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FXM8FAOHMYDIPD38UZ17 Booking Holdings, Inc. 09857L108 50000.00000000 NS USD 119961500.00000000 0.419229829927 Long EC CORP US N 1 N N N Tradeweb Markets, Inc. N/A Tradeweb Markets, Inc., Class A 892672106 2500000.00000000 NS USD 250350000.00000000 0.874898929426 Long EC CORP US N 1 N N N Braze, Inc. N/A Braze, Inc., Class A 10576N102 125000.00000000 NS USD 9645000.00000000 0.033706411720 Long EC CORP US N 1 N N Paymentus Holdings, Inc. N/A Paymentus Holdings, Inc., Class A 70439P108 421700.00000000 NS USD 14751066.00000000 0.051550596569 Long EC CORP US N 1 N N Tyler Technologies, Inc. 25490040SMU4Z8LBCW70 Tyler Technologies, Inc. 902252105 300000.00000000 NS USD 161385000.00000000 0.563992665170 Long EC CORP US N 1 N N N DocuSign, Inc. 549300Q7PVDWRZ39JG09 DocuSign, Inc. 256163106 800000.00000000 NS USD 121848000.00000000 0.425822587388 Long EC CORP US N 1 N N N UnitedHealth Group, Inc. 549300GHBMY8T5GXDE41 UnitedHealth Group, Inc. 91324P102 375000.00000000 NS USD 188302500.00000000 0.658061336761 Long EC CORP US N 1 N N N Thermo Fisher Scientific, Inc. HCHV7422L5HDJZCRFL38 Thermo Fisher Scientific, Inc. 883556102 900000.00000000 NS USD 600516000.00000000 2.098625146807 Long EC CORP US N 1 N N N SiTime Corp. N/A SiTime Corp. 82982T106 500000.00000000 NS USD 146270000.00000000 0.511170227310 Long EC CORP US N 1 N N N Synopsys, Inc. QG7T915N9S0NY5UKNE63 Synopsys, Inc. 871607107 1050000.00000000 NS USD 386925000.00000000 1.352188009859 Long EC CORP US N 1 N N N MongoDB, Inc. 549300TPTG69WKWE1Z37 MongoDB, Inc. 60937P106 550000.00000000 NS USD 291142500.00000000 1.017456606992 Long EC CORP US N 1 N N N Visa, Inc. 549300JZ4OKEHW3DPJ59 Visa, Inc., Class A 92826C839 1000000.00000000 NS USD 216710000.00000000 0.757337116021 Long EC CORP US N 1 N N N Keyence Corp. 529900M7PQBS7A89DZ11 Keyence Corp. N/A 200000.00000000 NS 125675163.88000000 0.439197388991 Long EC CORP JP N 2 N N N Institutional Fiduciary Trust - Money Market Portfolio 549300M4TP89K77LG374 Institutional Fiduciary Trust - Money Market Portfolio 457756500 227661752.05100000 NS USD 227661752.05000000 0.795610238225 Long STIV RF US N 1 N N N Catalent, Inc. N/A Catalent, Inc. 148806102 1800000.00000000 NS USD 230454000.00000000 0.805368315885 Long EC CORP US N 1 N N N Oxford Nanopore Technologies plc 213800IRWQ2Q6M2CDW55 Oxford Nanopore Technologies plc N/A 200000.00000000 NS 1888020.14000000 0.006598069899 Long EC CORP GB N 1 N N N BioNTech SE 894500UZJ5LG1F8J1U58 BioNTech SE 09075V102 300000.00000000 NS USD 77340000.00000000 0.270280340330 Long EC CORP DE N 1 N N N Fastenal Co. 529900PP0C7H2HHPSJ32 Fastenal Co. 311900104 100000.00000000 NS USD 6406000.00000000 0.022387068272 Long EC CORP US N 1 N N N Lam Research Corp. 549300I4GMO6D34U1T02 Lam Research Corp. 512807108 500000.00000000 NS USD 359575000.00000000 1.256607879162 Long EC CORP US N 1 N N N Inmode Ltd. N/A Inmode Ltd. N/A 1000000.00000000 NS USD 70580000.00000000 0.246656147149 Long EC CORP IL N 1 N N N Moderna, Inc. 549300EI6OKH5K5Q2G38 Moderna, Inc. 60770K107 400000.00000000 NS USD 101592000.00000000 0.355033880720 Long EC CORP US N 1 N N N salesforce.com, Inc. RCGZFPDMRW58VJ54VR07 salesforce.com, Inc. 79466L302 1300000.00000000 NS USD 330369000.00000000 1.154541579451 Long EC CORP US N 1 N N N Workday, Inc. 549300J0DYC0N31V7G13 Workday, Inc., Class A 98138H101 750000.00000000 NS USD 204885000.00000000 0.716012251469 Long EC CORP US N 1 N N N Aspen Technology, Inc. 529900B0MZWTVFG7CB96 Aspen Technology, Inc. 045327103 200000.00000000 NS USD 30440000.00000000 0.106378763378 Long EC CORP US N 1 N N N Snap, Inc. 549300JNC0L6VP8A2Q35 Snap, Inc., Class A 83304A106 1000000.00000000 NS USD 47030000.00000000 0.164355888359 Long EC CORP US N 1 N N N Cloudflare, Inc. 5493007DY18BGNLDWU14 Cloudflare, Inc., Class A 18915M107 1250000.00000000 NS USD 164375000.00000000 0.574441827539 Long EC CORP US N 1 N N N Block, Inc. 549300OHIIUWSTIZME52 Block, Inc. 852234103 1400000.00000000 NS USD 226114000.00000000 0.790201304287 Long EC CORP US N 1 N N N Monolithic Power Systems, Inc. 529900TB7O85LSZ1XU31 Monolithic Power Systems, Inc. 609839105 500000.00000000 NS USD 246665000.00000000 0.862020948379 Long EC CORP US N 1 N N N Zoetis, Inc. 549300HD9Q1LOC9KLJ48 Zoetis, Inc. 98978V103 800000.00000000 NS USD 195224000.00000000 0.682249924498 Long EC CORP US N 1 N N N Palo Alto Networks, Inc. 549300QXR2YVZV231H43 Palo Alto Networks, Inc. 697435105 150000.00000000 NS USD 83514000.00000000 0.291856637475 Long EC CORP US N 1 N N N Fiverr International Ltd. 549300Z8OREY6THCPF67 Fiverr International Ltd. N/A 200000.00000000 NS USD 22740000.00000000 0.079469549251 Long EC CORP IL N 1 N N N 2022-01-31 Franklin Custodian Funds Jeffrey W. White Jeffrey W. White Assistant Treasurer XXXX NPORT-EX 2 FCF.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FCF-Q1PH
1
Statements
of
Investments
(unaudited)
Franklin
DynaTech
Fund
2
Franklin
Focused
Growth
Fund
7
Franklin
Growth
Fund
9
Franklin
Income
Fund
15
Franklin
U.S.
Government
Securities
Fund
30
Franklin
Utilities
Fund
32
Notes
to
Statements
of
Investments
34
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited),
December
31,
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
99.1%
Aerospace
&
Defense
0.4%
a
Axon
Enterprise,
Inc.
...................................
United
States
800,000
$
125,600,000
Automobiles
2.8%
a,b
Rivian
Automotive,
Inc.,
A
...............................
United
States
1,679,700
174,168,093
a
Tesla,
Inc.
...........................................
United
States
600,000
634,068,000
808,236,093
Banks
0.6%
a,b
NU
Holdings
Ltd.,
A
....................................
Brazil
1,149,000
10,777,620
a
SVB
Financial
Group
...................................
United
States
250,000
169,560,000
180,337,620
Biotechnology
1.6%
a
Argenx
SE
..........................................
Netherlands
250,000
88,831,734
a
Avid
Bioservices
,
Inc.
..................................
United
States
400,000
11,672,000
a
BioNTech
SE,
ADR
....................................
Germany
300,000
77,340,000
a
Intellia
Therapeutics,
Inc.
................................
United
States
550,000
65,032,000
a
Moderna
,
Inc.
........................................
United
States
400,000
101,592,000
a
Natera
,
Inc.
..........................................
United
States
1,100,000
102,729,000
447,196,734
Capital
Markets
2.5%
Moody's
Corp.
........................................
United
States
400,000
156,232,000
MSCI,
Inc.
...........................................
United
States
500,000
306,345,000
Tradeweb
Markets,
Inc.,
A
...............................
United
States
2,500,000
250,350,000
712,927,000
Chemicals
0.3%
Linde
plc
............................................
United
Kingdom
130,000
45,075,336
a,c
SK
IE
Technology
Co.
Ltd.,
144A,
Reg
S
....................
South
Korea
300,000
42,356,765
87,432,101
Consumer
Finance
0.0%
†
c
Kaspi.KZ
JSC,
GDR,
Reg
S
.............................
Kazakhstan
100,000
11,600,000
Electric
Utilities
1.0%
NextEra
Energy,
Inc.
...................................
United
States
3,000,000
280,080,000
Electronic
Equipment,
Instruments
&
Components
1.7%
Amphenol
Corp.,
A
....................................
United
States
1,300,000
113,698,000
Keyence
Corp.
.......................................
Japan
200,000
125,675,164
a
Keysight
Technologies,
Inc.
..............................
United
States
250,000
51,627,500
a
Trimble,
Inc.
.........................................
United
States
100,000
8,719,000
a
Zebra
Technologies
Corp.,
A
.............................
United
States
300,000
178,560,000
478,279,664
Entertainment
3.0%
a
Netflix,
Inc.
..........................................
United
States
125,000
75,305,000
a
ROBLOX
Corp.,
A
.....................................
United
States
2,200,000
226,952,000
a
Sea
Ltd.,
ADR
........................................
Taiwan
2,500,000
559,275,000
861,532,000
Equity
Real
Estate
Investment
Trusts
(REITs)
0.8%
Crown
Castle
International
Corp.
..........................
United
States
200,000
41,748,000
SBA
Communications
Corp.
.............................
United
States
500,000
194,510,000
236,258,000
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)
Health
Care
Equipment
&
Supplies
5.8%
Abbott
Laboratories
....................................
United
States
1,150,000
$
161,851,000
a
CryoPort
,
Inc.
........................................
United
States
300,000
17,751,000
a
Dexcom
,
Inc.
.........................................
United
States
200,000
107,390,000
a
Edwards
Lifesciences
Corp.
.............................
United
States
1,300,000
168,415,000
a
IDEXX
Laboratories,
Inc.
................................
United
States
650,000
427,999,000
a
Inari
Medical,
Inc.
.....................................
United
States
100,000
9,127,000
a
Inmode
Ltd.
.........................................
United
States
1,000,000
70,580,000
a
Insulet
Corp.
.........................................
United
States
250,000
66,517,500
a
Intuitive
Surgical,
Inc.
..................................
United
States
925,000
332,352,500
STERIS
plc
..........................................
United
States
700,000
170,387,000
Stryker
Corp.
........................................
United
States
500,000
133,710,000
1,666,080,000
Health
Care
Providers
&
Services
0.7%
UnitedHealth
Group,
Inc.
................................
United
States
375,000
188,302,500
Health
Care
Technology
1.6%
a
Definitive
Healthcare
Corp.
..............................
United
States
350,000
9,565,500
a
Doximity
,
Inc.,
A
......................................
United
States
250,000
12,532,500
a
Inspire
Medical
Systems,
Inc.
............................
United
States
750,000
172,545,000
a
Veeva
Systems,
Inc.,
A
.................................
United
States
1,000,000
255,480,000
450,123,000
Hotels,
Restaurants
&
Leisure
0.8%
a
Airbnb,
Inc.,
A
........................................
United
States
700,000
116,543,000
a
Booking
Holdings,
Inc.
.................................
United
States
50,000
119,961,500
236,504,500
Industrial
Conglomerates
0.4%
Roper
Technologies,
Inc.
................................
United
States
250,000
122,965,000
Interactive
Media
&
Services
7.1%
a
Alphabet,
Inc.,
A
......................................
United
States
300,000
869,112,000
a
Alphabet,
Inc.,
C
......................................
United
States
100,000
289,359,000
a
Match
Group,
Inc.
.....................................
United
States
500,000
66,125,000
a
Meta
Platforms,
Inc.,
A
.................................
United
States
1,400,000
470,890,000
a
Snap,
Inc.,
A
.........................................
United
States
1,000,000
47,030,000
Tencent
Holdings
Ltd.
..................................
China
1,000,000
58,359,353
a,c
Trustpilot
Group
plc,
144A,
Reg
S
.........................
United
Kingdom
3,000,000
13,272,669
a
ZoomInfo
Technologies,
Inc.,
A
...........................
United
States
3,500,000
224,700,000
2,038,848,022
Internet
&
Direct
Marketing
Retail
7.3%
a
Amazon.com,
Inc.
.....................................
United
States
500,000
1,667,170,000
a
DoorDash
,
Inc.,
A
.....................................
United
States
300,000
44,670,000
a
Etsy,
Inc.
............................................
United
States
100,000
21,894,000
a
Fiverr
International
Ltd.
.................................
United
States
200,000
22,740,000
a
MercadoLibre
,
Inc.
....................................
Argentina
250,000
337,100,000
2,093,574,000
IT
Services
12.6%
a,c
Adyen
NV,
144A,
Reg
S
................................
Netherlands
200,000
524,585,481
a
Afterpay
Ltd.
.........................................
Australia
500,000
30,144,200
a
Block,
Inc.,
A
.........................................
United
States
1,400,000
226,114,000
a
Cloudflare
,
Inc.,
A
.....................................
United
States
1,250,000
164,375,000
a
Endava
plc,
ADR
......................................
United
Kingdom
350,000
58,772,000
a
EPAM
Systems,
Inc.
...................................
United
States
350,000
233,957,500
a
Globant
SA
..........................................
United
States
250,000
78,522,500
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)
IT
Services
(continued)
Mastercard
,
Inc.,
A
....................................
United
States
1,000,000
$
359,320,000
a
MongoDB,
Inc.
.......................................
United
States
550,000
291,142,500
a
Okta
,
Inc.
...........................................
United
States
200,000
44,834,000
a,b
Paymentus
Holdings,
Inc.,
A
.............................
United
States
421,700
14,751,066
a
PayPal
Holdings,
Inc.
..................................
United
States
1,300,000
245,154,000
a
Shopify,
Inc.,
A
.......................................
Canada
500,000
688,687,228
a
Snowflake,
Inc.,
A
.....................................
United
States
450,000
152,437,500
a,b
Thoughtworks
Holding,
Inc.
..............................
United
States
547,700
14,683,837
a
Twilio
,
Inc.,
A
.........................................
United
States
1,000,000
263,340,000
Visa,
Inc.,
A
..........................................
United
States
1,000,000
216,710,000
3,607,530,812
Life
Sciences
Tools
&
Services
8.1%
a
10X
Genomics,
Inc.,
A
..................................
United
States
500,000
74,480,000
Agilent
Technologies,
Inc.
...............................
United
States
100,000
15,965,000
a
Avantor
,
Inc.
.........................................
United
States
500,000
21,070,000
a
Bio-Rad
Laboratories,
Inc.,
A
.............................
United
States
200,000
151,114,000
Bio-
Techne
Corp.
.....................................
United
States
200,000
103,468,000
a
Charles
River
Laboratories
International,
Inc.
.................
United
States
100,000
37,678,000
Danaher
Corp.
.......................................
United
States
1,750,000
575,767,500
a
Evotec
SE
...........................................
Germany
550,000
26,529,646
a
Evotec
SE,
ADR
......................................
Germany
1,435,600
34,095,500
a
Illumina,
Inc.
.........................................
United
States
200,000
76,088,000
Lonza
Group
AG
......................................
Switzerland
200,000
166,326,010
a
Maravai
LifeSciences
Holdings,
Inc.,
A
.....................
United
States
1,000,000
41,900,000
a
Medpace
Holdings,
Inc.
.................................
United
States
200,000
43,528,000
a
Oxford
Nanopore
Technologies
plc
........................
United
Kingdom
200,000
1,888,020
a
Repligen
Corp.
.......................................
United
States
1,000,000
264,840,000
Thermo
Fisher
Scientific,
Inc.
............................
United
States
900,000
600,516,000
a,c
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
..................
China
8,000,000
94,724,590
2,329,978,266
Media
0.3%
a
Liberty
Broadband
Corp.,
A
..............................
United
States
500,000
80,450,000
Personal
Products
0.1%
a
Olaplex
Holdings,
Inc.
..................................
United
States
476,300
13,874,619
Pharmaceuticals
1.5%
a
Catalent
,
Inc.
........................................
