000,000
$
423,060,000
Food
Products
0.3%
Nestle
SA
...........................................
Switzerland
2,000,000
249,294,164
Health
Care
Providers
&
Services
0.5%
b,c
CHS/Community
Health
Systems,
Inc.
......................
United
States
10,000,000
154,400,000
a
CVS
Health
Corp.
.....................................
United
States
2,800,000
233,632,000
388,032,000
Health
Care
Technology
0.1%
b
Multiplan
Corp.
.......................................
United
States
4,400,000
41,888,000
Household
Products
1.9%
a
Procter
&
Gamble
Co.
(The)
.............................
United
States
10,000,000
1,349,300,000
Independent
Power
and
Renewable
Electricity
Producers
0.3%
Vistra
Corp.
..........................................
United
States
10,000,000
185,500,000
Industrial
Conglomerates
0.3%
a
3M
Co.
.............................................
United
States
1,080,000
214,520,400
Insurance
0.8%
AXA
SA
.............................................
France
14,000,000
355,522,781
MetLife,
Inc.
.........................................
United
States
3,500,000
209,475,000
564,997,781
IT
Services
0.9%
a
Fidelity
National
Information
Services,
Inc.
...................
United
States
1,495,098
211,810,534
International
Business
Machines
Corp.
.....................
United
States
3,000,000
439,770,000
651,580,534
Multi-Utilities
3.1%
Ameren
Corp.
........................................
United
States
2,000,000
160,080,000
CMS
Energy
Corp.
....................................
United
States
2,000,000
118,160,000
Dominion
Energy,
Inc.
..................................
United
States
12,000,000
882,840,000
DTE
Energy
Co.
......................................
United
States
4,000,000
518,400,000
NiSource,
Inc.
........................................
United
States
1,000,000
24,500,000
Sempra
Energy
.......................................
United
States
4,187,794
554,798,949
2,258,778,949
Oil,
Gas
&
Consumable
Fuels
5.5%
c,d
Bonanza
Creek
Energy,
Inc.
.............................
United
States
4,000,000
188,280,000
BP
plc,
ADR
.........................................
United
Kingdom
5,000,000
132,100,000
c
Chesapeake
Energy
Corp.
..............................
United
States
8,101,888
420,650,025
a
Chevron
Corp.
.......................................
United
States
12,000,000
1,256,880,000
a
Exxon
Mobil
Corp.
.....................................
United
States
21,500,000
1,356,220,000
Royal
Dutch
Shell
plc,
ADR,
A
............................
Netherlands
5,500,000
222,200,000
TotalEnergies
SE,
ADR
.................................
France
10,000,000
452,600,000
4,028,930,025
Personal
Products
0.8%
Unilever
plc
..........................................
United
Kingdom
10,000,000
584,378,148
Pharmaceuticals
7.0%
Bayer
AG
...........................................
Germany
7,500,000
456,002,704
Bristol-Myers
Squibb
Co.
................................
United
States
11,500,000
768,430,000
a
Johnson
&
Johnson
...................................
United
States
5,500,000
906,070,000
a
Merck
&
Co.,
Inc.
.....................................
United
States
20,000,000
1,555,400,000
b
Organon
&
Co.
.......................................
United
States
1,250,000
37,825,000
a
Pfizer,
Inc.
...........................................
United
States
25,000,000
979,000,000
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
Common
Stocks
(continued)
Pharmaceuticals
(continued)
Sanofi
..............................................
France
3,500,000
$
367,750,105
5,070,477,809
Semiconductors
&
Semiconductor
Equipment
1.1%
a
Broadcom,
Inc.
.......................................
United
States
667,000
318,052,280
a
Intel
Corp.
...........................................
United
States
6,282,800
352,716,392
a
Texas
Instruments,
Inc.
.................................
United
States
720,000
138,456,000
809,224,672
Specialty
Retail
0.4%
a
Home
Depot,
Inc.
(The)
.................................
United
States
1,000,000
318,890,000
Tobacco
1.7%
a
Altria
Group,
Inc.
......................................
United
States
5,196,624
247,775,032
British
American
Tobacco
plc
.............................
United
Kingdom
3,000,000
116,485,177
Philip
Morris
International,
Inc.
...........................
United
States
8,777,900
869,977,669
1,234,237,878
Wireless
Telecommunication
Services
0.4%
Vodafone
Group
plc
...................................
United
Kingdom
175,000,000
293,326,448
Total
Common
Stocks
(Cost
$32,296,696,941)
...................................
35,194,645,574
Equity-Linked
Securities
19.8%
Aerospace
&
Defense
0.6%
e
J.P.
Morgan
Structured
Products
BV
into
Raytheon
Technologies
Corp.,
144A,
9%,
3/18/22
..............................
United
States
3,345,000
271,652,334
e
J.P.
Morgan
Structured
Products
BV
into
Raytheon
Technologies
Corp.,
144A,
10%,
1/11/22
.............................
United
States
2,120,000
164,694,024
436,346,358
Air
Freight
&
Logistics
0.3%
e
Royal
Bank
of
Canada
into
United
Parcel
Service,
Inc.,
144A,
8.5%,
3/08/22
...........................................
United
States
1,355,000
242,798,315
Airlines
0.2%
e
BNP
Paribas
Issuance
BV
into
Delta
Air
Lines,
Inc.,
144A,
10%,
5/03/22
...........................................
United
States
3,507,000
159,624,483
Automobiles
1.2%
e
Barclays
Bank
plc
into
General
Motors
Co.,
144A,
10%,
12/08/21
.
United
States
5,735,000
297,044,738
e
Credit
Suisse
AG
into
General
Motors
Co.,
144A,
10%,
12/17/21
..
United
States
5,678,000
293,511,357
e
Credit
Suisse
AG
into
General
Motors
Co.,
144A,
12%,
2/08/22
...
United
States
4,820,000
285,893,227
876,449,322
Banks
1.4%
e
BNP
Paribas
Issuance
BV
into
Bank
of
America
Corp.,
144A,
9%,
4/13/22
...........................................
United
States
7,200,000
293,866,936
e
Mizuho
Markets
Cayman
LP
into
JPMorgan
Chase
&
Co.,
144A,
8%,
6/30/22
...........................................
United
States
1,620,000
250,554,694
e
National
Bank
of
Canada
into
Bank
of
America
Corp.,
144A,
8%,
6/15/22
...........................................
United
States
5,833,000
244,804,964
e
UBS
AG
into
JPMorgan
Chase
&
Co.,
144A,
8.5%,
5/06/22
......
United
States
1,725,000
267,327,548
1,056,554,142
Biotechnology
0.7%
e
Merrill
Lynch
International
&
Co.
CV
into
Gilead
Sciences,
Inc.,
144A,
10%,
1/25/22
.......................................
United
States
3,725,000
248,279,252
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
Equity-Linked
Securities
(continued)
Biotechnology
(continued)
e
Societe
Generale
SA
into
AbbVie,
Inc.,
144A,
10%,
12/10/21
.....
United
States
2,345,000
$
256,860,666
505,139,918
Capital
Markets
1.3%
e
Barclays
Bank
plc
into
Morgan
Stanley,
144A,
8%,
8/20/21
......
United
States
5,148,000
310,556,565
e
Credit
Suisse
AG
into
Morgan
Stanley,
144A,
8.5%,
7/06/22
.....
United
States
2,970,000
259,851,754
e
Royal
Bank
of
Canada
into
SPDR
Gold
Trust,
144A,
10%,
4/08/22
.
United
States
8,910,000
180,305,418
e
UBS
AG
into
Morgan
Stanley,
144A,
8.5%,
2/11/22
............
United
States
2,345,000
193,328,152
944,041,889
Chemicals
0.5%
e
Citigroup
Global
Markets
Holdings,
Inc.
into
LyondellBasell
Industries
NV,
144A,
10%,
6/23/22
...............................
United
States
1,600,000
169,238,682
e
National
Bank
of
Canada
into
Air
Products
and
Chemicals,
Inc.,
144A,
8.5%,
4/13/22
.................................
United
States
590,000
170,034,072
339,272,754
Communications
Equipment
0.2%
e
Royal
Bank
of
Canada
into
Cisco
Systems,
Inc.,
144A,
8.5%,
1/25/22
United
States
3,175,000
155,443,016
Containers
&
Packaging
0.4%
e
National
Bank
of
Canada
into
International
Paper
Co.,
Senior
Note,
144A,
9.5%,
12/06/21
.................................
United
States
5,000,000
278,307,908
Energy
Equipment
&
Services
1.0%
e
J.P.
Morgan
Structured
Products
BV
into
Baker
Hughes
Co.,
144A,
12%,
2/15/22
.......................................
United
States
9,836,000
226,333,960
e
Societe
Generale
SA
into
Schlumberger
NV,
144A,
10%,
2/10/22
..
United
States
8,975,000
252,585,197
e
UBS
AG
into
Halliburton
Co.,
Senior
Note,
144A,
12%,
2/25/22
...
United
States
10,300,000
228,382,851
707,302,008
Health
Care
Providers
&
Services
1.1%
e
Citigroup
Global
Markets
Holdings,
Inc.
into
CVS
Health
Corp.,
144A,
8%,
5/18/22
........................................
United
States
3,287,000
267,664,011
e
J.P.
Morgan
Structured
Products
BV
into
CVS
Health
Corp.,
144A,
9%,
2/22/22
........................................
United
States
2,950,000
235,209,404
e
Royal
Bank
of
Canada
into
CVS
Health
Corp.,
144A,
7.5%,
9/03/21
United
States
3,933,000
285,403,664
788,277,079
Industrial
Conglomerates
0.4%
e
Societe
Generale
SA
into
Honeywell
International,
Inc.,
144A,
8%,
2/01/22
...........................................
United
States
1,271,000
276,780,570
Insurance
1.4%
e
Barclays
Bank
plc
into
MetLife,
Inc.,
144A,
8.5%,
7/11/22
........
United
States
4,240,000
250,577,542
e
Barclays
Bank
plc
into
MetLife,
Inc.,
144A,
9.5%,
3/09/22
.......
United
States
4,251,700
253,990,707
e
BNP
Paribas
Issuance
BV
into
MetLife,
Inc.,
144A,
9%,
9/07/21
...
United
States
6,597,000
303,714,369
e
Royal
Bank
of
Canada
into
MetLife,
Inc.,
Senior
Note,
144A,
9.5%,
12/21/21
..........................................
United
States
4,545,000
243,515,551
1,051,798,169
Internet
&
Direct
Marketing
Retail
0.5%
e
Citigroup
Global
Markets
Holdings,
Inc.
into
Amazon.com,
Inc.,
Senior
Note,
144A,
9.54%,
12/02/21
......................
