NPORT-EX 2 FCF.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FCF-Q3PH
1
Schedules
of
Investments
(unaudited)
Franklin
DynaTech
Fund
2
Franklin
Focused
Growth
Fund
6
Franklin
Growth
Fund
8
Franklin
Income
Fund
14
Franklin
U.S.
Government
Securities
Fund
34
Franklin
Utilities
Fund
36
Notes
to
Schedules
of
Investments
38
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
June
30,
2022
Franklin
DynaTech
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
96.1%
Aerospace
&
Defense
0.6%
a
Axon
Enterprise,
Inc.
...................................
United
States
500,000
$
46,585,000
HEICO
Corp.
........................................
United
States
475,000
62,282,000
108,867,000
Automobiles
3.0%
a
Tesla,
Inc.
...........................................
United
States
800,000
538,736,000
Biotechnology
0.7%
a
Argenx
SE
..........................................
Netherlands
250,000
94,233,851
a
Halozyme
Therapeutics,
Inc.
.............................
United
States
650,000
28,600,000
122,833,851
Capital
Markets
2.5%
CME
Group,
Inc.
......................................
United
States
200,000
40,940,000
FactSet
Research
Systems,
Inc.
..........................
United
States
100,000
38,457,000
Moody's
Corp.
........................................
United
States
100,000
27,197,000
MSCI,
Inc.
...........................................
United
States
400,000
164,860,000
Tradeweb
Markets,
Inc.,
A
...............................
United
States
2,500,000
170,625,000
442,079,000
Chemicals
1.5%
Corteva,
Inc.
.........................................
United
States
2,200,000
119,108,000
FMC
Corp.
..........................................
United
States
500,000
53,505,000
Linde
plc
............................................
United
Kingdom
350,000
100,690,315
273,303,315
Construction
&
Engineering
0.6%
Quanta
Services,
Inc.
..................................
United
States
825,000
103,405,500
Electric
Utilities
1.5%
NextEra
Energy,
Inc.
...................................
United
States
3,500,000
271,110,000
Electronic
Equipment,
Instruments
&
Components
0.8%
Amphenol
Corp.,
A
....................................
United
States
500,000
32,190,000
Keyence
Corp.
.......................................
Japan
200,000
68,575,010
a
Keysight
Technologies,
Inc.
..............................
United
States
300,000
41,355,000
142,120,010
Energy
Equipment
&
Services
0.9%
Baker
Hughes
Co.
.....................................
United
States
3,500,000
101,045,000
Schlumberger
NV
.....................................
United
States
1,550,000
55,428,000
156,473,000
Entertainment
0.3%
a
Sea
Ltd.,
ADR
........................................
Singapore
800,000
53,488,000
Equity
Real
Estate
Investment
Trusts
(REITs)
1.1%
Crown
Castle
International
Corp.
..........................
United
States
200,000
33,676,000
SBA
Communications
Corp.
.............................
United
States
500,000
160,025,000
193,701,000
Health
Care
Equipment
&
Supplies
6.3%
Abbott
Laboratories
....................................
United
States
1,650,000
179,272,500
a
Dexcom,
Inc.
.........................................
United
States
250,000
18,632,500
a
Edwards
Lifesciences
Corp.
.............................
United
States
1,000,000
95,090,000
a
IDEXX
Laboratories,
Inc.
................................
United
States
725,000
254,279,250
a
Insulet
Corp.
.........................................
United
States
325,000
70,830,500
a
Intuitive
Surgical,
Inc.
..................................
United
States
950,000
190,674,500
STERIS
plc
..........................................
United
States
1,000,000
206,150,000
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
DynaTech
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
(continued)
Stryker
Corp.
........................................
United
States
500,000
$
99,465,000
1,114,394,250
Health
Care
Providers
&
Services
1.4%
UnitedHealth
Group,
Inc.
................................
United
States
500,000
256,815,000
Health
Care
Technology
1.5%
a
Inspire
Medical
Systems,
Inc.
............................
United
States
800,000
146,136,000
a
Veeva
Systems,
Inc.,
A
.................................
United
States
600,000
118,824,000
264,960,000
Hotels,
Restaurants
&
Leisure
0.8%
a
Airbnb,
Inc.,
A
........................................
United
States
1,000,000
89,080,000
a
Booking
Holdings,
Inc.
.................................
United
States
30,000
52,469,700
141,549,700
Interactive
Media
&
Services
5.5%
a
Alphabet,
Inc.,
A
......................................
United
States
300,000
653,778,000
a
Alphabet,
Inc.,
C
......................................
United
States
100,000
218,745,000
a
ZoomInfo
Technologies,
Inc.,
A
...........................
United
States
3,000,000
99,720,000
972,243,000
Internet
&
Direct
Marketing
Retail
6.6%
a
Amazon.com,
Inc.
.....................................
United
States
10,000,000
1,062,100,000
a
MercadoLibre,
Inc.
....................................
Brazil
190,000
121,005,300
1,183,105,300
IT
Services
7.7%
Accenture
plc,
A
......................................
United
States
85,000
23,600,250
a,b
Adyen
NV,
144A,
Reg
S
................................
Netherlands
200,000
288,612,702
a
Endava
plc,
ADR
......................................
United
Kingdom
176,492
15,578,949
a
Globant
SA
..........................................
United
States
250,000
43,500,000
Mastercard,
Inc.,
A
....................................
United
States
1,700,000
536,316,000
a
MongoDB,
Inc.
.......................................
United
States
700,000
181,650,000
a
Shopify,
Inc.,
A
.......................................
Canada
2,500,000
78,115,289
Visa,
Inc.,
A
..........................................
United
States
1,000,000
196,890,000
1,364,263,190
Life
Sciences
Tools
&
Services
8.3%
a
Bio-Rad
Laboratories,
Inc.,
A
.............................
United
States
200,000
99,000,000
Bio-Techne
Corp.
.....................................
United
States
100,000
34,664,000
Bruker
Corp.
.........................................
United
States
150,000
9,414,000
Danaher
Corp.
.......................................
United
States
2,000,000
507,040,000
a
Evotec
SE
...........................................
Germany
550,000
13,330,710
Lonza
Group
AG
......................................
Switzerland
200,000
106,844,278
a
Repligen
Corp.
.......................................
United
States
1,000,000
162,400,000
Thermo
Fisher
Scientific,
Inc.
............................
United
States
1,000,000
543,280,000
1,475,972,988
Machinery
0.4%
a
Chart
Industries,
Inc.
...................................
United
States
450,000
75,321,000
Pharmaceuticals
2.2%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
2,200,000
145,354,000
a
Catalent,
Inc.
........................................
United
States
2,000,000
214,580,000
a
Jazz
Pharmaceuticals
plc
...............................
United
States
150,000
23,401,500
383,335,500
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
DynaTech
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Professional
Services
0.1%
a
CoStar
Group,
Inc.
....................................
United
States
250,000
$
15,102,500
Semiconductors
&
Semiconductor
Equipment
12.9%
a
Advanced
Micro
Devices,
Inc.
............................
United
States
1,000,000
76,470,000
Analog
Devices,
Inc.
...................................
United
States
1,750,000
255,657,500
ASM
International
NV
..................................
Netherlands
200,000
49,759,068
ASML
Holding
NV,
NYRS
...............................
Netherlands
750,000
356,910,000
a
Enphase
Energy,
Inc.
..................................
United
States
200,000
39,048,000
Entegris,
Inc.
.........................................
United
States
1,000,000
92,130,000
Intel
Corp.
...........................................
United
States
750,000
28,057,500
KLA
Corp.
...........................................
United
States
500,000
159,540,000
Lam
Research
Corp.
...................................
United
States
500,000
213,075,000
Marvell
Technology,
Inc.
................................
United
States
500,000
21,765,000
Monolithic
Power
Systems,
Inc.
...........................
United
States
500,000
192,020,000
NVIDIA
Corp.
........................................
United
States
4,000,000
606,360,000
a
SiTime
Corp.
.........................................
United
States
500,000
81,515,000
a
SolarEdge
Technologies,
Inc.
............................
United
States
50,000
13,684,000
Teradyne,
Inc.
........................................
United
States
1,150,000
102,982,500
2,288,973,568
Software
26.9%
a
Adobe,
Inc.
..........................................
United
States
400,000
146,424,000
a
ANSYS,
Inc.
.........................................
United
States
600,000
143,574,000
a
Aspen
Technology,
Inc.
.................................
United
States
250,000
45,920,000
a
Atlassian
Corp.
plc,
A
..................................
United
States
1,000,000
187,400,000
a
Cadence
Design
Systems,
Inc.
...........................
United
States
2,100,000
315,063,000
Constellation
Software,
Inc.
..............................
Canada
10,000
14,845,168
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
800,000
134,848,000
a
Datadog,
Inc.,
A
......................................
United
States
1,500,000
142,860,000
a
Descartes
Systems
Group,
Inc.
(The)
......................
Canada
350,000
21,721,000
a
Fortinet,
Inc.
.........................................
United
States
1,500,000
84,870,000
a
Gitlab,
Inc.,
A
........................................
United
States
50,000
2,657,000
a
HubSpot,
Inc.
........................................
United
States
850,000
255,552,500
Intuit,
Inc.
...........................................
United
States
1,025,000
395,076,000
Microsoft
Corp.
.......................................
United
States
4,000,000
1,027,320,000
a
Palo
Alto
Networks,
Inc.
................................
United
States
350,000
172,879,000
a
Paycom
Software,
Inc.
.................................
United
States
225,000
63,027,000
a
Procore
Technologies,
Inc.
..............................
United
States
750,000
34,042,500
Roper
Technologies,
Inc.
................................
United
States
500,000
197,325,000
a
Salesforce,
Inc.
.......................................
United
States
1,400,000
231,056,000
a
ServiceNow,
Inc.
......................................
United
States
1,150,000
546,848,000
a
Synopsys,
Inc.
.......................................
United
States
1,250,000
379,625,000
a
Tyler
Technologies,
Inc.
.................................
United
States
300,000
99,744,000
a
Workday,
Inc.,
A
......................................
United
States
1,050,000
146,559,000
4,789,236,168
Technology
Hardware,
Storage
&
Peripherals
1.8%
Apple,
Inc.
..........................................
United
States
2,300,000
314,456,000
Trading
Companies
&
Distributors
0.2%
Fastenal
Co.
.........................................
United
States
700,000
34,944,000
Total
Common
Stocks
(Cost
$12,502,141,956)
...................................
17,080,788,840
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
DynaTech
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
See
Abbreviations
on
page
47
.
Short
Term
Investments
3.2%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
1.9%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.895%
....
United
States
327,094,378
$
327,094,378
Total
Money
Market
Funds
(Cost
$327,094,378)
.................................
327,094,378
Principal
Amount
*
a
a
a
Repurchase
Agreements
1.3%
e
Joint
Repurchase
Agreement,
1.411%,
7/01/22
(Maturity
Value
$233,849,505)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$127,990,511)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$6,664,711)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$99,194,283)
Collateralized
by
U.S.
Government
Agency
Securities,
2%
-
6%,
12/28/37
-
12/20/51;
U.S.
Government
Agency
Strips,
7/15/23;
and
U.S.
Treasury
Notes,
0.25%
-
0.75%,
7/31/25
-
3/31/26
(valued
at
$238,589,723)
......................................
233,840,341
233,840,341
Total
Repurchase
Agreements
(Cost
$233,840,341)
..............................
233,840,341
Total
Short
Term
Investments
(Cost
$560,934,719
)
...............................
560,934,719
a
Total
Investments
(Cost
$13,063,076,675)
99.3%
................................
$17,641,723,559
Other
Assets,
less
Liabilities
0.7%
.............................................
133,827,301
Net
Assets
100.0%
...........................................................
$17,775,550,860
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
June
30,
2022,
the
value
of
this
security
was
$288,612,702,
representing
1.6%
of
net
assets.
c
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
e
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
June
30,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
June
30,
2022
Franklin
Focused
Growth
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.4%
Aerospace
&
Defense
0.5%
a
Axon
Enterprise,
Inc.
...................................
United
States
4,175
$
388,985
Automobiles
5.1%
a
Tesla,
Inc.
...........................................
United
States
5,400
3,636,468
Capital
Markets
2.0%
MSCI,
Inc.
...........................................
United
States
3,500
1,442,525
Electric
Utilities
5.0%
NextEra
Energy,
Inc.
...................................
United
States
46,500
3,601,890
Energy
Equipment
&
Services
1.0%
Baker
Hughes
Co.
.....................................
United
States
25,400
733,298
Equity
Real
Estate
Investment
Trusts
(REITs)
2.7%
SBA
Communications
Corp.
.............................
United
States
6,000
1,920,300
Food
&
Staples
Retailing
5.3%
Costco
Wholesale
Corp.
................................
United
States
8,000
3,834,240
Health
Care
Equipment
&
Supplies
7.0%
Abbott
Laboratories
....................................
United
States
14,200
1,542,830
a
IDEXX
Laboratories,
Inc.
................................
United
States
5,000
1,753,650
a
Intuitive
Surgical,
Inc.
..................................
United
States
8,500
1,706,035
5,002,515
Health
Care
Technology
1.4%
a
Veeva
Systems,
Inc.,
A
.................................
United
States
5,000
990,200
Interactive
Media
&
Services
6.1%
a
Alphabet,
Inc.,
A
......................................
United
States
2,000
4,358,520
Internet
&
Direct
Marketing
Retail
9.3%
a
Amazon.com,
Inc.
.....................................
United
States
60,000
6,372,600
a
MercadoLibre,
Inc.
....................................
Brazil
550
350,278
6,722,878
IT
Services
6.7%
a,b
Adyen
NV,
144A,
Reg
S
................................
Netherlands
1,000
1,443,064
Mastercard,
Inc.,
A
....................................
United
States
9,000
2,839,320
a
Shopify,
Inc.,
A
.......................................
Canada
17,500
546,807
4,829,191
Life
Sciences
Tools
&
Services
5.9%
Danaher
Corp.
.......................................
United
States
13,000
3,295,760
a
Repligen
Corp.
.......................................
United
States
6,000
974,400
4,270,160
Metals
&
Mining
0.8%
Freeport-McMoRan,
Inc.
................................
United
States
19,177
561,119
Personal
Products
1.6%
Estee
Lauder
Cos.,
Inc.
(The),
A
..........................
United
States
4,500
1,146,015
Road
&
Rail
0.6%
Canadian
Pacific
Railway
Ltd.
............................
Canada
6,067
423,719
Semiconductors
&
Semiconductor
Equipment
14.1%
a
Advanced
Micro
Devices,
Inc.
............................
United
States
12,500
955,875
Analog
Devices,
Inc.
...................................
United
States
14,000
2,045,260
ASML
Holding
NV,
NYRS
...............................
Netherlands
5,700
2,712,516
NVIDIA
Corp.
........................................
United
States
29,000
4,396,110
10,109,761
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Focused
Growth
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
See
Abbreviations
on
page
47
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
22.3%
a
Atlassian
Corp.
plc,
A
..................................
United
States
6,000
$
1,124,400
a
HubSpot,
Inc.
........................................
United
States
2,000
601,300
Intuit,
Inc.
...........................................
United
States
2,100
809,424
Microsoft
Corp.
.......................................
United
States
33,000
8,475,390
a
Salesforce,
Inc.
.......................................