United
States
1,800,000
230,454,000
Zoetis,
Inc.
..........................................
United
States
800,000
195,224,000
425,678,000
Professional
Services
0.3%
a
CoStar
Group,
Inc.
....................................
United
States
1,000,000
79,030,000
Semiconductors
&
Semiconductor
Equipment
12.3%
a
Advanced
Micro
Devices,
Inc.
............................
United
States
600,000
86,340,000
Analog
Devices,
Inc.
...................................
United
States
1,400,000
246,078,000
ASML
Holding
NV,
NYRS
...............................
Netherlands
725,000
577,201,500
a
Enphase
Energy,
Inc.
..................................
United
States
400,000
73,176,000
Entegris
,
Inc.
.........................................
United
States
1,000,000
138,580,000
a,b
GLOBALFOUNDRIES,
Inc.
..............................
United
States
869,900
56,517,403
Intel
Corp.
...........................................
United
States
750,000
38,625,000
KLA
Corp.
...........................................
United
States
400,000
172,044,000
Lam
Research
Corp.
...................................
United
States
500,000
359,575,000
Monolithic
Power
Systems,
Inc.
...........................
United
States
500,000
246,665,000
NVIDIA
Corp.
........................................
United
States
4,000,000
1,176,440,000
a
SiTime
Corp.
.........................................
United
States
500,000
146,270,000
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)
Semiconductors
&
Semiconductor
Equipment
(continued)
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
...........
Taiwan
300,000
$
36,093,000
Teradyne,
Inc.
........................................
United
States
1,000,000
163,530,000
3,517,134,903
Software
24.5%
a
Adobe,
Inc.
..........................................
United
States
550,000
311,883,000
a,b
Amplitude,
Inc.,
A
.....................................
United
States
300,000
15,882,000
a
ANSYS,
Inc.
.........................................
United
States
500,000
200,560,000
a
AppLovin
Corp.,
A
.....................................
United
States
100,000
9,426,000
a
Aspen
Technology,
Inc.
.................................
United
States
200,000
30,440,000
a
Atlassian
Corp.
plc,
A
..................................
United
States
1,050,000
400,354,500
a
Autodesk,
Inc.
........................................
United
States
200,000
56,238,000
a
Avalara,
Inc.
.........................................
United
States
1,200,000
154,932,000
Bentley
Systems,
Inc.,
B
................................
United
States
300,000
14,499,000
a
Bill.com
Holdings,
Inc.
..................................
United
States
800,000
199,320,000
a,b
Braze,
Inc.,
A
........................................
United
States
125,000
9,645,000
a
Cadence
Design
Systems,
Inc.
...........................
United
States
1,600,000
298,160,000
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
500,000
102,375,000
a,b
CS
Disco,
Inc.
........................................
United
States
200,000
7,150,000
a
Datadog
,
Inc.,
A
......................................
United
States
1,300,000
231,543,000
a
Descartes
Systems
Group,
Inc.
(The)
......................
Canada
100,000
8,268,000
a
DocuSign,
Inc.
.......................................
United
States
800,000
121,848,000
a
DoubleVerify
Holdings,
Inc.
..............................
United
States
200,000
6,656,000
a
Fortinet,
Inc.
.........................................
United
States
250,000
89,850,000
a,b
Gitlab
,
Inc.,
A
........................................
United
States
500,000
43,500,000
a
HashiCorp
,
Inc.,
A
.....................................
United
States
246,300
22,423,152
a
HubSpot
,
Inc.
........................................
United
States
850,000
560,277,500
Intuit,
Inc.
...........................................
United
States
1,025,000
659,300,500
Microsoft
Corp.
.......................................
United
States
3,500,000
1,177,120,000
a
Monday.com
Ltd.
......................................
United
States
375,000
115,770,000
a
Palo
Alto
Networks,
Inc.
................................
United
States
150,000
83,514,000
a
Paylocity
Holding
Corp.
.................................
United
States
115,000
27,158,400
a,b
Procore
Technologies,
Inc.
..............................
United
States
1,100,000
87,967,000
a
salesforce.com,
Inc.
...................................
United
States
1,300,000
330,369,000
a,b
Samsara,
Inc.,
A
......................................
United
States
1,275,900
35,865,549
a,b
SentinelOne
,
Inc.,
A
...................................
United
States
1,000,000
50,490,000
a
ServiceNow
,
Inc.
......................................
United
States
1,150,000
746,476,500
a,b
Sprinklr
,
Inc.,
A
.......................................
United
States
1,000,000
15,870,000
a
Synopsys,
Inc.
.......................................
United
States
1,050,000
386,925,000
a
Tyler
Technologies,
Inc.
.................................
United
States
300,000
161,385,000
a
Workday,
Inc.,
A
......................................
United
States
750,000
204,885,000
a
Zscaler
,
Inc.
.........................................
United
States
125,000
40,166,250
7,018,492,351
Technology
Hardware,
Storage
&
Peripherals
1.0%
Apple,
Inc.
..........................................
United
States
1,600,000
284,112,000
Trading
Companies
&
Distributors
0.0%
†
Fastenal
Co.
.........................................
United
States
100,000
6,406,000
Total
Common
Stocks
(Cost
$14,059,490,800)
...................................
28,388,563,185
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
44
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Preferred
Stocks
0.0%
†
Health
Care
Equipment
&
Supplies
0.0%
†
d
Sartorius
AG,
0.12%
...................................
Germany
20,000
$
13,516,121
Total
Preferred
Stocks
(Cost
$13,335,277)
......................................
13,516,121
Total
Long
Term
Investments
(Cost
$14,072,826,077)
............................
28,402,079,306
a
Short
Term
Investments
1.4%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
0.8%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
219,940,392
219,940,392
Total
Money
Market
Funds
(Cost
$219,940,392)
.................................
219,940,392
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.6%
a
a
a
a
a
Money
Market
Funds
0.5%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
142,255,000
142,255,000
Principal
Amount
*
Repurchase
Agreements
0.1%
g
Joint
Repurchase
Agreement,
BNP
Paribas
SA,
0.05%,
1/03/22
(Maturity
Value
$35,564,013)
Collateralized
by
U.S.
Treasury
Bond,
Index-Linked,
2%,
1/15/26;
U.S.
Treasury
Bond,
Strip,
11/15/22;
U.S.
Treasury
Bonds,
6.5%
-
7.5%,
8/15/22
-
11/15/26;
U.S.
Treasury
Notes,
Index-Linked,
0.625%,
1/15/24
-
1/15/26;
and
U.S.
Treasury
Notes,
0.125%
-
2.75%,
7/31/22
-
11/15/26
(valued
at
$36,275,146)
...........
35,563,865
35,563,865
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$177,818,865)
..........................................................
177,818,865
Total
Short
Term
Investments
(Cost
$397,759,257
)
...............................
397,759,257
a
Total
Investments
(Cost
$14,470,585,334)
100.5%
...............................
$28,799,838,563
Other
Assets,
less
Liabilities
(0.5)%
...........................................
(153,750,647)
Net
Assets
100.0%
...........................................................
$28,646,087,916
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
December
31,
2021.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
December
31,
2021,
the
aggregate
value
of
these
securities
was
$686,539,505,
representing
2.4%
of
net
assets.
d
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
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
December
31,
2021,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited),
December
31,
2021
Franklin
Focused
Growth
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
96.7%
Aerospace
&
Defense
1.0%
a
Axon
Enterprise,
Inc.
...................................
United
States
8,000
$
1,256,000
Automobiles
5.0%
a
Rivian
Automotive,
Inc.,
A
...............................
United
States
10,000
1,036,900
a
Tesla,
Inc.
...........................................
United
States
5,000
5,283,900
6,320,800
Capital
Markets
1.9%
MSCI,
Inc.
...........................................
United
States
4,000
2,450,760
Electric
Utilities
3.0%
NextEra
Energy,
Inc.
...................................
United
States
40,000
3,734,400
Entertainment
3.9%
a
ROBLOX
Corp.,
A
.....................................
United
States
15,000
1,547,400
a
Sea
Ltd.,
ADR
........................................
Taiwan
15,000
3,355,650
4,903,050
Equity
Real
Estate
Investment
Trusts
(REITs)
1.2%
SBA
Communications
Corp.
.............................
United
States
4,000
1,556,080
Food
&
Staples
Retailing
2.4%
Costco
Wholesale
Corp.
................................
United
States
5,400
3,065,580
Health
Care
Equipment
&
Supplies
7.4%
Abbott
Laboratories
....................................
United
States
17,900
2,519,246
a
IDEXX
Laboratories,
Inc.
................................
United
States
5,600
3,687,376
a
Intuitive
Surgical,
Inc.
..................................
United
States
8,500
3,054,050
9,260,672
Health
Care
Technology
1.8%
a
Veeva
Systems,
Inc.,
A
.................................
United
States
9,000
2,299,320
Interactive
Media
&
Services
5.7%
a
Alphabet,
Inc.,
A
......................................
United
States
2,000
5,794,080
a
Meta
Platforms,
Inc.,
A
.................................
United
States
4,000
1,345,400
7,139,480
Internet
&
Direct
Marketing
Retail
10.1%
a
Amazon.com,
Inc.
.....................................
United
States
3,000
10,003,020
a
MercadoLibre
,
Inc.
....................................
Argentina
2,000
2,696,800
12,699,820
IT
Services
11.2%
a,b
Adyen
NV,
144A,
Reg
S
................................
Netherlands
1,500
3,934,391
a
Block,
Inc.,
A
.........................................
United
States
6,928
1,118,941
Mastercard
,
Inc.,
A
....................................
United
States
6,000
2,155,920
a
Shopify,
Inc.,
A
.......................................
Canada
4,200
5,784,973
a
Twilio
,
Inc.,
A
.........................................
United
States
4,000
1,053,360
14,047,585
Life
Sciences
Tools
&
Services
5.6%
Danaher
Corp.
.......................................
United
States
13,500
4,441,635
a
Repligen
Corp.
.......................................
United
States
5,200
1,377,168
a,b
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
..................
China
100,000
1,184,057
7,002,860
Personal
Products
1.5%
Estee
Lauder
Cos.,
Inc.
(The),
A
..........................
United
States
5,000
1,851,000
Semiconductors
&
Semiconductor
Equipment
14.2%
a
Advanced
Micro
Devices,
Inc.
............................
United
States
14,000
2,014,600
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Focused
Growth
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
8
See
Abbreviations
on
page
44
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
Analog
Devices,
Inc.
...................................
United
States
15,000
$
2,636,550
ASML
Holding
NV,
NYRS
...............................
Netherlands
5,500
4,378,770
NVIDIA
Corp.
........................................
United
States
30,000
8,823,300
17,853,220
Software
20.8%
a
Adobe,
Inc.
..........................................
United
States
4,000
2,268,240
a
Atlassian
Corp.
plc,
A
..................................
United
States
6,000
2,287,740
a
HubSpot
,
Inc.
........................................
United
States
2,500
1,647,875
Microsoft
Corp.
.......................................
United
States
33,000
11,098,560
a
Procore
Technologies,
Inc.
..............................
United
States
20,000
1,599,400
a
salesforce.com,
Inc.
...................................
United
States
7,000
1,778,910
a
ServiceNow
,
Inc.
......................................
United
States
8,500
5,517,435
26,198,160
Total
Common
Stocks
(Cost
$93,146,090)
......................................
121,638,787
Short
Term
Investments
3.2%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
3.2%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
4,026,890
4,026,890
Total
Money
Market
Funds
(Cost
$4,026,890)
...................................
4,026,890
Total
Short
Term
Investments
(Cost
$4,026,890
)
.................................
4,026,890
a
Total
Investments
(Cost
$97,172,980)
99.9%
....................................
$125,665,677
Other
Assets,
less
Liabilities
0.1%
.............................................
155,068
Net
Assets
100.0%
...........................................................
$125,820,745
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
December
31,
2021,
the
aggregate
value
of
these
securities
was
$5,118,448,
representing
4.1%
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),
December
31,
2021
Franklin
Growth
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
99.0%
Aerospace
&
Defense
3.2%
BWX
Technologies,
Inc.
................................
United
States
1,391,394
$
66,619,945
Lockheed
Martin
Corp.
.................................
United
States
337,754
120,041,149
Northrop
Grumman
Corp.
...............................
United
States
806,308
312,097,637
Raytheon
Technologies
Corp.
............................
United
States
2,440,830
210,057,830
708,816,561
Auto
Components
0.4%
a
Aptiv
plc
............................................
United
States
605,448
99,868,648
Automobiles
0.9%
a
Lucid
Group,
Inc.
.....................................
United
States
3,023,005
115,025,340
a,b
Rivian
Automotive,
Inc.,
A
...............................
United
States
851,137
88,254,396
203,279,736
Beverages
2.8%
Brown-Forman
Corp.,
B
................................
United
States
1,594,103
116,146,345
Constellation
Brands,
Inc.,
A
.............................
United
States
547,076
137,299,664
a
Monster
Beverage
Corp.
................................
United
States
2,672,545
256,671,222
PepsiCo,
Inc.
........................................
United
States
637,643
110,764,965
620,882,196
Biotechnology
1.5%
AbbVie,
Inc.
.........................................
United
States
451,255
61,099,927
Amgen,
Inc.
.........................................
United
States
527,905
118,762,788
a
Iovance
Biotherapeutics
,
Inc.
.............................
United
States
405,520
7,741,377
a
Mirati
Therapeutics,
Inc.
................................
United
States
266,199
39,048,731
a
Neurocrine
Biosciences,
Inc.
.............................
United
States
368,462
31,381,909
a
PTC
Therapeutics,
Inc.
.................................
United
States
962,564
38,338,924
a
Regeneron
Pharmaceuticals,
Inc.
.........................
United
States
74,624
47,126,548
343,500,204
Building
Products
1.4%
Allegion
plc
..........................................
United
States
686,691
90,945,356
Trane
Technologies
plc
.................................
United
States
1,079,086
218,007,745
308,953,101
Capital
Markets
3.6%
BlackRock,
Inc.
.......................................
United
States
225,749
206,686,755
Charles
Schwab
Corp.
(The)
.............................
United
States
2,992,369
251,658,233
Intercontinental
Exchange,
Inc.
...........................
United
States
1,398,216
191,234,002
S&P
Global,
Inc.
......................................
United
States
104,037
49,098,181
Tradeweb
Markets,
Inc.,
A
...............................
United
States
1,169,031
117,066,764
815,743,935
Chemicals
2.4%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
490,494
149,237,704
a,b
Danimer
Scientific,
Inc.
.................................
United
States
214,255
1,825,453
Ecolab,
Inc.
..........................................
United
States
611,807
143,523,804
Linde
plc
............................................
United
Kingdom
712,720
246,907,590
541,494,551
Commercial
Services
&
Supplies
0.4%
Republic
Services,
Inc.
.................................
United
States
638,605
89,053,467
Construction
Materials
0.6%
Martin
Marietta
Materials,
Inc.
............................
United
States
311,440
137,195,549
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Growth
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Electric
Utilities
0.8%
NextEra
Energy,
Inc.
...................................
United
States
2,013,942
$
188,021,625
Electrical
Equipment
0.4%
AMETEK,
Inc.
........................................
United
States
686,691
100,971,045
Electronic
Equipment,
Instruments
&
Components
3.2%
Amphenol
Corp.,
A
....................................
United
States
2,841,284
248,498,698
Cognex
Corp.
........................................
United
States
409,421
31,836,577
a
Keysight
Technologies,
Inc.
..............................
United
States
657,494
135,779,086
TE
Connectivity
Ltd.
...................................
United
States
1,833,361
295,794,464
711,908,825
Entertainment
1.1%
a
ROBLOX
Corp.,
A
.....................................
United
States
190,826
19,685,610
a
Walt
Disney
Co.
(The)
..................................
United
States
1,534,939
237,746,702
257,432,312
Equity
Real
Estate
Investment
Trusts
(REITs)
1.0%
Crown
Castle
International
Corp.
..........................
United
States
1,122,315
234,272,033
Food
Products
0.2%
Lamb
Weston
Holdings,
Inc.
.............................
United
States
537,899
34,092,039
Health
Care
Equipment
&
Supplies
4.6%
Abbott
Laboratories
....................................
United
States
1,249,657
175,876,726
a
Edwards
Lifesciences
Corp.
.............................
United
States
1,177,188
152,504,705
a
Haemonetics
Corp.
....................................
United
States
980,987
52,031,551
a
Intuitive
Surgical,
Inc.
..................................
United
States
1,121,248
402,864,406
Stryker
Corp.
........................................
United
States
402,694
107,688,430
Teleflex,
Inc.