United
States
113,000
378,492,431
Machinery
0.5%
e
Goldman
Sachs
International
Bank
into
Cummins,
Inc.,
Senior
Note,
144A,
9%,
1/28/22
...................................
United
States
920,000
216,258,680
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
Shares
a
Value
a
a
a
a
a
a
Equity-Linked
Securities
(continued)
Machinery
(continued)
e
Royal
Bank
of
Canada
into
Interpump
Group
SpA
,
144A,
9.5%,
3/18/22
...........................................
Italy
2,852,000
$
169,450,998
385,709,678
Media
0.4%
e
Merrill
Lynch
International
&
Co.
CV
into
Comcast
Corp.,
144A,
7%,
8/09/21
...........................................
United
States
5,600,000
269,164,992
Metals
&
Mining
0.6%
e
Barclays
Bank
plc
into
Newmont
Corp.,
144A,
9.5%,
6/15/22
.....
United
States
3,278,000
216,090,796
e
Morgan
Stanley
Finance
II
Ltd.
into
Rio
Tinto
plc,
144A,
10%,
6/07/22
...........................................
Australia
2,972,000
255,628,446
471,719,242
Multiline
Retail
0.7%
e
Citigroup
Global
Markets
Holdings,
Inc.
into
Target
Corp.,
Senior
Note,
144A,
9%,
3/09/22
..............................
United
States
1,386,000
297,915,072
e
Societe
Generale
SA
into
Target
Corp.,
144A,
8%,
12/20/21
......
United
States
1,165,000
232,602,780
530,517,852
Oil,
Gas
&
Consumable
Fuels
0.4%
e
Credit
Suisse
AG
into
Chevron
Corp.,
144A,
10%,
6/07/22
.......
United
States
2,540,000
265,022,249
Pharmaceuticals
1.1%
e
Credit
Suisse
AG
into
Pfizer,
Inc.,
Senior
Note,
144A,
11%,
7/20/21
United
States
6,250,000
246,325,887
e
Merrill
Lynch
International
&
Co.
CV
into
Pfizer,
Inc.,
144A,
8%,
8/17/21
...........................................
United
States
7,000,000
273,404,385
e
National
Bank
of
Canada
into
Bristol-Myers
Squibb
Co.,
Senior
Note,
144A,
8.5%,
2/16/22
.................................
United
States
3,984,000
260,307,846
780,038,118
Road
&
Rail
0.3%
e
Goldman
Sachs
International
Bank
into
Union
Pacific
Corp.,
144A,
8%,
2/09/22
........................................
United
States
1,085,000
241,101,213
Semiconductors
&
Semiconductor
Equipment
2.9%
e
Citigroup
Global
Markets
Holdings,
Inc.
into
Intel
Corp.,
144A,
10%,
4/06/22
...........................................
United
States
3,857,000
227,752,210
e
Citigroup
Global
Markets
Holdings,
Inc.
into
Texas
Instruments,
Inc.,
144A,
8%,
6/21/22
...................................
United
States
1,328,000
252,112,834
e
Credit
Suisse
AG
into
Texas
Instruments,
Inc.,
144A,
8%,
8/13/21
.
United
States
2,239,000
331,131,538
e
Goldman
Sachs
International
Bank
into
Texas
Instruments,
Inc.,
144A,
9%,
1/26/22
...................................
United
States
1,593,000
280,504,502
e
Merrill
Lynch
International
&
Co.
CV
into
Intel
Corp.,
144A,
8.5%,
12/08/21
..........................................
United
States
6,167,000
311,490,010
e
National
Bank
of
Canada
into
Broadcom,
Inc.,
144A,
10%,
5/02/22
United
States
578,000
277,856,111
e
Royal
Bank
of
Canada
into
Analog
Devices,
Inc.,
Senior
Note,
144A,
8%,
9/15/21
........................................
United
States
1,718,000
234,857,101
e
Royal
Bank
of
Canada
into
Analog
Devices,
Inc.,
144A,
8.5%,
9/10/21
...........................................
United
States
1,240,000
170,529,000
2,086,233,306
Software
1.4%
e
Merrill
Lynch
International
&
Co.
CV
into
Oracle
Corp.,
144A,
8%,
11/08/21
..........................................
United
States
4,500,000
295,613,519
e
Mizuho
Markets
Cayman
LP
into
Workday,
Inc.,
144A,
9.5%,
6/07/22
United
States
921,000
218,658,009
e
Societe
Generale
SA
into
Microsoft
Corp.,
144A,
8%,
8/24/21
....
United
States
1,240,000
300,589,399
e
Societe
Generale
SA
into
Oracle
Corp.,
144A,
8%,
8/05/21
......
United
States
3,390,000
206,358,553
1,021,219,480
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
Shares
a
Value
a
a
a
a
a
a
Equity-Linked
Securities
(continued)
Technology
Hardware,
Storage
&
Peripherals
0.3%
e
BNP
Paribas
Issuance
BV
into
Apple,
Inc.,
144A,
10%,
12/22/21
..
United
States
1,630,000
$
218,142,592
Total
Equity-Linked
Securities
(Cost
$13,552,041,695)
...........................
14,465,497,084
Convertible
Preferred
Stocks
2.8%
Capital
Markets
0.2%
d
KKR
&
Co.,
Inc.,
6%,
C
.................................
United
States
1,350,000
104,031,000
Chemicals
0.0%
†
d
International
Flavors
&
Fragrances,
Inc.,
6%
.................
United
States
500,000
25,305,000
Electric
Utilities
1.6%
American
Electric
Power
Co.,
Inc.,
6.125%
..................
United
States
1,600,000
78,608,000
American
Electric
Power
Co.,
Inc.,
6.125%
..................
United
States
3,500,000
179,340,000
NextEra
Energy,
Inc.,
5.279%
............................
United
States
5,250,000
257,040,000
NextEra
Energy,
Inc.,
6.219%
............................
United
States
7,250,000
358,150,000
Southern
Co.
(The),
6.75%,
2019
.........................
United
States
6,050,000
306,311,500
1,179,449,500
Machinery
0.1%
Fortive
Corp.,
5%,
A
...................................
United
States
95,000
93,385,950
Multi-Utilities
0.9%
d
Dominion
Energy,
Inc.,
7.25%,
A
..........................
United
States
2,750,000
267,107,500
DTE
Energy
Co.,
6.25%
................................
United
States
3,100,000
153,233,000
NiSource,
Inc.,
7.75%
..................................
United
States
1,167,000
119,955,930
Sempra
Energy,
6.75%,
B
...............................
United
States
839,000
82,868,030
623,164,460
Thrifts
&
Mortgage
Finance
0.0%
†
b
FNMA,
5.375%
.......................................
United
States
4,250
27,093,750
b
Total
Convertible
Preferred
Stocks
(Cost
$2,254,399,042)
........................
2,052,429,660
Preferred
Stocks
0.0%
b
FHLMC,
8.375%,
Z
....................................
United
States
6,000,000
12,180,000
b,d
FNMA,
8.25%,
S
......................................
United
States
4,000,000
8,520,000
20,700,000
Total
Preferred
Stocks
(Cost
$238,139,001)
.....................................
20,700,000
Warrants
Warrants
0.5%
Oil,
Gas
&
Consumable
Fuels
0.5%
b,c
Chesapeake
Energy
Corp.,
2/09/26
........................
United
States
5,000,000
134,400,000
b,c
Chesapeake
Energy
Corp.,
2/09/26
........................
United
States
5,550,000
132,256,500
b,c
Chesapeake
Energy
Corp.,
2/09/26
........................
United
States
3,000,000
62,580,000
329,236,500
Total
Warrants
(Cost
$716,457,564)
............................................
329,236,500
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
Convertible
Bonds
0.1%
Media
0.1%
DISH
Network
Corp.
,
Senior
Note
,
2.375
%
,
3/15/24
............
United
States
85,000,000
$
82,715,625
Total
Convertible
Bonds
(Cost
$79,334,184)
....................................
82,715,625
Corporate
Bonds
22.5%
Aerospace
&
Defense
0.1%
Raytheon
Technologies
Corp.
,
Senior
Note
,
3.125
%
,
5/04/27
.....
United
States
40,000,000
43,539,791
Airlines
0.2%
e
American
Airlines
Group,
Inc.
,
Senior
Note
,
144A,
5
%
,
6/01/22
...
United
States
28,471,000
28,542,747
e
American
Airlines
Inc
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note,
144A,
5.5%,
4/20/26
................
United
States
50,000,000
53,000,000
Senior
Secured
Note,
144A,
5.75%,
4/20/29
...............
United
States
50,000,000
54,125,000
135,667,747
Auto
Components
0.1%
e
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Bond,
144A,
5.25%,
7/15/31
......................
United
States
30,000,000
31,387,500
Senior
Note,
144A,
5%,
7/15/29
........................
United
States
30,000,000
31,447,500
62,835,000
Automobiles
0.5%
Ford
Motor
Co.
,
Senior
Note,
9%,
4/22/25
.............................
United
States
50,000,000
61,707,250
Senior
Note,
4.346%,
12/08/26
.........................
United
States
120,000,000
128,701,200
General
Motors
Co.
,
Senior
Bond
,
5.15
%
,
4/01/38
.............
United
States
150,000,000
183,380,286
373,788,736
Banks
2.3%
Bank
of
America
Corp.
,
f
AA,
Junior
Sub.
Bond,
6.1%
to
3/17/25,
FRN
thereafter,
Perpetual
United
States
70,000,000
78,649,550
f
X,
Junior
Sub.
Bond,
6.25%
to
9/05/24,
FRN
thereafter,
Perpetual
United
States
55,000,000
60,878,125
Senior
Bond,
3.419%
to
12/20/27,
FRN
thereafter,
12/20/28
...
United
States
135,000,000
147,127,971
Senior
Note,
3.004%
to
12/20/22,
FRN
thereafter,
12/20/23
....
United
States
40,000,000
41,462,179
Barclays
plc
,
Senior
Note,
4.61%
to
2/15/22,
FRN
thereafter,
2/15/23
.......
United
Kingdom
40,000,000
41,028,442
Senior
Note,
3.932%
to
5/07/24,
FRN
thereafter,
5/07/25
......
United
Kingdom
50,000,000
54,004,396
Senior
Note,
3.65%,
3/16/25
...........................
United
Kingdom
50,000,000
54,229,926
Senior
Note,
4.375%,
1/12/26
..........................
United
Kingdom
125,000,000
140,037,452
Citigroup,
Inc.
,
f
Junior
Sub.
Bond,
5.95%
to
1/30/23,
FRN
thereafter,
Perpetual
.
United
States
135,000,000
142,017,300
f
D,
Junior
Sub.
Bond,
5.35%
to
5/15/23,
FRN
thereafter,
Perpetual
United
States
100,000,000
104,001,667
f
M,
Junior
Sub.