United
States
7,000
1,155,280
a
ServiceNow,
Inc.
......................................
United
States
6,300
2,995,776
a
Synopsys,
Inc.
.......................................
United
States
3,000
911,100
16,072,670
Total
Common
Stocks
(Cost
$76,445,777)
......................................
70,044,454
Short
Term
Investments
0.2%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
0.2%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.895%
....
United
States
123,100
123,100
Total
Money
Market
Funds
(Cost
$123,100)
.....................................
123,100
Total
Short
Term
Investments
(Cost
$123,100
)
..................................
123,100
a
Total
Investments
(Cost
$76,568,877)
97.6%
....................................
$70,167,554
Other
Assets,
less
Liabilities
2.4%
.............................................
1,737,148
Net
Assets
100.0%
...........................................................
$71,904,702
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
June
30,
2022,
the
value
of
this
security
was
$1,443,064,
representing
2.0%
of
net
assets.
c
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
June
30,
2022
Franklin
Growth
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
98.2%
Aerospace
&
Defense
5.4%
BWX
Technologies,
Inc.
................................
United
States
1,391,394
$
76,651,895
Lockheed
Martin
Corp.
.................................
United
States
395,654
170,115,394
Northrop
Grumman
Corp.
...............................
United
States
760,508
363,956,314
Raytheon
Technologies
Corp.
............................
United
States
2,440,830
234,588,171
845,311,774
Auto
Components
0.3%
a
Aptiv
plc
............................................
United
States
605,448
53,927,253
Automobiles
0.9%
a
Lucid
Group,
Inc.
.....................................
United
States
2,621,705
44,988,458
a
Rivian
Automotive,
Inc.,
A
...............................
United
States
851,137
21,908,266
a
Tesla,
Inc.
...........................................
United
States
114,500
77,106,590
144,003,314
Beverages
3.7%
Brown-Forman
Corp.,
B
................................
United
States
1,594,103
111,842,266
Constellation
Brands,
Inc.,
A
.............................
United
States
547,076
127,501,533
a
Monster
Beverage
Corp.
................................
United
States
2,556,145
236,954,642
PepsiCo,
Inc.
........................................
United
States
637,643
106,269,582
582,568,023
Biotechnology
2.2%
AbbVie,
Inc.
.........................................
United
States
451,255
69,114,216
Amgen,
Inc.
.........................................
United
States
527,905
128,439,286
a
Argenx
SE,
ADR
......................................
Netherlands
31,400
11,896,832
a
Mirati
Therapeutics,
Inc.
................................
United
States
235,999
15,842,613
a
Neurocrine
Biosciences,
Inc.
.............................
United
States
368,462
35,917,676
a
PTC
Therapeutics,
Inc.
.................................
United
States
962,564
38,560,314
a
Regeneron
Pharmaceuticals,
Inc.
.........................
United
States
74,624
44,112,485
343,883,422
Building
Products
1.2%
Allegion
plc
..........................................
United
States
487,391
47,715,579
Trane
Technologies
plc
.................................
United
States
1,079,086
140,140,899
187,856,478
Capital
Markets
4.0%
BlackRock,
Inc.
.......................................
United
States
128,049
77,986,963
Blackstone,
Inc.
......................................
United
States
364,400
33,244,212
Charles
Schwab
Corp.
(The)
.............................
United
States
2,920,069
184,489,959
Intercontinental
Exchange,
Inc.
...........................
United
States
1,398,216
131,488,233
S&P
Global,
Inc.
......................................
United
States
362,909
122,322,107
Tradeweb
Markets,
Inc.,
A
...............................
United
States
1,169,031
79,786,366
629,317,840
Chemicals
2.7%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
490,494
117,953,997
Ecolab,
Inc.
..........................................
United
States
611,807
94,071,444
Linde
plc
............................................
United
Kingdom
712,720
204,928,382
416,953,823
Commercial
Services
&
Supplies
0.5%
Republic
Services,
Inc.
.................................
United
States
638,605
83,574,236
Construction
Materials
0.6%
Martin
Marietta
Materials,
Inc.
............................
United
States
311,440
93,195,306
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Growth
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Electric
Utilities
1.0%
NextEra
Energy,
Inc.
...................................
United
States
2,013,942
$
155,999,947
Electrical
Equipment
0.6%
AMETEK,
Inc.
........................................
United
States
686,691
75,460,474
Eaton
Corp.
plc
.......................................
United
States
122,600
15,446,374
90,906,848
Electronic
Equipment,
Instruments
&
Components
3.2%
Amphenol
Corp.,
A
....................................
United
States
2,841,284
182,921,864
Cognex
Corp.
........................................
United
States
409,421
17,408,581
a
Keysight
Technologies,
Inc.
..............................
United
States
657,494
90,635,548
TE
Connectivity
Ltd.
...................................
Switzerland
1,833,361
207,444,797
498,410,790
Entertainment
0.5%
a
ROBLOX
Corp.,
A
.....................................
United
States
1,218,226
40,030,906
a
Walt
Disney
Co.
(The)
..................................
United
States
413,839
39,066,402
79,097,308
Equity
Real
Estate
Investment
Trusts
(REITs)
1.1%
Crown
Castle
International
Corp.
..........................
United
States
985,215
165,890,502
Food
&
Staples
Retailing
0.2%
Costco
Wholesale
Corp.
................................
United
States
55,100
26,408,328
Food
Products
0.2%
Lamb
Weston
Holdings,
Inc.
.............................
United
States
537,899
38,438,263
Health
Care
Equipment
&
Supplies
4.4%
Abbott
Laboratories
....................................
United
States
1,249,657
135,775,233
a
Edwards
Lifesciences
Corp.
.............................
United
States
1,177,188
111,938,807
a
Haemonetics
Corp.
....................................
United
States
852,887
55,591,175
a
Intuitive
Surgical,
Inc.
..................................
United
States
1,047,648
210,273,430
Stryker
Corp.
........................................
United
States
402,694
80,107,917
Teleflex,
Inc.
.........................................
United
States
411,807
101,242,751
694,929,313
Health
Care
Providers
&
Services
1.1%
a
Guardant
Health,
Inc.
..................................
United
States
273,430
11,030,166
Laboratory
Corp.
of
America
Holdings
......................
United
States
381,522
89,413,496
UnitedHealth
Group,
Inc.
................................
United
States
153,210
78,693,253
179,136,915
Health
Care
Technology
0.4%
a
Certara,
Inc.
.........................................
United
States
248,652
5,336,072
a
Veeva
Systems,
Inc.,
A
.................................
United
States
270,987
53,666,266
59,002,338
Hotels,
Restaurants
&
Leisure
1.0%
a
Airbnb,
Inc.,
A
........................................
United
States
357,739
31,867,390
a
Booking
Holdings,
Inc.
.................................
United
States
29,049
50,806,410
a
Las
Vegas
Sands
Corp.
.................................
United
States
2,205,747
74,091,042
156,764,842
Interactive
Media
&
Services
4.1%
a
Alphabet,
Inc.,
A
......................................
United
States
137,000
298,558,620
a
Alphabet,
Inc.,
C
......................................
United
States
137,426
300,612,504
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Growth
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Interactive
Media
&
Services
(continued)
a
Match
Group,
Inc.
.....................................
United
States
635,209
$
44,267,715
643,438,839
Internet
&
Direct
Marketing
Retail
3.3%
a
Amazon.com,
Inc.
.....................................
United
States
4,839,400
513,992,674
IT
Services
5.6%
a,b
Adyen
NV,
144A,
Reg
S
................................
Netherlands
59,417
85,742,505
Automatic
Data
Processing,
Inc.
..........................
United
States
109,031
22,900,871
a,c,d
Canva,
Inc.
..........................................
Australia
25,413
14,191,882
a,e
Marqeta,
Inc.,
A
.......................................
United
States
814,946
6,609,212
Mastercard,
Inc.,
A
....................................
United
States
1,042,602
328,920,079
a
Okta,
Inc.
...........................................
United
States
392,756
35,505,142
a,f
Paymentus
Holdings,
Inc.,
A
.............................
United
States
925,994
12,380,540
a
PayPal
Holdings,
Inc.
..................................
United
States
407,037
28,427,464
a
Snowflake,
Inc.,
A
.....................................
United
States
548,892
76,328,922
Visa,
Inc.,
A
..........................................
United
States
1,373,381
270,404,985
881,411,602
Life
Sciences
Tools
&
Services
6.2%
a
10X
Genomics,
Inc.,
A
..................................
United
States
314,320
14,222,980
Agilent
Technologies,
Inc.
...............................
United
States
1,275,282
151,465,243
Danaher
Corp.
.......................................
United
States
1,130,127
286,509,797
a
Illumina,
Inc.
.........................................
United
States
590,097
108,790,283
a
Mettler-Toledo
International,
Inc.
..........................
United
States
226,591
260,300,943
Thermo
Fisher
Scientific,
Inc.
............................
United
States
278,661
151,390,948
972,680,194
Machinery
3.8%
Deere
&
Co.
.........................................
United
States
461,182
138,110,173
Dover
Corp.
.........................................
United
States
389,000
47,193,480
Illinois
Tool
Works,
Inc.
.................................
United
States
980,987
178,784,881
Ingersoll
Rand,
Inc.
....................................
United
States
1,925,288
81,016,119
a,e
Proterra,
Inc.
.........................................
United
States
2,460,153
11,415,110
Stanley
Black
&
Decker,
Inc.
.............................
United
States
778,762
81,660,983
Xylem,
Inc.
..........................................
United
States
819,704
64,084,459
602,265,205
Media
0.6%
Cable
One,
Inc.
.......................................
United
States
47,674
61,467,042
Comcast
Corp.,
A
.....................................
United
States
787,868
30,915,940
92,382,982
Personal
Products
0.3%
Estee
Lauder
Cos.,
Inc.
(The),
A
..........................
United
States
184,612
47,015,138
a
Olaplex
Holdings,
Inc.
..................................
United
States
360,814
5,083,869
52,099,007
Pharmaceuticals
4.7%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
2,184,542
144,332,690
a
Catalent,
Inc.
........................................
United
States
2,165,289
232,313,857
Eli
Lilly
&
Co.
........................................
United
States
1,015,281
329,184,558
Johnson
&
Johnson
...................................
United
States
166,233
29,508,020
735,339,125
Professional
Services
1.3%
a
CoStar
Group,
Inc.
....................................
United
States
1,275,638
77,061,291
Equifax,
Inc.
.........................................
United
States
481,120
87,939,114
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Growth
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Professional
Services
(continued)
Verisk
Analytics,
Inc.
...................................
United
States
184,524
$
31,939,259
196,939,664
Road
&
Rail
3.4%
Canadian
Pacific
Railway
Ltd.
............................
Canada
1,394,455
97,388,737
JB
Hunt
Transport
Services,
Inc.
..........................
United
States
490,494
77,238,090
a
Uber
Technologies,
Inc.
.................................
United
States
999,629
20,452,409
Union
Pacific
Corp.
....................................
United
States
1,616,680
344,805,511
539,884,747
Semiconductors
&
Semiconductor
Equipment
6.3%
ASML
Holding
NV,
NYRS
...............................
Netherlands
402,541
191,561,211
Lam
Research
Corp.
...................................
United
States
29,431
12,542,021
Monolithic
Power
Systems,
Inc.
...........................
United
States
441,446
169,532,922
NVIDIA
Corp.
........................................
United
States
2,017,847
305,885,427
NXP
Semiconductors
NV
...............................
China
688,867
101,972,982
Texas
Instruments,
Inc.
.................................
United
States
1,373,381
211,019,990
992,514,553
Software
16.1%
a
Adobe,
Inc.
..........................................
United
States
167,184
61,199,375
a
Atlassian
Corp.
plc,
A
..................................
United
States
275,367
51,603,776
a
Autodesk,
Inc.
........................................
United
States
767,572
131,991,681
a
Avalara,
Inc.
.........................................
United
States
849,322
59,962,133
a
Bill.com
Holdings,
Inc.
..................................
United
States
1,062,990
116,865,121
a,c,d
Checkout
Payments
Group
Ltd.,
B
.........................
United
Kingdom
96,603
24,482,298
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
137,545
23,184,585
a,e
Gitlab,
Inc.,
A
........................................
United
States
102,093
5,425,222
Intuit,
Inc.
...........................................
United
States
786,613
303,192,115
Microsoft
Corp.
.......................................
United
States
3,133,869
804,871,575
a
Paycom
Software,
Inc.
.................................
United
States
185,577
51,983,829
a
Procore
Technologies,
Inc.
..............................
United
States
69,092
3,136,086
a
PTC,
Inc.
...........................................
United
States
1,181,307
125,620,186
a
Salesforce,
Inc.
.......................................
United
States
553,101
91,283,789
a
ServiceNow,
Inc.
......................................
United
States
773,593
367,858,943
a,c,d
Stripe,
Inc.,
B
........................................
United
States
540,043
10,008,979
a
Synopsys,
Inc.
.......................................
United
States
521,046
158,241,670
a
Tyler
Technologies,
Inc.
.................................
United
States
118,218
39,305,121
a
Workday,
Inc.,
A
......................................
United
States
736,048
102,737,580
2,532,954,064
Technology
Hardware,
Storage
&
Peripherals
4.5%
Apple,
Inc.
..........................................
United
States
5,110,260
698,674,747
Textiles,
Apparel
&
Luxury
Goods
1.2%
NIKE,
Inc.,
B
.........................................
United
States
1,819,447
185,947,484
Trading
Companies
&
Distributors
0.9%
Fastenal
Co.
.........................................
United
States
2,697,023
134,635,388
Water
Utilities
0.7%
American
Water
Works
Co.,
Inc.
..........................
United
States
686,691
102,159,020
Total
Common
Stocks
(Cost
$5,836,517,171)
....................................
15,402,896,158
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Growth
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
12
See
Abbreviations
on
page
47.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Convertible
Preferred
Stocks
0.3%
IT
Services
0.0%
†
a,c,d
Canva,
Inc.,
A
........................................
Australia
2,353
$
1,314,032
a,c,d
Canva,
Inc.,
A-3
......................................
Australia
94
52,494
a,c,d
Canva,
Inc.,
A-4
......................................
Australia
8
4,468
a,c,d
Canva,
Inc.,
A-5
......................................
Australia
5
2,792
1,373,786
Software
0.3%
a,c,d
Gusto,
Inc.,
E
........................................
United
States
822,494
22,941,087
a,c,d
OneTrust
LLC,
C
......................................
United
States
849,894
9,929,906
a,c,d
Stripe,
Inc.,
H
........................................
United
States
756,137
14,013,994
46,884,987
Total
Convertible
Preferred
Stocks
(Cost
$76,200,357)
...........................
48,258,773
Total
Long
Term
Investments
(Cost
$5,912,717,528)
.............................
15,451,154,931
a
Short
Term
Investments
1.0%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
1.0%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.895%
....
United
States
156,971,926
156,971,926
Total
Money
Market
Funds
(Cost
$156,971,926)
.................................
156,971,926
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.0%
†
Money
Market
Funds
0.0%
†
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.895%
....
United
States
5,635,000
5,635,000
Principal
Amount
*
Repurchase
Agreements
0.0%
†
i
Joint
Repurchase
Agreement,
J.P.
Morgan
Securities
LLC,
1.48%,
7/01/22
(Maturity
Value
$355,614)
Collateralized
by
U.S.