.........................................
United
States
423,207
139,015,035
1,029,980,853
Health
Care
Providers
&
Services
0.9%
a
Guardant
Health,
Inc.
..................................
United
States
156,330
15,636,127
a
Laboratory
Corp.
of
America
Holdings
......................
United
States
381,522
119,878,028
UnitedHealth
Group,
Inc.
................................
United
States
153,210
76,932,869
212,447,024
Health
Care
Technology
0.3%
a
Certara
,
Inc.
.........................................
United
States
248,652
7,066,690
a
Veeva
Systems,
Inc.,
A
.................................
United
States
251,987
64,377,639
71,444,329
Hotels,
Restaurants
&
Leisure
0.8%
a
Airbnb,
Inc.,
A
........................................
United
States
252,739
42,078,516
a
Booking
Holdings,
Inc.
.................................
United
States
29,049
69,695,232
a
Las
Vegas
Sands
Corp.
.................................
United
States
1,918,347
72,206,581
183,980,329
Interactive
Media
&
Services
5.2%
a
Alphabet,
Inc.,
A
......................................
United
States
151,400
438,611,856
a
Alphabet,
Inc.,
C
......................................
United
States
153,726
444,820,016
a
IAC/InterActiveCorp
...................................
United
States
294,297
38,467,561
a
Match
Group,
Inc.
.....................................
United
States
635,209
84,006,390
a
Meta
Platforms,
Inc.,
A
.................................
United
States
426,520
143,460,002
a
Vimeo,
Inc.
..........................................
United
States
477,790
8,581,109
1,157,946,934
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)
Internet
&
Direct
Marketing
Retail
4.1%
a
Amazon.com,
Inc.
.....................................
United
States
277,440
$
925,079,290
IT
Services
6.2%
a,c
Adyen
NV,
144A,
Reg
S
................................
Netherlands
59,417
155,846,478
Automatic
Data
Processing,
Inc.
..........................
United
States
109,031
26,884,864
a,d,e
Canva
,
Inc.
..........................................
Australia
25,413
43,307,866
a
Marqeta
,
Inc.,
A
.......................................
United
States
814,946
13,992,623
Mastercard
,
Inc.,
A
....................................
United
States
1,130,902
406,355,707
a
Okta
,
Inc.
...........................................
United
States
312,356
70,020,845
a,b
Paymentus
Holdings,
Inc.,
A
.............................
United
States
367,494
12,854,940
a
PayPal
Holdings,
Inc.
..................................
United
States
723,137
136,369,175
a
Snowflake,
Inc.,
A
.....................................
United
States
352,892
119,542,165
a
Twilio
,
Inc.,
A
.........................................
United
States
451,116
118,796,887
Visa,
Inc.,
A
..........................................
United
States
1,373,381
297,625,396
1,401,596,946
Life
Sciences
Tools
&
Services
6.8%
a
10X
Genomics,
Inc.,
A
..................................
United
States
314,320
46,821,107
Agilent
Technologies,
Inc.
...............................
United
States
1,275,282
203,598,771
Danaher
Corp.
.......................................
United
States
1,130,127
371,823,084
a
Illumina,
Inc.
.........................................
United
States
590,097
224,496,503
a
Mettler
-Toledo
International,
Inc.
..........................
United
States
261,391
443,635,419
Thermo
Fisher
Scientific,
Inc.
............................
United
States
179,061
119,476,662
a,c
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
..................
China
9,339,139
110,580,765
1,520,432,311
Machinery
4.0%
Caterpillar,
Inc.
.......................................
United
States
318,909
65,931,247
Deere
&
Co.
.........................................
United
States
461,182
158,134,696
Fortive
Corp.
.........................................
United
States
1,074,967
82,009,232
Illinois
Tool
Works,
Inc.
.................................
United
States
980,987
242,107,592
Ingersoll
Rand,
Inc.
....................................
United
States
1,349,288
83,480,449
Otis
Worldwide
Corp.
..................................
United
States
520,579
45,326,813
a,b
Proterra
,
Inc.
.........................................
United
States
1,775,253
15,675,484
Stanley
Black
&
Decker,
Inc.
.............................
United
States
778,762
146,890,088
Xylem,
Inc.
..........................................
United
States
530,104
63,570,072
903,125,673
Media
0.6%
Cable
One,
Inc.
.......................................
United
States
47,674
84,070,715
Comcast
Corp.,
A
.....................................
United
States
787,868
39,653,397
123,724,112
Personal
Products
0.4%
Estee
Lauder
Cos.,
Inc.
(The),
A
..........................
United
States
184,612
68,343,362
a
Olaplex
Holdings,
Inc.
..................................
United
States
360,814
10,510,512
78,853,874
Pharmaceuticals
4.0%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
2,012,642
117,236,397
a
Catalent
,
Inc.
........................................
United
States
2,412,989
308,934,982
Eli
Lilly
&
Co.
........................................
United
States
1,142,881
315,686,590
Johnson
&
Johnson
...................................
United
States
596,233
101,997,579
Merck
&
Co.,
Inc.
.....................................
United
States
759,952
58,242,721
902,098,269
Professional
Services
2.1%
a
CoStar
Group,
Inc.
....................................
United
States
1,275,638
100,813,671
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Growth
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
12
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Professional
Services
(continued)
Equifax,
Inc.
.........................................
United
States
481,120
$
140,867,125
IHS
Markit
Ltd.
.......................................
United
States
912,167
121,245,238
Verisk
Analytics,
Inc.
...................................
United
States
489,724
112,014,570
474,940,604
Road
&
Rail
3.2%
Canadian
Pacific
Railway
Ltd.
............................
Canada
1,394,455
100,317,093
JB
Hunt
Transport
Services,
Inc.
..........................
United
States
490,494
100,256,974
a
Uber
Technologies,
Inc.
.................................
United
States
999,629
41,914,444
Union
Pacific
Corp.
....................................
United
States
1,899,180
478,460,417
720,948,928
Semiconductors
&
Semiconductor
Equipment
7.0%
a,b
Alphawave
IP
Group
plc
................................
United
Kingdom
2,225,298
6,013,189
ASML
Holding
NV,
NYRS
...............................
Netherlands
402,541
320,478,992
Lam
Research
Corp.
...................................
United
States
29,431
21,165,304
Monolithic
Power
Systems,
Inc.
...........................
United
States
441,446
217,778,555
NVIDIA
Corp.
........................................
United
States
2,017,847
593,468,981
NXP
Semiconductors
NV
...............................
China
664,767
151,420,627
Texas
Instruments,
Inc.
.................................
United
States
1,373,381
258,841,117
1,569,166,765
Software
17.2%
a
Adobe,
Inc.
..........................................
United
States
167,184
94,803,359
a
AppLovin
Corp.,
A
.....................................
United
States
255,331
24,067,500
a
Atlassian
Corp.
plc,
A
..................................
United
States
216,167
82,422,315
a
Autodesk,
Inc.
........................................
United
States
767,572
215,833,571
a
Avalara,
Inc.
.........................................
United
States
800,822
103,394,128
a
Bill.com
Holdings,
Inc.
..................................
United
States
1,062,990
264,843,959
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
84,845
17,372,014
a,b
Gitlab
,
Inc.,
A
........................................
United
States
102,093
8,882,091
a,b
HashiCorp
,
Inc.,
A
.....................................
United
States
189,231
17,227,590
Intuit,
Inc.
...........................................
United
States
806,313
518,636,648
Microsoft
Corp.
.......................................
United
States
3,370,069
1,133,421,606
a
Paycom
Software,
Inc.
.................................
United
States
185,577
77,049,715
a,b
Procore
Technologies,
Inc.
..............................
United
States
69,092
5,525,287
a
PTC,
Inc.
...........................................
United
States
1,181,307
143,115,343
a
salesforce.com,
Inc.
...................................
United
States
553,101
140,559,557
a
ServiceNow
,
Inc.
......................................
United
States
819,693
532,070,923
a,d,e
Stripe,
Inc.,
B
........................................
United
States
540,043
20,449,176
a
Synopsys,
Inc.
.......................................
United
States
521,046
192,005,451
a
Tyler
Technologies,
Inc.
.................................
United
States
118,218
63,595,373
a
Workday,
Inc.,
A
......................................
United
States
736,048
201,073,593
3,856,349,199
Technology
Hardware,
Storage
&
Peripherals
4.9%
Apple,
Inc.
..........................................
United
States
6,208,460
1,102,436,242
Textiles,
Apparel
&
Luxury
Goods
1.4%
NIKE,
Inc.,
B
.........................................
United
States
1,869,347
311,564,064
Trading
Companies
&
Distributors
0.8%
Fastenal
Co.
.........................................
United
States
2,697,023
172,771,293
Water
Utilities
0.6%
American
Water
Works
Co.,
Inc.
..........................
United
States
686,691
129,688,462
Total
Common
Stocks
(Cost
$5,735,431,420)
....................................
22,244,061,328
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Growth
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
13
See
Abbreviations
on
page
44.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Convertible
Preferred
Stocks
0.3%
IT
Services
0.0%
†
a,d,e
Canva
,
Inc.,
A
........................................
Australia
2,353
$
4,009,893
a,d,e
Canva
,
Inc.,
A-3
......................................
Australia
94
160,191
a,d,e
Canva
,
Inc.,
A-4
......................................
Australia
8
13,633
a,d,e
Canva
,
Inc.,
A-5
......................................
Australia
5
8,521
4,192,238
Software
0.3%
a,d,e
Gusto,
Inc.,
E
........................................
United
States
822,494
22,250,562
a,d,e
OneTrust
LLC,
C
......................................
United
States
849,894
15,967,467
a,d,e
Stripe,
Inc.,
H
........................................
United
States
756,137
28,631,754
66,849,783
Total
Convertible
Preferred
Stocks
(Cost
$76,200,357)
...........................
71,042,021
Total
Long
Term
Investments
(Cost
$5,811,631,777)
.............................
22,315,103,349
a
Short
Term
Investments
0.9%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
0.6%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
141,220,041
141,220,041
Total
Money
Market
Funds
(Cost
$141,220,041)
.................................
141,220,041
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.3%
a
a
a
a
a
Money
Market
Funds
0.2%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
51,842,000
51,842,000
Principal
Amount
*
Repurchase
Agreements
0.1%
h
Joint
Repurchase
Agreement,
BNP
Paribas
SA,
0.05%,
1/03/22
(Maturity
Value
$12,929,972)
Collateralized
by
U.S.
Treasury
Bond,
Index-Linked,
2%,
1/15/26;
U.S.
Treasury
Bond,
Strip,
11/15/22;
U.S.
Treasury
Bonds,
6.5%
-
7.5%,
8/15/22
-
11/15/26;
U.S.
Treasury
Notes,
Index-Linked,
0.625%,
1/15/24
-
1/15/26;
and
U.S.
Treasury
Notes,
0.125%
-
2.75%,
7/31/22
-
11/15/26
(valued
at
$13,188,518)
...........
12,929,918
12,929,918
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$64,771,918)
...........................................................
64,771,918
Total
Short
Term
Investments
(Cost
$205,991,959
)
...............................
205,991,959
a
Total
Investments
(Cost
$6,017,623,736)
100.2%
................................
$22,521,095,308
Other
Assets,
less
Liabilities
(0.2)%
...........................................
(57,477,257)
Net
Assets
100.0%
...........................................................
$22,463,618,051
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Growth
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
14
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
December
31,
2021.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
December
31,
2021,
the
aggregate
value
of
these
securities
was
$266,427,243,
representing
1.2%
of
net
assets.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
9
regarding
fair
value
measurements.
e
See
Note
6
regarding
restricted
securities.
f
See
Note
8
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
h
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
December
31,
2021,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited),
December
31,
2021
Franklin
Income
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
15
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
44.5%
Aerospace
&
Defense
1.6%
a
Lockheed
Martin
Corp.
.................................
United
States
2,750,000
$
977,377,500
Raytheon
Technologies
Corp.
............................
United
States
2,959,550
254,698,873
1,232,076,373
Banks
4.1%
Bank
of
America
Corp.
.................................
United
States
10,000,000
444,900,000
Barclays
plc
.........................................
United
Kingdom
160,000,000
407,230,989
a
Citigroup,
Inc.
........................................
United
States
6,000,000
362,340,000
a
JPMorgan
Chase
&
Co.
.................................
United
States
6,500,000
1,029,275,000
Truist
Financial
Corp.
..................................
United
States
7,500,000
439,125,000
US
Bancorp
.........................................
United
States
7,000,000
393,190,000
3,076,060,989
Beverages
2.1%
a
Coca-Cola
Co.
(The)
...................................
United
States
12,000,000
710,520,000
a
PepsiCo,
Inc.
........................................
United
States
4,750,100
825,139,871
1,535,659,871
Biotechnology
2.2%
a
AbbVie,
Inc.
.........................................
United
States
9,000,000
1,218,600,000
Amgen,
Inc.
.........................................
United
States
2,000,000
449,940,000
1,668,540,000
Capital
Markets
0.3%
a
Morgan
Stanley
.......................................
United
States
2,000,000
196,320,000
Chemicals
1.0%
a
Air
Products
and
Chemicals,
Inc.
..........................
United
States
1,150,000
349,899,000
BASF
SE
...........................................
Germany
6,000,000
420,779,353
770,678,353
Communications
Equipment
0.9%
Cisco
Systems,
Inc.
...................................
United
States
10,000,000
633,700,000
Containers
&
Packaging
0.1%
International
Paper
Co.
.................................
United
States
1,714,497
80,547,069
Diversified
Telecommunication
Services
3.2%
AT&T,
Inc.
...........................................
United
States
22,500,000
553,500,000
BCE,
Inc.
...........................................
Canada
7,500,000
390,332,147
TELUS
Corp.
........................................
Canada
4,000,000
94,234,876
Verizon
Communications,
Inc.
............................
United
States
26,000,000
1,350,960,000
2,389,027,023
Electric
Utilities
5.8%
American
Electric
Power
Co.,
Inc.
.........................
United
States
8,750,000
778,487,500
Duke
Energy
Corp.
....................................
United
States
6,000,000
629,400,000
Edison
International
...................................
United
States
11,000,000
750,750,000
Entergy
Corp.
........................................
United
States
1,500,000
168,975,000
Exelon
Corp.
.........................................
United
States
7,000,000
404,320,000
b
PG&E
Corp.
.........................................
United
States
10,000,000
121,400,000
PPL
Corp.
...........................................
United
States
6,500,000
195,390,000
Southern
Co.
(The)
....................................
United
States
16,500,000
1,131,570,000
Xcel
Energy,
Inc.
......................................
United
States
2,500,000
169,250,000
4,349,542,500
Energy
Equipment
&
Services
0.4%
b,c
Weatherford
International
plc
.............................
United
States
10,000,000
277,200,000
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
16
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Food
&
Staples
Retailing
0.4%
Walmart,
Inc.
........................................
United
States
2,000,500
$
289,452,345
Health
Care
Equipment
&
Supplies
0.3%
a
Medtronic
plc
........................................
United
States
2,502,600
258,893,970
Health
Care
Providers
&
Services
0.6%
b,c
CHS/Community
Health
Systems,
Inc.
......................
United
States
10,000,000
133,100,000
a
CVS
Health
Corp.
.....................................
United
States
2,800,000
288,848,000
421,948,000
Health
Care
Technology
0.0%
†
b
Multiplan
Corp.
.......................................
United
States
5,000,000
22,150,000
Household
Products
0.7%
Procter
&
Gamble
Co.
(The)
.............................
United
States
3,250,000
531,635,000
Independent
Power
and
Renewable
Electricity
Producers
0.2%
Vistra
Corp.
..........................................
United
States
5,800,000
132,066,000
Industrial
Conglomerates
0.5%
a
3M
Co.
.............................................
United
States
2,000,000
355,260,000
Honeywell
International,
Inc.
.............................
United
States
250,000
52,127,500
407,387,500
Insurance
0.1%
MetLife,
Inc.
.........................................
United
States
850,000
53,116,500
IT
Services
0.8%
Fidelity
National
Information
Services,
Inc.
...................
United
States
2,000,000
218,300,000
International
Business
Machines
Corp.
.....................
United
States
3,000,000
400,980,000
b
Kyndryl
Holdings,
Inc.
..................................
United
States
600,000
10,860,000
630,140,000
Metals
&
Mining
0.2%
BHP
Group
Ltd.,
ADR
..................................
Australia
1,250,000
75,437,500
d
Rio
Tinto
plc,
ADR
.....................................
Australia
1,000,000
66,940,000
142,377,500
Multi-Utilities
3.1%
CMS
Energy
Corp.
....................................