Bond,
6.3%
to
5/15/24,
FRN
thereafter,
Perpetual
United
States
115,000,000
123,993,000
Sub.
Bond,
4.125%,
7/25/28
...........................
United
States
130,000,000
146,571,629
f
JPMorgan
Chase
&
Co.
,
g
I,
Junior
Sub.
Bond,
FRN,
3.656%,
(3-month
USD
LIBOR
+
3.47%),
Perpetual
...................................
United
States
115,959,000
116,393,846
Q,
Junior
Sub.
Bond,
5.15%
to
5/01/23,
FRN
thereafter,
Perpetual
United
States
60,700,000
62,748,625
R,
Junior
Sub.
Bond,
6%
to
8/01/23,
FRN
thereafter,
Perpetual
.
United
States
55,000,000
58,506,250
S,
Junior
Sub.
Bond,
6.75%
to
2/01/24,
FRN
thereafter,
Perpetual
United
States
65,000,000
72,115,875
g
V,
Junior
Sub.
Bond,
FRN,
3.522%,
(3-month
USD
LIBOR
+
3.32%),
Perpetual
...................................
United
States
108,100,000
108,505,375
X,
Junior
Sub.
Bond,
6.1%
to
10/01/24,
FRN
thereafter,
Perpetual
United
States
70,000,000
76,606,250
f
Wells
Fargo
&
Co.
,
S
,
Junior
Sub.
Bond
,
5.9%
to
6/15/24,
FRN
thereafter
,
Perpetual
.................................
United
States
70,000,000
75,468,750
1,704,346,608
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
Corporate
Bonds
(continued)
Beverages
0.0%
†
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
4
%
,
4/13/28
Belgium
25,000,000
$
28,482,171
Biotechnology
0.2%
AbbVie,
Inc.
,
Senior
Note,
3.8%,
3/15/25
............................
United
States
100,000,000
109,439,933
Senior
Note
,
3.2%,
5/14/26
...........................
United
States
25,000,000
27,127,436
136,567,369
Chemicals
0.2%
e
Olin
Corp.
,
Senior
Note
,
144A,
9.5
%
,
6/01/25
................
United
States
40,000,000
49,853,000
e
SCIH
Salt
Holdings,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
5/01/29
....
United
States
80,000,000
80,300,000
130,153,000
Communications
Equipment
0.0%
†
e
CommScope
,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
7/01/28
.........
United
States
40,000,000
43,404,400
Consumer
Finance
0.9%
Capital
One
Financial
Corp.
,
Sub.
Note,
4.2%,
10/29/25
............................
United
States
113,000,000
126,241,470
Sub.
Note,
3.75%,
7/28/26
............................
United
States
100,200,000
110,650,165
Ford
Motor
Credit
Co.
LLC
,
Senior
Note,
5.125%,
6/16/25
..........................
United
States
60,000,000
66,150,000
Senior
Note
,
4.134%,
8/04/25
..........................
United
States
149,650,000
160,124,003
Senior
Note
,
5.113%,
5/03/29
..........................
United
States
100,000,000
112,084,000
General
Motors
Financial
Co.,
Inc.
,
Senior
Note
,
4.15
%
,
6/19/23
..
United
States
75,000,000
79,684,430
654,934,068
Containers
&
Packaging
0.4%
e
Mauser
Packaging
Solutions
Holding
Co.
,
Senior
Note
,
144A,
7.25%,
4/15/25
......................
United
States
212,495,000
208,670,090
Senior
Secured
Note,
144A,
5.5%,
4/15/24
................
United
States
108,000,000
109,215,000
317,885,090
Diversified
Financial
Services
0.2%
e
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
United
States
130,000,000
130,810,550
Diversified
Telecommunication
Services
0.3%
e
Altice
France
SA
,
Senior
Secured
Note
,
144A,
5.125
%
,
7/15/29
...
France
50,000,000
50,307,500
AT&T,
Inc.
,
Senior
Bond
,
4.125
%
,
2/17/26
...................
United
States
75,000,000
84,361,258
e
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond,
144A,
5.5%,
5/01/26
.......................
United
States
40,000,000
41,449,400
Senior
Bond,
144A,
5.125%,
5/01/27
.....................
United
States
30,000,000
31,504,500
207,622,658
Electric
Utilities
0.1%
e
Vistra
Operations
Co.
LLC
,
Senior
Note
,
144A,
4.375
%
,
5/01/29
..
United
States
50,000,000
50,312,500
Energy
Equipment
&
Services
1.1%
e
Nabors
Industries
Ltd.
,
Senior
Note
,
144A,
7.25
%
,
1/15/26
......
United
States
16,000,000
15,712,240
e
Nabors
Industries,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/01/25
.......
United
States
28,000,000
27,300,000
e
Weatherford
International
Ltd.
,
144A,
8.75%,
9/01/24
................................
United
States
170,000,000
178,075,000
Senior
Note
,
144A,
11%,
12/01/24
.......................
United
States
584,000,000
608,101,680
Senior
Secured
Note,
144A,
8.75%,
9/01/24
...............
United
States
10,250,000
10,736,875
839,925,795
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
Corporate
Bonds
(continued)
Entertainment
0.3%
Netflix,
Inc.
,
Senior
Bond,
4.375%,
11/15/26
.........................
United
States
100,000,000
$
113,847,000
Senior
Bond,
4.875%,
4/15/28
..........................
United
States
69,300,000
80,649,954
Senior
Bond,
5.875%,
11/15/28
.........................
United
States
50,000,000
61,435,750
255,932,704
Equity
Real
Estate
Investment
Trusts
(REITs)
0.1%
American
Tower
Corp.
,
Senior
Bond
,
3.375
%
,
10/15/26
.........
United
States
30,000,000
32,719,067
e
Iron
Mountain,
Inc.
,
Senior
Note
,
144A,
4.875
%
,
9/15/27
........
United
States
73,250,000
76,033,500
108,752,567
Food
Products
0.1%
Kraft
Heinz
Foods
Co.
,
Senior
Note
,
3.95
%
,
7/15/25
...........
United
States
25,041,000
27,865,446
e
Post
Holdings,
Inc.
,
Senior
Bond
,
144A,
5.625
%
,
1/15/28
.......
United
States
40,000,000
42,521,600
70,387,046
Health
Care
Providers
&
Services
6.6%
e
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.875%,
4/15/29
....................
United
States
775,000,000
813,273,375
Secured
Note,
144A,
6.125%,
4/01/30
....................
United
States
500,000,000
508,125,000
Senior
Note,
144A,
6.875%,
4/01/28
.....................
United
States
550,000,000
544,816,250
Senior
Secured
Note,
144A,
6.625%,
2/15/25
..............
United
States
150,900,000
159,763,866
Senior
Secured
Note,
144A,
8%,
3/15/26
..................
United
States
335,000,000
361,386,275
Senior
Secured
Note,
144A,
5.625%,
3/15/27
..............
United
States
250,000,000
267,203,750
Senior
Secured
Note,
144A,
8%,
12/15/27
.................
United
States
380,000,000
423,264,900
Senior
Secured
Note,
144A,
6%,
1/15/29
..................
United
States
250,000,000
267,831,250
CVS
Health
Corp.
,
Senior
Bond,
4.3%,
3/25/28
............................
United
States
125,000,000
143,716,292
Senior
Bond,
5.05%,
3/25/48
...........................
United
States
50,000,000
65,064,459
HCA,
Inc.
,
Senior
Bond,
5.875%,
5/01/23
..........................
United
States
90,000,000
97,915,500
Senior
Bond,
5.625%,
9/01/28
..........................
United
States
80,000,000
94,900,000
Senior
Secured
Note
,
5%,
3/15/24
.......................
United
States
114,800,000
126,894,702
Tenet
Healthcare
Corp.
,
Senior
Bond,
6.875%,
11/15/31
.........................
United
States
55,258,000
63,004,067
Senior
Note,
6.75%,
6/15/23
...........................
United
States
599,200,000
654,626,000
e
Senior
Note,
144A,
6.125%,
10/01/28
....................
United
States
178,000,000
190,191,220
4,781,976,906
Health
Care
Technology
0.3%
e
Multiplan
Corp.
,
144A,
6
%
,
10/15/27
.......................
United
States
185,000,000
191,105,000
Hotels,
Restaurants
&
Leisure
0.6%
e
Caesars
Entertainment,
Inc.
,
Senior
Note,
144A,
8.125%,
7/01/27
.....................
United
States
35,000,000
38,970,750
Senior
Secured
Note,
144A,
6.25%,
7/01/25
...............
United
States
30,000,000
31,837,500
e
Golden
Nugget,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
10/15/24
.......
United
States
38,500,000
38,941,595
e
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
,
Senior
Bond,
144A,
5.5%,
3/01/25
.......................
United
States
164,500,000
177,543,205
Senior
Note
,
144A,
4.25%,
5/30/23
......................
United
States
84,000,000
87,255,000
Senior
Note
,
144A,
5.25%,
5/15/27
......................
United
States
96,827,000
104,277,838
478,825,888
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
76,378,229
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
Corporate
Bonds
(continued)
Machinery
0.1%
e
TK
Elevator
U.S.
Newco
,
Inc.
,
Senior
Secured
Note
,
144A,
5.25
%
,
7/15/27
...........................................
Germany
43,000,000
$
45,365,000
Media
1.9%
e
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75%,
4/15/28
......................
United
States
20,000,000
20,976,100
Senior
Note
,
144A,
7.5%,
6/01/29
.......................
United
States
35,000,000
36,280,528
e
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.
,
Senior
Secured
Note
,
144A,
5.375
%
,
8/15/26
....................
United
States
152,000,000
98,617,600
DISH
DBS
Corp.
,
Senior
Note,
5.875%,
7/15/22
..........................
United
States
383,500,000
400,546,575
Senior
Note,
5%,
3/15/23
.............................
United
States
300,000,000
314,712,000
Senior
Note,
7.375%,
7/01/28
..........................
United
States
40,000,000
43,095,200
Senior
Note
,
5.875%,
11/15/24
.........................
United
States
128,200,000
137,815,000
e
Univision
Communications,
Inc.
,
Senior
Secured
Note,
144A,
5.125%,
2/15/25
..............
United
States
217,220,000
222,271,451
Senior
Secured
Note,
144A,
9.5%,
5/01/25
................
United
States
55,000,000
60,825,325
Senior
Secured
Note,
144A,
6.625%,
6/01/27
..............
United
States
30,000,000
32,544,000
1,367,683,779
Metals
&
Mining
0.3%
e
Cleveland-Cliffs,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
3/15/26
.
United
States
50,000,000
54,000,000
e
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond,
144A,
4.375%,
4/01/31
.....................