Treasury
Notes,
0.5%,
4/30/27
-
5/31/27
(valued
at
$362,711)
.................................
355,599
355,599
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$5,990,599)
............................................................
5,990,599
Total
Short
Term
Investments
(Cost
$162,962,525
)
...............................
162,962,525
a
Total
Investments
(Cost
$6,075,680,053)
99.5%
..................................
$15,614,117,456
Other
Assets,
less
Liabilities
0.5%
.............................................
72,940,926
Net
Assets
100.0%
...........................................................
$15,687,058,382
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Growth
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
13
*
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
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
June
30,
2022,
the
value
of
this
security
was
$85,742,505,
representing
0.5%
of
net
assets.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
d
See
Note
3
regarding
restricted
securities.
e
A
portion
or
all
of
the
security
is
on
loan
at
June
30,
2022.
f
See
Note
4
regarding
holdings
of
5%
voting
securities.
g
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
h
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
i
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
June
30,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
June
30,
2022
Franklin
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
14
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
29.1%
Aerospace
&
Defense
1.3%
Lockheed
Martin
Corp.
.................................
United
States
1,500,000
$
644,940,000
Raytheon
Technologies
Corp.
............................
United
States
2,959,550
284,442,350
929,382,350
Air
Freight
&
Logistics
0.3%
United
Parcel
Service,
Inc.,
B
............................
United
States
1,250,000
228,175,000
Banks
3.1%
Bank
of
America
Corp.
.................................
United
States
10,064,000
313,292,320
a
JPMorgan
Chase
&
Co.
.................................
United
States
10,367,500
1,167,484,175
Truist
Financial
Corp.
..................................
United
States
6,500,000
308,295,000
US
Bancorp
.........................................
United
States
7,500,000
345,150,000
2,134,221,495
Biotechnology
1.3%
a
AbbVie,
Inc.
.........................................
United
States
3,500,000
536,060,000
a
Amgen,
Inc.
.........................................
United
States
1,350,000
328,455,000
864,515,000
Capital
Markets
0.6%
a
Morgan
Stanley
.......................................
United
States
5,850,000
444,951,000
Chemicals
0.9%
a
Air
Products
and
Chemicals,
Inc.
..........................
United
States
1,009,860
242,851,133
BASF
SE
...........................................
Germany
5,000,000
218,750,787
LyondellBasell
Industries
NV,
A
...........................
United
States
1,687,363
147,576,768
609,178,688
Communications
Equipment
0.6%
Cisco
Systems,
Inc.
...................................
United
States
10,000,000
426,400,000
Containers
&
Packaging
0.1%
International
Paper
Co.
.................................
United
States
2,300,000
96,209,000
Diversified
Telecommunication
Services
1.7%
AT&T,
Inc.
...........................................
United
States
17,500,000
366,800,000
BCE,
Inc.
...........................................
Canada
6,000,000
294,919,204
Verizon
Communications,
Inc.
............................
United
States
10,000,000
507,500,000
1,169,219,204
Electric
Utilities
3.0%
American
Electric
Power
Co.,
Inc.
.........................
United
States
3,600,000
345,384,000
a
Duke
Energy
Corp.
....................................
United
States
4,000,000
428,840,000
Edison
International
...................................
United
States
6,000,000
379,440,000
Entergy
Corp.
........................................
United
States
1,500,000
168,960,000
a
Exelon
Corp.
.........................................
United
States
3,500,000
158,620,000
b
PG&E
Corp.
.........................................
United
States
5,000,000
49,900,000
Southern
Co.
(The)
....................................
United
States
8,000,000
570,480,000
2,101,624,000
Energy
Equipment
&
Services
0.1%
b,c
Weatherford
International
plc
.............................
United
States
3,599,974
76,211,450
Entertainment
0.0%
†
b
Warner
Bros
Discovery,
Inc.
.............................
United
States
2,000,000
26,840,000
Health
Care
Equipment
&
Supplies
0.5%
Medtronic
plc
........................................
United
States
4,000,000
359,000,000
Health
Care
Providers
&
Services
0.1%
b,c
CHS/Community
Health
Systems,
Inc.
......................
United
States
8,000,000
30,000,000
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Household
Products
0.5%
a
Procter
&
Gamble
Co.
(The)
.............................
United
States
2,250,000
$
323,527,500
Independent
Power
and
Renewable
Electricity
Producers
0.1%
a
Vistra
Corp.
..........................................
United
States
4,000,000
91,400,000
Industrial
Conglomerates
1.0%
3M
Co.
.............................................
United
States
1,000,000
129,410,000
Honeywell
International,
Inc.
.............................
United
States
730,000
126,881,300
Siemens
AG
.........................................
Germany
4,000,000
411,166,351
667,457,651
Insurance
0.2%
MetLife,
Inc.
.........................................
United
States
2,000,000
125,580,000
IT
Services
0.6%
a
International
Business
Machines
Corp.
.....................
United
States
3,000,000
423,570,000
Media
0.2%
a
Comcast
Corp.,
A
.....................................
United
States
3,371,000
132,278,040
Metals
&
Mining
0.7%
d
BHP
Group
Ltd.,
ADR
..................................
Australia
2,000,000
112,360,000
Newmont
Corp.
.......................................
United
States
560,998
33,474,751
d
Rio
Tinto
plc,
ADR
.....................................
Australia
5,124,535
312,596,635
458,431,386
Multi-Utilities
1.8%
a
Dominion
Energy,
Inc.
..................................
United
States
11,422,046
911,593,491
a
Sempra
Energy
.......................................
United
States
2,250,000
338,107,500
1,249,700,991
Oil,
Gas
&
Consumable
Fuels
3.8%
BP
plc,
ADR
.........................................
United
Kingdom
4,000,000
113,400,000
a
Chevron
Corp.
.......................................
United
States
8,000,000
1,158,240,000
a
Exxon
Mobil
Corp.
.....................................
United
States
8,682,000
743,526,480
a
Shell
plc,
ADR
........................................
Netherlands
5,000,000
261,450,000
TotalEnergies
SE,
ADR
.................................
France
6,000,000
315,840,000
d
Woodside
Energy
Group
Ltd.,
ADR
........................
Australia
722,799
15,583,546
2,608,040,026
Personal
Products
0.3%
Unilever
plc
..........................................
United
Kingdom
5,000,000
227,861,554
Pharmaceuticals
3.7%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
4,500,000
297,315,000
b
Bausch
Health
Cos.,
Inc.
................................
United
States
5,000,000
41,800,000
Bayer
AG
...........................................
Germany
5,000,000
298,567,734
a
Bristol-Myers
Squibb
Co.
................................
United
States
8,000,000
616,000,000
a
Johnson
&
Johnson
...................................
United
States
4,000,000
710,040,000
a
Merck
&
Co.,
Inc.
.....................................
United
States
2,250,000
205,132,500
Pfizer,
Inc.
...........................................
United
States
7,500,000
393,225,000
2,562,080,234
Semiconductors
&
Semiconductor
Equipment
1.5%
a
Intel
Corp.
...........................................
United
States
10,823,695
404,914,430
Texas
Instruments,
Inc.
.................................
United
States
4,327,743
664,957,712
1,069,872,142
Specialty
Retail
0.6%
a
Home
Depot,
Inc.
(The)
.................................
United
States
1,500,000
411,405,000
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
16
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Tobacco
0.5%
a
Philip
Morris
International,
Inc.
...........................
United
States
3,500,000
$
345,590,000
Total
Common
Stocks
(Cost
$18,546,360,159)
...................................
20,192,721,711
Equity-Linked
Securities
17.8%
Airlines
0.3%
e
BNP
Paribas
Issuance
BV
into
Delta
Air
Lines,
Inc.,
144A,
10%,
7/12/23
...........................................
United
States
5,500,000
174,465,612
Automobiles
0.5%
e
Citigroup
Global
Markets
Holdings,
Inc.
into
General
Motors
Co.,
144A,
12%,
11/10/22
.................................
United
States
2,895,000
94,986,022
e
Merrill
Lynch
International
&
Co.
CV
into
Ford
Motor
Co.,
144A,
12%,
12/07/22
..........................................
United
States
6,892,000
82,093,109
e
Royal
Bank
of
Canada
into
General
Motors
Co.,
144A,
12%,
3/17/23
United
States
4,900,000
170,420,205
347,499,336
Banks
2.1%
e
Barclays
Bank
plc
into
Truist
Financial
Corp.,
144A,
8%,
8/17/22
..
United
States
2,740,000
129,868,850
e,f
BNP
Paribas
Issuance
BV
into
Bank
of
America
Corp.,
144A,
8.5%,
7/13/23
...........................................
United
States
8,500,000
266,969,982
e
Credit
Suisse
AG
into
Citigroup,
Inc.,
144A,
9%,
8/05/22
........
United
States
4,060,000
186,629,965
e
J.P.
Morgan
Structured
Products
BV
into
Bank
of
America
Corp.,
144A,
8.5%,
1/27/23
.................................
United
States
5,711,000
187,538,113
e
J.P.
Morgan
Structured
Products
BV
into
Bank
of
America
Corp.,
144A,
9.5%,
5/12/23
.................................
United
States
7,100,000
233,026,377
e
Societe
Generale
SA
into
Citigroup,
Inc.,
144A,
9%,
3/10/23
.....
United
States
4,091,000
197,351,755
e,f
UBS
AG
into
Citigroup,
Inc.,
144A,
8.5%,
7/19/23
.............
United
States
5,007,000
231,669,275
1,433,054,317
Biotechnology
0.8%
e
Goldman
Sachs
International
Bank
into
AbbVie,
Inc.,
144A,
9%,
1/25/23
...........................................
United
States
1,740,000
243,807,674
e
National
Bank
of
Canada
into
AbbVie,
Inc.,
144A,
8.5%,
8/12/22
..
United
States
2,197,000
280,191,393
523,999,067
Capital
Markets
1.4%
e
BNP
Paribas
Issuance
BV
into
Morgan
Stanley,
144A,
8%,
5/22/23
United
States
3,050,000
237,580,609
e,f
Credit
Suisse
AG
into
Morgan
Stanley,
144A,
10%,
8/08/23
......
United
States
3,240,000
248,686,518
e
J.P.
Morgan
Structured
Products
BV
into
Goldman
Sachs
Group,
Inc.
(The),
144A,
8.5%,
3/09/23
............................
United
States
745,000
229,826,988
e
UBS
AG
into
Charles
Schwab
Corp.
(The),
144A,
10%,
6/16/23
...
United
States
3,567,000
226,132,108
942,226,223
Chemicals
0.3%
e
Credit
Suisse
AG
into
Air
Products
and
Chemicals,
Inc.,
144A,
8.5%,
5/15/23
...........................................
United
States
1,000,000
239,428,662
Communications
Equipment
0.3%
e
Royal
Bank
of
Canada
into
Cisco
Systems,
Inc.,
144A,
8%,
12/02/22
United
States
4,700,000
205,106,411
Containers
&
Packaging
0.3%
e
Mizuho
Markets
Cayman
LP
into
International
Paper
Co.,
144A,
9%,
12/20/22
..........................................
United
States
5,376,300
227,721,029
Electric
Utilities
0.7%
e
Morgan
Stanley
Finance
II
Ltd.
into
PG&E
Corp.,
144A,
10%,
11/14/23
..........................................
United
States
10,800,000
116,046,688
e
National
Bank
of
Canada
into
NextEra
Energy,
Inc.,
144A,
8.5%,
12/05/23
..........................................
United
States
3,300,000
252,768,151
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Equity-Linked
Securities
(continued)
Electric
Utilities
(continued)
e
UBS
AG
into
NextEra
Energy,
Inc.,
144A,
8%,
3/17/23
..........
United
States
1,695,000
$
127,159,770
495,974,609
Energy
Equipment
&
Services
0.3%
e
Credit
Suisse
AG
into
Halliburton
Co.,
144A,
10%,
11/15/22
......
United
States
7,000,000
191,592,714
Entertainment
0.3%
e
Morgan
Stanley
Finance
II
Ltd.
into
Walt
Disney
Co.
(The),
144A,
8%,
2/23/23
........................................
United
States
1,815,000
180,904,533
Health
Care
Equipment
&
Supplies
0.3%
e
Barclays
Bank
plc
into
Medtronic
plc,
144A,
8%,
3/10/23
........
United
States
2,600,000
239,353,622
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
59,193,135
Independent
Power
and
Renewable
Electricity
Producers
0.6%
e
Goldman
Sachs
International
Bank
into
NextEra
Energy
Partners
LP,
144A,
10%,
7/05/23
..................................
United
States
3,850,000
234,921,371
e
Mizuho
Markets
Cayman
LP
into
Vistra
Corp.,
144A,
11%,
11/01/22
United
States
7,740,000
157,246,726
392,168,097
Industrial
Conglomerates
0.3%
e
Goldman
Sachs
International
Bank
into
Honeywell
International,
Inc.,
144A,
8.5%,
4/04/23
.................................
United
States
1,335,000
236,644,975
Insurance
1.1%
e
Barclays
Bank
plc
into
MetLife,
Inc.,
144A,
8.5%,
7/11/22
........
United
States
4,240,000
266,862,842
e
National
Bank
of
Canada
into
MetLife,
Inc.,
144A,
8.5%,
12/05/22
.
United
States
4,240,000
262,438,612
e
Royal
Bank
of
Canada
into
MetLife,
Inc.,
144A,
10%,
5/19/23
....
United
States
3,581,000
228,657,130
757,958,584
Interactive
Media
&
Services
0.4%
e
Citigroup
Global
Markets
Holdings,
Inc.
into
Alphabet,
Inc.,
144A,
9%,
6/22/23
........................................
United
States
115,000
246,596,534
Internet
&
Direct
Marketing
Retail
0.7%
e
Citigroup
Global
Markets
Holdings,
Inc.
into
Bristol
Myers
Squibb
Co.,
144A,
8.5%,
12/22/22
.............................
United
States
4,400,000
277,529,301
e
Credit
Suisse
AG
into
Amazon.com,
Inc.,
144A,
8%,
2/17/23
.....
United
States
91,000
202,415,259
479,944,560
IT
Services
0.4%
e
Goldman
Sachs
International
Bank
into
Twilio,
Inc.,
144A,
12.5%,
3/03/23
...........................................
United
States
923,000
91,202,312
e
UBS
AG
into
Fidelity
National
Information
Services,
Inc.,
144A,
8.5%,
9/23/22
...........................................
United
States
2,188,000
204,091,568
295,293,880
Machinery
0.2%
e
Goldman
Sachs
International
Bank
into
Cummins,
Inc.,
144A,
8%,
1/10/23
...........................................
United
States
650,000
127,992,929
Media
0.6%
e
Citigroup
Global
Markets
Holdings,
Inc.
into
Comcast
Corp.,
144A,
8.5%,
6/23/23
......................................
United
States
5,667,000
226,848,556
e
Societe
Generale
SA
into
Comcast
Corp.,
144A,
8%,
4/17/23
....
United
States
5,300,000
213,812,804
440,661,360
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
18
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Equity-Linked
Securities
(continued)
Metals
&
Mining
0.4%
e
Citigroup
Global
Markets
Holdings,
Inc.
into
Barrick
Gold
Corp.,
144A,
9%,
10/13/22
..................................