United
States
2,000,000
130,100,000
Dominion
Energy,
Inc.
..................................
United
States
12,000,000
942,720,000
DTE
Energy
Co.
......................................
United
States
4,000,000
478,160,000
NiSource,
Inc.
........................................
United
States
1,000,000
27,610,000
Sempra
Energy
.......................................
United
States
5,621,111
743,560,563
2,322,150,563
Oil,
Gas
&
Consumable
Fuels
4.8%
BP
plc,
ADR
.........................................
United
Kingdom
10,000,000
266,300,000
Chesapeake
Energy
Corp.
..............................
United
States
5,000,000
322,600,000
a
Chevron
Corp.
.......................................
United
States
12,000,000
1,408,200,000
Civitas
Resources,
Inc.
.................................
United
States
1,750,000
85,697,500
Exxon
Mobil
Corp.
.....................................
United
States
15,000,000
917,850,000
Royal
Dutch
Shell
plc,
ADR,
A
............................
Netherlands
5,500,000
238,700,000
TotalEnergies
SE,
ADR
.................................
France
7,500,000
370,950,000
3,610,297,500
Personal
Products
0.7%
Unilever
plc
..........................................
United
Kingdom
10,000,000
536,028,780
Pharmaceuticals
6.8%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
2,000,000
116,500,000
Bayer
AG
...........................................
Germany
5,000,000
266,810,596
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)
Pharmaceuticals
(continued)
Bristol-Myers
Squibb
Co.
................................
United
States
9,200,000
$
573,620,000
Johnson
&
Johnson
...................................
United
States
6,000,000
1,026,420,000
a
Merck
&
Co.,
Inc.
.....................................
United
States
18,200,000
1,394,848,000
a
Pfizer,
Inc.
...........................................
United
States
29,249,800
1,727,200,690
5,105,399,286
Road
&
Rail
0.3%
Union
Pacific
Corp.
....................................
United
States
1,000,000
251,930,000
Semiconductors
&
Semiconductor
Equipment
0.8%
Intel
Corp.
...........................................
United
States
11,500,001
592,250,052
Specialty
Retail
0.6%
a
Home
Depot,
Inc.
(The)
.................................
United
States
1,000,000
415,010,000
Tobacco
1.5%
Altria
Group,
Inc.
......................................
United
States
4,000,000
189,560,000
British
American
Tobacco
plc
.............................
United
Kingdom
3,000,000
111,304,652
Philip
Morris
International,
Inc.
...........................
United
States
8,777,900
833,900,500
1,134,765,152
Wireless
Telecommunication
Services
0.4%
Vodafone
Group
plc
...................................
United
Kingdom
175,000,000
263,377,228
Total
Common
Stocks
(Cost
$29,147,267,179)
...................................
33,329,727,554
Equity-Linked
Securities
17.1%
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
273,784,384
e
J.P.
Morgan
Structured
Products
BV
into
Raytheon
Technologies
Corp.,
144A,
10%,
1/11/22
.............................
United
States
2,120,000
164,709,343
438,493,727
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
241,100,070
Airlines
0.2%
e
BNP
Paribas
Issuance
BV
into
Delta
Air
Lines,
Inc.,
144A,
10%,
5/03/22
...........................................
United
States
3,507,000
141,992,603
Automobiles
0.6%
e
Bank
of
America
Corp.
into
Ford
Motor
Co.,
144A,
12%,
12/07/22
.
United
States
6,892,000
139,346,195
e
Credit
Suisse
AG
into
General
Motors
Co.,
144A,
12%,
2/08/22
...
United
States
4,820,000
280,598,315
419,944,510
Banks
2.0%
e
Barclays
Bank
plc
into
Truist
Financial
Corp.,
144A,
8%,
8/17/22
..
United
States
2,740,000
156,093,398
e
BNP
Paribas
Issuance
BV
into
Bank
of
America
Corp.,
144A,
9%,
4/13/22
...........................................
United
States
7,200,000
304,351,590
e
Credit
Suisse
AG
into
Citigroup,
Inc.,
144A,
9%,
8/05/22
........
United
States
4,060,000
251,113,353
e
Mizuho
Markets
Cayman
LP
into
JPMorgan
Chase
&
Co.,
144A,
8%,
6/30/22
...........................................
United
States
1,620,000
252,108,851
e
National
Bank
of
Canada
into
Bank
of
America
Corp.,
144A,
8%,
6/15/22
...........................................
United
States
5,833,000
255,652,379
e
UBS
AG
into
JPMorgan
Chase
&
Co.,
144A,
8.5%,
5/06/22
......
United
States
1,725,000
268,870,074
1,488,189,645
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
18
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Equity-Linked
Securities
(continued)
Biotechnology
0.7%
e
Merrill
Lynch
International
&
Co.
CV
into
Gilead
Sciences,
Inc.,
144A,
10%,
1/25/22
.......................................
United
States
3,725,000
$
254,245,878
e
National
Bank
of
Canada
into
AbbVie,
Inc.,
144A,
8.5%,
8/12/22
..
United
States
2,197,000
274,902,507
529,148,385
Capital
Markets
0.6%
e
Credit
Suisse
AG
into
Morgan
Stanley,
144A,
8.5%,
7/06/22
.....
United
States
2,970,000
268,993,537
e
UBS
AG
into
Morgan
Stanley,
144A,
8.5%,
2/11/22
............
United
States
2,345,000
197,870,483
466,864,020
Chemicals
0.4%
e
Citigroup
Global
Markets
Holdings,
Inc.
into
LyondellBasell
Industries
NV,
144A,
10%,
6/23/22
...............................
United
States
1,600,000
152,172,153
e
National
Bank
of
Canada
into
Air
Products
and
Chemicals,
Inc.,
144A,
8.5%,
4/13/22
.................................
United
States
590,000
173,082,427
325,254,580
Communications
Equipment
0.6%
e
Royal
Bank
of
Canada
into
Cisco
Systems,
Inc.,
144A,
8%,
12/02/22
United
States
4,700,000
278,410,153
e
Royal
Bank
of
Canada
into
Cisco
Systems,
Inc.,
144A,
8.5%,
1/25/22
United
States
3,175,000
156,748,601
435,158,754
Containers
&
Packaging
0.5%
e
Mizuho
Markets
Cayman
LP
into
International
Paper
Co.,
144A,
9%,
12/20/22
..........................................
United
States
5,376,300
251,670,643
e
Royal
Bank
of
Canada
into
International
Paper
Co.,
144A,
9.5%,
3/18/22
...........................................
United
States
2,852,000
135,290,921
386,961,564
Energy
Equipment
&
Services
1.2%
e
Credit
Suisse
AG
into
Halliburton
Co.,
144A,
10%,
11/15/22
......
United
States
7,000,000
166,299,280
e
J.P.
Morgan
Structured
Products
BV
into
Baker
Hughes
Co.,
144A,
12%,
2/15/22
.......................................
United
States
9,836,000
235,786,362
e
Societe
Generale
SA
into
Schlumberger
NV,
144A,
10%,
2/10/22
..
United
States
8,975,000
256,086,015
e
UBS
AG
into
Halliburton
Co.,
144A,
12%,
2/25/22
.............
United
States
10,300,000
232,665,649
890,837,306
Health
Care
Providers
&
Services
0.7%
e
Citigroup
Global
Markets
Holdings,
Inc.
into
CVS
Health
Corp.,
144A,
8%,
5/18/22
........................................
United
States
3,287,000
284,604,089
e
J.P.
Morgan
Structured
Products
BV
into
CVS
Health
Corp.,
144A,
9%,
2/22/22
........................................
United
States
2,950,000
243,034,550
527,638,639
Hotels,
Restaurants
&
Leisure
0.1%
e
Mizuho
Markets
Cayman
LP
into
Las
Vegas
Sands
Corp.,
144A,
12%,
8/29/22
.......................................
United
States
1,734,000
66,678,675
Independent
Power
and
Renewable
Electricity
Producers
0.2%
e
Mizuho
Markets
Cayman
LP
into
Vistra
Corp.,
144A,
11%,
11/01/22
United
States
7,740,000
160,145,828
Industrial
Conglomerates
0.4%
e
Societe
Generale
SA
into
Honeywell
International,
Inc.,
144A,
8%,
2/01/22
...........................................
United
States
1,271,000
266,752,021
Insurance
1.0%
e
Barclays
Bank
plc
into
MetLife,
Inc.,
144A,
8.5%,
7/11/22
........
United
States
4,240,000
256,965,155
e
Barclays
Bank
plc
into
MetLife,
Inc.,
144A,
9.5%,
3/09/22
.......
United
States
4,251,700
262,394,195
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)
Insurance
(continued)
e
National
Bank
of
Canada
into
MetLife,
Inc.,
144A,
8.5%,
12/05/22
.
United
States
4,240,000
$
266,242,174
785,601,524
Internet
&
Direct
Marketing
Retail
0.4%
e
Citigroup
Global
Markets
Holdings,
Inc.
into
Bristol
Myers
Squibb
Co.,
144A,
8.5%,
12/22/22
.............................
United
States
4,400,000
265,472,802
Machinery
0.3%
e
Goldman
Sachs
International
Bank
into
Cummins,
Inc.,
144A,
9%,
1/28/22
...........................................
United
States
920,000
201,976,684
Metals
&
Mining
1.2%
e
Barclays
Bank
plc
into
Newmont
Corp.,
144A,
9.5%,
6/15/22
.....
United
States
3,278,000
208,183,532
e
Citigroup
Global
Markets
Holdings,
Inc.
into
Barrick
Gold
Corp.,
144A,
9%,
10/13/22
..................................
Canada
3,225,000
60,970,447
e
Citigroup
Global
Markets
Holdings,
Inc.
into
Freeport-McMoRan,
Inc.,
144A,
12%,
10/26/22
.............................
United
States
6,337,000
234,173,624
e
Morgan
Stanley
Finance
II
Ltd.
into
Rio
Tinto
Ltd.,
144A,
10%,
6/07/22
...........................................
Australia
2,972,000
205,476,157
e
Royal
Bank
of
Canada
into
Barrick
Gold
Corp.,
144A,
10%,
4/08/22
Canada
8,910,000
167,937,228
876,740,988
Multiline
Retail
0.4%
e
Citigroup
Global
Markets
Holdings,
Inc.
into
Target
Corp.,
144A,
9%,
3/09/22
...........................................
United
States
1,386,000
293,200,509
Oil,
Gas
&
Consumable
Fuels
0.4%
e
Credit
Suisse
AG
into
Chevron
Corp.,
144A,
10%,
6/07/22
.......
United
States
2,540,000
281,334,894
Pharmaceuticals
0.6%
e
National
Bank
of
Canada
into
Bristol-Myers
Squibb
Co.,
144A,
8.5%,
2/16/22
...........................................
United
States
3,984,000
247,916,082
e
Royal
Bank
of
Canada
into
Merck
&
Co.,
Inc.,
144A,
8.5%,
10/17/22
United
States
2,976,000
233,549,520
481,465,602
Road
&
Rail
0.3%
e
Goldman
Sachs
International
Bank
into
Union
Pacific
Corp.,
144A,
8%,
2/09/22
........................................
United
States
1,085,000
258,810,560
Semiconductors
&
Semiconductor
Equipment
3.1%
e
BNP
Paribas
Issuance
BV
into
Broadcom,
Inc.,
144A,
10%,
8/08/22
United
States
575,000
296,438,329
e
Citigroup
Global
Markets
Holdings,
Inc.
into
Intel
Corp.,
144A,
10%,
4/06/22
...........................................
United
States
3,857,000
203,759,582
e
Citigroup
Global
Markets
Holdings,
Inc.
into
Texas
Instruments,
Inc.,
144A,
8%,
6/21/22
...................................
United
States
1,328,000
248,239,406
e
Goldman
Sachs
International
Bank
into
Texas
Instruments,
Inc.,
144A,
8.5%,
12/14/22
.................................
United
States
1,200,000
229,157,199
e
Goldman
Sachs
International
Bank
into
Texas
Instruments,
Inc.,
144A,
9%,
1/26/22
...................................
United
States
1,593,000
281,863,732
e
Merrill
Lynch
International
&
Co.
CV
into
Broadcom,
Inc.,
144A,
9.5%,
10/13/22
.....................................
United
States
550,000
300,006,534
e
Mizuho
Markets
Cayman
LP
into
Microchip
Technology,
Inc.,
144A,
9%,
10/11/22
.......................................
United
States
1,273,500
205,286,934
e
National
Bank
of
Canada
into
Broadcom,
Inc.,
144A,
10%,
5/02/22
United
States
578,000
307,349,036
e
Royal
Bank
of
Canada
into
Intel
Corp.,
144A,
9.5%,
12/22/22
....
United
States
4,525,000
236,051,714
2,308,152,466
Software
0.3%
e
Mizuho
Markets
Cayman
LP
into
Workday,
Inc.,
144A,
9.5%,
6/07/22
United
States
921,000
231,326,715
Total
Equity-Linked
Securities
(Cost
$12,437,412,533)
...........................
12,769,243,071
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
Convertible
Preferred
Stocks
2.9%
Capital
Markets
0.2%
d
KKR
&
Co.,
Inc.,
6%,
C
.................................
United
States
1,350,000
$
125,752,500
Electric
Utilities
1.8%
American
Electric
Power
Co.,
Inc.,
6.125%
..................
United
States
1,600,000
80,192,000
American
Electric
Power
Co.,
Inc.,
6.125%
..................
United
States
3,600,000
189,360,000
NextEra
Energy,
Inc.,
5.279%
............................
United
States
5,250,000
302,085,000
NextEra
Energy,
Inc.,
6.219%
............................
United
States
7,250,000
419,847,500
PG&E
Corp.,
5.5%
....................................
United
States
500,000
57,840,000
Southern
Co.
(The),
6.75%,
2019
.........................
United
States
6,300,000
338,625,000
1,387,949,500
Machinery
0.0%
†
RBC
Bearings,
Inc.,
5%,
A
...............................
United
States
200,000
20,972,000
Multi-Utilities
0.8%
Dominion
Energy,
Inc.,
7.25%,
A
..........................
United
States
3,050,000
306,952,000
DTE
Energy
Co.,
6.25%
................................
United
States
3,250,000
166,855,000
NiSource,
Inc.,
7.75%
..................................
United
States
1,167,000
130,692,330
604,499,330
Thrifts
&
Mortgage
Finance
0.1%
FNMA,
5.375%
.......................................
United
States
4,250
43,562,500
b
Total
Convertible
Preferred
Stocks
(Cost
$2,187,699,371)
........................
2,182,735,830
Preferred
Stocks
0.0%
†
Thrifts
&
Mortgage
Finance
0.0%
†
FHLMC,
8.375%,
Z
....................................
United
States
6,000,000
17,220,000
d
FNMA,
8.25%,
S
......................................
United
States
4,000,000
12,480,000
29,700,000
Total
Preferred
Stocks
(Cost
$238,139,001)
.....................................
29,700,000
Warrants
Warrants
0.3%
Oil,
Gas
&
Consumable
Fuels
0.3%
b
Chesapeake
Energy
Corp.,
2/09/26
........................
United
States
6,500,000
222,825,000
222,825,000
Total
Warrants
(Cost
$386,060,232)
............................................
222,825,000
Principal
Amount
*
Convertible
Bonds
0.1%
Hotels,
Restaurants
&
Leisure
0.0%
†
e
DraftKings
,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn
.,
3/15/28
.........
United
States
33,358,000
25,285,364
Media
0.1%
DISH
Network
Corp.
,
Senior
Note
,
2.375
%
,
3/15/24
............
United
States
85,000,000
81,706,250
Total
Convertible
Bonds
(Cost
$105,906,077)
...................................
106,991,614
Corporate
Bonds
23.8%
Aerospace
&
Defense
0.3%
e
Bombardier,
Inc.
,
Senior
Bond,
144A,
7.5%,
3/15/25
.......................
Canada
10,000,000
10,199,850
Senior
Note,
144A,
7.5%,
12/01/24
......................
Canada
10,000,000
10,431,752
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
21
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Aerospace
&
Defense
(continued)
Raytheon
Technologies
Corp.
,
Senior
Note,
3.125
%
,
5/04/27
.....
United
States
40,000,000
$
42,503,239
e
TransDigm
,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
3/15/26
....
United
States
125,000,000
130,080,000
193,214,841
Airlines
0.3%
e
American
Airlines
Group,
Inc.
,
Senior
Note
,
144A,
5
%
,
6/01/22
...
United
States
91,471,000
91,775,598
e
American
Airlines
Inc
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note,
144A,
5.5%,
4/20/26
................