Australia
35,000,000
37,490,775
Senior
Note,
144A,
5.125%,
5/15/24
.....................
Australia
60,540,000
65,988,600
Freeport-McMoRan,
Inc.
,
Senior
Bond,
5.25%,
9/01/29
...........................
United
States
25,000,000
27,681,875
Senior
Note,
3.875%,
3/15/23
..........................
United
States
62,636,000
65,390,105
250,551,355
Oil,
Gas
&
Consumable
Fuels
1.3%
c
Bonanza
Creek
Energy,
Inc.
,
Senior
Note
,
7.5
%
,
4/30/26
........
United
States
50,213,617
50,828,232
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note,
7.625%,
1/15/22
..........................
United
States
33,215,000
33,278,606
e
Senior
Note,
144A,
11%,
4/15/25
........................
United
States
270,000,000
294,355,350
Senior
Note
,
7.75%,
4/15/23
...........................
United
States
121,585,000
121,414,781
e
Senior
Secured
Note,
144A,
9.25%,
7/15/24
...............
United
States
111,402,000
123,039,053
Occidental
Petroleum
Corp.
,
Senior
Bond,
6.125%,
1/01/31
..........................
United
States
40,000,000
47,111,200
Senior
Note,
8%,
7/15/25
.............................
United
States
50,000,000
59,939,000
Senior
Note,
6.375%,
9/01/28
..........................
United
States
60,000,000
70,134,600
Senior
Note
,
5.5%,
12/01/25
...........................
United
States
30,000,000
33,244,350
Senior
Note
,
6.625%,
9/01/30
..........................
United
States
50,000,000
60,062,500
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
,
Senior
Note,
6%,
2/15/28
.............................
United
States
37,000,000
25,392,730
e
Senior
Secured
Note,
144A,
9.25%,
5/15/25
...............
United
States
20,000,000
20,173,900
938,974,302
Pharmaceuticals
1.7%
e
Bausch
Health
Americas,
Inc.
,
Senior
Note
,
144A,
9.25
%
,
4/01/26
.
United
States
137,000,000
149,186,150
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
26
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Pharmaceuticals
(continued)
e
Bausch
Health
Cos.,
Inc.
,
Senior
Bond,
144A,
6.125%,
4/15/25
.....................
United
States
146,744,000
$
150,596,030
Senior
Note,
144A,
9%,
12/15/25
.......................
United
States
105,000,000
112,722,750
Senior
Note,
144A,
5%,
1/30/28
........................
United
States
80,000,000
76,012,800
Senior
Note,
144A,
6.25%,
2/15/29
......................
United
States
14,300,000
14,161,290
Senior
Note
,
144A,
5%,
2/15/29
........................
United
States
61,000,000
56,959,970
Senior
Secured
Note,
144A,
5.5%,
11/01/25
...............
United
States
65,000,000
66,771,250
Senior
Secured
Note,
144A,
4.875%,
6/01/28
..............
United
States
35,000,000
35,866,250
e
Bayer
US
Finance
II
LLC
,
Senior
Note
,
144A,
4.25
%
,
12/15/25
...
Germany
65,000,000
72,493,697
e
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco
,
Inc.
,
Secured
Note,
144A,
9.5%,
7/31/27
......................
United
States
125,712,000
128,385,266
Senior
Note
,
144A,
6%,
6/30/28
........................
United
States
154,239,000
104,211,580
e
Endo
Finance
LLC
,
Senior
Note
,
144A,
5.75
%
,
1/15/22
.........
United
States
53,224,000
49,165,670
e
Endo
Luxembourg
Finance
Co.
I
SARL
/
Endo
US,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
4/01/29
....................
United
States
40,000,000
39,250,000
e
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
4/01/27
United
States
76,744,000
78,560,147
Utah
Acquisition
Sub,
Inc.
,
Senior
Note
,
3.95
%
,
6/15/26
.........
United
States
110,000,000
121,254,366
1,255,597,216
Road
&
Rail
0.1%
e
Ashtead
Capital,
Inc.
,
Senior
Note,
144A,
4%,
5/01/28
........................
United
Kingdom
15,000,000
15,806,250
Senior
Note
,
144A,
4.375%,
8/15/27
.....................
United
Kingdom
34,500,000
36,225,000
52,031,250
Semiconductors
&
Semiconductor
Equipment
0.1%
Microchip
Technology,
Inc.
,
Senior
Secured
Note
,
4.333
%
,
6/01/23
United
States
69,000,000
73,609,644
Tobacco
0.4%
BAT
Capital
Corp.
,
Senior
Note,
3.222%,
8/15/24
..........................
United
Kingdom
78,500,000
83,421,887
Senior
Note,
3.557%,
8/15/27
..........................
United
Kingdom
170,000,000
182,144,974
265,566,861
Trading
Companies
&
Distributors
0.2%
United
Rentals
North
America,
Inc.
,
Senior
Bond
,
4.875
%
,
1/15/28
United
States
93,000,000
98,742,750
e
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
6/15/25
...
United
States
30,000,000
32,458,500
131,201,250
Wireless
Telecommunication
Services
1.7%
Sprint
Communications,
Inc.
,
Senior
Note,
11.5%,
11/15/21
..........................
United
States
215,000,000
223,285,348
Senior
Note
,
6%,
11/15/22
.............................
United
States
347,700,000
368,562,000
Sprint
Corp.
,
Senior
Note,
7.625%,
3/01/26
..........................
United
States
86,300,000
105,512,969
Senior
Note
,
7.875%,
9/15/23
..........................
United
States
187,350,000
213,078,026
Senior
Note
,
7.125%,
6/15/24
..........................
United
States
190,650,000
220,200,750
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
90,000,000
103,711,500
1,234,350,593
Total
Corporate
Bonds
(Cost
$15,062,872,381)
..................................
16,438,565,073
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
27
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
g
Senior
Floating
Rate
Interests
0.1%
Health
Care
Equipment
&
Supplies
0.0%
†
Jazz
Pharmaceuticals,
Inc.
,
Term
Loan
,
4
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
5/05/28
......................................
United
States
20,000,000
$
20,085,900
Specialty
Retail
0.1%
Belk,
Inc.
,
First
Lien,
First-Out
Term
Loan,
8.5%,
(3-month
USD
LIBOR
+
7.5%),
7/31/25
......................................
United
States
4,913,316
4,934,836
First
Lien,
Second-Out
Term
Loan,
13%,
7/31/25
............
United
States
29,312,703
22,790,627
27,725,463
a
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$38,862,343)
..........................
47,811,363
U.S.
Government
and
Agency
Securities
4.2%
U.S.
Treasury
Notes
,
0.25%,
3/15/24
.....................................
United
States
750,000,000
747,128,910
0.25%,
6/15/24
.....................................
United
States
500,000,000
497,011,720
0.5%,
3/31/25
......................................
United
States
750,000,000
746,425,785
0.75%,
5/31/26
.....................................
United
States
500,000,000
497,187,500
0.875%,
6/30/26
.....................................
United
States
500,000,000
499,785,155
1.125%,
2/15/31
.....................................
United
States
100,000,000
97,093,750
Total
U.S.
Government
and
Agency
Securities
(Cost
$3,086,502,390)
..............
3,084,632,820
Asset-Backed
Securities
0.1%
Airlines
0.1%
United
Airlines
Pass-Through
Trust
,
2020-1
,
A
,
5.875
%
,
10/15/27
.
United
States
52,340,750
58,185,715
Total
Asset-Backed
Securities
(Cost
$52,340,750)
...............................
58,185,715
Mortgage-Backed
Securities
0.1%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.1%
FNMA,
30
Year,
4%,
8/01/49
.............................
United
States
45,369,445
49,246,655
Total
Mortgage-Backed
Securities
(Cost
$48,063,255)
............................
49,246,655
Shares
Escrows
and
Litigation
Trusts
0.1%
b,c,e
Chesapeake
Energy
Corp.,
Escrow
Account,
144A
............
United
States
50,000,000
54,187,500
Total
Escrows
and
Litigation
Trusts
(Cost
$50,000,000)
..........................
54,187,500
Total
Long
Term
Investments
(Cost
$67,475,709,546)
............................
71,877,853,569
a
Short
Term
Investments
1.7%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
1.7%
h,i
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
1,226,503,989
1,226,503,989
Total
Money
Market
Funds
(Cost
$1,226,503,989)
................................
1,226,503,989
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.0%
a
a
a
a
a
Money
Market
Funds
0.0%
†
h,i
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
5,566,000
5,566,000
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
28
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
0.0%
†
j
Joint
Repurchase
Agreement,
BofA
Securities,
Inc.,
0.05%,
7/01/21
(Maturity
Value
$4,705,593)
Collateralized
by
U.S.
Treasury
Note,
1.5%,
11/30/24
(valued
at
$4,799,702)
........................................
4,705,586
$
4,705,586
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$10,271,586)
...........................................................
10,271,586
Total
Short
Term
Investments
(Cost
$1,236,775,575
)
.............................
1,236,775,575
a
Total
Investments
(Cost
$68,712,485,121)
100.3%
...............................
$73,114,629,144
Options
Written
(0.1)%
.......................................................
(59,138,740)
Other
Assets,
less
Liabilities
(0.2)%
...........................................
(164,632,126)
Net
Assets
100.0%
...........................................................
$72,890,858,278
Number
of
Contracts
Notional
Amount
#
Options
Written
(0.1)%
Calls
-
Exchange-Traded
Equity
Options
3M
Co.,
July
Strike
Price
$210.00,
Expires
7/16/21
............
10,000
198,630,000
(350,000)
AbbVie,
Inc.,
September
Strike
Price
$125.00,
Expires
9/17/21
...
15,000
168,960,000
(1,095,000)
AbbVie,
Inc.,
September
Strike
Price
$130.00,
Expires
9/17/21
...
5,000
56,320,000
(180,000)
Air
Products
and
Chemicals,
Inc.,
July
Strike
Price
$310.00,
Expires
7/16/21
...........................................
6,500
186,992,000
(81,250)
Altria
Group,
Inc.,
August
Strike
Price
$50.00,
Expires
8/20/21
....
10,000
47,680,000
(650,000)
Amgen,
Inc.,
July
Strike
Price
$250.00,
Expires
7/16/21
.........
5,000
121,875,000
(595,000)
Amgen,
Inc.,
September
Strike
Price
$260.00,
Expires
9/17/21
...
10,000
243,750,000
(3,100,000)
AT&T,
Inc.,
September
Strike
Price
$30.00,
Expires
9/17/21
......
50,000
143,900,000
(1,900,000)
Broadcom,
Inc.,
July
Strike
Price
$500.00,
Expires
7/16/21
......
6,670
318,052,280
(980,490)
Chevron
Corp.,
September
Strike
Price
$115.00,
Expires
9/17/21
.