Canada
3,225,000
$
57,036,831
e
Citigroup
Global
Markets
Holdings,
Inc.
into
Freeport-McMoRan,
Inc.,
144A,
12%,
10/26/22
.............................
United
States
6,337,000
186,759,297
243,796,128
Oil,
Gas
&
Consumable
Fuels
0.7%
e
Mizuho
Markets
Cayman
LP
into
Exxon
Mobil
Corp.,
144A,
10%,
2/21/23
...........................................
United
States
3,200,000
250,989,495
e
UBS
AG
into
BP
plc,
144A,
10%,
6/14/23
....................
United
Kingdom
8,460,000
241,919,394
492,908,889
Pharmaceuticals
1.4%
e
BNP
Paribas
Issuance
BV
into
Bristol-Myers
Squibb
Co.,
144A,
7.5%,
4/18/23
......................................
United
States
3,300,000
250,516,107
e
J.P.
Morgan
Structured
Products
BV
into
Pfizer,
Inc.,
144A,
9.5%,
2/13/23
...........................................
United
States
4,700,000
249,034,192
e
Royal
Bank
of
Canada
into
Merck
&
Co.,
Inc.,
144A,
8.5%,
10/17/22
United
States
2,976,000
255,627,099
e
Societe
Generale
SA
into
Pfizer,
Inc.,
144A,
8.5%,
6/09/23
......
United
States
4,200,000
218,692,070
973,869,468
Road
&
Rail
0.3%
e
Merrill
Lynch
International
&
Co.
CV
into
Union
Pacific
Corp.,
144A,
8%,
9/21/22
........................................
United
States
1,082,000
233,696,207
Semiconductors
&
Semiconductor
Equipment
2.5%
e
BNP
Paribas
Issuance
BV
into
Broadcom,
Inc.,
144A,
10%,
8/08/22
United
States
575,000
273,758,155
e
Citigroup
Global
Markets
Holdings,
Inc.
into
Intel
Corp.,
144A,
10%,
5/18/23
...........................................
United
States
5,600,000
220,504,997
e
Goldman
Sachs
International
Bank
into
Intel
Corp.,
144A,
10%,
4/04/23
...........................................
United
States
3,315,000
128,668,413
e
Goldman
Sachs
International
Bank
into
Texas
Instruments,
Inc.,
144A,
8.5%,
12/14/22
.................................
United
States
1,200,000
189,707,946
e
Merrill
Lynch
International
&
Co.
CV
into
Analog
Devices,
Inc.,
144A,
9%,
4/04/23
........................................
United
States
1,551,000
229,104,971
e
Merrill
Lynch
International
&
Co.
CV
into
Broadcom,
Inc.,
144A,
9.5%,
10/13/22
.....................................
United
States
550,000
263,076,110
e
Mizuho
Markets
Cayman
LP
into
Microchip
Technology,
Inc.,
144A,
9%,
10/11/22
.......................................
United
States
1,273,500
151,339,984
e
Morgan
Stanley
Finance
II
Ltd.
into
Microchip
Technology,
Inc.,
144A,
10%,
9/12/23
..................................
United
States
2,045,000
126,913,802
e
Royal
Bank
of
Canada
into
Intel
Corp.,
144A,
9.5%,
12/22/22
....
United
States
4,525,000
176,350,850
1,759,425,228
Software
0.2%
e
Goldman
Sachs
International
Bank
into
Salesforce,
Inc.,
144A,
8%,
2/08/23
...........................................
United
States
820,000
141,448,980
Technology
Hardware,
Storage
&
Peripherals
0.3%
e
Credit
Suisse
AG
into
Apple,
Inc.,
144A,
9%,
7/05/23
...........
United
States
1,740,000
236,705,556
Total
Equity-Linked
Securities
(Cost
$13,824,670,563)
...........................
12,319,630,645
Convertible
Preferred
Stocks
2.5%
Capital
Markets
0.1%
KKR
&
Co.,
Inc.,
6%,
C
.................................
United
States
1,350,000
78,934,500
Electric
Utilities
1.8%
American
Electric
Power
Co.,
Inc.,
6.125%
..................
United
States
2,600,000
140,400,000
NextEra
Energy,
Inc.,
5.279%
............................
United
States
7,500,000
372,375,000
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Convertible
Preferred
Stocks
(continued)
Electric
Utilities
(continued)
NextEra
Energy,
Inc.,
6.219%
............................
United
States
7,500,000
$
368,625,000
PG&E
Corp.,
5.5%
....................................
United
States
500,000
47,800,000
Southern
Co.
(The),
6.75%,
2019
.........................
United
States
6,300,000
333,774,000
1,262,974,000
Machinery
0.0%
†
RBC
Bearings,
Inc.,
5%,
A
...............................
United
States
200,000
19,060,000
Multi-Utilities
0.5%
DTE
Energy
Co.,
6.25%
................................
United
States
3,250,000
167,115,000
NiSource,
Inc.,
7.75%
..................................
United
States
1,167,000
132,711,240
299,826,240
Thrifts
&
Mortgage
Finance
0.1%
FNMA,
5.375%
.......................................
United
States
4,250
41,437,500
Total
Convertible
Preferred
Stocks
(Cost
$1,879,311,159)
........................
1,702,232,240
Preferred
Stocks
0.0%
†
Thrifts
&
Mortgage
Finance
0.0%
†
d
FHLMC,
8.375%,
Z
....................................
United
States
6,000,000
19,860,000
FNMA,
8.25%,
S
......................................
United
States
4,000,000
13,920,000
33,780,000
Total
Preferred
Stocks
(Cost
$238,139,001)
.....................................
33,780,000
Principal
Amount
*
Convertible
Bonds
0.3%
Airlines
0.1%
b
JetBlue
Airways
Corp.
,
Senior
Note
,
0.5
%
,
4/01/26
............
United
States
62,000,000
45,911,000
Health
Care
Equipment
&
Supplies
0.1%
b
Haemonetics
Corp.
,
Senior
Note
,
Zero
Cpn.,
3/01/26
...........
United
States
44,559,000
35,091,247
Hotels,
Restaurants
&
Leisure
0.0%
†
b
DraftKings
Holdings,
Inc.
,
Senior
Note
,
Zero
Cpn.,
3/15/28
......
United
States
48,358,000
29,885,244
Media
0.1%
b
DISH
Network
Corp.
,
Senior
Note
,
2.375
%
,
3/15/24
............
United
States
85,000,000
75,118,750
Real
Estate
Management
&
Development
0.0%
†
b
Redfin
Corp.
,
Senior
Note
,
Zero
Cpn.,
10/15/25
...............
United
States
42,550,000
25,337,350
Total
Convertible
Bonds
(Cost
$247,575,772)
...................................
211,343,591
Corporate
Bonds
37.0%
Aerospace
&
Defense
1.0%
Boeing
Co.
(The)
,
Senior
Bond,
3.2%,
3/01/29
............................
United
States
60,000,000
51,971,967
Senior
Bond,
3.625%,
2/01/31
..........................
United
States
50,000,000
43,208,686
Senior
Note,
5.15%,
5/01/30
...........................
United
States
212,000,000
203,673,098
e
Bombardier,
Inc.
,
Senior
Bond,
144A,
7.5%,
3/15/25
.......................
Canada
65,000,000
58,921,200
Senior
Note,
144A,
7.5%,
12/01/24
......................
Canada
13,600,000
12,802,360
Raytheon
Technologies
Corp.
,
Senior
Note
,
3.125
%
,
5/04/27
.....
United
States
40,000,000
38,284,864
Textron,
Inc.
,
Senior
Bond
,
3
%
,
6/01/30
.....................
United
States
76,049,000
66,225,324
TransDigm,
Inc.
,
Senior
Note,
6.375%,
6/15/26
..........................
United
States
90,350,000
84,657,950
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
20
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Aerospace
&
Defense
(continued)
TransDigm,
Inc.,
(continued)
e
Senior
Secured
Note,
144A,
6.25%,
3/15/26
...............
United
States
130,000,000
$
125,713,900
685,459,349
Airlines
0.5%
e
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note,
144A,
5.5%,
4/20/26
................
United
States
145,000,000
133,733,500
Senior
Secured
Note,
144A,
5.75%,
4/20/29
...............
United
States
50,000,000
42,858,500
e
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
.....................................
United
States
45,775,000
43,275,342
e
United
Airlines,
Inc.
,
Senior
Secured
Note,
144A,
4.375%,
4/15/26
..............
United
States
34,212,000
30,268,041
Senior
Secured
Note,
144A,
4.625%,
4/15/29
..............
United
States
96,259,000
81,983,309
332,118,692
Auto
Components
0.7%
e
Allison
Transmission,
Inc.
,
Senior
Bond
,
144A,
5.875
%
,
6/01/29
..
United
States
15,000,000
13,978,575
d
American
Axle
&
Manufacturing,
Inc.
,
Senior
Note
,
5
%
,
10/01/29
..
United
States
45,000,000
36,617,119
Dana,
Inc.
,
Senior
Note
,
4.25
%
,
9/01/30
....................
United
States
25,000,000
19,447,571
e
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
95,000,000
70,276,250
Goodyear
Tire
&
Rubber
Co.
(The)
,
d
Senior
Bond,
5%,
5/31/26
.............................
United
States
65,000,000
59,955,991
d
Senior
Bond,
5.25%,
4/30/31
...........................
United
States
52,500,000
42,693,525
Senior
Note,
4.875%,
3/15/27
..........................
United
States
34,757,000
31,116,204
d
Senior
Note,
5%,
7/15/29
.............................
United
States
115,000,000
95,400,213
Senior
Note,
5.25%,
7/15/31
...........................
United
States
73,000,000
58,789,455
Tenneco,
Inc.
,
d
Senior
Bond,
5%,
7/15/26
.............................
United
States
26,300,000
24,638,761
e
Senior
Secured
Note,
144A,
5.125%,
4/15/29
..............
United
States
6,817,000
6,428,959
459,342,623
Automobiles
0.5%
Ford
Motor
Co.
,
Senior
Bond,
3.25%,
2/12/32
...........................
United
States
48,000,000
36,066,000
Senior
Note,
9%,
4/22/25
.............................
United
States
50,000,000
53,718,750
d
Senior
Note,
4.346%,
12/08/26
.........................
United
States
145,000,000
134,694,139
General
Motors
Co.
,
Senior
Bond
,
5.15
%
,
4/01/38
.............
United
States
140,000,000
122,295,187
346,774,076
Banks
2.2%
Bank
of
America
Corp.
,
g
AA,
Junior
Sub.
Bond,
6.1%
to
3/16/25,
FRN
thereafter,
Perpetual
United
States
70,000,000
68,976,250
g
X,
Junior
Sub.
Bond,
6.25%
to
9/04/24,
FRN
thereafter,
Perpetual
United
States
55,000,000
53,597,500
Senior
Bond,
3.419%
to
12/19/27,
FRN
thereafter,
12/20/28
...
United
States
155,000,000
144,486,243
Senior
Note,
3.004%
to
12/19/22,
FRN
thereafter,
12/20/23
....
United
States
40,000,000
39,878,850
Barclays
plc
,
Senior
Note,
3.65%,
3/16/25
...........................
United
Kingdom
50,000,000
48,982,900
Senior
Note,
3.932%
to
5/06/24,
FRN
thereafter,
5/07/25
......
United
Kingdom
50,000,000
49,229,737
Senior
Note,
4.375%,
1/12/26
..........................
United
Kingdom
125,000,000
123,919,404
Citigroup,
Inc.
,
g
Junior
Sub.
Bond,
5.95%
to
1/29/23,
FRN
thereafter,
Perpetual
.
United
States
118,000,000
115,911,400
d,g
D,
Junior
Sub.
Bond,
5.35%
to
5/14/23,
FRN
thereafter,
Perpetual
United
States
75,000,000
69,986,223
g
M,
Junior
Sub.
Bond,
6.3%
to
5/14/24,
FRN
thereafter,
Perpetual
United
States
105,000,000
98,387,100
Senior
Note,
3.07%
to
2/23/27,
FRN
thereafter,
2/24/28
.......
United
States
20,000,000
18,567,213
Sub.
Bond,
4.125%,
7/25/28
...........................
United
States
130,000,000
124,834,627
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
g
JPMorgan
Chase
&
Co.
,
h
I,
Junior
Sub.
Bond,
FRN,
4.709%,
(3-month
USD
LIBOR
+
3.47%),
Perpetual
...................................
United
States
115,959,000
$
110,102,914
d
Q,
Junior
Sub.
Bond,
5.15%
to
4/30/23,
FRN
thereafter,
Perpetual
United
States
60,700,000
57,513,250
R,
Junior
Sub.
Bond,
6%
to
7/31/23,
FRN
thereafter,
Perpetual
.
United
States
55,000,000
51,698,350
S,
Junior
Sub.
Bond,
6.75%
to
1/31/24,
FRN
thereafter,
Perpetual
United
States
65,000,000
65,474,500
h
V,
Junior
Sub.
Bond,
FRN,
4.287%,
(3-month
USD
LIBOR
+
3.32%),
Perpetual
...................................
United
States
108,100,000
101,478,875
X,
Junior
Sub.
Bond,
6.1%
to
9/30/24,
FRN
thereafter,
Perpetual
United
States
70,000,000
65,409,750
Truist
Financial
Corp.
,
Senior
Note
,
1.887%
to
6/06/28,
FRN
thereafter
,
6/07/29
...................................
United
States
20,000,000
17,209,811
Wells
Fargo
&
Co.
,
g
S,
Junior
Sub.
Bond,
5.9%
to
6/14/24,
FRN
thereafter,
Perpetual
United
States
70,000,000
63,469,000
Senior
Note,
3.196%
to
6/16/26,
FRN
thereafter,
6/17/27
......
United
States
20,000,000
18,968,816
1,508,082,713
Beverages
0.0%
†
d
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
4
%
,
4/13/28
Belgium
25,000,000
24,702,710
Biotechnology
0.2%
AbbVie,
Inc.
,
Senior
Note,
3.8%,
3/15/25
............................
United
States
100,000,000
99,324,568
Senior
Note,
3.2%,
5/14/26
............................
United
States
25,000,000
24,126,860
Senior
Note,
3.2%,
11/21/29
...........................
United
States
20,000,000
18,414,844
141,866,272
Building
Products
0.1%
Carrier
Global
Corp.
,
Senior
Bond,
2.7%,
2/15/31
............................
United
States
17,500,000
14,824,913
Senior
Note,
2.722%,
2/15/30
..........................
United
States
88,200,000
76,242,241
91,067,154
Capital
Markets
0.2%
d,e
Coinbase
Global,
Inc.
,
Senior
Bond,
144A,
3.625%,
10/01/31
....................
United
States
60,000,000
33,870,643
Senior
Note,
144A,
3.375%,
10/01/28
....................
United
States
60,000,000
37,938,000
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond
,
2.6
%
,
2/07/30
...
United
States
36,250,000
30,951,320
Morgan
Stanley
,
Senior
Bond
,
2.699%
to
1/21/30,
FRN
thereafter
,
1/22/31
...........................................
United
States
20,000,000
17,340,800
120,100,763
Chemicals
0.8%
e
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
6.5
%
,
5/15/26
Switzerland
125,000,000
115,344,581
e
CVR
Partners
LP
/
CVR
Nitrogen
Finance
Corp.