United
States
58,000,000
60,402,940
Senior
Secured
Note,
144A,
5.75%,
4/20/29
...............
United
States
50,000,000
53,537,750
205,716,288
Auto
Components
0.2%
e
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
53,350,000
52,749,812
e
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Bond,
144A,
5.25%,
7/15/31
......................
United
States
30,000,000
32,616,000
Senior
Note,
144A,
5%,
7/15/29
........................
United
States
30,000,000
32,283,000
117,648,812
Automobiles
0.5%
Ford
Motor
Co.
,
Senior
Note,
9%,
4/22/25
.............................
United
States
50,000,000
61,193,250
Senior
Note,
4.346%,
12/08/26
.........................
United
States
120,000,000
131,047,800
General
Motors
Co.
,
Senior
Bond
,
5.15
%
,
4/01/38
.............
United
States
140,000,000
169,042,931
361,283,981
Banks
2.2%
Bank
of
America
Corp.
,
f
AA,
Junior
Sub.
Bond,
6.1%
to
3/17/25,
FRN
thereafter,
Perpetual
United
States
70,000,000
75,911,150
f
X,
Junior
Sub.
Bond,
6.25%
to
9/05/24,
FRN
thereafter,
Perpetual
United
States
55,000,000
59,228,125
Senior
Bond,
3.419%
to
12/20/27,
FRN
thereafter,
12/20/28
...
United
States
135,000,000
144,226,656
Senior
Note,
3.004%
to
12/20/22,
FRN
thereafter,
12/20/23
....
United
States
40,000,000
40,835,963
Barclays
plc
,
Senior
Note,
4.61%
to
2/15/22,
FRN
thereafter,
2/15/23
.......
United
Kingdom
40,000,000
40,172,199
Senior
Note,
3.932%
to
5/07/24,
FRN
thereafter,
5/07/25
......
United
Kingdom
50,000,000
52,610,617
Senior
Note,
3.65%,
3/16/25
...........................
United
Kingdom
50,000,000
52,871,088
Senior
Note,
4.375%,
1/12/26
..........................
United
Kingdom
125,000,000
136,778,293
Citigroup,
Inc.
,
f
Junior
Sub.
Bond,
5.95%
to
1/30/23,
FRN
thereafter,
Perpetual
.
United
States
135,000,000
139,387,500
f
D,
Junior
Sub.
Bond,
5.35%
to
5/15/23,
FRN
thereafter,
Perpetual
United
States
100,000,000
102,125,000
f
M,
Junior
Sub.
Bond,
6.3%
to
5/15/24,
FRN
thereafter,
Perpetual
United
States
115,000,000
120,822,450
Sub.
Bond,
4.125%,
7/25/28
...........................
United
States
130,000,000
142,794,033
f
JPMorgan
Chase
&
Co.
,
g
I,
Junior
Sub.
Bond,
FRN,
3.599%,
(3-month
USD
LIBOR
+
3.47%),
Perpetual
...................................
United
States
115,959,000
116,539,611
Q,
Junior
Sub.
Bond,
5.15%
to
5/01/23,
FRN
thereafter,
Perpetual
United
States
60,700,000
62,261,204
R,
Junior
Sub.
Bond,
6%
to
8/01/23,
FRN
thereafter,
Perpetual
.
United
States
55,000,000
57,413,125
S,
Junior
Sub.
Bond,
6.75%
to
2/01/24,
FRN
thereafter,
Perpetual
United
States
65,000,000
70,492,500
g
V,
Junior
Sub.
Bond,
FRN,
3.451%,
(3-month
USD
LIBOR
+
3.32%),
Perpetual
...................................
United
States
108,100,000
108,503,940
X,
Junior
Sub.
Bond,
6.1%
to
10/01/24,
FRN
thereafter,
Perpetual
United
States
70,000,000
73,893,750
f
Wells
Fargo
&
Co.
,
S
,
Junior
Sub.
Bond
,
5.9%
to
6/15/24,
FRN
thereafter
,
Perpetual
.................................
United
States
70,000,000
73,903,550
1,670,770,754
Beverages
0.0%
†
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
4
%
,
4/13/28
Belgium
25,000,000
27,824,325
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
Corporate
Bonds
(continued)
Biotechnology
0.2%
AbbVie,
Inc.
,
Senior
Note,
3.8%,
3/15/25
............................
United
States
100,000,000
$
106,520,930
Senior
Note,
3.2%,
5/14/26
............................
United
States
25,000,000
26,530,163
133,051,093
Chemicals
0.5%
e
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
6.5
%
,
5/15/26
Switzerland
115,000,000
117,275,850
e
Olin
Corp.
,
Senior
Note
,
144A,
9.5
%
,
6/01/25
................
United
States
40,000,000
49,116,600
e
Rain
CII
Carbon
LLC
/
CII
Carbon
Corp.
,
Secured
Note
,
144A,
7.25
%
,
4/01/25
.....................................
United
States
11,591,000
11,861,998
e
SCIH
Salt
Holdings,
Inc.
,
Senior
Note,
144A,
6.625%,
5/01/29
.....................
United
States
120,000,000
112,368,600
Senior
Secured
Note,
144A,
4.875%,
5/01/28
..............
United
States
100,000,000
96,156,500
386,779,548
Commercial
Services
&
Supplies
0.0%
†
e
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
...........
United
States
40,935,000
40,378,693
Communications
Equipment
0.3%
e
CommScope
Technologies
LLC
,
Senior
Bond,
144A,
6%,
6/15/25
........................
United
States
118,000,000
118,131,570
Senior
Note,
144A,
5%,
3/15/27
........................
United
States
45,000,000
42,120,000
e
CommScope
,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
7/01/28
.........
United
States
40,000,000
39,356,600
199,608,170
Consumer
Finance
0.9%
Capital
One
Financial
Corp.
,
Sub.
Note,
4.2%,
10/29/25
............................
United
States
113,000,000
123,199,875
Sub.
Note,
3.75%,
7/28/26
............................
United
States
100,200,000
107,563,491
Ford
Motor
Credit
Co.
LLC
,
Senior
Note,
5.125%,
6/16/25
..........................
United
States
60,000,000
65,328,000
Senior
Note,
4.134%,
8/04/25
..........................
United
States
149,650,000
158,985,167
Senior
Note,
5.113%,
5/03/29
..........................
United
States
100,000,000
113,796,500
General
Motors
Financial
Co.,
Inc.
,
Senior
Note
,
4.15
%
,
6/19/23
..
United
States
75,000,000
78,028,505
646,901,538
Containers
&
Packaging
0.5%
e
Mauser
Packaging
Solutions
Holding
Co.
,
Senior
Note,
144A,
7.25%,
4/15/25
......................
United
States
217,607,000
218,401,266
Senior
Secured
Note,
144A,
5.5%,
4/15/24
................
United
States
125,000,000
126,308,750
344,710,016
Diversified
Financial
Services
0.4%
e
MPH
Acquisition
Holdings
LLC
,
Senior
Note,
144A,
5.75%,
11/01/28
.....................
United
States
228,000,000
217,173,420
Senior
Secured
Note,
144A,
5.5%,
9/01/28
................
United
States
91,500,000
92,896,748
310,070,168
Diversified
Telecommunication
Services
0.3%
e
Altice
France
SA
,
Senior
Secured
Note,
144A,
5.125%,
7/15/29
..............
France
50,000,000
48,859,500
Senior
Secured
Note,
144A,
5.5%,
10/15/29
...............
France
25,000,000
24,667,625
AT&T,
Inc.
,
Senior
Bond
,
4.125
%
,
2/17/26
...................
United
States
75,000,000
81,883,564
e
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond,
144A,
5.5%,
5/01/26
.......................
United
States
20,002,000
20,630,013
Senior
Bond,
144A,
5.125%,
5/01/27
.....................
United
States
30,000,000
30,936,750
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)
Diversified
Telecommunication
Services
(continued)
e
Iliad
Holding
SASU
,
Senior
Secured
Note
,
144A,
6.5
%
,
10/15/26
..
France
40,000,000
$
42,083,600
249,061,052
Electric
Utilities
0.1%
e
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
5.5%,
9/01/26
.......................
United
States
10,000,000
10,339,850
Senior
Note,
144A,
4.375%,
5/01/29
.....................
United
States
50,000,000
50,182,250
60,522,100
Energy
Equipment
&
Services
0.6%
e
Nabors
Industries
Ltd.
,
Senior
Note
,
144A,
7.25
%
,
1/15/26
......
United
States
16,000,000
14,816,640
e
Nabors
Industries,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/01/25
.......
United
States
28,000,000
27,947,500
e
Weatherford
International
Ltd.
,
Senior
Note,
144A,
11%,
12/01/24
.......................
United
States
70,371,000
72,555,316
Senior
Note,
144A,
8.625%,
4/30/30
.....................
United
States
250,000,000
259,951,250
Senior
Secured
Note,
144A,
6.5%,
9/15/28
................
United
States
80,000,000
84,760,000
460,030,706
Entertainment
0.4%
Netflix,
Inc.
,
Senior
Bond,
4.375%,
11/15/26
.........................
United
States
100,000,000
110,881,500
Senior
Bond,
4.875%,
4/15/28
..........................
United
States
69,300,000
79,121,543
Senior
Bond,
5.875%,
11/15/28
.........................
United
States
50,000,000
60,209,000
e
ROBLOX
Corp.
,
Senior
Note
,
144A,
3.875
%
,
5/01/30
..........
United
States
25,000,000
25,400,250
275,612,293
Equity
Real
Estate
Investment
Trusts
(REITs)
0.2%
American
Tower
Corp.
,
Senior
Bond
,
3.375
%
,
10/15/26
.........
United
States
30,000,000
31,897,280
e
Iron
Mountain,
Inc.
,
Senior
Note
,
144A,
4.875
%
,
9/15/27
........
United
States
73,250,000
76,069,392
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
5.25
%
,
8/01/26
.....................................
United
States
10,000,000
10,299,701
Service
Properties
Trust
,
Senior
Bond
,
4.5
%
,
6/15/23
..........
United
States
12,500,000
12,510,750
130,777,123
Food
Products
0.0%
†
e
Post
Holdings,
Inc.
,
Senior
Bond
,
144A,
5.625
%
,
1/15/28
.......
United
States
40,000,000
42,457,200
Health
Care
Equipment
&
Supplies
0.1%
e
Mozart
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
5.25
%
,
10/01/29
United
States
65,000,000
66,021,800
Health
Care
Providers
&
Services
6.3%
e
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.875%,
4/15/29
....................
United
States
775,000,000
790,717,000
Secured
Note,
144A,
6.125%,
4/01/30
....................
United
States
500,000,000
495,417,500
Senior
Note,
144A,
6.875%,
4/01/28
.....................
United
States
550,000,000
539,778,250
Senior
Secured
Note,
144A,
6.625%,
2/15/25
..............
United
States
150,900,000
156,352,774
Senior
Secured
Note,
144A,
8%,
3/15/26
..................
United
States
335,000,000
352,533,900
Senior
Secured
Note,
144A,
5.625%,
3/15/27
..............
United
States
250,000,000
264,887,500
Senior
Secured
Note,
144A,
8%,
12/15/27
.................
United
States
380,000,000
410,928,200
Senior
Secured
Note,
144A,
6%,
1/15/29
..................
United
States
250,000,000
266,957,500
CVS
Health
Corp.
,
Senior
Bond,
4.3%,
3/25/28
............................
United
States
125,000,000
140,387,634
Senior
Bond,
5.05%,
3/25/48
...........................
United
States
40,000,000
52,389,678
e
DaVita,
Inc.
,
Senior
Bond
,
144A,
3.75
%
,
2/15/31
..............
United
States
16,800,000
16,399,152
HCA,
Inc.
,
Senior
Bond,
5.875%,
5/01/23
..........................
United
States
90,000,000
95,401,350
Senior
Bond,
5.625%,
9/01/28
..........................
United
States
80,000,000
93,613,601
Senior
Secured
Note,
5%,
3/15/24
.......................
United
States
114,800,000
123,510,010
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)
Health
Care
Providers
&
Services
(continued)
Tenet
Healthcare
Corp.
,
Senior
Bond,
6.875%,
11/15/31
.........................
United
States
55,258,000
$
63,212,942
Senior
Note,
6.75%,
6/15/23
...........................
United
States
599,200,000
641,120,032
e
Senior
Note,
144A,
6.125%,
10/01/28
....................
United
States
205,000,000
216,942,275
4,720,549,298
Health
Care
Technology
0.2%
e
Multiplan
Corp.
,
144A,
6
%
,
10/15/27
.......................
United
States
185,000,000
146,612,500
Hotels,
Restaurants
&
Leisure
0.9%
e
Caesars
Entertainment,
Inc.
,
Senior
Note,
144A,
8.125%,
7/01/27
.....................
United
States
35,000,000
38,802,575
Senior
Secured
Note,
144A,
6.25%,
7/01/25
...............
United
States
30,000,000
31,527,000
e
Golden
Nugget,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
10/15/24
.......
United
States
199,000,000
199,258,700
e
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
,
Senior
Bond,
144A,
5.5%,
3/01/25
.......................
United
States
199,500,000
205,754,325
Senior
Note,
144A,
4.25%,
5/30/23
......................
United
States
113,300,000
114,270,981
Senior
Note,
144A,
5.25%,
5/15/27
......................
United
States
96,827,000
99,097,109
688,710,690
Independent
Power
and
Renewable
Electricity
Producers
0.1%
e
Calpine
Corp.
,
Senior
Secured
Bond
,
144A,
5.25
%
,
6/01/26
.....
United
States
4,946,000
5,080,605
e,f
Vistra
Corp.
,
Junior
Sub.
Bond
,
144A,
7%
to
12/15/26,
FRN
thereafter
,
Perpetual
.................................
United
States
50,000,000
50,729,750
55,810,355
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
72,882,154
Machinery
0.1%
e
Roller
Bearing
Co.
of
America,
Inc.
,
Senior
Note,
144A,
4.375
%
,
10/15/29
..........................................
United
States
17,000,000
17,361,250
e
TK
Elevator
U.S.
Newco
,
Inc.
,
Senior
Secured
Note
,
144A,
5.25
%
,
7/15/27
...........................................
Germany
43,000,000
45,258,790
62,620,040
Media
2.2%
e
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
20,000,000
21,430,600
Senior
Note,
144A,
7.5%,
6/01/29
.......................
United
States
35,000,000
37,422,700
CSC
Holdings
LLC
,
e
Senior
Bond,
144A,
5.5%,
4/15/27
.......................
United
States
190,000,000
196,638,602
Senior
Note,
5.875%,
9/15/22
..........................
United
States
22,755,000
23,346,971
e
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.
,
Senior
Secured
Note
,
144A,
5.375
%
,
8/15/26
....................
United
States
152,000,000
76,174,800
e
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
....................
United
States
60,000,000
61,512,000
DISH
DBS
Corp.
,
Senior
Note,
5.875%,
7/15/22
..........................
United
States
383,500,000
390,220,838
Senior
Note,
5%,
3/15/23
.............................
United
States
300,000,000
307,842,000
Senior
Note,
5.875%,
11/15/24
.........................
United
States
150,000,000
154,284,000
Senior
Note,
7.375%,
7/01/28
..........................
United
States
35,000,000
35,493,675
e
Senior
Secured
Note,
144A,
5.25%,
12/01/26
..............
United
States
35,000,000
35,618,100
e
Midas
OpCo
Holdings
LLC
,
Senior
Note
,
144A,
5.625
%
,
8/15/29
..
United
States
35,000,000
35,886,725
e
Univision
Communications,
Inc.
,
Senior
Secured
Note,
144A,
5.125%,
2/15/25
..............
United
States
217,220,000
219,662,639
Senior
Secured
Note,
144A,
9.5%,
5/01/25
................
United
States
55,000,000
58,837,075
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)
Media
(continued)
e
Univision
Communications,
Inc.,
(continued)
Senior
Secured
Note,
144A,
6.625%,
6/01/27
..............
United
States
30,000,000
$
32,355,450
1,686,726,175
Metals
&
Mining
0.4%
e
Cleveland-Cliffs,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
3/15/26
.
United
States
50,000,000
52,996,000
e
First
Quantum
Minerals
Ltd.
,
Senior
Note,
144A,
7.25%,
4/01/23
......................
Zambia
12,400,000
12,558,410
Senior
Note,
144A,
6.5%,
3/01/24
.......................
Zambia
12,129,000
12,293,954
Senior
Note,
144A,
7.5%,
4/01/25
.......................
Zambia
67,598,000
69,624,251
e
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond,
144A,
4.375%,
4/01/31
.....................
