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.