,
Senior
Secured
Note
,
144A,
6.125
%
,
6/15/28
...........................
United
States
31,500,000
28,208,477
e
International
Flavors
&
Fragrances,
Inc.
,
Senior
Bond
,
144A,
2.3
%
,
11/01/30
..........................................
United
States
60,000,000
49,365,293
Olin
Corp.
,
Senior
Bond,
5%,
2/01/30
.............................
United
States
21,900,000
18,952,370
e
Senior
Note,
144A,
9.5%,
6/01/25
.......................
United
States
40,000,000
43,066,007
e
Rain
CII
Carbon
LLC
/
CII
Carbon
Corp.
,
Secured
Note
,
144A,
7.25
%
,
4/01/25
.....................................
United
States
30,826,000
28,454,736
e
SCIH
Salt
Holdings,
Inc.
,
Senior
Note,
144A,
6.625%,
5/01/29
.....................
United
States
125,000,000
98,935,592
Senior
Secured
Note,
144A,
4.875%,
5/01/28
..............
United
States
155,000,000
129,143,675
e
Vibrantz
Technologies,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/30
.....
United
States
22,000,000
15,539,581
527,010,312
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
22
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Commercial
Services
&
Supplies
0.4%
e
ADT
Security
Corp.
(The)
,
Senior
Secured
Note
,
144A,
4.125
%
,
8/01/29
...........................................
United
States
30,000,000
$
24,431,400
e
APX
Group,
Inc.
,
Senior
Note,
144A,
5.75%,
7/15/29
......................
United
States
150,000,000
116,384,432
Senior
Secured
Note,
144A,
6.75%,
2/15/27
...............
United
States
38,151,000
35,430,700
e
Aramark
Services,
Inc.
,
Senior
Bond
,
144A,
5
%
,
2/01/28
........
United
States
31,000,000
28,157,610
e
GFL
Environmental,
Inc.
,
Senior
Note
,
144A,
4.75
%
,
6/15/29
.....
Canada
25,000,000
20,726,250
e
Madison
IAQ
LLC
,
Senior
Secured
Note
,
144A,
4.125
%
,
6/30/28
..
United
States
31,000,000
25,650,429
e
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
....................
United
States
61,589,000
50,926,096
301,706,917
Communications
Equipment
0.9%
e
CommScope
Technologies
LLC
,
Senior
Bond,
144A,
6%,
6/15/25
........................
United
States
322,000,000
279,153,070
Senior
Note,
144A,
5%,
3/15/27
........................
United
States
50,000,000
37,033,362
e
CommScope,
Inc.
,
Senior
Note,
144A,
8.25%,
3/01/27
......................
United
States
114,000,000
90,400,860
d
Senior
Note,
144A,
7.125%,
7/01/28
.....................
United
States
125,000,000
95,187,500
Senior
Secured
Note,
144A,
6%,
3/01/26
..................
United
States
155,085,000
143,145,781
644,920,573
Construction
&
Engineering
0.1%
Quanta
Services,
Inc.
,
Senior
Bond
,
2.9
%
,
10/01/30
...........
United
States
89,287,000
73,650,918
Consumer
Finance
1.6%
Capital
One
Financial
Corp.
,
Senior
Note,
4.927%
to
5/09/27,
FRN
thereafter,
5/10/28
......
United
States
60,516,000
59,983,272
Sub.
Note,
4.2%,
10/29/25
............................
United
States
113,000,000
111,675,359
Sub.
Note,
3.75%,
7/28/26
............................
United
States
100,200,000
95,936,612
Ford
Motor
Credit
Co.
LLC
,
Senior
Note,
5.125%,
6/16/25
..........................
United
States
100,000,000
95,704,000
d
Senior
Note,
4.134%,
8/04/25
..........................
United
States
149,650,000
142,166,004
Senior
Note,
2.7%,
8/10/26
............................
United
States
50,000,000
42,670,000
Senior
Note,
4.95%,
5/28/27
...........................
United
States
110,000,000
102,414,400
Senior
Note,
5.113%,
5/03/29
..........................
United
States
100,000,000
89,860,400
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond,
3.1%,
1/12/32
............................
United
States
80,000,000
64,371,992
Senior
Note,
4.15%,
6/19/23
...........................
United
States
75,000,000
75,072,159
Senior
Note,
5%,
4/09/27
.............................
United
States
30,000,000
29,453,870
Senior
Note,
2.4%,
4/10/28
............................
United
States
35,000,000
29,615,007
Senior
Note,
4.3%,
4/06/29
............................
United
States
69,000,000
63,388,463
OneMain
Finance
Corp.
,
Senior
Bond,
5.375%,
11/15/29
.........................
United
States
37,100,000
30,133,918
Senior
Note,
6.625%,
1/15/28
..........................
United
States
26,000,000
23,284,170
Senior
Note,
4%,
9/15/30
.............................
United
States
59,675,000
44,315,252
1,100,044,878
Containers
&
Packaging
1.1%
e,i
ARD
Finance
SA
,
Senior
Secured
Note
,
144A,
PIK,
6.5
%
,
6/30/27
.
Luxembourg
25,144,215
18,691,707
e
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note,
144A,
5.25%,
8/15/27
......................
United
States
173,640,000
124,285,435
Senior
Secured
Note,
144A,
5.25%,
4/30/25
...............
United
States
9,669,000
8,957,618
Senior
Secured
Note,
144A,
4.125%,
8/15/26
..............
United
States
7,600,000
6,454,148
e
Mauser
Packaging
Solutions
Holding
Co.
,
Senior
Note,
144A,
7.25%,
4/15/25
......................
United
States
355,500,000
310,875,862
Senior
Secured
Note,
144A,
5.5%,
4/15/24
................
United
States
265,000,000
253,605,000
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
23
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Containers
&
Packaging
(continued)
e
Pactiv
Evergreen
Group
Issuer,
Inc./Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
70,000,000
$
59,992,100
782,861,870
Diversified
Financial
Services
0.6%
e
MPH
Acquisition
Holdings
LLC
,
d
Senior
Note,
144A,
5.75%,
11/01/28
.....................
United
States
270,000,000
224,290,350
Senior
Secured
Note,
144A,
5.5%,
9/01/28
................
United
States
117,850,000
105,219,307
e
Woodside
Finance
Ltd.
,
Senior
Bond
,
144A,
4.5
%
,
3/04/29
......
Australia
100,000,000
96,320,857
425,830,514
Diversified
Telecommunication
Services
0.3%
e
Altice
France
SA
,
Senior
Secured
Note,
144A,
5.125%,
7/15/29
..............
France
50,000,000
37,907,250
Senior
Secured
Note,
144A,
5.5%,
10/15/29
...............
France
25,000,000
19,174,625
e
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond,
144A,
5.5%,
5/01/26
.......................
United
States
20,002,000
19,551,655
Senior
Bond,
144A,
5.125%,
5/01/27
.....................
United
States
104,500,000
98,960,455
Senior
Bond,
144A,
5%,
2/01/28
........................
United
States
15,000,000
13,892,325
e
Iliad
Holding
SASU
,
Senior
Secured
Note
,
144A,
6.5
%
,
10/15/26
..
France
40,000,000
36,070,800
225,557,110
Electric
Utilities
0.5%
e
NRG
Energy,
Inc.
,
Senior
Bond
,
144A,
3.625
%
,
2/15/31
........
United
States
28,000,000
22,012,200
Pacific
Gas
and
Electric
Co.
,
Senior
Bond,
4.55%,
7/01/30
...........................
United
States
30,400,000
27,041,083
Senior
Note,
3.15%,
1/01/26
...........................
United
States
38,000,000
34,844,669
PG&E
Corp.
,
Senior
Secured
Note
,
5
%
,
7/01/28
..............
United
States
50,264,000
42,545,963
e
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
5.5%,
9/01/26
.......................
United
States
45,000,000
42,576,750
Senior
Note,
144A,
5%,
7/31/27
........................
United
States
40,000,000
36,445,600
Senior
Note,
144A,
4.375%,
5/01/29
.....................
United
States
110,000,000
92,352,150
Senior
Secured
Note,
144A,
3.55%,
7/15/24
...............
United
States
25,000,000
24,155,418
Senior
Secured
Note,
144A,
3.7%,
1/30/27
................
United
States
13,000,000
11,977,371
333,951,204
Electrical
Equipment
0.0%
†
e
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
United
States
20,668,000
16,812,591
Energy
Equipment
&
Services
0.5%
e
Nabors
Industries
Ltd.
,
Senior
Note
,
144A,
7.25
%
,
1/15/26
......
United
States
16,000,000
14,212,400
e
Weatherford
International
Ltd.
,
Senior
Note,
144A,
11%,
12/01/24
.......................
United
States
70,371,000
70,999,413
Senior
Note,
144A,
8.625%,
4/30/30
.....................
United
States
250,000,000
207,934,080
Senior
Secured
Note,
144A,
6.5%,
9/15/28
................
United
States
80,000,000
71,942,800
365,088,693
Entertainment
0.6%
e
Magallanes,
Inc.
,
Senior
Bond,
144A,
4.279%,
3/15/32
.....................
United
States
60,000,000
53,681,989
Senior
Note,
144A,
3.755%,
3/15/27
.....................
United
States
45,000,000
42,248,070
Netflix,
Inc.
,
Senior
Bond,
4.375%,
11/15/26
.........................
United
States
100,000,000
96,613,000
Senior
Bond,
4.875%,
4/15/28
..........................
United
States
69,300,000
65,362,374
Senior
Bond,
5.875%,
11/15/28
.........................
United
States
50,000,000
49,010,500
e
ROBLOX
Corp.
,
Senior
Note
,
144A,
3.875
%
,
5/01/30
..........
United
States
107,000,000
87,050,920
393,966,853
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
24
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Equity
Real
Estate
Investment
Trusts
(REITs)
0.8%
American
Tower
Corp.
,
Senior
Bond,
3.375%,
10/15/26
.........................
United
States
30,000,000
$
28,389,831
Senior
Bond,
3.95%,
3/15/29
...........................
United
States
20,000,000
18,637,698
Senior
Bond,
2.9%,
1/15/30
............................
United
States
15,000,000
12,856,613
Senior
Note,
4.05%,
3/15/32
...........................
United
States
40,000,000
36,500,309
Crown
Castle
International
Corp.
,
Senior
Bond,
3.3%,
7/01/30
............................
United
States
27,000,000
23,838,616
Senior
Bond,
2.1%,
4/01/31
............................
United
States
23,500,000
18,715,818
Senior
Bond,
2.5%,
7/15/31
............................
United
States
15,000,000
12,290,568
e
Iron
Mountain,
Inc.
,
Senior
Note
,
144A,
4.875
%
,
9/15/27
........
United
States
88,500,000
80,213,745
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond,
5.25%,
8/01/26
...........................
United
States
15,000,000
14,193,288
Senior
Bond,
5%,
10/15/27
............................
United
States
143,000,000
131,089,530
Senior
Bond,
4.625%,
8/01/29
..........................
United
States
28,000,000
24,624,600
Senior
Bond,
3.5%,
3/15/31
............................
United
States
19,177,000
15,171,404
Service
Properties
Trust
,
Senior
Bond,
4.5%,
6/15/23
............................
United
States
66,268,000
61,728,642
Senior
Note,
4.35%,
10/01/24
..........................
United
States
32,445,000
26,414,935
VICI
Properties
LP
,
Senior
Bond,
5.125%,
5/15/32
..........................
United
States
40,000,000
37,776,800
Senior
Note,
4.95%,
2/15/30
...........................
United
States
30,000,000
28,485,900
570,928,297
Food
Products
0.3%
e
Darling
Ingredients,
Inc.
,
Senior
Note
,
144A,
6
%
,
6/15/30
.......
United
States
35,000,000
34,941,375
e
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.
,
Senior
Bond,
144A,
5.75%,
4/01/33
......................
United
States
30,000,000
28,643,700
Senior
Note,
144A,
5.125%,
2/01/28
.....................
United
States
20,000,000
19,567,900
e
Lamb
Weston
Holdings,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
1/31/30
.
United
States
24,500,000
21,271,022
e
Post
Holdings,
Inc.
,
Senior
Bond,
144A,
5.625%,
1/15/28
.....................
United
States
59,800,000
56,891,029
Senior
Bond,
144A,
5.5%,
12/15/29
......................
United
States
10,000,000
8,959,700
Senior
Bond,
144A,
4.5%,
9/15/31
.......................
United
States
55,400,000
45,472,320
215,747,046
Health
Care
Equipment
&
Supplies
0.7%
e
Avantor
Funding,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
11/01/29
.....
United
States
25,000,000
21,901,875
DENTSPLY
SIRONA,
Inc.
,
Senior
Bond
,
3.25
%
,
6/01/30
........
United
States
51,249,000
43,307,385
e
Medline
Borrower
LP
,
Senior
Note,
144A,
5.25%,
10/01/29
.....................
United
States
273,000,000
225,066,660
Senior
Secured
Note,
144A,
3.875%,
4/01/29
..............
United
States
197,500,000
168,886,200
459,162,120
Health
Care
Providers
&
Services
6.6%
e
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.875%,
4/15/29
....................
United
States
825,000,000
534,525,750
Secured
Note,
144A,
6.125%,
4/01/30
....................
United
States
620,000,000
379,774,800
Senior
Note,
144A,
6.875%,
4/01/28
.....................
United
States
550,000,000
323,208,424
Senior
Secured
Bond,
144A,
4.75%,
2/15/31
...............
United
States
8,000,000
5,878,986
Senior
Secured
Note,
144A,
8%,
3/15/26
..................
United
States
400,000,000
365,428,000
Senior
Secured
Note,
144A,
5.625%,
3/15/27
..............
United
States
262,000,000
222,462,890
Senior
Secured
Note,
144A,
8%,
12/15/27
.................
United
States
380,000,000
345,731,600
Senior
Secured
Note,
144A,
6%,
1/15/29
..................
United
States
250,000,000
207,467,500
Senior
Secured
Note,
144A,
5.25%,
5/15/30
...............
United
States
135,000,000
102,832,195
CVS
Health
Corp.
,
Senior
Bond,
4.3%,
3/25/28
............................
United
States
125,000,000
123,801,335
Senior
Bond,
5.05%,
3/25/48
...........................
United
States
40,000,000
38,347,543
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
25
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Providers
&
Services
(continued)
e
DaVita,
Inc.
,
Senior
Bond,
144A,
3.75%,
2/15/31
......................
United
States
143,855,000
$
103,513,742
Senior
Note,
144A,
4.625%,
6/01/30
.....................
United
States
287,822,000
225,370,958
e
Fresenius
Medical
Care
US
Finance
III,
Inc.
,
Senior
Bond,
144A,
2.375%,
2/16/31
.....................
Germany
20,000,000
15,832,722
Senior
Bond,
144A,
3%,
12/01/31
.......................
Germany
30,941,000
25,223,052
HCA,
Inc.
,
Senior
Bond,
5.625%,
9/01/28
..........................
United
States
80,000,000
78,847,200
Senior
Secured
Note,
5%,
3/15/24
.......................
United
States
114,800,000
115,418,995
Tenet
Healthcare
Corp.
,
e
Secured
Note,
144A,
6.25%,
2/01/27
.....................
United
States
80,181,000
73,966,972
Senior
Bond,
6.875%,
11/15/31
.........................