20,000
209,480,000
(2,960,000)
Citigroup,
Inc.,
July
Strike
Price
$80.00,
Expires
7/16/21
........
20,000
141,500,000
(180,000)
Citigroup,
Inc.,
September
Strike
Price
$90.00,
Expires
9/17/21
...
20,000
141,500,000
(440,000)
CVS
Health
Corp.,
August
Strike
Price
$100.00,
Expires
8/20/21
..
10,000
83,440,000
(90,000)
Exxon
Mobil
Corp.,
July
Strike
Price
$65.00,
Expires
7/16/21
.....
25,000
157,700,000
(1,525,000)
Fidelity
National
Information
Services,
Inc.,
September
Strike
Price
$155.00,
Expires
9/17/21
..............................
10,000
141,670,000
(2,050,000)
Home
Depot,
Inc.
(The),
July
Strike
Price
$330.00,
Expires
7/16/21
10,000
318,890,000
(1,250,000)
Intel
Corp.,
September
Strike
Price
$62.50,
Expires
9/17/21
.....
10,000
56,140,000
(1,010,000)
Intel
Corp.,
September
Strike
Price
$65.00,
Expires
9/17/21
.....
25,000
140,350,000
(1,625,000)
Johnson
&
Johnson,
September
Strike
Price
$175.00,
Expires
9/17/21
...........................................
20,000
329,480,000
(2,420,000)
JPMorgan
Chase
&
Co.,
September
Strike
Price
$165.00,
Expires
9/17/21
...........................................
10,000
155,540,000
(2,820,000)
Lockheed
Martin
Corp.,
July
Strike
Price
$410.00,
Expires
7/16/21
10,000
378,350,000
(200,000)
Lockheed
Martin
Corp.,
September
Strike
Price
$420.00,
Expires
9/17/21
...........................................
10,000
378,350,000
(1,360,000)
Merck
&
Co.,
Inc.,
September
Strike
Price
$85.00,
Expires
9/17/21
25,000
194,425,000
(2,750,000)
Morgan
Stanley,
August
Strike
Price
$97.50,
Expires
8/20/21
.....
5,000
45,845,000
(715,000)
Morgan
Stanley,
August
Strike
Price
$100.00,
Expires
8/20/21
....
10,000
91,690,000
(980,000)
Morgan
Stanley,
September
Strike
Price
$100.00,
Expires
9/17/21
.
10,000
91,690,000
(1,600,000)
NextEra
Energy,
Inc.,
September
Strike
Price
$80.00,
Expires
9/17/21
...........................................
20,000
146,560,000
(1,400,000)
PepsiCo,
Inc.,
July
Strike
Price
$155.00,
Expires
7/16/21
........
10,000
148,170,000
(150,000)
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
29
See
abbreviations
on
page
45
.
a
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
a
a
Options
Written
(continued)
Calls
-
Exchange-Traded
(continued)
Equity
Options
(continued)
Pfizer,
Inc.,
September
Strike
Price
$44.00,
Expires
9/17/21
.....
20,000
78,320,000
$
(360,000)
Procter
&
Gamble
Co.
(The),
September
Strike
Price
$140.00,
Expires
9/17/21
.....................................
20,000
269,860,000
(3,360,000)
Texas
Instruments,
Inc.,
August
Strike
Price
$200.00,
Expires
8/20/21
...........................................
7,200
138,456,000
(2,412,000)
Walmart,
Inc.,
August
Strike
Price
$145.00,
Expires
8/20/21
......
10,000
141,020,000
(2,460,000)
Walmart,
Inc.,
September
Strike
Price
$150.00,
Expires
9/17/21
..
10,000
141,020,000
(1,790,000)
(44,838,740)
Puts
-
Exchange-Traded
Equity
Options
Home
Depot,
Inc.
(The),
August
Strike
Price
$290.00,
Expires
8/20/21
...........................................
5,000
159,445,000
(1,170,000)
Johnson
&
Johnson,
August
Strike
Price
$160.00,
Expires
8/20/21
.
5,000
82,370,000
(1,000,000)
JPMorgan
Chase
&
Co.,
July
Strike
Price
$160.00,
Expires
7/16/21
10,000
155,540,000
(6,680,000)
salesforce.com,
Inc.,
July
Strike
Price
$220.00,
Expires
7/16/21
...
5,000
122,135,000
(140,000)
salesforce.com,
Inc.,
August
Strike
Price
$220.00,
Expires
8/20/21
5,000
122,135,000
(960,000)
United
Parcel
Service,
Inc.,
August
Strike
Price
$185.00,
Expires
8/20/21
...........................................
5,000
103,985,000
(990,000)
Workday,
Inc.,
August
Strike
Price
$440.00,
Expires
8/20/21
.....
15,000
238,740,000
(3,360,000)
(14,300,000)
Total
Options
Written
(Premiums
received
$86,514,309)
..........................
$
(59,138,740)
#
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
7
regarding
holdings
of
5%
voting
securities.
d
A
portion
or
all
of
the
security
is
on
loan
at
June
30,
2021.
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
June
30,
2021,
the
aggregate
value
of
these
securities
was
$23,112,753,722,
representing
31.7%
of
net
assets.
f
Perpetual
security
with
no
stated
maturity
date.
g
The
coupon
rate
shown
represents
the
rate
at
period
end.
h
See
Note
8
regarding
investments
in
affiliated
management
investment
companies.
i
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
j
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
June
30,
2021,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited),
June
30,
2021
Franklin
U.S.
Government
Securities
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
30
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
$
20,587,735
Total
U.S.
Government
and
Agency
Securities
(Cost
$18,836,270)
.................
20,587,735
Mortgage-Backed
Securities
96.8%
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
96.8%
GNMA
I,
30
Year,
4.5%,
4/15/40
........................................
5,154,012
5,817,392
GNMA
I,
30
Year,
5%,
9/15/40
..........................................
186,889,032
214,641,485
GNMA
I,
30
Year,
5.5%,
2/15/40
........................................
83,930,583
98,620,350
GNMA
I,
30
Year,
6%,
12/15/39
.........................................
75,124,469
89,370,761
GNMA
I,
30
Year,
6.5%,
8/15/37
........................................
21,234,271
24,109,953
GNMA
I,
30
Year,
7%,
9/15/32
..........................................
14,133,698
16,607,853
GNMA
I,
30
Year,
7.5%,
7/15/26
-
8/15/33
.................................
1,366,104
1,563,877
GNMA
I,
30
Year,
8%,
10/15/29
.........................................
2,892
3,423
GNMA
I,
30
Year,
8.5%,
11/15/24
........................................
692
745
GNMA
I,
30
Year,
10%,
2/15/25
.........................................
1
1
GNMA
I,
Single-family,
30
Year,
3.5%,
4/15/43
-
5/15/43
......................
16,408,894
17,702,327
GNMA
I,
Single-family,
30
Year,
4%,
10/15/40
-
8/15/46
.......................
51,546,715
56,971,963
GNMA
I,
Single-family,
30
Year,
4.5%,
2/15/39
-
6/15/41
......................
98,995,037
112,265,434
GNMA
I,
Single-family,
30
Year,
5%,
5/15/34
-
2/15/35
........................
28,280
31,887
GNMA
I,
Single-family,
30
Year,
5.5%,
5/15/33
-
4/15/49
......................
943,253
1,053,827
GNMA
I,
Single-family,
30
Year,
6.5%,
9/15/31
..............................
283
315
GNMA
I,
Single-family,
30
Year,
7.25%,
12/15/25
-
1/15/26
.....................
48,119
48,923
GNMA
I,
Single-family,
30
Year,
7.5%,
1/15/22
-
7/15/31
......................
1,763,049
1,845,260
GNMA
I,
Single-family,
30
Year,
8%,
9/15/21
-
9/15/30
........................
749,742
767,385
GNMA
I,
Single-family,
30
Year,
8.5%,
12/15/21
-
5/15/25
......................
59,747
60,294
GNMA
I,
Single-family,
30
Year,
9%,
8/15/21
-
1/15/23
........................
9,228
9,264
GNMA
I,
Single-family,
30
Year,
9.5%,
9/15/21
-
8/15/22
......................
5,335
5,350
GNMA
I,
Single-family,
30
Year,
10%,
9/15/21
-
2/15/25
.......................
4,245
4,256
GNMA
II,
30
Year,
4.5%,
5/20/34
-
6/20/41
.................................
4,390,965
4,856,931
GNMA
II,
30
Year,
6%,
7/20/39
.........................................
33,456,421
39,360,570
GNMA
II,
30
Year,
6%,
3/20/34
-
9/20/34
..................................
1,453,138
1,576,958
GNMA
II,
30
Year,
6.5%,
9/20/31
-
9/20/32
.................................
1,395,723
1,645,296
GNMA
II,
30
Year,
7%,
7/20/32
.........................................
398,355
474,127
GNMA
II,
30
Year,
7.5%,
10/20/24
.......................................
25,107
25,210
GNMA
II,
30
Year,
8%,
12/20/28
........................................
73,219
81,357
GNMA
II,
Single-family,
30
Year,
2%,
11/20/50
..............................
100,250,566
102,204,825
GNMA
II,
Single-family,
30
Year,
2%,
12/20/50
..............................
121,565,755
123,940,394
GNMA
II,
Single-family,
30
Year,
2%,
1/20/51
...............................
58,687,057
59,835,420
GNMA
II,
Single-family,
30
Year,
2.5%,
11/20/50
............................
90,574,758
93,797,196
GNMA
II,
Single-family,
30
Year,
2.5%,
11/20/50
............................
20,740,334
21,484,801
GNMA
II,
Single-family,
30
Year,
2.5%,
12/20/50
............................
119,684,402
123,984,207
GNMA
II,
Single-family,
30
Year,
2.5%,
1/20/51
.............................
147,509,046
153,106,874
GNMA
II,
Single-family,
30
Year,
2.5%,
3/20/51
.............................
102,993,037
106,717,650
GNMA
II,
Single-family,
30
Year,
2.5%,
4/20/51
.............................
104,916,631
108,746,643
GNMA
II,
Single-family,
30
Year,
2.5%,
5/20/51
.............................
256,154,282
265,002,056
GNMA
II,
Single-family,
30
Year,
3%,
10/20/44
..............................
27,881,898
29,746,079
GNMA
II,
Single-family,
30
Year,
3%,
12/20/44
..............................
15,594,145
16,509,329
GNMA
II,
Single-family,
30
Year,
3%,
5/20/45
...............................
23,650,693
25,049,050
GNMA
II,
Single-family,
30
Year,
3%,
4/20/46
...............................
32,759,121
34,524,359
GNMA
II,
Single-family,
30
Year,
3%,
9/20/47
...............................
26,843,431
28,302,448
GNMA
II,
Single-family,
30
Year,
3%,
10/20/47
..............................