Australia
35,000,000
36,810,550
Senior
Note,
144A,
5.125%,
5/15/24
.....................
Australia
60,540,000
64,235,362
Freeport-McMoRan,
Inc.
,
Senior
Bond,
5.25%,
9/01/29
...........................
United
States
25,000,000
27,417,125
Senior
Note,
3.875%,
3/15/23
..........................
United
States
62,636,000
64,828,260
340,763,912
Oil,
Gas
&
Consumable
Fuels
1.2%
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note,
7.75%,
4/15/23
...........................
United
States
132,585,000
132,225,694
e
Senior
Note,
144A,
11%,
4/15/25
........................
United
States
270,000,000
291,543,300
e
Senior
Secured
Note,
144A,
9.25%,
7/15/24
...............
United
States
111,402,000
121,031,032
Civitas
Resources,
Inc.
,
Senior
Note
,
7.5
%
,
4/30/26
...........
United
States
32,713,617
33,050,077
Occidental
Petroleum
Corp.
,
Senior
Bond,
6.125%,
1/01/31
..........................
United
States
30,000,000
36,500,400
Senior
Note,
8%,
7/15/25
.............................
United
States
50,000,000
58,425,000
Senior
Note,
5.5%,
12/01/25
...........................
United
States
30,000,000
33,311,250
Senior
Note,
6.375%,
9/01/28
..........................
United
States
60,000,000
71,323,200
Senior
Note,
6.625%,
9/01/30
..........................
United
States
40,000,000
49,567,200
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
,
Senior
Note,
6%,
2/15/28
.............................
United
States
37,000,000
23,826,335
e
Senior
Secured
Note,
144A,
9.25%,
5/15/25
...............
United
States
43,430,000
41,360,778
892,164,266
Pharmaceuticals
2.3%
e
Bausch
Health
Americas,
Inc.
,
Senior
Note,
144A,
9.25%,
4/01/26
......................
United
States
148,000,000
156,507,780
Senior
Note,
144A,
8.5%,
1/31/27
.......................
United
States
94,000,000
98,835,830
e
Bausch
Health
Cos.,
Inc.
,
Senior
Bond,
144A,
6.125%,
4/15/25
.....................
United
States
187,000,000
190,709,145
Senior
Note,
144A,
9%,
12/15/25
.......................
United
States
140,000,000
147,627,200
Senior
Note,
144A,
5%,
1/30/28
........................
United
States
170,000,000
156,667,750
Senior
Note,
144A,
5%,
2/15/29
........................
United
States
63,000,000
55,696,095
Senior
Note,
144A,
6.25%,
2/15/29
......................
United
States
81,000,000
77,102,280
Senior
Secured
Note,
144A,
5.5%,
11/01/25
...............
United
States
100,000,000
101,751,500
Senior
Secured
Note,
144A,
4.875%,
6/01/28
..............
United
States
35,000,000
35,763,350
e
Bayer
US
Finance
II
LLC
,
Senior
Note
,
144A,
4.25
%
,
12/15/25
...
Germany
65,000,000
70,366,540
e
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco
,
Inc.
,
Secured
Note,
144A,
9.5%,
7/31/27
......................
United
States
135,712,000
138,285,095
Senior
Note,
144A,
6%,
6/30/28
........................
United
States
150,739,000
112,531,186
Senior
Secured
Note,
144A,
5.875%,
10/15/24
.............
United
States
47,500,000
46,809,350
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
Endo
Finance
LLC
,
Senior
Note
,
144A,
5.75
%
,
1/15/22
.........
United
States
53,224,000
$
49,498,320
e
Endo
Luxembourg
Finance
Co.
I
SARL
/
Endo
US,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
4/01/29
....................
United
States
55,000,000
54,008,625
e
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
4/01/27
United
States
99,744,000
102,081,002
Utah
Acquisition
Sub,
Inc.
,
Senior
Note
,
3.95
%
,
6/15/26
.........
United
States
110,000,000
118,721,922
1,712,962,970
Road
&
Rail
0.1%
e
Ashtead
Capital,
Inc.
,
Senior
Note,
144A,
4%,
5/01/28
........................
United
Kingdom
15,000,000
15,682,306
Senior
Note,
144A,
4.375%,
8/15/27
.....................
United
Kingdom
34,500,000
35,840,670
51,522,976
Semiconductors
&
Semiconductor
Equipment
0.1%
Microchip
Technology,
Inc.
,
Senior
Secured
Note
,
4.333
%
,
6/01/23
United
States
69,000,000
71,944,958
Tobacco
0.3%
BAT
Capital
Corp.
,
Senior
Note,
3.222%,
8/15/24
..........................
United
Kingdom
78,500,000
81,635,886
Senior
Note,
3.557%,
8/15/27
..........................
United
Kingdom
170,000,000
178,429,295
260,065,181
Trading
Companies
&
Distributors
0.2%
United
Rentals
North
America,
Inc.
,
Senior
Bond
,
4.875
%
,
1/15/28
United
States
93,000,000
97,891,801
e
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
6/15/25
...
United
States
30,000,000
31,838,250
129,730,051
Wireless
Telecommunication
Services
1.3%
Sprint
Communications,
Inc.
,
Senior
Note,
6
%
,
11/15/22
........
United
States
347,700,000
362,338,170
Sprint
Corp.
,
Senior
Note,
7.875%,
9/15/23
..........................
United
States
187,350,000
206,595,529
Senior
Note,
7.125%,
6/15/24
..........................
United
States
190,650,000
214,275,348
Senior
Note,
7.625%,
3/01/26
..........................
United
States
86,300,000
103,720,949
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
99,357,741
986,287,737
Total
Corporate
Bonds
(Cost
$16,813,926,614)
..................................
17,801,793,764
a
g
Senior
Floating
Rate
Interests
0.2%
Commercial
Services
&
Supplies
0.0%
†
APX
Group,
Inc.
,
Initial
Term
Loan
,
4.005
%
,
(
1-month
USD
LIBOR
+
2.5%;
1-month
USD
LIBOR
+
3.5%
),
7/10/28
...............
United
States
20,000,000
19,995,800
Diversified
Financial
Services
0.1%
MPH
Acquisition
Holdings
LLC
,
Initial
Term
Loan
,
4.75
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
9/01/28
..........................
United
States
33,915,000
33,194,476
Media
0.0%
†
DIRECTV
Financing
LLC
,
Closing
Date
Term
Loan
,
5.75
%
,
(
3-month
USD
LIBOR
+
5
%
),
8/02/27
............................
United
States
19,550,000
19,593,205
Pharmaceuticals
0.0%
†
Jazz
Pharmaceuticals
plc
,
Initial
Dollar
Term
Loan
,
4
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
5/05/28
...........................
United
States
19,900,000
19,998,306
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
(continued)
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
$
4,910,859
First
Lien,
Second-Out
Term
Loan,
13%,
(3-month
USD
LIBOR
+
5%),
7/31/25
.......................................
United
States
30,364,025
22,368,115
27,278,974
a
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$113,607,662)
.........................
120,060,761
U.S.
Government
and
Agency
Securities
6.2%
U.S.
Treasury
Notes
,
0.125%,
8/31/23
.....................................
United
States
500,000,000
495,644,530
0.25%,
3/15/24
.....................................
United
States
750,000,000
741,123,045
0.25%,
6/15/24
.....................................
United
States
750,000,000
739,042,965
0.375%,
9/15/24
.....................................
United
States
750,000,000
739,482,420
0.5%,
3/31/25
......................................
United
States
750,000,000
737,666,018
0.75%,
5/31/26
.....................................
United
States
750,000,000
734,648,437
0.875%,
6/30/26
.....................................
United
States
500,000,000
492,128,905
Total
U.S.
Government
and
Agency
Securities
(Cost
$4,736,992,282)
..............
4,679,736,320
Asset-Backed
Securities
0.1%
Airlines
0.1%
United
Airlines
Pass-Through
Trust
,
2020-1
,
A
,
5.875
%
,
10/15/27
.
United
States
49,681,500
54,513,751
Total
Asset-Backed
Securities
(Cost
$49,681,500)
...............................
54,513,751
Mortgage-Backed
Securities
0.1%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.1%
FNMA,
30
Year,
4%,
8/01/49
.............................
United
States
35,364,056
38,282,824
Total
Mortgage-Backed
Securities
(Cost
$37,463,796)
............................
38,282,824
Shares
Escrows
and
Litigation
Trusts
0.0%
†
e
Chesapeake
Energy
Corp.,
Escrow
Account,
144A
............
United
States
25,000,000
26,778,250
Total
Escrows
and
Litigation
Trusts
(Cost
$25,000,000)
..........................
26,778,250
Total
Long
Term
Investments
(Cost
$66,279,156,247)
............................
71,362,388,739
a
Short
Term
Investments
4.1%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
4.1%
h,i
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
3,104,891,435
3,104,891,435
Total
Money
Market
Funds
(Cost
$3,104,891,435)
................................
3,104,891,435
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.0%
†
a
A
a
a
a
a
Money
Market
Funds
0.0%
†
h,i
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
1,355,000
1,355,000
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,
BNP
Paribas
SA,
0.05%,
1/03/22
(Maturity
Value
$338,859)
Collateralized
by
U.S.
Treasury
Bond,
Index-Linked,
2%,
1/15/26;
U.S.
Treasury
Bond,
Strip,
11/15/22;
U.S.
Treasury
Bonds,
6.5%
-
7.5%,
8/15/22
-
11/15/26;
U.S.
Treasury
Notes,
Index-Linked,
0.625%,
1/15/24
-
1/15/26;
and
U.S.
Treasury
Notes,
0.125%
-
2.75%,
7/31/22
-
11/15/26
(valued
at
$345,635)
.............
338,858
$
338,858
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$1,693,858)
............................................................
1,693,858
Total
Short
Term
Investments
(Cost
$3,106,585,293
)
.............................
3,106,585,293
a
Total
Investments
(Cost
$69,385,741,540)
99.4%
................................
$74,468,974,032
Options
Written
(0.1)%
.......................................................
(84,229,954)
Other
Assets,
less
Liabilities
0.7%
.............................................
527,099,347
Net
Assets
100.0%
...........................................................
$74,911,843,425
Number
of
Contracts
Notional
Amount
#
Options
Written
(0.1)%
Calls
-
Exchange-Traded
Equity
Options
3M
Co.,
January
Strike
Price
$190.00,
Expires
1/21/22
.........
10,000
177,630,000
(150,000)
AbbVie,
Inc.,
January
Strike
Price
$125.00,
Expires
1/21/22
......
10,000
135,400,000
(10,800,000)
AbbVie,
Inc.,
February
Strike
Price
$140.00,
Expires
2/18/22
.....
10,000
135,400,000
(2,450,000)
Air
Products
and
Chemicals,
Inc.,
January
Strike
Price
$320.00,
Expires
1/21/22
.....................................
4,000
121,704,000
(140,000)
Chevron
Corp.,
January
Strike
Price
$125.00,
Expires
1/21/22
....
10,000
117,350,000
(250,000)
Citigroup,
Inc.,
January
Strike
Price
$77.50,
Expires
1/21/22
.....
20,000
120,780,000
(60,000)
Coca-Cola
Co.
(The),
March
Strike
Price
$60.00,
Expires
3/18/22
.
20,000
118,420,000
(2,580,000)
CVS
Health
Corp.,
January
Strike
Price
$100.00,
Expires
1/21/22
.
28,000
288,848,000
(10,920,000)
Home
Depot,
Inc.
(The),
January
Strike
Price
$380.00,
Expires
1/21/22
...........................................
10,000
415,010,000
(36,500,000)
JPMorgan
Chase
&
Co.,
January
Strike
Price
$170.00,
Expires
1/21/22
...........................................
20,000
316,700,000
(540,000)
Lockheed
Martin
Corp.,
January
Strike
Price
$360.00,
Expires
1/21/22
...........................................
5,000
177,705,000
(1,700,000)
Medtronic
plc,
January
Strike
Price
$125.00,
Expires
1/21/22
.....
10,000
103,450,000
(10,000)
Merck
&
Co.,
Inc.,
January
Strike
Price
$95.00,
Expires
1/21/22
...
12,000
91,968,000
(24,000)
Morgan
Stanley,
January
Strike
Price
$115.00,
Expires
1/21/22
...
8,100
79,509,600
(48,600)
PepsiCo,
Inc.,
January
Strike
Price
$170.00,
Expires
1/21/22
.....
10,000
173,710,000
(4,790,000)
PepsiCo,
Inc.,
January
Strike
Price
$175.00,
Expires
1/21/22
.....
10,000
173,710,000
(1,590,000)
Pfizer,
Inc.,
February
Strike
Price
$65.00,
Expires
2/18/22
.......
5,000
29,525,000
(520,000)
Walmart,
Inc.,
January
Strike
Price
$160.00,
Expires
1/21/22
.....
10,000
144,690,000
(50,000)
(73,122,600)
Puts
-
Exchange-Traded
Equity
Options
Amazon.com,
Inc.,
January
Strike
Price
$3,100.00,
Expires
1/21/22
500
166,717,000
(653,500)
Boeing
Co.
(The),
January
Strike
Price
$185.00,
Expires
1/21/22
..
10,000
201,320,000
(1,180,000)
Goldman
Sachs
Group,
Inc.
(The),
January
Strike
Price
$350.00,
Expires
1/21/22
.....................................
5,000
191,275,000
(740,000)
Medtronic
plc,
January
Strike
Price
$110.00,
Expires
1/21/22
.....
9,974
103,181,030
(6,193,854)
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
44
.
a
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
a
a
Options
Written
(continued)
Puts
-
Exchange-Traded
(continued)
Equity
Options
(continued)
Morgan
Stanley,
January
Strike
Price
$85.00,
Expires
1/21/22
....
10,000
98,160,000
$
(210,000)
salesforce.com,
Inc.,
January
Strike
Price
$240.00,
Expires
1/21/22
5,000
127,065,000
(795,000)
Target
Corp.,
January
Strike
Price
$200.00,
Expires
1/21/22
.....
10,000
231,440,000
(240,000)
Texas
Instruments,
Inc.,
January
Strike
Price
$165.00,
Expires
1/21/22
...........................................
10,000
188,470,000
(240,000)
Walt
Disney
Co.
(The),
January
Strike
Price
$145.00,
Expires
1/21/22
...........................................
15,000
232,335,000
(855,000)
(11,107,354)
Total
Options
Written
(Premiums
received
$59,271,747)
..........................
$
(84,229,954)
#
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
December
31,
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
December
31,
2021,
the
aggregate
value
of
these
securities
was
$23,194,228,897,
representing
31.0%
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
December
31,
2021,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited),
December
31,
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
0.5%
U.S.
Treasury
Bonds,
4.75%,
2/15/37
....................................
$
14,500,000
$
20,571,875
Total
U.S.
Government
and
Agency
Securities
(Cost
$18,720,947)
.................
20,571,875
Mortgage-Backed
Securities
97.8%
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
97.8%
GNMA
I,
30
Year,
4.5%,
4/15/40
........................................
4,419,071
4,961,985
GNMA
I,
30
Year,
5%,
9/15/40
..........................................
161,113,120
184,589,054
GNMA
I,
30
Year,
5.5%,
2/15/40
........................................
73,097,214
84,566,147
GNMA
I,
30
Year,
6%,
12/15/39
.........................................
66,036,048
76,718,019
GNMA
I,
30
Year,
6.5%,
8/15/37
........................................
18,467,753
20,841,952
GNMA
I,
30
Year,
7%,
9/15/32
..........................................
12,004,577
13,848,558
GNMA
I,
30
Year,
7.5%,
7/15/26
-
8/15/33
.................................
1,155,211
1,301,229
GNMA
I,
30
Year,
8%,
10/15/29
.........................................
2,150
2,478
GNMA
I,
30
Year,
8.5%,
11/15/24
........................................
532
565
GNMA
I,
Single-family,
30
Year,
3.5%,
4/15/43
-
5/15/43
......................
14,456,297
15,500,678
GNMA
I,
Single-family,
30
Year,
4%,
10/15/40
-
8/15/46
.......................
42,970,833
47,015,010
GNMA
I,
Single-family,
30
Year,
4.5%,
2/15/39
-
6/15/41
......................
83,107,200
93,873,438
GNMA
I,
Single-family,
30
Year,
5%,
2/15/35
...............................
24,505
27,561
GNMA
I,
Single-family,
30
Year,
5.5%,
5/15/33
-
4/15/49
......................
934,094
1,027,331
GNMA
I,
Single-family,
30
Year,
7.25%,
12/15/25
-
1/15/26
.....................