United
States
55,258,000
49,226,352
e
Senior
Note,
144A,
6.125%,
10/01/28
....................
United
States
266,155,000
228,592,545
Senior
Note,
6.75%,
6/15/23
...........................
United
States
599,200,000
617,125,422
e
Senior
Secured
Note,
144A,
4.875%,
1/01/26
..............
United
States
30,000,000
27,703,950
e
Senior
Secured
Note,
144A,
5.125%,
11/01/27
.............
United
States
18,000,000
16,230,690
e
Senior
Secured
Note,
144A,
4.25%,
6/01/29
...............
United
States
38,000,000
32,116,840
e
Senior
Secured
Note,
144A,
4.375%,
1/15/30
..............
United
States
42,000,000
35,616,630
e
Senior
Secured
Note,
144A,
6.125%,
6/15/30
..............
United
States
288,000,000
266,561,280
4,560,806,373
Health
Care
Technology
0.2%
b,e,i
Multiplan
Corp.
,
144A,
PIK,
6
%
,
10/15/27
...................
United
States
185,000,000
152,902,500
Hotels,
Restaurants
&
Leisure
1.7%
e
Boyd
Gaming
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
6/15/31
........
United
States
25,000,000
21,175,000
e
Brinker
International,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/24
.....
United
States
30,000,000
28,136,550
e
Caesars
Entertainment,
Inc.
,
Senior
Note,
144A,
8.125%,
7/01/27
.....................
United
States
35,000,000
33,891,375
Senior
Note,
144A,
4.625%,
10/15/29
....................
United
States
85,000,000
66,317,425
Senior
Secured
Note,
144A,
6.25%,
7/01/25
...............
United
States
75,000,000
72,533,625
e
Carnival
Corp.
,
Senior
Note,
144A,
7.625%,
3/01/26
.....................
United
States
20,000,000
15,537,500
Senior
Note,
144A,
5.75%,
3/01/27
......................
United
States
48,000,000
34,834,080
Senior
Note,
144A,
10.5%,
6/01/30
......................
United
States
50,000,000
41,262,750
e
Everi
Holdings,
Inc.
,
Senior
Note
,
144A,
5
%
,
7/15/29
...........
United
States
20,000,000
16,926,800
e
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note,
144A,
6.75%,
1/15/30
......................
United
States
137,000,000
105,542,060
Senior
Secured
Note,
144A,
4.625%,
1/15/29
..............
United
States
90,000,000
76,980,150
e
Penn
National
Gaming,
Inc.
,
Senior
Note,
144A,
5.625%,
1/15/27
.....................
United
States
20,000,000
17,574,400
Senior
Note,
144A,
4.125%,
7/01/29
.....................
United
States
65,000,000
49,411,700
e
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
,
Senior
Bond,
144A,
5.5%,
3/01/25
.......................
United
States
247,000,000
226,494,060
Senior
Note,
144A,
4.25%,
5/30/23
......................
United
States
123,000,000
118,246,050
d
Senior
Note,
144A,
5.25%,
5/15/27
......................
United
States
195,222,000
167,468,264
e
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Bond
,
144A,
5.125
%
,
10/01/29
..........................
United
States
25,000,000
19,726,750
Yum!
Brands,
Inc.
,
Senior
Bond
,
5.375
%
,
4/01/32
.............
United
States
42,500,000
39,303,150
1,151,361,689
Household
Durables
0.1%
KB
Home
,
Senior
Note
,
7.25
%
,
7/15/30
.....................
United
States
15,000,000
14,231,795
e
Shea
Homes
LP
/
Shea
Homes
Funding
Corp.
,
Senior
Note,
144A,
4.75%,
2/15/28
......................
United
States
28,130,000
22,637,368
Senior
Note,
144A,
4.75%,
4/01/29
......................
United
States
25,423,000
19,963,919
56,833,082
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
26
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Household
Products
0.1%
e
Energizer
Holdings,
Inc.
,
Senior
Note,
144A,
6.5%,
12/31/27
......................
United
States
20,000,000
$
17,552,100
Senior
Note,
144A,
4.75%,
6/15/28
......................
United
States
20,000,000
15,902,200
Senior
Note,
144A,
4.375%,
3/31/29
.....................
United
States
20,000,000
15,384,800
48,839,100
Independent
Power
and
Renewable
Electricity
Producers
0.3%
e
Calpine
Corp.
,
Senior
Note,
144A,
5.125%,
3/15/28
.....................
United
States
75,500,000
66,647,248
Senior
Secured
Bond,
144A,
5.25%,
6/01/26
...............
United
States
4,946,000
4,707,726
Senior
Secured
Note,
144A,
4.5%,
2/15/28
................
United
States
21,000,000
19,107,005
e,g
Vistra
Corp.
,
Junior
Sub.
Bond,
144A,
8%
to
10/14/26,
FRN
thereafter,
Perpetual
.........................................
United
States
7,000,000
6,756,680
Junior
Sub.
Bond,
144A,
7%
to
12/14/26,
FRN
thereafter,
Perpetual
.........................................
United
States
100,000,000
90,949,500
188,168,159
Insurance
0.1%
Prudential
Financial,
Inc.
,
Junior
Sub.
Bond
,
5.7%
to
9/14/28,
FRN
thereafter
,
9/15/48
...................................
United
States
65,000,000
63,283,857
Interactive
Media
&
Services
0.0%
†
e
ZipRecruiter,
Inc.
,
Senior
Note
,
144A,
5
%
,
1/15/30
.............
United
States
45,000,000
37,856,700
Internet
&
Direct
Marketing
Retail
0.1%
e
Match
Group
Holdings
II
LLC
,
Senior
Bond,
144A,
4.125%,
8/01/30
.....................
United
States
45,000,000
37,659,812
Senior
Note,
144A,
3.625%,
10/01/31
....................
United
States
33,730,000
26,628,149
64,287,961
IT
Services
0.1%
Twilio,
Inc.
,
d
Senior
Bond,
3.875%,
3/15/31
..........................
United
States
46,500,000
38,350,642
Senior
Note,
3.625%,
3/15/29
..........................
United
States
45,000,000
37,917,675
76,268,317
Machinery
0.1%
e
Roller
Bearing
Co.
of
America,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
10/15/29
..........................................
United
States
35,000,000
29,825,813
d,e
TK
Elevator
U.S.
Newco,
Inc.
,
Senior
Secured
Note
,
144A,
5.25
%
,
7/15/27
...........................................
Germany
43,000,000
38,411,900
68,237,713
Media
3.2%
e
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
129,000,000
94,188,705
Senior
Note,
144A,
7.5%,
6/01/29
.......................
United
States
165,000,000
119,134,950
CSC
Holdings
LLC
,
e
Senior
Bond,
144A,
5.5%,
4/15/27
.......................
United
States
232,900,000
211,484,845
e
Senior
Bond,
144A,
4.5%,
11/15/31
......................
United
States
85,000,000
65,815,500
Senior
Bond,
5.25%,
6/01/24
...........................
United
States
9,526,000
8,921,004
Senior
Note,
5.875%,
9/15/22
..........................
United
States
30,255,000
30,147,897
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
27
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Media
(continued)
e
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.
,
Secured
Note
,
144A,
5.375
%
,
8/15/26
...........................
United
States
152,000,000
$
38,190,000
e
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
....................
United
States
84,500,000
72,357,773
DISH
DBS
Corp.
,
Senior
Note,
5.875%,
7/15/22
..........................
United
States
383,500,000
382,489,477
Senior
Note,
5%,
3/15/23
.............................
United
States
375,000,000
357,780,000
Senior
Note,
5.875%,
11/15/24
.........................
United
States
250,000,000
211,480,000
Senior
Note,
7.75%,
7/01/26
...........................
United
States
134,320,000
105,173,232
Senior
Note,
7.375%,
7/01/28
..........................
United
States
35,000,000
23,898,875
e
Senior
Secured
Note,
144A,
5.25%,
12/01/26
..............
United
States
75,000,000
58,928,625
e
Sirius
XM
Radio,
Inc.
,
Senior
Note
,
144A,
4
%
,
7/15/28
.........
United
States
42,000,000
36,478,890
e
Stagwell
Global
LLC
,
Senior
Note
,
144A,
5.625
%
,
8/15/29
.......
United
States
60,000,000
48,379,500
e
Univision
Communications,
Inc.
,
Senior
Secured
Note,
144A,
5.125%,
2/15/25
..............
United
States
265,000,000
249,895,000
Senior
Secured
Note,
144A,
6.625%,
6/01/27
..............
United
States
65,000,000
62,010,000
Senior
Secured
Note,
144A,
7.375%,
6/30/30
..............
United
States
20,000,000
19,570,300
2,196,324,573
Metals
&
Mining
1.0%
d
ArcelorMittal
SA
,
Senior
Bond
,
4.25
%
,
7/16/29
...............
Luxembourg
30,000,000
28,504,253
e
Cleveland-Cliffs,
Inc.
,
d
Senior
Bond,
144A,
4.875%,
3/01/31
.....................
United
States
30,000,000
26,515,620
Senior
Secured
Note,
144A,
6.75%,
3/15/26
...............
United
States
50,000,000
49,727,750
e
First
Quantum
Minerals
Ltd.
,
Senior
Note,
144A,
6.5%,
3/01/24
.......................
Zambia
25,629,000
24,663,497
Senior
Note,
144A,
7.5%,
4/01/25
.......................
Zambia
115,000,000
108,956,396
e
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond,
144A,
4.375%,
4/01/31
.....................
Australia
145,000,000
118,620,150
Senior
Bond,
144A,
6.125%,
4/15/32
.....................
Australia
40,000,000
36,079,400
Senior
Note,
144A,
5.125%,
5/15/24
.....................
Australia
60,540,000
59,025,592
Senior
Note,
144A,
5.875%,
4/15/30
.....................
Australia
42,000,000
37,868,670
Freeport-McMoRan,
Inc.
,
Senior
Bond,
5.25%,
9/01/29
...........................
United
States
25,000,000
23,917,125
Senior
Bond,
4.625%,
8/01/30
..........................
United
States
20,000,000
18,589,800
Senior
Note,
3.875%,
3/15/23
..........................
United
States
62,636,000
62,483,080
e
Glencore
Funding
LLC
,
Senior
Bond
,
144A,
2.5
%
,
9/01/30
......
Australia
80,250,000
65,449,189
e
Mineral
Resources
Ltd.
,
Senior
Note,
144A,
8%,
11/01/27
........................
Australia
20,000,000
19,533,000
Senior
Note,
144A,
8.5%,
5/01/30
.......................
Australia
25,000,000
24,666,125
704,599,647
Multi-Utilities
0.0%
†
NiSource,
Inc.
,
Senior
Bond
,
3.6
%
,
5/01/30
..................
United
States
33,750,000
30,954,406
Oil,
Gas
&
Consumable
Fuels
1.2%
e
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note,
144A,
11%,
4/15/25
........................
United
States
270,000,000
257,376,150
Senior
Note,
144A,
8.125%,
1/15/27
.....................
United
States
95,000,000
80,437,864
Senior
Secured
Note,
144A,
9.25%,
7/15/24
...............
United
States
111,402,000
115,103,322
e
CITGO
Petroleum
Corp.
,
Senior
Secured
Note,
144A,
7%,
6/15/25
..................
United
States
23,324,000
22,614,134
Senior
Secured
Note,
144A,
6.375%,
6/15/26
..............
United
States
30,000,000
27,760,050
e
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Note
,
144A,
6
%
,
4/15/30
...........................................
United
States
32,000,000
27,891,840
e
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
........
United
States
50,000,000
47,719,000
Occidental
Petroleum
Corp.
,
Senior
Bond,
6.125%,
1/01/31
..........................
United
States
30,000,000
30,468,600
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
28
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Occidental
Petroleum
Corp.,
(continued)
Senior
Note,
8%,
7/15/25
.............................
United
States
50,000,000
$
52,709,750
Senior
Note,
5.5%,
12/01/25
...........................
United
States
30,000,000
29,598,900
Senior
Note,
6.375%,
9/01/28
..........................
United
States
60,000,000
60,847,800
Senior
Note,
6.625%,
9/01/30
..........................
United
States
40,000,000
41,272,800
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
,
Senior
Note,
6%,
2/15/28
.............................
United
States
22,000,000
18,678,330
e
Senior
Secured
Note,
144A,
9.25%,
5/15/25
...............
United
States
48,430,000
50,700,156
863,178,696
Personal
Products
0.0%
†
e
BellRing
Brands,
Inc.
,
Senior
Note
,
144A,
7
%
,
3/15/30
.........
United
States
30,000,000
28,315,950
Pharmaceuticals
3.5%
e
Bausch
Health
Americas,
Inc.
,
Senior
Note,
144A,
9.25%,
4/01/26
......................
United
States
484,500,000
347,752,298
Senior
Note,
144A,
8.5%,
1/31/27
.......................
United
States
850,542,000
598,483,878
e
Bausch
Health
Cos.,
Inc.
,
Senior
Bond,
144A,
7.25%,
5/30/29
......................
United
States
22,500,000
12,241,012
Senior
Note,
144A,
9%,
12/15/25
.......................
United
States
315,000,000
233,597,700
Senior
Note,
144A,
7%,
1/15/28
........................
United
States
226,557,000
129,965,556
Senior
Note,
144A,
5%,
1/30/28
........................
United
States
204,000,000
109,203,240
Senior
Note,
144A,
6.25%,
2/15/29
......................
United
States
18,200,000
9,737,000
Senior
Secured
Note,
144A,
5.5%,
11/01/25
...............
United
States
244,000,000
214,720,000
Senior
Secured
Note,
144A,
6.125%,
2/01/27
..............
United
States
205,000,000
174,617,975
Senior
Secured
Note,
144A,
5.75%,
8/15/27
...............
United
States
53,850,000
44,695,500
Senior
Secured
Note,
144A,
4.875%,
6/01/28
..............
United
States
110,000,000
86,308,200
e
Bayer
US
Finance
II
LLC
,
Senior
Note
,
144A,
4.25
%
,
12/15/25
...
Germany
65,000,000
64,260,016
e
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco,
Inc.
,
Secured
Note,
144A,
9.5%,
7/31/27
......................
United
States
102,160,000
21,199,485
Senior
Secured
Note,
144A,
5.875%,
10/15/24
.............
United
States
47,500,000
36,337,500
e
Endo
Luxembourg
Finance
Co.
I
SARL
/
Endo
US,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
4/01/29
....................
United
States
66,355,000
50,291,118
e
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
4/01/27
United
States
181,344,000
138,392,674
Royalty
Pharma
plc
,
Senior
Bond,
2.15%,
9/02/31
...........................
United
States
25,800,000
20,154,679
Senior
Note,
2.2%,
9/02/30
............................
United
States
55,000,000
44,422,616
Utah
Acquisition
Sub,
Inc.
,
Senior
Note
,
3.95
%
,
6/15/26
.........
United
States
110,000,000
103,833,054
2,440,213,501
Road
&
Rail
0.1%
e
Ashtead
Capital,
Inc.
,
Senior
Note,
144A,
4.375%,
8/15/27
.....................
United
Kingdom
34,500,000
32,126,729
Senior
Note,
144A,
4%,
5/01/28
........................