43,732,302
45,984,040
GNMA
II,
Single-family,
30
Year,
3%,
6/20/50
...............................
21,141,947
22,512,866
GNMA
II,
Single-family,
30
Year,
3%,
12/20/50
..............................
193,138,283
202,186,566
GNMA
II,
Single-family,
30
Year,
3%,
1/20/51
...............................
260,919,426
272,990,890
GNMA
II,
Single-family,
30
Year,
3%,
2/20/51
...............................
192,065,493
201,302,074
GNMA
II,
Single-family,
30
Year,
3%,
3/20/51
...............................
160,653,164
168,301,040
GNMA
II,
Single-family,
30
Year,
3%,
4/20/51
...............................
98,053,871
102,798,090
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
U.S.
Government
Securities
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
31
See
Abbreviations
on
page
45
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
(continued)
GNMA
II,
Single-family,
30
Year,
3%,
5/20/51
...............................
$
137,200,536
$
144,025,478
GNMA
II,
Single-family,
30
Year,
3%,
2/20/45
-
10/20/50
......................
113,721,638
120,571,531
GNMA
II,
Single-family,
30
Year,
3.5%,
7/20/42
.............................
45,069,684
48,438,098
GNMA
II,
Single-family,
30
Year,
3.5%,
9/20/42
.............................
56,783,108
60,916,984
GNMA
II,
Single-family,
30
Year,
3.5%,
5/20/43
.............................
16,773,008
18,007,400
GNMA
II,
Single-family,
30
Year,
3.5%,
6/20/43
.............................
19,501,302
20,943,714
GNMA
II,
Single-family,
30
Year,
3.5%,
9/20/47
.............................
259,753,099
274,944,770
GNMA
II,
Single-family,
30
Year,
3.5%,
11/20/47
............................
245,776,726
260,926,576
GNMA
II,
Single-family,
30
Year,
3.5%,
4/20/51
.............................
27,563,040
29,209,616
GNMA
II,
Single-family,
30
Year,
3.5%,
10/20/40
-
1/20/49
.....................
73,800,186
79,235,203
GNMA
II,
Single-family,
30
Year,
4%,
11/20/40
..............................
15,297,773
16,746,095
GNMA
II,
Single-family,
30
Year,
4%,
9/20/41
...............................
14,874,389
16,314,736
GNMA
II,
Single-family,
30
Year,
4%,
10/20/41
..............................
18,532,539
20,327,119
GNMA
II,
Single-family,
30
Year,
4%,
11/20/41
..............................
17,182,769
18,846,653
GNMA
II,
Single-family,
30
Year,
4%,
5/20/47
...............................
62,363,377
66,787,367
GNMA
II,
Single-family,
30
Year,
4%,
6/20/47
...............................
48,071,661
51,524,936
GNMA
II,
Single-family,
30
Year,
4%,
7/20/47
...............................
32,328,052
34,513,976
GNMA
II,
Single-family,
30
Year,
4%,
5/20/40
-
12/20/49
......................
79,539,839
86,618,533
GNMA
II,
Single-family,
30
Year,
4.5%,
5/20/41
.............................
13,647,571
15,101,993
GNMA
II,
Single-family,
30
Year,
4.5%,
6/20/41
.............................
16,657,660
18,432,901
GNMA
II,
Single-family,
30
Year,
4.5%,
7/20/41
.............................
18,627,397
20,612,582
GNMA
II,
Single-family,
30
Year,
4.5%,
9/20/41
.............................
26,176,497
28,966,245
GNMA
II,
Single-family,
30
Year,
4.5%,
10/20/41
............................
19,059,962
21,091,314
GNMA
II,
Single-family,
30
Year,
4.5%,
5/20/33
-
2/20/44
......................
43,275,413
47,880,192
GNMA
II,
Single-family,
30
Year,
5%,
7/20/33
-
9/20/41
.......................
50,579,711
57,020,497
GNMA
II,
Single-family,
30
Year,
5.5%,
6/20/34
-
2/20/50
......................
55,185,199
64,127,052
GNMA
II,
Single-family,
30
Year,
6%,
6/20/34
...............................
731,009
834,543
GNMA
II,
Single-family,
30
Year,
6.5%,
6/20/24
-
1/20/39
......................
10,587,662
12,519,672
GNMA
II,
Single-family,
30
Year,
7%,
2/20/28
-
7/20/33
.......................
2,848,073
3,362,799
GNMA
II,
Single-family,
30
Year,
7.5%,
10/20/22
-
4/20/32
.....................
477,498
539,264
GNMA
II,
Single-family,
30
Year,
8%,
5/20/24
-
6/20/30
.......................
201,743
228,885
GNMA
II,
Single-family,
30
Year,
8.5%,
1/20/22
-
6/20/25
......................
5,451
5,487
GNMA
II,
Single-family,
30
Year,
9%,
10/20/21
-
11/20/21
......................
954
958
GNMA
II,
Single-family,
30
Year,
9.5%,
9/20/21
-
1/20/25
......................
3,591
3,601
4,658,176,441
Total
Mortgage-Backed
Securities
(Cost
$4,579,105,094)
.........................
4,658,176,441
Total
Long
Term
Investments
(Cost
$4,597,941,364)
.............................
4,678,764,176
a
a
a
a
a
Short
Term
Investments
2.8%
Shares
a
Money
Market
Funds
2.8%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
134,259,911
134,259,911
Total
Money
Market
Funds
(Cost
$134,259,911)
.................................
134,259,911
Total
Short
Term
Investments
(Cost
$134,259,911
)
...............................
134,259,911
a
Total
Investments
(Cost
$4,732,201,275)
100.0%
................................
$4,813,024,087
Other
Assets,
less
Liabilities
(0.0)%
...........................................
1,966,855
Net
Assets
100.0%
...........................................................
$4,814,990,942
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
U.S.
Government
Securities
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
32
a
See
Note
8
regarding
investments
in
affiliated
management
investment
companies.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited),
June
30,
2021
Franklin
Utilities
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
33
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
99.8%
Diversified
Telecommunication
Services
1.1%
a
TELUS
Corp.
........................................
Canada
3,000,000
$
67,271,627
Electric
Utilities
58.9%
Alliant
Energy
Corp.
...................................
United
States
3,800,000
211,888,000
American
Electric
Power
Co.,
Inc.
.........................
United
States
3,000,000
253,770,000
Avangrid
,
Inc.
........................................
United
States
300,000
15,429,000
Duke
Energy
Corp.
....................................
United
States
2,900,000
286,288,000
Edison
International
...................................
United
States
4,500,000
260,190,000
Emera
,
Inc.
..........................................
Canada
1,800,000
81,655,173
Entergy
Corp.
........................................
United
States
2,300,000
229,310,000
Evergy
,
Inc.
..........................................
United
States
3,200,000
193,376,000
Eversource
Energy
....................................
United
States
2,200,000
176,528,000
Exelon
Corp.
.........................................
United
States
6,200,000
274,722,000
FirstEnergy
Corp.
.....................................
United
States
2,000,000
74,420,000
NextEra
Energy,
Inc.
...................................
United
States
9,686,286
709,811,038
OGE
Energy
Corp.
....................................
United
States
1,400,000
47,110,000
Origin
Energy
Ltd.
.....................................
Australia
7,000,000
23,635,790
a
PG&E
Corp.
.........................................
United
States
7,000,000
71,190,000
Pinnacle
West
Capital
Corp.
.............................
United
States
2,100,000
172,137,000
PNM
Resources,
Inc.
..................................
United
States
1,500,070
73,158,414
PPL
Corp.
...........................................
United
States
2,200,000
61,534,000
Southern
Co.
(The)
....................................
United
States
4,200,000
254,142,000
Xcel
Energy,
Inc.
......................................
United
States
2,200,000
144,936,000
3,615,230,415
Gas
Utilities
2.7%
Atmos
Energy
Corp.
...................................
United
States
250,000
24,027,500
Southwest
Gas
Holdings,
Inc.
............................
United
States
1,000,000
66,190,000
Spire,
Inc.
...........................................
United
States
1,000,000
72,270,000
162,487,500
Independent
Power
and
Renewable
Electricity
Producers
0.8%
Vistra
Corp.
..........................................
United
States
2,600,000
48,230,000
Multi-Utilities
32.5%
Ameren
Corp.
........................................
United
States
1,668,250
133,526,730
Black
Hills
Corp.
......................................
United
States
784,393
51,479,713
CenterPoint
Energy,
Inc.
................................
United
States
6,300,000
154,476,000
CMS
Energy
Corp.
....................................
United
States
5,000,000
295,400,000
Consolidated
Edison,
Inc.
...............................
United
States
1,200,000
86,064,000
Dominion
Energy,
Inc.
..................................
United
States
4,000,000
294,280,000
DTE
Energy
Co.
......................................
United
States
1,500,000
194,400,000
E.ON
SE
............................................
Germany
9,000,000
104,135,870
National
Grid
plc
......................................
United
Kingdom
5,500,000
69,963,250
NiSource,
Inc.
........................................
United
States
4,700,000
115,150,000
NorthWestern
Corp.
...................................
United
States
1,000,000
60,220,000
Public
Service
Enterprise
Group,
Inc.
......................
United
States
1,900,000
113,506,000
Sempra
Energy
.......................................
United
States
1,900,000
251,712,000
WEC
Energy
Group,
Inc.
................................
United
States
800,000
71,160,000
1,995,473,563
Oil,
Gas
&
Consumable
Fuels
1.8%
a
Cheniere
Energy,
Inc.
..................................
United
States
1,300,000
112,762,000
Water
Utilities
2.0%
Essential
Utilities,
Inc.
..................................
United
States
1,750,000
79,975,000
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Utilities
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
34
See
Abbreviations
on
page
45
.
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
$
40,494,566
120,469,566
Total
Common
Stocks
(Cost
$3,134,371,605)
....................................
6,121,924,671
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
6,269,709
Total
Corporate
Bonds
(Cost
$6,097,489)
.......................................
6,269,709
Total
Long
Term
Investments
(Cost
$3,140,469,094)
.............................
6,128,194,380
a
Short
Term
Investments
0.2%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
0.2%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
9,616,572
9,616,572
Total
Money
Market
Funds
(Cost
$9,616,572)
...................................
9,616,572
Total
Short
Term
Investments
(Cost
$9,616,572
)
.................................
9,616,572
a
Total
Investments
(Cost
$3,150,085,666)
100.1%
................................
$6,137,810,952
Other
Assets,
less
Liabilities
(0.1)%
...........................................
(2,126,581)
Net
Assets
100.0%
...........................................................
$6,135,684,371
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
See
Note
8
regarding
investments
in
affiliated
management
investment
companies.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
35
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)
36
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
June
30,
2021,
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
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds’
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds’
portfolio securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Funds for
financial
reporting
purposes.