41,371
41,974
GNMA
I,
Single-family,
30
Year,
7.5%,
1/15/22
-
7/15/31
......................
1,425,694
1,488,605
GNMA
I,
Single-family,
30
Year,
8%,
1/15/22
-
9/15/30
........................
532,377
545,374
GNMA
I,
Single-family,
30
Year,
8.5%,
6/15/22
-
5/15/25
......................
26,877
27,042
GNMA
I,
Single-family,
30
Year,
9%,
5/15/22
-
1/15/23
........................
3,008
3,018
GNMA
I,
Single-family,
30
Year,
9.5%,
7/15/22
-
8/15/22
......................
1,622
1,624
GNMA
I,
Single-family,
30
Year,
10%,
2/15/25
..............................
3,622
3,631
GNMA
II,
30
Year,
4.5%,
5/20/34
-
6/20/41
.................................
3,717,672
4,106,805
GNMA
II,
30
Year,
6%,
7/20/39
.........................................
29,385,832
34,032,164
GNMA
II,
30
Year,
6%,
3/20/34
-
9/20/34
..................................
1,153,473
1,227,743
GNMA
II,
30
Year,
6.5%,
9/20/31
-
9/20/32
.................................
1,243,538
1,435,428
GNMA
II,
30
Year,
7%,
7/20/32
.........................................
357,361
416,486
GNMA
II,
30
Year,
7.5%,
10/20/24
.......................................
16,589
16,651
GNMA
II,
30
Year,
8%,
12/20/28
........................................
60,032
65,444
GNMA
II,
Single-family,
30
Year,
2%,
8/20/51
...............................
279,836,146
282,753,625
GNMA
II,
Single-family,
30
Year,
2.5%,
11/20/50
............................
17,648,583
18,091,362
GNMA
II,
Single-family,
30
Year,
2.5%,
5/20/51
.............................
243,658,593
249,907,673
GNMA
II,
Single-family,
30
Year,
2.5%,
7/20/51
.............................
86,240,585
88,452,386
GNMA
II,
Single-family,
30
Year,
2.5%,
8/20/51
.............................
252,986,635
259,474,950
GNMA
II,
Single-family,
30
Year,
2.5%,
9/20/51
.............................
101,120,758
103,714,189
GNMA
II,
Single-family,
30
Year,
2.5%,
10/20/51
............................
97,570,404
100,072,779
GNMA
II,
Single-family,
30
Year,
2.5%,
12/20/51
............................
98,000,000
100,513,393
GNMA
II,
Single-family,
30
Year,
3%,
10/20/44
..............................
23,945,485
25,119,102
GNMA
II,
Single-family,
30
Year,
3%,
12/20/44
..............................
12,424,420
13,001,419
GNMA
II,
Single-family,
30
Year,
3%,
5/20/45
...............................
18,408,797
19,312,038
GNMA
II,
Single-family,
30
Year,
3%,
4/20/46
...............................
24,928,662
26,012,987
GNMA
II,
Single-family,
30
Year,
3%,
9/20/47
...............................
20,198,172
21,076,730
GNMA
II,
Single-family,
30
Year,
3%,
10/20/47
..............................
32,457,999
33,877,669
GNMA
II,
Single-family,
30
Year,
3%,
6/20/50
...............................
15,684,131
16,559,198
GNMA
II,
Single-family,
30
Year,
3%,
7/20/51
...............................
188,970,819
195,823,991
GNMA
II,
Single-family,
30
Year,
3%,
8/20/51
...............................
207,809,910
215,684,520
GNMA
II,
Single-family,
30
Year,
3%,
9/20/51
...............................
34,279,039
35,566,414
GNMA
II,
Single-family,
30
Year,
3%,
10/20/51
..............................
143,936,832
149,373,654
GNMA
II,
Single-family,
30
Year,
3%,
11/20/51
..............................
90,525,643
93,984,481
GNMA
II,
Single-family,
30
Year,
3%,
12/20/51
..............................
130,000,000
135,119,180
GNMA
II,
Single-family,
30
Year,
3%,
2/20/45
-
10/20/50
......................
90,364,413
94,891,972
GNMA
II,
Single-family,
30
Year,
3.5%,
7/20/42
.............................
37,611,493
40,306,854
GNMA
II,
Single-family,
30
Year,
3.5%,
9/20/42
.............................
47,379,568
50,770,107
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
U.S.
Government
Securities
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
31
See
Abbreviations
on
page
44
.
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%,
5/20/43
.............................
$
14,088,485
$
15,090,408
GNMA
II,
Single-family,
30
Year,
3.5%,
6/20/43
.............................
16,400,219
17,574,178
GNMA
II,
Single-family,
30
Year,
3.5%,
8/20/43
.............................
10,699,602
11,466,080
GNMA
II,
Single-family,
30
Year,
3.5%,
9/20/47
.............................
188,929,547
199,060,274
GNMA
II,
Single-family,
30
Year,
3.5%,
11/20/47
............................
177,716,953
186,932,352
GNMA
II,
Single-family,
30
Year,
3.5%,
11/20/51
............................
26,923,646
28,223,849
GNMA
II,
Single-family,
30
Year,
3.5%,
10/20/40
-
1/20/49
.....................
51,242,069
54,888,712
GNMA
II,
Single-family,
30
Year,
4%,
11/20/40
..............................
12,745,219
13,812,345
GNMA
II,
Single-family,
30
Year,
4%,
9/20/41
...............................
12,604,444
13,661,208
GNMA
II,
Single-family,
30
Year,
4%,
10/20/41
..............................
15,486,769
16,785,164
GNMA
II,
Single-family,
30
Year,
4%,
11/20/41
..............................
14,466,408
15,679,263
GNMA
II,
Single-family,
30
Year,
4%,
5/20/47
...............................
46,285,760
49,385,256
GNMA
II,
Single-family,
30
Year,
4%,
6/20/47
...............................
35,103,713
37,383,959
GNMA
II,
Single-family,
30
Year,
4%,
7/20/47
...............................
23,142,345
24,678,050
GNMA
II,
Single-family,
30
Year,
4%,
5/20/40
-
12/20/49
......................
61,167,075
66,217,012
GNMA
II,
Single-family,
30
Year,
4.5%,
5/20/41
.............................
11,521,721
12,733,917
GNMA
II,
Single-family,
30
Year,
4.5%,
6/20/41
.............................
14,067,483
15,560,455
GNMA
II,
Single-family,
30
Year,
4.5%,
7/20/41
.............................
15,814,371
17,507,273
GNMA
II,
Single-family,
30
Year,
4.5%,
9/20/41
.............................
22,476,032
24,902,749
GNMA
II,
Single-family,
30
Year,
4.5%,
10/20/41
............................
16,040,628
17,772,560
GNMA
II,
Single-family,
30
Year,
4.5%,
5/20/33
-
2/20/44
......................
36,194,840
39,791,838
GNMA
II,
Single-family,
30
Year,
5%,
9/20/33
...............................
10,209,801
11,390,700
GNMA
II,
Single-family,
30
Year,
5%,
7/20/33
-
9/20/41
.......................
33,187,434
37,310,496
GNMA
II,
Single-family,
30
Year,
5.5%,
6/20/34
-
2/20/50
......................
47,087,211
53,703,653
GNMA
II,
Single-family,
30
Year,
6%,
6/20/34
...............................
595,581
666,673
GNMA
II,
Single-family,
30
Year,
6.5%,
6/20/24
-
1/20/39
......................
9,342,516
10,782,921
GNMA
II,
Single-family,
30
Year,
7%,
2/20/28
-
7/20/33
.......................
2,537,386
2,930,353
GNMA
II,
Single-family,
30
Year,
7.5%,
10/20/22
-
4/20/32
.....................
409,291
455,804
GNMA
II,
Single-family,
30
Year,
8%,
12/20/24
-
6/20/30
......................
175,782
195,739
GNMA
II,
Single-family,
30
Year,
8.5%,
3/20/22
-
6/20/25
......................
735
737
GNMA
II,
Single-family,
30
Year,
9.5%,
12/20/24
-
1/20/25
.....................
2,939
2,947
3,953,693,592
Total
Mortgage-Backed
Securities
(Cost
$3,899,698,101)
.........................
3,953,693,592
Total
Long
Term
Investments
(Cost
$3,918,419,048)
.............................
3,974,265,467
a
a
a
a
a
Short
Term
Investments
1.7%
Shares
a
Money
Market
Funds
1.7%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
66,814,956
66,814,956
Total
Money
Market
Funds
(Cost
$66,814,956)
..................................
66,814,956
Total
Short
Term
Investments
(Cost
$66,814,956
)
................................
66,814,956
a
Total
Investments
(Cost
$3,985,234,004)
100.0%
................................
$4,041,080,423
Other
Assets,
less
Liabilities
0.0
%
†
............................................
1,265,793
Net
Assets
100.0%
...........................................................
$4,042,346,216
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),
December
31,
2021
Franklin
Utilities
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
32
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
99.4%
Diversified
Telecommunication
Services
1.0%
a
TELUS
Corp.
........................................
Canada
3,000,000
$
70,676,157
Electric
Utilities
59.1%
Alliant
Energy
Corp.
...................................
United
States
3,800,000
233,586,000
American
Electric
Power
Co.,
Inc.
.........................
United
States
2,800,000
249,116,000
Duke
Energy
Corp.
....................................
United
States
2,700,000
283,230,000
Edison
International
...................................
United
States
4,400,000
300,300,000
Emera
,
Inc.
..........................................
Canada
1,800,000
89,992,882
Entergy
Corp.
........................................
United
States
2,200,000
247,830,000
Evergy
,
Inc.
..........................................
United
States
3,400,000
233,274,000
Eversource
Energy
....................................
United
States
2,200,000
200,156,000
Exelon
Corp.
.........................................
United
States
5,700,000
329,232,000
FirstEnergy
Corp.
.....................................
United
States
2,000,000
83,180,000
NextEra
Energy,
Inc.
...................................
United
States
9,686,286
904,311,661
OGE
Energy
Corp.
....................................
United
States
1,400,000
53,732,000
Origin
Energy
Ltd.
.....................................
Australia
7,000,000
26,680,541
a
PG&E
Corp.
.........................................
United
States
7,000,000
84,980,000
Pinnacle
West
Capital
Corp.
.............................
United
States
1,200,000
84,708,000
PPL
Corp.
...........................................
United
States
5,000,000
150,300,000
Southern
Co.
(The)
....................................
United
States
4,100,000
281,178,000
Xcel
Energy,
Inc.
......................................
United
States
2,100,000
142,170,000
3,977,957,084
Gas
Utilities
2.2%
Atmos
Energy
Corp.
...................................
United
States
250,000
26,192,500
Southwest
Gas
Holdings,
Inc.
............................
United
States
800,000
56,040,000
Spire,
Inc.
...........................................
United
States
1,000,000
65,220,000
147,452,500
Independent
Power
and
Renewable
Electricity
Producers
1.3%
Clearway
Energy,
Inc.,
C
................................
United
States
200,000
7,206,000
Vistra
Corp.
..........................................
United
States
3,500,000
79,695,000
86,901,000
Multi-Utilities
32.2%
Ameren
Corp.
........................................
United
States
1,668,250
148,490,932
Black
Hills
Corp.
......................................
United
States
784,393
55,354,614
CenterPoint
Energy,
Inc.
................................
United
States
6,400,000
178,624,000
CMS
Energy
Corp.
....................................
United
States
5,000,000
325,250,000
Consolidated
Edison,
Inc.
...............................
United
States
1,100,000
93,852,000
Dominion
Energy,
Inc.
..................................
United
States
3,800,000
298,528,000
DTE
Energy
Co.
......................................
United
States
1,500,000
179,310,000
E.ON
SE
............................................
Germany
9,000,000
124,978,158
National
Grid
plc
......................................
United
Kingdom
5,500,000
79,241,649
NiSource,
Inc.
........................................
United
States
5,600,000
154,616,000
NorthWestern
Corp.
...................................
United
States
1,255,416
71,759,579
Public
Service
Enterprise
Group,
Inc.
......................
United
States
1,900,000
126,787,000
Sempra
Energy
.......................................
United
States
1,900,000
251,332,000
WEC
Energy
Group,
Inc.
................................
United
States
800,000
77,656,000
2,165,779,932
Oil,
Gas
&
Consumable
Fuels
1.9%
Cheniere
Energy,
Inc.
..................................
United
States
800,000
81,136,000
DT
Midstream,
Inc.
....................................
United
States
750,000
35,985,000
Williams
Cos.,
Inc.
(The)
................................
United
States
400,000
10,416,000
127,537,000
Water
Utilities
1.7%
Essential
Utilities,
Inc.
..................................
United
States
1,600,000
85,904,000
Franklin
Custodian
Funds
Statement
of
Investments
(unaudited)
Franklin
Utilities
Fund
(continued)
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
(continued)
Water
Utilities
(continued)
United
Utilities
Group
plc
................................
United
Kingdom
2,000,000
$
29,486,930
115,390,930
Total
Common
Stocks
(Cost
$3,054,729,095)
....................................
6,691,694,603
Short
Term
Investments
0.4%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
0.4%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
29,226,976
29,226,976
Total
Money
Market
Funds
(Cost
$29,226,976)
..................................
29,226,976
Total
Short
Term
Investments
(Cost
$29,226,976
)
................................
29,226,976
a
Total
Investments
(Cost
$3,083,956,071)
99.8%
..................................
$6,720,921,579
Other
Assets,
less
Liabilities
0.2%
.............................................
9,167,729
Net
Assets
100.0%
...........................................................
$6,730,089,308
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
Notes
to
Statements
of
Investments
(unaudited)
34
Quarterly
Statements
of
Investments
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, and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP). 
2. Financial
Instrument
Valuation
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Funds’
administrator
has
responsibility
for
oversight
of
valuation,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
and
derivative
financial
instruments
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The
Funds’
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Investments
in
repurchase
agreements
are
valued
at
cost,
which
approximates
fair
value.
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Funds’ business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Funds’
portfolio
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
35
Quarterly
Statements
of
Investments
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
December
31,
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
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
exposure
to
equity
price
risk.
An
option
is
a
contract
entitling
the
holder
to
purchase
or
sell
a
specific
amount
of
shares
or
units
of
an
asset
or
notional
amount
of
a
swap
(swaption),
at
a
specified
price.
When
an
option
is
purchased
or
written,
an
amount
equal
to
the
premium
paid
or
received
is
recorded
as
an
asset
or
liability,
respectively.
Upon
exercise
of
an
option,
the
acquisition
cost
or
sales
proceeds
of
the
underlying
investment
is
adjusted
by
any
premium
received
or
paid.
Upon
expiration
of
an
option,
any
premium
received
or
paid
is
recorded
as
a
realized
gain
or
loss.
Upon
closing
an
option
other
than
through
expiration
or
exercise,
the
difference
between
the
premium
received
or
paid
and
the
cost
to
close
the
position
is
recorded
as
a
realized
gain
or
loss. 
The
following
Fund
has
invested
in
derivatives
during
the
period. 
Franklin
Income
Fund
-
Options
2. Financial
Instrument
Valuation
(continued)
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
36
Quarterly
Statements
of
Investments
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
December
31,
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
25,413
Canva
,
Inc.
................................
11/08/21
$
43,323,040
$
43,307,866
2,353
Canva
,
Inc.,
A
..............................
11/08/21
4,011,298
4,009,893
94
Canva
,
Inc.,
A-3
.............................
11/08/21
160,247
160,191
8
Canva
,
Inc.,
A-4
.............................
11/08/21
13,638
13,633
5
Canva
,
Inc.,
A-5
.............................
11/08/21
8,524
8,521
822,494
Gusto,
Inc.,
E
...............................
7/13/21
24,999,977
22,250,562
849,894
OneTrust
LLC,
C
............................
4/01/21
16,666,676
15,967,467
540,043
Stripe,
Inc.,
B
...............................
5/18/21
21,671,052
20,449,176
756,137
Stripe,
Inc.,
H
...............................
3/15/21
30,339,997
28,631,754
Total
Restricted
Securities
(Value
is
0.6%
of
Net
Assets)
..............
$141,194,449
$134,799,063
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
37
Quarterly
Statements
of
Investments
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.
Additionally,
as
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
companies’
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
company.
During
the
period
ended
December
31,
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
Income
Fund
Non-Controlled
Affiliates
Dividends
Chesapeake
Energy
Corp.
$
307,950,000
$
—
$
—
$
—
$
—
a
$
—
a
—
$
2,179,094
Chesapeake
Energy
Corp.,
2/09/26
..........