United
Kingdom
15,000,000
13,553,282
45,680,011
Semiconductors
&
Semiconductor
Equipment
0.3%
e
Broadcom,
Inc.
,
Senior
Bond,
144A,
4%,
4/15/29
........................
United
States
25,000,000
23,188,872
Senior
Bond,
144A,
2.45%,
2/15/31
......................
United
States
60,000,000
48,266,185
Senior
Bond,
144A,
4.15%,
4/15/32
......................
United
States
35,000,000
31,637,961
Senior
Bond,
144A,
3.469%,
4/15/34
.....................
United
States
21,000,000
17,119,122
Microchip
Technology,
Inc.
,
Senior
Secured
Note
,
4.333
%
,
6/01/23
United
States
69,000,000
69,059,559
e
Qorvo,
Inc.
,
Senior
Bond
,
144A,
3.375
%
,
4/01/31
.............
United
States
30,800,000
24,277,638
213,549,337
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
29
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Software
0.6%
Autodesk,
Inc.
,
Senior
Bond
,
2.85
%
,
1/15/30
.................
United
States
20,000,000
$
17,499,078
e
Condor
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
...
United
States
72,875,000
59,446,324
e
Minerva
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/30
.....
United
States
50,000,000
41,727,250
Oracle
Corp.
,
Senior
Bond,
2.95%,
4/01/30
...........................
United
States
20,000,000
17,100,001
Senior
Bond,
3.25%,
5/15/30
...........................
United
States
21,960,000
19,063,632
Senior
Bond,
2.875%,
3/25/31
..........................
United
States
50,000,000
41,244,809
Senior
Note,
2.3%,
3/25/28
............................
United
States
50,000,000
43,067,005
e
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
........
United
States
75,000,000
54,350,198
Roper
Technologies,
Inc.
,
Senior
Bond
,
2
%
,
6/30/30
...........
United
States
30,303,000
24,431,362
Workday,
Inc.
,
Senior
Bond
,
3.8
%
,
4/01/32
..................
United
States
128,000,000
117,090,525
435,020,184
Specialty
Retail
0.7%
AutoNation,
Inc.
,
Senior
Bond,
4.75%,
6/01/30
...........................
United
States
25,000,000
23,544,184
Senior
Bond,
2.4%,
8/01/31
............................
United
States
30,436,000
23,519,764
Senior
Bond,
3.85%,
3/01/32
...........................
United
States
17,953,000
15,490,746
Senior
Note,
1.95%,
8/01/28
...........................
United
States
44,000,000
36,654,352
Bath
&
Body
Works,
Inc.
,
Senior
Bond
,
6.875
%
,
11/01/35
.......
United
States
50,000,000
40,773,500
e
Carvana
Co.
,
d
Senior
Note,
144A,
5.625%,
10/01/25
....................
United
States
40,000,000
30,775,600
Senior
Note,
144A,
10.25%,
5/01/30
.....................
United
States
200,000,000
164,662,000
e
Gap,
Inc.
(The)
,
Senior
Bond,
144A,
3.875%,
10/01/31
....................
United
States
37,000,000
25,882,610
Senior
Note,
144A,
3.625%,
10/01/29
....................
United
States
15,000,000
10,560,675
Lowe's
Cos.,
Inc.
,
Senior
Bond,
3.65%,
4/05/29
...........................
United
States
20,000,000
18,874,650
Senior
Bond,
4.5%,
4/15/30
............................
United
States
35,000,000
34,616,474
Senior
Note,
1.7%,
10/15/30
...........................
United
States
15,000,000
12,042,844
e
Michaels
Cos.,
Inc.
(The)
,
Senior
Note,
144A,
7.875%,
5/01/29
.....................
United
States
10,000,000
6,620,100
Senior
Secured
Note,
144A,
5.25%,
5/01/28
...............
United
States
50,000,000
39,399,250
483,416,749
Technology
Hardware,
Storage
&
Peripherals
0.2%
HP,
Inc.
,
Senior
Bond,
4.2%,
4/15/32
............................
United
States
33,750,000
30,167,505
Senior
Bond,
5.5%,
1/15/33
............................
United
States
50,000,000
48,832,746
Senior
Note,
4%,
4/15/29
.............................
United
States
47,000,000
44,075,613
Senior
Note,
2.65%,
6/17/31
...........................
United
States
30,000,000
24,133,240
Seagate
HDD
Cayman
,
Senior
Bond
,
3.375
%
,
7/15/31
.........
United
States
15,900,000
12,387,292
159,596,396
Tobacco
0.4%
BAT
Capital
Corp.
,
Senior
Note,
3.222%,
8/15/24
..........................
United
Kingdom
78,500,000
76,384,930
Senior
Note,
3.557%,
8/15/27
..........................
United
Kingdom
200,000,000
183,128,828
259,513,758
Trading
Companies
&
Distributors
0.4%
United
Rentals
North
America,
Inc.
,
Secured
Note,
3.875%,
11/15/27
........................
United
States
35,000,000
32,612,650
Senior
Bond,
4.875%,
1/15/28
..........................
United
States
110,000,000
104,245,350
Senior
Bond,
4%,
7/15/30
.............................
United
States
61,623,000
52,787,802
Senior
Bond,
3.875%,
2/15/31
..........................
United
States
67,535,000
57,106,077
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
30
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Trading
Companies
&
Distributors
(continued)
e
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
6/15/25
...
United
States
30,000,000
$
29,996,250
276,748,129
Wireless
Telecommunication
Services
1.4%
Sprint
Communications,
Inc.
,
Senior
Note
,
6
%
,
11/15/22
........
United
States
347,700,000
350,258,203
Sprint
Corp.
,
Senior
Note,
7.875%,
9/15/23
..........................
United
States
187,350,000
193,719,900
Senior
Note,
7.125%,
6/15/24
..........................
United
States
190,650,000
196,245,577
Senior
Note,
7.625%,
3/01/26
..........................
United
States
86,300,000
91,116,964
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
90,804,415
T-Mobile
USA,
Inc.
,
Senior
Secured
Note
,
3.875
%
,
4/15/30
......
United
States
20,000,000
18,683,885
940,828,944
Total
Corporate
Bonds
(Cost
$28,949,386,649)
..................................
25,693,539,980
Senior
Floating
Rate
Interests
0.2%
Commercial
Services
&
Supplies
0.0%
†
j
APX
Group,
Inc.
,
Initial
Term
Loan
,
5.015
%
,
(
1-month
USD
LIBOR
+
3.5%;
3-month
USD
LIBOR
+
2.5%
),
7/10/28
...............
United
States
19,900,000
18,847,489
Diversified
Financial
Services
0.1%
j
MPH
Acquisition
Holdings
LLC
,
Initial
Term
Loan
,
5.825
%
,
(
3-month
USD
LIBOR
+
4.25
%
),
9/01/28
..........................
United
States
33,745,000
31,163,507
j
Media
0.1%
Diamond
Sports
Group
LLC
,
First
Lien,
CME
Term
Loan
,
9.181
%
,
(
1-month
SOFR
+
8
%
),
5/25/26
.........................
United
States
22,001,951
21,956,077
DIRECTV
Financing
LLC
,
Closing
Date
Term
Loan
,
6.666
%
,
(
1-month
USD
LIBOR
+
5
%
),
8/02/27
.....................
United
States
18,650,000
17,224,114
39,180,191
a
a
a
a
a
a
Specialty
Retail
0.0%
†
j
Belk,
Inc.
,
First
Lien,
First-Out
Term
Loan,
9.006%,
(3-month
USD
LIBOR
+
7.5%),
7/31/25
......................................
United
States
4,913,316
4,503,865
First
Lien,
Second-Out
Term
Loan,
13%,
(3-month
USD
LIBOR
+
5%),
7/31/25
.......................................
United
States
31,318,979
13,226,631
17,730,496
a
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$114,908,757)
.........................
106,921,683
U.S.
Government
and
Agency
Securities
11.4%
U.S.
Treasury
Notes
,
2.25%,
3/31/24
.....................................
United
States
1,000,000,000
987,539,060
1.75%,
3/15/25
.....................................
United
States
2,250,000,000
2,175,556,635
2.375%,
4/30/26
.....................................
United
States
1,250,000,000
1,220,288,088
0.875%,
6/30/26
.....................................
United
States
500,000,000
459,062,500
2.5%,
3/31/27
......................................
United
States
1,000,000,000
975,781,250
1.875%,
2/28/29
.....................................
United
States
250,000,000
232,412,110
2.375%,
3/31/29
.....................................
United
States
1,000,000,000
957,402,340
1.875%,
2/15/32
.....................................
United
States
1,000,000,000
906,093,750
Total
U.S.
Government
and
Agency
Securities
(Cost
$8,080,873,498)
..............
7,914,135,733
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
31
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
0.1%
Airlines
0.1%
United
Airlines
Pass-Through
Trust
,
2020-1
,
A
,
5.875
%
,
10/15/27
.
.
United
States
46,576,292
$
45,845,067
Total
Asset-Backed
Securities
(Cost
$4
6,576,292)
...............................
45,845,067
Mortgage-Backed
Securities
0.0%
†
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.0%
†
FNMA,
30
Year,
4%,
8/01/49
.............................
United
States
29,968,573
29,958,620
Total
Mortgage-Backed
Securities
(Cost
$31,747,958)
............................
29,958,620
Shares
a
Escrows
and
Litigation
Trusts
0.1%
b,c,e
Chesapeake
Energy
Corp.,
Escrow
Account,
144A
............
United
States
25,000,000
23,622,500
b,e
Entegris
Escrow
Corp.,
Escrow
Account,
144A
...............
United
States
40,000,000
37,322,124
Total
Escrows
and
Litigation
Trusts
(Cost
$64,814,115)
..........................
60,944,624
Total
Long
Term
Investments
(Cost
$72,024,363,923)
............................
68,311,053,894
a
Short
Term
Investments
1.5%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
1.4%
k,l
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.895%
....
United
States
974,986,933
974,986,933
Total
Money
Market
Funds
(Cost
$974,986,933)
.................................
974,986,933
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.1%
Money
Market
Funds
0.1%
k,l
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.895%
....
United
States
79,581,000
79,581,000
Principal
Amount
*
Repurchase
Agreements
0.0%
†
m
Joint
Repurchase
Agreement,
J.P.
Morgan
Securities
LLC,
1.48%,
7/01/22
(Maturity
Value
$14,016,805)
Collateralized
by
U.S.
Treasury
Notes,
0.5%,
4/30/27
-
5/31/27
(valued
at
$14,296,569)
...............................
14,016,229
14,016,229
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$93,597,229)
...........................................................
93,597,229
Total
Short
Term
Investments
(Cost
$1,068,584,162
)
.............................
1,068,584,162
a
Total
Investments
(Cost
$73,092,948,085)
100.0%
...............................
$69,379,638,056
Options
Written
(0.1)%
.......................................................
(48,702,500)
Other
Assets,
less
Liabilities
0.1%
.............................................
20,630,578
Net
Assets
100.0%
...........................................................
$69,351,566,134
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
32
a
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
Options
Written
(0.1)%
Calls
-
Exchange-Traded
Equity
Options
AbbVie,
Inc.,
July
Strike
Price
$155.00,
Expires
7/15/22
.........
5,000
76,580,000
$
(925,000)
AbbVie,
Inc.,
July
Strike
Price
$160.00,
Expires
7/15/22
.........
5,000
76,580,000
(310,000)
AbbVie,
Inc.,
August
Strike
Price
$160.00,
Expires
8/19/22
......
10,000
153,160,000
(2,900,000)
AbbVie,
Inc.,
August
Strike
Price
$165.00,
Expires
8/19/22
......
10,000
153,160,000
(1,680,000)
AbbVie,
Inc.,
July
Strike
Price
$170.00,
Expires
7/15/22
.........
5,000
76,580,000
(5,000)
Air
Products
and
Chemicals,
Inc.,
September
Strike
Price
$280.00,
Expires
9/16/22
.....................................
10,000
240,480,000
(1,500,000)
Amgen,
Inc.,
August
Strike
Price
$255.00,
Expires
8/19/22
......
5,000
121,650,000
(1,675,000)
Bristol-Myers
Squibb
Co.,
July
Strike
Price
$80.00,
Expires
7/15/22
10,000
77,000,000
(340,000)
Bristol-Myers
Squibb
Co.,
September
Strike
Price
$82.50,
Expires
9/16/22
...........................................
15,000
115,500,000
(1,725,000)
Chevron
Corp.,
September
Strike
Price
$175.00,
Expires
9/16/22
.
10,000
144,780,000
(1,600,000)
Comcast
Corp.,
July
Strike
Price
$50.00,
Expires
7/15/22
.......
10,000
39,240,000
—
Dominion
Energy,
Inc.,
July
Strike
Price
$87.50,
Expires
7/15/22
..
5,000
39,905,000
(20,000)
Duke
Energy
Corp.,
July
Strike
Price
$115.00,
Expires
7/15/22
...
2,500
26,802,500
(12,500)
Exelon
Corp.,
July
Strike
Price
$50.00,
Expires
7/15/22
.........
5,000
22,660,000
(25,000)
Exxon
Mobil
Corp.,
July
Strike
Price
$95.00,
Expires
7/15/22
.....
10,000
85,640,000
(430,000)
Exxon
Mobil
Corp.,
August
Strike
Price
$100.00,
Expires
8/19/22
..
20,000
171,280,000
(2,000,000)
Home
Depot,
Inc.
(The),
July
Strike
Price
$330.00,
Expires
7/15/22
5,000
137,135,000
(35,000)
Intel
Corp.,
July
Strike
Price
$52.50,
Expires
7/15/22
...........
20,000
74,820,000
(20,000)
International
Business
Machines
Corp.,
July
Strike
Price
$145.00,
Expires
7/15/22
.....................................
10,000
141,190,000
(1,050,000)
International
Business
Machines
Corp.,
July
Strike
Price
$150.00,
Expires
7/15/22
.....................................
10,000
141,190,000
(230,000)
International
Business
Machines
Corp.,
August
Strike
Price
$150.00,
Expires
8/19/22
.....................................
10,000
141,190,000
(1,920,000)
Johnson
&
Johnson,
July
Strike
Price
$190.00,
Expires
7/15/22
...
10,000
177,510,000
(140,000)
Johnson
&
Johnson,
August
Strike
Price
$190.00,
Expires
8/19/22
.
10,000
177,510,000
(1,200,000)
JPMorgan
Chase
&
Co.,
July
Strike
Price
$145.00,
Expires
7/15/22
10,000
112,610,000
(20,000)
Merck
&
Co.,
Inc.,
July
Strike
Price
$95.00,
Expires
7/15/22
......
15,000
136,755,000
(645,000)
Philip
Morris
International,
Inc.,
July
Strike
Price
$110.00,
Expires
7/15/22
...........................................
5,000
49,370,000
(25,000)
Philip
Morris
International,
Inc.,
September
Strike
Price
$115.00,
Expires
9/16/22
.....................................
10,000
98,740,000
(400,000)
Procter
&
Gamble
Co.
(The),
August
Strike
Price
$155.00,
Expires
8/19/22
...........................................
12,500
179,737,500
(1,175,000)
Procter
&
Gamble
Co.
(The),
August
Strike
Price
$160.00,
Expires
8/19/22
...........................................
10,000
143,790,000
(440,000)
Sempra
Energy,
July
Strike
Price
$175.00,
Expires
7/15/22
......