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
Funds
have
invested
in
derivatives
during
the
period. 
Franklin
Income
Fund
-
Options
2. Financial
Instrument
Valuation
(continued)
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
37
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. Restricted
Securities 
At
June
30,
2021,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Growth
Fund
4,040,405
Churchill
Capital
Corp.
IV
......................
2/22/21
$
60,606,075
$
95,232,047
849,894
OneTrust
LLC,
C
............................
4/01/21
16,666,676
18,748,661
1,780,600
Proterra
,
Inc.
...............................
1/28/21
17,806,000
30,466,066
2,000,000
Soaring
Eagle
Acquisition
Corp.,
A
...............
5/11/21
20,000,000
20,000,000
540,043
Stripe,
Inc.,
B
...............................
5/18/21
21,671,052
24,415,344
756,137
Stripe,
Inc.,
H
...............................
3/15/21
30,339,997
34,184,954
Total
Restricted
Securities
(Value
is
1.02%
of
Net
Assets)
.............
$167,089,800
$223,047,072
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
38
7.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies 
The
1940
Act
defines
"affiliated
companies"
to
include
investments
in
portfolio
companies
in
which
a
fund
owns
5%
or
more
of
the
outstanding
voting
securities.
During
the
period
ended
June
30,
2021,
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
Dynatech
Fund
Non-Controlled
Affiliates
Dividends
Sprinklr
Inc
.........
$
—
$
18,100,800
$
—
$
—
$
5,192,667
$
23,293,467
1,131,300
$
—
Total
Affiliated
Securities
(Value
is
0.1%
of
Net
Assets)
..........
$—
$18,100,800
$—
$
—
$
5,192,667
$23,293,467
$—
Franklin
Growth
Fund
Non-Controlled
Affiliates
Dividends
Proterra
,
Inc.
........
—
17,806,000
a
—
—
12,660,066
30,466,066
1,780,600
—
Total
Affiliated
Securities
(Value
is
0.1%
of
Net
Assets)
..........
$—
$17,806,000
$—
$
—
$
12,660,066
$30,466,066
$—
Franklin
Income
Fund
Non-Controlled
Affiliates
Dividends
Bonanza
Creek
Energy
,
Inc
.
............
—
172,109,284
(22,434,457)
1,125,173
37,480,000
188,280,000
4,000,000
1,431,710
Chesapeake
Energy
Corp.
—
498,432,872
a
(264,595,109)
138,091,623
48,720,639
420,650,025
8,101,888
3,637,311
Chesapeake
Energy
Corp.,
2/09/26
..........
—
743,616,728
a
(4,687,336)
(9,684,275)
(400,008,617)
329,236,500
13,550,000
—
Chesapeake
Energy
Corp.,
Escrow
Account,
144A
—
50,000,000
a
—
—
4,187,500
54,187,500
50,000,000
1,191,319
CHS/Community
Health
Systems,
Inc.
......
—
104,604,374
a
—
—
49,795,626
154,400,000
10,000,000
—
Weatherford
International
plc
.............
28,665,000
—
(26,265,802)
(32,385,995)
249,005,761
219,018,964
12,034,009
—
$28,665,000
$1,568,763,258
$(317,982,704)
$
97,146,526
$
(10,819,091)
$1,365,772,989
—
$
6,260,340
Interest
Bonanza
Creek
Energy
,
Inc
.
,
Senior
Note,
7.5%,
4/30/26
..........
—
50,170,199
—
—
658,033
50,828,232
50,213,617
938,755
Total
Affiliated
Securities
(Value
is
1.9%
of
Net
Assets)
..........
$28,665,000
$1,618,933,457
$(317,982,704)
$
97,146,526
$
(10,161,058)
$1,416,601,221
$7,199,095
a
May
include
accretion,
amortization,
partnership
adjustments,
and/or
corporate
actions.
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
39
8.
Investments
in
Affiliated
Management
Investment
Companies 
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies
for
purposes
other
than
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
June
30,
2021,
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,
0.01%
.......
$323,931,348
$2,443,494,137
$(2,575,894,961)
$—
$—
$191,530,524
191,530,524
$9,311
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
$72,237,000
$1,034,492,000
$(1,045,421,000)
$
—
$
—
$61,308,000
61,308,000
$2,514
Total
Affiliated
Securities
....
$396,168,348
$3,477,986,137
$(3,621,315,961)
$—
$—
$252,838,524
$11,825
Franklin
Focused
Growth
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
$2,346,648
$42,829,038
$(41,774,239)
$—
$—
$3,401,447
3,401,447
$56
Total
Affiliated
Securities
....
$2,346,648
$42,829,038
$(41,774,239)
$—
$—
$3,401,447
$56
Franklin
Growth
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
$94,207,855
$1,697,684,001
$(1,554,159,331)
$—
$—
$237,732,525
237,732,525
$5,831
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
$46,871,000
$469,941,000
$(448,800,000)
$
—
$
—
$68,012,000
68,012,000
$1,188
Total
Affiliated
Securities
....
$141,078,855
$2,167,625,001
$(2,002,959,331)
$—
$—
$305,744,525
$7,019
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
40
9. 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,
0.01%
..
$639,000,040
$20,976,358,226
$(20,388,854,277)
$—
$—
$1,226,503,989
1,226,503,989
$45,043
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
..
$23,122,000
$435,823,000
$(453,379,000)
$
—
$
—
$5,566,000
5,566,000
$982
Total
Affiliated
Securities
....
$662,122,040
$21,412,181,226
$(20,842,233,277)
$—
$—
$1,232,069,989
$46,025
Franklin
U.S.
Government
Securities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
..
$231,583,058
$565,302,596
$(662,625,743)
$—
$—
$134,259,911
134,259,911
$6,253
Total
Affiliated
Securities
....
$231,583,058
$565,302,596
$(662,625,743)
$—
$—
$134,259,911
$6,253
Franklin
Utilities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
..
$5,118,759
$389,867,648
$(385,369,835)
$—
$—
$9,616,572
9,616,572
$275
Total
Affiliated
Securities
....
$5,118,759
$389,867,648
$(385,369,835)
$—
$—
$9,616,572
$275
8.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
41
A
summary
of
inputs
used
as
of
June
30,
2021,
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
...................
$
111,245,033
$
—
$
—
$
111,245,033
Automobiles
..........................
407,820,000
—
—
407,820,000
Banks
...............................
83,464,500
—
—
83,464,500
Biotechnology
.........................
334,728,050
90,522,234
—
425,250,284
Capital
Markets
........................
565,512,050
—
—
565,512,050
Chemicals
...........................
16,196,052
—
—
16,196,052
Commercial
Services
&
Supplies
...........
1,745,249
—
—
1,745,249
Consumer
Finance
.....................
6,245,000
—
—
6,245,000
Diversified
Consumer
Services
............
99,732,000
—
—
99,732,000
Electric
Utilities
........................
150,224,000
—
—
150,224,000
Electronic
Equipment,
Instruments
&
Components
........................
192,397,500
88,142,032
—
280,539,532
Entertainment
.........................
1,014,721,000
86,808,766
—
1,101,529,766
Equity
Real
Estate
Investment
Trusts
(REITs)
.
265,160,000
—
—
265,160,000
Food
Products
........................
1,267,028
—
—
1,267,028
Health
Care
Equipment
&
Supplies
.........
1,721,179,250
—
—
1,721,179,250
Health
Care
Providers
&
Services
..........
199,942,924
—
—
199,942,924
Health
Care
Technology
.................
462,349,380
—
—
462,349,380
Hotels,
Restaurants
&
Leisure
.............
147,689,500
—
—
147,689,500
Industrial
Conglomerates
................
94,040,000
—
—
94,040,000
Interactive
Media
&
Services
..............
2,176,200,302
395,644,545
—
2,571,844,847
Internet
&
Direct
Marketing
Retail
..........
2,631,364,980
194,222,057
—
2,825,587,037
IT
Services
...........................
3,631,334,578
543,753,056
—
4,175,087,634
Life
Sciences
Tools
&
Services
............
1,048,033,752
474,575,608
—
1,522,609,360
Media
...............................
234,345,000
—
—
234,345,000
Pharmaceuticals
.......................
255,360,000
—
—
255,360,000
Professional
Services
...................
165,640,000
—
—
165,640,000
Road
&
Rail
..........................
123,174,834
—
—
123,174,834
Semiconductors
&
Semiconductor
Equipment
.
2,353,687,141
10,056,661
—
2,363,743,802
Software
.............................
5,782,570,197
20,567,838
—
5,803,138,035
Specialty
Retail
........................
193,031,074
—
—
193,031,074
Technology
Hardware,
Storage
&
Peripherals
.
219,136,000
—
—
219,136,000
Short
Term
Investments
...................
252,838,524
15,637,556
—
268,476,080
Total
Investments
in
Securities
...........
$24,942,374,898
$1,919,930,353
a
$—
$26,862,305,251
Franklin
Focused
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Automobiles
..........................
2,748,027
—
—
2,748,027
Capital
Markets
........................
1,251,672
—
—
1,251,672
Electric
Utilities
........................
1,617,803
—
—
1,617,803
Entertainment
.........................
3,824,697
—
—
3,824,697
Equity
Real
Estate
Investment
Trusts
(REITs)
.
1,101,535
—
—
1,101,535
Food
&
Staples
Retailing
.................
1,678,828
—
—
1,678,828
Health
Care
Equipment
&
Supplies
.........
9,455,223
—
—
9,455,223
Health
Care
Technology
.................
2,196,862
—
—
2,196,862
Interactive
Media
&
Services
..............
6,363,233
2,544,268
—
8,907,501
Internet
&
Direct
Marketing
Retail
..........
11,049,889
—
—
11,049,889
IT
Services
...........................
14,694,245
2,842,491
—
17,536,736
Life
Sciences
Tools
&
Services
............
—
1,977,627
—
1,977,627
Media
...............................
2,036,653
—
—
2,036,653
9. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
42
Level
1
Level
2
Level
3
Total
Franklin
Focused
Growth
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Personal
Products
.....................
$
1,047,755
$
—
$
—
$
1,047,755
Professional
Services
...................
795,072
—
—
795,072
Semiconductors
&
Semiconductor
Equipment
.
9,965,859
—
—
9,965,859
Software
.............................
15,641,642
—
—
15,641,642
Short
Term
Investments
...................
3,401,447
—
—
3,401,447
Total
Investments
in
Securities
...........
$88,870,442
$7,364,386
b
$—
$96,234,828
Franklin
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
823,656,265
—
—
823,656,265
Auto
Components
......................
95,541,946
—
—
95,541,946
Beverages
...........................
587,799,000
—
—
587,799,000
Biotechnology
.........................