391,333,500
—
(213,257,066)
(65,975,487)
—
a
—
a
—
—
Chesapeake
Energy
Corp.,
Escrow
Account,
144A
26,742,500
—
—
—
—
a
—
a
—
367,188
CHS/Community
Health
Systems,
Inc.
......
117,000,000
—
—
—
16,100,000
133,100,000
10,000,000
—
Civitas
Resources,
Inc.
.
162,860,000
—
(86,705,793)
24,500,793
—
a
—
a
—
1,140,106
Weatherford
International
plc
.............
232,499,400
—
(51,119,834)
11,079,834
84,740,600
277,200,000
10,000,000
—
$1,238,385,400
$—
$(351,082,693)
$
(30,394,860)
$
100,840,600
$410,300,000
$
3,686,388
Interest
Civitas
Resources,
Inc.,
Senior
Note,
7.5%,
4/30/26
..........
33,003,296
—
—
—
—
a
—
a
—
620,196
Total
Affiliated
Securities
(Value
is
0.6%
†
of
Net
Assets)
..........
$1,271,388,696
$—
$(351,082,693)
$
(30,394,860)
$
100,840,600
$410,300,000
$4,306,584
a
As
of
December
31,
2021,
no
longer
an
affiliate.
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
38
Quarterly
Statements
of
Investments
8.
Investments
in
Affiliated
Management
Investment
Companies 
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
December
31,
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%
.
$
396,130,154
$
1,932,615,005
$
(2,108,804,767)
$
—
$
—
$
219,940,392
219,940,392
$
5,352
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
44,677,000
638,230,000
(540,652,000)
—
—
142,255,000
142,255,000
3,029
Total
Affiliated
Securities
...
$440,807,154
$2,570,845,005
$(2,649,456,767)
$—
$—
$362,195,392
$8,381
Franklin
Focused
Growth
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$
3,205,079
$
17,073,891
$
(16,252,080)
$
—
$
—
$
4,026,890
4,026,890
$
92
Total
Affiliated
Securities
...
$3,205,079
$17,073,891
$(16,252,080)
$—
$—
$4,026,890
$92
Franklin
Growth
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$
141,998,542
$
607,430,746
$
(608,209,247)
$
—
$
—
$
141,220,041
141,220,041
$
3,136
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
76,774,000
227,791,000
(252,723,000)
—
—
51,842,000
51,842,000
1,095
Total
Affiliated
Securities
...
$218,772,542
$835,221,746
$(860,932,247)
$—
$—
$193,062,041
$4,231
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
39
Quarterly
Statements
of
Investments
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%
.
$
3,428,988,776
$
3,988,362,844
$
(4,312,460,185)
$
—
$
—
$
3,104,891,435
3,104,891,435
$
66,209
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
1,876,000
101,729,697
(102,250,697)
—
—
1,355,000
1,355,000
340
Total
Affiliated
Securities
...
$3,430,864,776
$4,090,092,541
$(4,414,710,882)
$—
$—
$3,106,246,435
$66,549
Franklin
U.S.
Government
Securities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$
85,708,046
$
265,232,520
$
(284,125,610)
$
—
$
—
$
66,814,956
66,814,956
$
1,775
Total
Affiliated
Securities
...
$85,708,046
$265,232,520
$(284,125,610)
$—
$—
$66,814,956
$1,775
Franklin
Utilities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$
12,629,462
$
126,336,004
$
(109,738,490)
$
—
$
—
$
29,226,976
29,226,976
$
371
Total
Affiliated
Securities
...
$12,629,462
$126,336,004
$(109,738,490)
$—
$—
$29,226,976
$371
8.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
40
Quarterly
Statements
of
Investments
A
summary
of
inputs
used
as
of
December
31,
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
...................
$
125,600,000
$
—
$
—
$
125,600,000
Automobiles
..........................
808,236,093
—
—
808,236,093
Banks
...............................
180,337,620
—
—
180,337,620
Biotechnology
.........................
358,365,000
88,831,734
—
447,196,734
Capital
Markets
........................
712,927,000
—
—
712,927,000
Chemicals
...........................
—
87,432,101
—
87,432,101
Consumer
Finance
.....................
11,600,000
—
—
11,600,000
Electric
Utilities
........................
280,080,000
—
—
280,080,000
Electronic
Equipment,
Instruments
&
Components
........................
352,604,500
125,675,164
—
478,279,664
Entertainment
.........................
861,532,000
—
—
861,532,000
Equity
Real
Estate
Investment
Trusts
(REITs)
.
236,258,000
—
—
236,258,000
Health
Care
Equipment
&
Supplies
.........
1,666,080,000
—
—
1,666,080,000
Health
Care
Providers
&
Services
..........
188,302,500
—
—
188,302,500
Health
Care
Technology
.................
450,123,000
—
—
450,123,000
Hotels,
Restaurants
&
Leisure
.............
236,504,500
—
—
236,504,500
Industrial
Conglomerates
................
122,965,000
—
—
122,965,000
Interactive
Media
&
Services
..............
1,967,216,000
71,632,022
—
2,038,848,022
Internet
&
Direct
Marketing
Retail
..........
2,093,574,000
—
—
2,093,574,000
IT
Services
...........................
3,052,801,131
554,729,681
—
3,607,530,812
Life
Sciences
Tools
&
Services
............
2,042,398,020
287,580,246
—
2,329,978,266
Media
...............................
80,450,000
—
—
80,450,000
Personal
Products
.....................
13,874,619
—
—
13,874,619
Pharmaceuticals
.......................
425,678,000
—
—
425,678,000
Professional
Services
...................
79,030,000
—
—
79,030,000
Semiconductors
&
Semiconductor
Equipment
.
3,517,134,903
—
—
3,517,134,903
Software
.............................
7,018,492,351
—
—
7,018,492,351
Technology
Hardware,
Storage
&
Peripherals
.
284,112,000
—
—
284,112,000
Trading
Companies
&
Distributors
..........
6,406,000
—
—
6,406,000
Preferred
Stocks
........................
—
13,516,121
—
13,516,121
Short
Term
Investments
...................
362,195,392
35,563,865
—
397,759,257
Total
Investments
in
Securities
...........
$27,534,877,629
$1,264,960,934
a
$—
$28,799,838,563
Franklin
Focused
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
1,256,000
—
—
1,256,000
Automobiles
..........................
6,320,800
—
—
6,320,800
Capital
Markets
........................
2,450,760
—
—
2,450,760
Electric
Utilities
........................
3,734,400
—
—
3,734,400
Entertainment
.........................
4,903,050
—
—
4,903,050
Equity
Real
Estate
Investment
Trusts
(REITs)
.
1,556,080
—
—
1,556,080
Food
&
Staples
Retailing
.................
3,065,580
—
—
3,065,580
Health
Care
Equipment
&
Supplies
.........
9,260,672
—
—
9,260,672
Health
Care
Technology
.................
2,299,320
—
—
2,299,320
Interactive
Media
&
Services
..............
7,139,480
—
—
7,139,480
Internet
&
Direct
Marketing
Retail
..........
12,699,820
—
—
12,699,820
IT
Services
...........................
10,113,194
3,934,391
—
14,047,585
Life
Sciences
Tools
&
Services
............
5,818,803
1,184,057
—
7,002,860
Personal
Products
.....................
1,851,000
—
—
1,851,000
9. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
41
Quarterly
Statements
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Focused
Growth
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Semiconductors
&
Semiconductor
Equipment
.
$
17,853,220
$
—
$
—
$
17,853,220
Software
.............................
26,198,160
—
—
26,198,160
Short
Term
Investments
...................
4,026,890
—
—
4,026,890
Total
Investments
in
Securities
...........
$120,547,229
$5,118,448
b
$—
$125,665,677
Franklin
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
708,816,561
—
—
708,816,561
Auto
Components
......................
99,868,648
—
—
99,868,648
Automobiles
..........................
203,279,736
—
—
203,279,736
Beverages
...........................
620,882,196
—
—
620,882,196
Biotechnology
.........................
343,500,204
—
—
343,500,204
Building
Products
......................
308,953,101
—
—
308,953,101
Capital
Markets
........................
815,743,935
—
—
815,743,935
Chemicals
...........................
541,494,551
—
—
541,494,551
Commercial
Services
&
Supplies
...........
89,053,467
—
—
89,053,467
Construction
Materials
..................
137,195,549
—
—
137,195,549
Electric
Utilities
........................
188,021,625
—
—
188,021,625
Electrical
Equipment
....................
100,971,045
—
—
100,971,045
Electronic
Equipment,
Instruments
&
Components
........................
711,908,825
—
—
711,908,825
Entertainment
.........................
257,432,312
—
—
257,432,312
Equity
Real
Estate
Investment
Trusts
(REITs)
.
234,272,033
—
—
234,272,033
Food
Products
........................
34,092,039
—
—
34,092,039
Health
Care
Equipment
&
Supplies
.........
1,029,980,853
—
—
1,029,980,853
Health
Care
Providers
&
Services
..........
212,447,024
—
—
212,447,024
Health
Care
Technology
.................
71,444,329
—
—
71,444,329
Hotels,
Restaurants
&
Leisure
.............
183,980,329
—
—
183,980,329
Interactive
Media
&
Services
..............
1,157,946,934
—
—
1,157,946,934
Internet
&
Direct
Marketing
Retail
..........
925,079,290
—
—
925,079,290
IT
Services
...........................
1,202,442,602
155,846,478
43,307,866
1,401,596,946
Life
Sciences
Tools
&
Services
............
1,409,851,546
110,580,765
—
1,520,432,311
Machinery
............................
903,125,673
—
—
903,125,673
Media
...............................
123,724,112
—
—
123,724,112
Personal
Products
.....................
78,853,874
—
—
78,853,874
Pharmaceuticals
.......................
902,098,269
—
—
902,098,269
Professional
Services
...................
474,940,604
—
—
474,940,604
Road
&
Rail
..........................
720,948,928
—
—
720,948,928
Semiconductors
&
Semiconductor
Equipment
.
1,569,166,765
—
—
1,569,166,765
Software
.............................
3,835,900,023
—
20,449,176
3,856,349,199
Technology
Hardware,
Storage
&
Peripherals
.
1,102,436,242
—
—
1,102,436,242
Textiles,
Apparel
&
Luxury
Goods
..........
311,564,064
—
—
311,564,064
Trading
Companies
&
Distributors
..........
172,771,293
—
—
172,771,293
Water
Utilities
.........................
129,688,462
—
—
129,688,462
Convertible
Preferred
Stocks
...............
—
—
71,042,021
71,042,021
Short
Term
Investments
...................
193,062,041
12,929,918
—
205,991,959
Total
Investments
in
Securities
...........
$22,106,939,084
$279,357,161
c
$134,799,063
$22,521,095,308
9. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
42
Quarterly
Statements
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
1,232,076,373
$
—
$
—
$
1,232,076,373
Banks
...............................
2,668,830,000
407,230,989
—
3,076,060,989
Beverages
...........................
1,535,659,871
—
—
1,535,659,871
Biotechnology
.........................
1,668,540,000
—
—
1,668,540,000
Capital
Markets
........................
196,320,000
—
—
196,320,000
Chemicals
...........................
349,899,000
420,779,353
—
770,678,353
Communications
Equipment
..............
633,700,000
—
—
633,700,000
Containers
&
Packaging
.................
80,547,069
—
—
80,547,069
Diversified
Telecommunication
Services
.....
2,389,027,023
—
—
2,389,027,023
Electric
Utilities
........................
4,349,542,500
—
—
4,349,542,500
Energy
Equipment
&
Services
.............
277,200,000
—
—
277,200,000
Food
&
Staples
Retailing
.................
289,452,345
—
—
289,452,345
Health
Care
Equipment
&
Supplies
.........
258,893,970
—
—
258,893,970
Health
Care
Providers
&
Services
..........
421,948,000
—
—
421,948,000
Health
Care
Technology
.................
22,150,000
—
—
22,150,000
Household
Products
....................
531,635,000
—
—
531,635,000
Independent
Power
and
Renewable
Electricity
Producers
..........................
132,066,000
—
—
132,066,000
Industrial
Conglomerates
................
407,387,500
—
—
407,387,500
Insurance
............................
53,116,500
—
—
53,116,500
IT
Services
...........................
630,140,000
—
—
630,140,000
Metals
&
Mining
.......................
142,377,500
—
—
142,377,500
Multi-Utilities
..........................
2,322,150,563
—
—
2,322,150,563
Oil,
Gas
&
Consumable
Fuels
.............
3,610,297,500
—
—
3,610,297,500
Personal
Products
.....................
—
536,028,780
—
536,028,780
Pharmaceuticals
.......................
4,838,588,690
266,810,596
—
5,105,399,286
Road
&
Rail
..........................
251,930,000
—
—
251,930,000
Semiconductors
&
Semiconductor
Equipment
.
592,250,052
—
—
592,250,052
Specialty
Retail
........................
415,010,000
—
—
415,010,000
Tobacco
.............................
1,023,460,500
111,304,652
—
1,134,765,152
Wireless
Telecommunication
Services
.......
—
263,377,228
—
263,377,228
Equity-Linked
Securities
...................
—
12,769,243,071
—
12,769,243,071
Convertible
Preferred
Stocks
:
Capital
Markets
........................
125,752,500
—
—
125,752,500
Electric
Utilities
........................
1,387,949,500
—
—
1,387,949,500
Machinery
............................
20,972,000
—
—
20,972,000
Multi-Utilities
..........................
604,499,330
—
—
604,499,330
Thrifts
&
Mortgage
Finance
...............
—
43,562,500
—
43,562,500
Preferred
Stocks
........................
29,700,000
—
—
29,700,000
Warrants
..............................
222,825,000
—
—
222,825,000
Convertible
Bonds
.......................
—
106,991,614
—
106,991,614
Corporate
Bonds
........................
—
17,801,793,764
—
17,801,793,764
Senior
Floating
Rate
Interests
...............
—
120,060,761
—
120,060,761
U.S.
Government
and
Agency
Securities
.......
—
4,679,736,320
—
4,679,736,320
Asset-Backed
Securities
..................
—
54,513,751
—
54,513,751
Mortgage-Backed
Securities
................
—
38,282,824
—
38,282,824
Escrows
and
Litigation
Trusts
...............
—
26,778,250
—
26,778,250
Short
Term
Investments
...................
3,106,246,435
338,858
—
3,106,585,293
Total
Investments
in
Securities
...........
$36,822,140,721
$37,646,833,311
d
$—
$74,468,974,032
9. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
43
Quarterly
Statements
of
Investments
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.
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. 
Level
1
Level
2
Level
3
Total
Franklin
Income
Fund
(continued)
Liabilities:
Other
Financial
Instruments:
Options
written
..........................
$
84,229,954
$
—
$
—
$
84,229,954
Total
Other
Financial
Instruments
.........
$84,229,954
$—
$—
$84,229,954
Franklin
U.S.
Government
Securities
Fund
Assets:
Investments
in
Securities:
e
U.S.
Government
and
Agency
Securities
.......
—
20,571,875
—
20,571,875
Mortgage-Backed
Securities
................
—
3,953,693,592
—
3,953,693,592
Short
Term
Investments
...................
66,814,956
—
—
66,814,956
Total
Investments
in
Securities
...........
$66,814,956
$3,974,265,467
$—
$4,041,080,423
Franklin
Utilities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Diversified
Telecommunication
Services
.....
—
70,676,157
—
70,676,157
Electric
Utilities
........................
3,951,276,543
26,680,541
—
3,977,957,084
Gas
Utilities
..........................
147,452,500
—
—
147,452,500
Independent
Power
and
Renewable
Electricity
Producers
..........................
86,901,000
—
—
86,901,000
Multi-Utilities
..........................
1,961,560,125
204,219,807
—
2,165,779,932
Oil,
Gas
&
Consumable
Fuels
.............
127,537,000
—
—
127,537,000
Water
Utilities
.........................
85,904,000
29,486,930
—
115,390,930
Short
Term
Investments
...................
29,226,976
—
—
29,226,976
Total
Investments
in
Securities
...........
$6,389,858,144
$331,063,435
f
$—
$6,720,921,579
a
Includes
foreign
securities
valued
at
$1,229,397,069,
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
$5,118,448,
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
$266,427,243,
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
$2,005,531,598,
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
$260,387,278,
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.
9. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Statements
of
Investments
(unaudited)
44
Quarterly
Statements
of
Investments
Abbreviations
Selected
Portfolio
ADR
American
Depositary
Receipt
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GDR
Global
Depositary
Receipt
GNMA
Government
National
Mortgage
Association
LIBOR
London
Inter-Bank
Offered
Rate
NYRS
New
York
Registry
Shares
Cu
r
rency
USD
United
States
Dollar
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.