405,552,120
—
—
405,552,120
Building
Products
......................
295,245,480
—
—
295,245,480
Capital
Markets
........................
759,485,674
—
115,232,047
874,717,721
Chemicals
...........................
479,974,507
—
—
479,974,507
Commercial
Services
&
Supplies
...........
70,464,485
—
—
70,464,485
Construction
Materials
..................
129,212,073
—
—
129,212,073
Electric
Utilities
........................
148,026,186
—
—
148,026,186
Electrical
Equipment
....................
91,949,326
—
—
91,949,326
Electronic
Equipment,
Instruments
&
Components
........................
603,408,056
—
—
603,408,056
Entertainment
.........................
292,193,369
—
—
292,193,369
Equity
Real
Estate
Investment
Trusts
(REITs)
.
219,623,095
—
—
219,623,095
Food
Products
........................
43,517,603
—
—
43,517,603
Health
Care
Equipment
&
Supplies
.........
1,266,491,100
—
—
1,266,491,100
Health
Care
Providers
&
Services
..........
186,568,803
—
—
186,568,803
Health
Care
Technology
.................
90,678,731
—
—
90,678,731
Hotels,
Restaurants
&
Leisure
.............
203,955,326
—
—
203,955,326
Interactive
Media
&
Services
..............
1,241,340,820
—
—
1,241,340,820
Internet
&
Direct
Marketing
Retail
..........
1,180,591,912
—
—
1,180,591,912
IT
Services
...........................
1,397,158,854
146,158,998
—
1,543,317,852
Life
Sciences
Tools
&
Services
............
1,040,420,574
171,516,335
—
1,211,936,909
Machinery
............................
833,658,705
—
30,466,066
864,124,771
Media
...............................
136,524,378
—
—
136,524,378
Personal
Products
.....................
58,898,237
—
—
58,898,237
Pharmaceuticals
.......................
981,267,447
—
—
981,267,447
Professional
Services
...................
508,102,071
—
—
508,102,071
Road
&
Rail
..........................
677,277,679
—
—
677,277,679
Semiconductors
&
Semiconductor
Equipment
.
1,281,506,591
—
—
1,281,506,591
Software
.............................
3,364,485,489
—
24,415,344
3,388,900,833
Technology
Hardware,
Storage
&
Peripherals
.
1,117,368,164
—
—
1,117,368,164
Textiles,
Apparel
&
Luxury
Goods
..........
289,665,197
—
—
289,665,197
Trading
Companies
&
Distributors
..........
140,667,592
—
—
140,667,592
Water
Utilities
.........................
106,158,425
—
—
106,158,425
Convertible
Preferred
Stocks
...............
—
—
52,933,615
52,933,615
Short
Term
Investments
...................
305,744,525
16,098,382
—
321,842,907
Total
Investments
in
Securities
...........
$21,454,179,805
$333,773,715
c
$223,047,072
$22,011,000,592
9. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
43
Level
1
Level
2
Level
3
Total
Franklin
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
1,009,179,210
$
—
$
—
$
1,009,179,210
Banks
...............................
2,417,041,749
379,719,920
—
2,796,761,669
Beverages
...........................
1,971,220,000
—
—
1,971,220,000
Biotechnology
.........................
1,492,025,000
—
—
1,492,025,000
Capital
Markets
........................
303,493,900
—
—
303,493,900
Chemicals
...........................
330,832,000
789,464,266
—
1,120,296,266
Communications
Equipment
..............
689,000,000
—
—
689,000,000
Diversified
Telecommunication
Services
.....
2,579,757,965
—
—
2,579,757,965
Electric
Utilities
........................
4,254,995,792
—
—
4,254,995,792
Energy
Equipment
&
Services
.............
311,498,964
—
—
311,498,964
Food
&
Staples
Retailing
.................
423,060,000
—
—
423,060,000
Food
Products
........................
—
249,294,164
—
249,294,164
Health
Care
Providers
&
Services
..........
388,032,000
—
—
388,032,000
Health
Care
Technology
.................
41,888,000
—
—
41,888,000
Household
Products
....................
1,349,300,000
—
—
1,349,300,000
Independent
Power
and
Renewable
Electricity
Producers
..........................
185,500,000
—
—
185,500,000
Industrial
Conglomerates
................
214,520,400
—
—
214,520,400
Insurance
............................
209,475,000
355,522,781
—
564,997,781
IT
Services
...........................
651,580,534
—
—
651,580,534
Multi-Utilities
..........................
2,258,778,949
—
—
2,258,778,949
Oil,
Gas
&
Consumable
Fuels
.............
4,028,930,025
—
—
4,028,930,025
Personal
Products
.....................
—
584,378,148
—
584,378,148
Pharmaceuticals
.......................
4,246,725,000
823,752,809
—
5,070,477,809
Semiconductors
&
Semiconductor
Equipment
.
809,224,672
—
—
809,224,672
Specialty
Retail
........................
318,890,000
—
—
318,890,000
Tobacco
.............................
1,117,752,701
116,485,177
—
1,234,237,878
Wireless
Telecommunication
Services
.......
—
293,326,448
—
293,326,448
Equity-Linked
Securities
...................
—
14,465,497,084
—
14,465,497,084
Convertible
Preferred
Stocks
:
Capital
Markets
........................
104,031,000
—
—
104,031,000
Chemicals
...........................
25,305,000
—
—
25,305,000
Electric
Utilities
........................
1,179,449,500
—
—
1,179,449,500
Machinery
............................
93,385,950
—
—
93,385,950
Multi-Utilities
..........................
623,164,460
—
—
623,164,460
Thrifts
&
Mortgage
Finance
...............
—
27,093,750
—
27,093,750
Preferred
Stocks
........................
20,700,000
—
—
20,700,000
Warrants
..............................
329,236,500
—
—
329,236,500
Convertible
Bonds
.......................
—
82,715,625
—
82,715,625
Corporate
Bonds
........................
—
16,438,565,073
—
16,438,565,073
Senior
Floating
Rate
Interests
...............
—
47,811,363
—
47,811,363
U.S.
Government
and
Agency
Securities
.......
—
3,084,632,820
—
3,084,632,820
Asset-Backed
Securities
..................
—
58,185,715
—
58,185,715
Mortgage-Backed
Securities
................
—
49,246,655
—
49,246,655
Escrows
and
Litigation
Trusts
...............
—
54,187,500
—
54,187,500
Short
Term
Investments
...................
1,232,069,989
4,705,586
—
1,236,775,575
Total
Investments
in
Securities
...........
$35,210,044,260
$37,904,584,884
d
$—
$73,114,629,144
Liabilities:
Other
Financial
Instruments:
Options
written
..........................
$
59,138,740
$
—
$
—
$
59,138,740
$—
$—
$—
$—
9. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
44
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At
June
30,
2021,
the
reconciliation
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
U.S.
Government
Securities
Fund
Assets:
Investments
in
Securities:
e
U.S.
Government
and
Agency
Securities
.......
$
—
$
20,587,735
$
—
$
20,587,735
Mortgage-Backed
Securities
................
—
4,658,176,441
—
4,658,176,441
Short
Term
Investments
...................
134,259,911
—
—
134,259,911
Total
Investments
in
Securities
...........
$134,259,911
$4,678,764,176
$—
$4,813,024,087
Franklin
Utilities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Diversified
Telecommunication
Services
.....
—
67,271,627
—
67,271,627
Electric
Utilities
........................
3,591,594,625
23,635,790
—
3,615,230,415
Gas
Utilities
..........................
162,487,500
—
—
162,487,500
Independent
Power
and
Renewable
Electricity
Producers
..........................
48,230,000
—
—
48,230,000
Multi-Utilities
..........................
1,821,374,443
174,099,120
—
1,995,473,563
Oil,
Gas
&
Consumable
Fuels
.............
112,762,000
—
—
112,762,000
Water
Utilities
.........................
79,975,000
40,494,566
—
120,469,566
Corporate
Bonds
........................
—
6,269,709
—
6,269,709
Short
Term
Investments
...................
9,616,572
—
—
9,616,572
Total
Investments
in
Securities
...........
$5,826,040,140
$311,770,812
f
$—
$6,137,810,952
a
Includes
foreign
securities
valued
at
$1,904,292,797,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
b
Includes
foreign
securities
valued
at
$7,364,386,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
c
Includes
foreign
securities
valued
at
$317,675,333,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
d
Includes
foreign
securities
valued
at
$3,591,943,713,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
e
For
detailed
categories,
see
the
accompanying
Statement
of
Investments.
f
Includes
foreign
securities
valued
at
$238,229,477,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Balance
at
Beginning
of
Period
Purchases
a
Sales
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
accretion
(
amortiza
-
tion
)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Capital
Markets
.....
$
—
$
80,606,075
$
—
$
—
$
—
$
—
$
—
$
34,625,972
$
115,232,047
$
34,625,972
Machinery
.........
—
17,806,000
—
—
—
—
—
12,660,066
30,466,066
12,660,066
Software
..........
—
21,671,052
—
—
—
—
—
2,744,292
24,415,344
2,744,292
Convertible
Preferred
Stocks
:
Software
..........
—
47,006,673
—
—
—
—
—
5,926,942
52,933,615
5,926,942
Total
Investments
in
Securities
.
$—
$167,089,800
$—
$—
$—
$—
$—
$55,957,272
$223,047,072
$55,957,272
9. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
45
10.
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.
Abbreviations
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
/
Range
(Weighted
Average)
 a
Value
of
Input
Increases
b
Franklin
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks:
Capital
Markets
.......
$95,232,047
Market
comparables
Discount
for
lack
of
marketability
18.2%
Decrease
c
Machinery
30,466,066
Market
comparables
Discount
for
lack
of
marketability
0.0%
Decrease
c
Software
24,415,344
Market
comparables
EV
/
revenue
multiple
6.8x
–
9.6x
(8.2x)
Increase
c
Convertible
Preferred
Stocks:
Software
...........
34,184,954
Market
comparables
EV
/
revenue
multiple
6.8x
–
9.6x
(8.2x)
Increase
c
All
Other
Investments
..
38,748,661
d
Total
..................
$223,047,072
a
Weighted
based
on
the
relative
fair
value
of
the
financial
instruments.
b
Represents
the
directional
change
in
the
fair
value
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
impacts,
if
any,
to
fair
value
and/or
net
assets
have
been
indicated.
c
Represents
a
significant
impact
to
fair
value
but
not
net
assets.
d
Includes
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
May
also
include
values
derived
using
private
transaction
prices
or
non-public
third
party
pricing
information
which
is
unobservable.
Selected
Portfolio
ADR
American
Depositary
Receipt
CLO
Collateralized
Loan
Obligation
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
9. Fair
Value
Measurements 
(continued)
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.