2,500
37,567,500
—
Shell
plc,
July
Strike
Price
$65.00,
Expires
7/15/22
............
10,000
52,290,000
(50,000)
Vistra
Corp.,
July
Strike
Price
$28.00,
Expires
7/15/22
..........
5,000
11,425,000
—
(22,497,500)
Puts
-
Exchange-Traded
Equity
Options
Cloudflare,
Inc.,
August
Strike
Price
$30.00,
Expires
8/19/22
.....
10,000
43,750,000
(1,380,000)
Intel
Corp.,
July
Strike
Price
$40.00,
Expires
7/15/22
...........
25,000
93,525,000
(7,125,000)
Morgan
Stanley,
July
Strike
Price
$70.00,
Expires
7/15/22
.......
10,000
76,060,000
(700,000)
NVIDIA
Corp.,
July
Strike
Price
$155.00,
Expires
7/15/22
.......
10,000
151,590,000
(9,450,000)
PayPal
Holdings,
Inc.,
July
Strike
Price
$60.00,
Expires
7/15/22
..
10,000
69,840,000
(630,000)
Target
Corp.,
July
Strike
Price
$145.00,
Expires
7/15/22
........
10,000
141,230,000
(6,110,000)
Walmart,
Inc.,
July
Strike
Price
$115.00,
Expires
7/15/22
........
15,000
182,370,000
(810,000)
(26,205,000)
Total
Options
Written
(Premiums
received
$56,942,182)
..........................
$
(48,702,500)
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
33
See
Abbreviations
on
page
47
.
#
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
4
regarding
holdings
of
5%
voting
securities.
d
A
portion
or
all
of
the
security
is
on
loan
at
June
30,
2022.
e
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
June
30,
2022,
the
aggregate
value
of
these
securities
was
$28,042,423,093,
representing
40.4%
of
net
assets.
f
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
g
Perpetual
security
with
no
stated
maturity
date.
h
The
coupon
rate
shown
represents
the
rate
at
period
end.
i
Income
may
be
received
in
additional
securities
and/or
cash.
j
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
k
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
l
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
m
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
June
30,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
June
30,
2022
Franklin
U.S.
Government
Securities
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
34
a
a
Principal
Amount
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.6%
U.S.
Treasury
Bonds,
4.75%,
2/15/37
....................................
$
14,500,000
$
17,520,644
Total
U.S.
Government
and
Agency
Securities
(Cost
$18,605,162)
.................
17,520,644
Mortgage-Backed
Securities
98.0%
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
98.0%
GNMA
I,
30
Year,
4.5%,
4/15/40
........................................
3,904,735
4,077,920
GNMA
I,
30
Year,
5%,
9/15/40
..........................................
142,054,900
149,288,677
GNMA
I,
30
Year,
5.5%,
2/15/40
........................................
64,521,722
70,647,943
GNMA
I,
30
Year,
6%,
12/15/39
.........................................
59,095,193
65,438,527
GNMA
I,
30
Year,
6.5%,
8/15/37
........................................
16,224,848
17,474,241
GNMA
I,
30
Year,
7%,
9/15/32
..........................................
10,218,887
11,134,215
GNMA
I,
30
Year,
7.5%,
7/15/26
-
8/15/33
.................................
985,654
1,058,340
GNMA
I,
30
Year,
8%,
10/15/29
.........................................
1,363
1,464
GNMA
I,
30
Year,
8.5%,
11/15/24
........................................
276
279
GNMA
I,
Single-family,
30
Year,
3.5%,
4/15/43
-
5/15/43
......................
12,948,533
12,905,788
GNMA
I,
Single-family,
30
Year,
4%,
10/15/40
-
8/15/46
.......................
37,925,438
38,671,290
GNMA
I,
Single-family,
30
Year,
4.5%,
2/15/39
-
6/15/41
......................
72,682,955
75,839,091
GNMA
I,
Single-family,
30
Year,
5%,
2/15/35
...............................
20,753
21,512
GNMA
I,
Single-family,
30
Year,
5.5%,
5/15/33
-
10/15/48
......................
571,134
597,584
GNMA
I,
Single-family,
30
Year,
7.25%,
12/15/25
-
1/15/26
.....................
34,363
34,647
GNMA
I,
Single-family,
30
Year,
7.5%,
9/15/22
-
7/15/31
......................
1,142,081
1,169,769
GNMA
I,
Single-family,
30
Year,
8%,
7/15/22
-
9/15/30
........................
412,411
418,845
GNMA
I,
Single-family,
30
Year,
8.5%,
11/15/22
-
5/15/25
......................
12,026
12,074
GNMA
I,
Single-family,
30
Year,
10%,
2/15/25
..............................
3,091
3,095
GNMA
II,
30
Year,
4.5%,
5/20/34
-
6/20/41
.................................
3,287,880
3,437,541
GNMA
II,
30
Year,
6%,
7/20/39
.........................................
26,252,280
28,873,714
GNMA
II,
30
Year,
6%,
3/20/34
-
9/20/34
..................................
1,026,904
1,053,214
GNMA
II,
30
Year,
6.5%,
9/20/31
-
9/20/32
.................................
1,122,594
1,217,621
GNMA
II,
30
Year,
7%,
7/20/32
.........................................
320,904
350,901
GNMA
II,
30
Year,
7.5%,
10/20/24
.......................................
11,524
11,549
GNMA
II,
30
Year,
8%,
12/20/28
........................................
51,660
54,077
GNMA
II,
Single-family,
30
Year,
2%,
8/20/51
...............................
182,448,560
163,113,561
GNMA
II,
Single-family,
30
Year,
2.5%,
11/20/50
............................
15,610,802
14,116,221
GNMA
II,
Single-family,
30
Year,
2.5%,
7/20/51
.............................
80,093,605
73,611,935
GNMA
II,
Single-family,
30
Year,
2.5%,
8/20/51
.............................
237,289,947
217,666,379
GNMA
II,
Single-family,
30
Year,
2.5%,
9/20/51
.............................
95,862,403
88,099,484
GNMA
II,
Single-family,
30
Year,
2.5%,
10/20/51
............................
93,398,648
85,829,082
GNMA
II,
Single-family,
30
Year,
2.5%,
12/20/51
............................
94,735,011
87,027,173
GNMA
II,
Single-family,
30
Year,
2.5%,
1/20/52
.............................
141,370,582
129,838,801
GNMA
II,
Single-family,
30
Year,
3%,
10/20/44
..............................
21,400,304
20,533,611
GNMA
II,
Single-family,
30
Year,
3%,
12/20/44
..............................
10,762,847
10,330,439
GNMA
II,
Single-family,
30
Year,
3%,
5/20/45
...............................
15,781,878
15,142,427
GNMA
II,
Single-family,
30
Year,
3%,
4/20/46
...............................
21,100,628
20,262,626
GNMA
II,
Single-family,
30
Year,
3%,
9/20/47
...............................
17,100,773
16,330,860
GNMA
II,
Single-family,
30
Year,
3%,
10/20/47
..............................
27,444,002
26,208,330
GNMA
II,
Single-family,
30
Year,
3%,
6/20/50
...............................
12,840,511
12,382,439
GNMA
II,
Single-family,
30
Year,
3%,
9/20/50
...............................
9,701,984
9,309,602
GNMA
II,
Single-family,
30
Year,
3%,
7/20/51
...............................
167,033,012
158,008,181
GNMA
II,
Single-family,
30
Year,
3%,
8/20/51
...............................
188,905,719
178,618,889
GNMA
II,
Single-family,
30
Year,
3%,
9/20/51
...............................
31,421,652
29,684,590
GNMA
II,
Single-family,
30
Year,
3%,
10/20/51
..............................
134,902,299
127,551,957
GNMA
II,
Single-family,
30
Year,
3%,
2/20/45
-
10/20/50
......................
68,762,306
66,049,459
GNMA
II,
Single-family,
30
Year,
3.5%,
7/20/42
.............................
33,605,049
33,373,218
GNMA
II,
Single-family,
30
Year,
3.5%,
9/20/42
.............................
42,122,781
41,833,759
GNMA
II,
Single-family,
30
Year,
3.5%,
5/20/43
.............................
12,511,460
12,426,304
GNMA
II,
Single-family,
30
Year,
3.5%,
6/20/43
.............................
14,549,758
14,449,416
GNMA
II,
Single-family,
30
Year,
3.5%,
8/20/43
.............................
9,427,217
9,362,195
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
U.S.
Government
Securities
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
35
See
Abbreviations
on
page
47
.
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%,
9/20/47
.............................
$
154,464,645
$
152,675,390
GNMA
II,
Single-family,
30
Year,
3.5%,
11/20/47
............................
146,473,091
144,063,616
GNMA
II,
Single-family,
30
Year,
3.5%,
11/20/51
............................
25,856,657
25,174,334
GNMA
II,
Single-family,
30
Year,
3.5%,
2/20/52
.............................
72,831,306
70,903,952
GNMA
II,
Single-family,
30
Year,
3.5%,
10/20/40
-
1/20/49
.....................
45,343,699
44,837,084
GNMA
II,
Single-family,
30
Year,
4%,
11/20/40
..............................
11,168,122
11,361,033
GNMA
II,
Single-family,
30
Year,
4%,
9/20/41
...............................
11,175,187
11,368,696
GNMA
II,
Single-family,
30
Year,
4%,
10/20/41
..............................
13,728,311
13,965,497
GNMA
II,
Single-family,
30
Year,
4%,
11/20/41
..............................
12,860,836
13,083,548
GNMA
II,
Single-family,
30
Year,
4%,
5/20/47
...............................
36,930,545
37,184,451
GNMA
II,
Single-family,
30
Year,
4%,
6/20/47
...............................
28,444,026
28,639,562
GNMA
II,
Single-family,
30
Year,
4%,
7/20/47
...............................
18,335,009
18,460,938
GNMA
II,
Single-family,
30
Year,
4%,
6/20/52
...............................
161,230,000
160,865,318
GNMA
II,
Single-family,
30
Year,
4%,
5/20/40
-
12/20/49
......................
52,128,936
53,007,892
GNMA
II,
Single-family,
30
Year,
4.5%,
5/20/41
.............................
10,104,829
10,569,948
GNMA
II,
Single-family,
30
Year,
4.5%,
6/20/41
.............................
12,457,413
13,031,026
GNMA
II,
Single-family,
30
Year,
4.5%,
7/20/41
.............................
13,885,738
14,524,485
GNMA
II,
Single-family,
30
Year,
4.5%,
9/20/41
.............................
19,939,145
20,872,971
GNMA
II,
Single-family,
30
Year,
4.5%,
10/20/41
............................
14,279,633
14,951,117
GNMA
II,
Single-family,
30
Year,
4.5%,
5/20/33
-
2/20/44
......................
31,676,808
33,067,621
GNMA
II,
Single-family,
30
Year,
5%,
9/20/33
...............................
9,114,353
9,697,223
GNMA
II,
Single-family,
30
Year,
5%,
7/20/33
-
9/20/41
.......................
29,126,103
30,929,786
GNMA
II,
Single-family,
30
Year,
5.5%,
6/20/34
-
2/20/50
......................
41,890,108
44,795,250
GNMA
II,
Single-family,
30
Year,
6%,
6/20/34
...............................
569,702
609,968
GNMA
II,
Single-family,
30
Year,
6.5%,
6/20/24
-
1/20/39
......................
8,414,235
9,131,504
GNMA
II,
Single-family,
30
Year,
7%,
2/20/28
-
7/20/33
.......................
2,268,602
2,451,992
GNMA
II,
Single-family,
30
Year,
7.5%,
10/20/22
-
4/20/32
.....................
325,131
346,121
GNMA
II,
Single-family,
30
Year,
8%,
12/20/24
-
6/20/30
......................
154,096
163,951
GNMA
II,
Single-family,
30
Year,
8.5%,
1/20/25
-
6/20/25
......................
93
94
GNMA
II,
Single-family,
30
Year,
9.5%,
12/20/24
-
1/20/25
.....................
2,445
2,448
3,135,691,672
Total
Mortgage-Backed
Securities
(Cost
$3,340,231,109)
.........................
3,135,691,672
Total
Long
Term
Investments
(Cost
$3,358,836,271)
.............................
3,153,212,316
a
a
a
a
a
Short
Term
Investments
0.2%
Shares
a
Money
Market
Funds
0.2%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.895%
..................
7,471,278
7,471,278
Total
Money
Market
Funds
(Cost
$7,471,278)
...................................
7,471,278
Total
Short
Term
Investments
(Cost
$7,471,278
)
.................................
7,471,278
a
Total
Investments
(Cost
$3,366,307,549)
98.8%
..................................
$3,160,683,594
Other
Assets,
less
Liabilities
1.2%
.............................................
38,087,627
Net
Assets
100.0%
...........................................................
$3,198,771,221
a
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
June
30,
2022
Franklin
Utilities
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
36
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
99.2%
Construction
&
Engineering
1.7%
MDU
Resources
Group,
Inc.
.............................
United
States
4,400,000
$
118,756,000
Diversified
Telecommunication
Services
1.0%
a
TELUS
Corp.
........................................
Canada
3,000,000
66,819,453
Electric
Utilities
57.1%
Alliant
Energy
Corp.
...................................
United
States
3,750,000
219,787,500
American
Electric
Power
Co.,
Inc.
.........................
United
States
2,750,000
263,835,000
Constellation
Energy
Corp.
..............................
United
States
1,499,999
85,889,943
Duke
Energy
Corp.
....................................
United
States
2,700,000
289,467,000
Edison
International
...................................
United
States
4,300,000
271,932,000
Emera
,
Inc.
..........................................
Canada
1,800,000
84,322,560
Entergy
Corp.
........................................
United
States
2,200,000
247,808,000
Evergy
,
Inc.
..........................................
United
States
3,600,000
234,900,000
Eversource
Energy
....................................
United
States
2,200,000
185,834,000
Exelon
Corp.
.........................................
United
States
5,650,000
256,058,000
FirstEnergy
Corp.
.....................................
United
States
1,800,000
69,102,000
NextEra
Energy,
Inc.
...................................
United
States
9,686,286
750,299,713
OGE
Energy
Corp.
....................................
United
States
1,600,000
61,696,000
Origin
Energy
Ltd.
.....................................
Australia
7,000,000
27,788,894
a
PG&E
Corp.
.........................................
United
States
10,000,000
99,800,000
Pinnacle
West
Capital
Corp.
.............................
United
States
1,250,000
91,400,000
PNM
Resources,
Inc.
..................................
United
States
1,000,000
47,780,000
PPL
Corp.
...........................................
United
States
6,000,000
162,780,000
Southern
Co.
(The)
....................................
United
States
4,100,000
292,371,000
Xcel
Energy,
Inc.
......................................
United
States
2,100,000
148,596,000
3,891,447,610
Gas
Utilities
2.0%
Southwest
Gas
Holdings,
Inc.
............................
United
States
700,000
60,956,000
Spire,
Inc.
...........................................
United
States
1,000,000
74,370,000
135,326,000
Independent
Power
and
Renewable
Electricity
Producers
1.8%
Clearway
Energy,
Inc.,
C
................................
United
States
600,000
20,904,000
Vistra
Corp.
..........................................
United
States
4,500,000
102,825,000
123,729,000
Multi-Utilities
32.1%
Ameren
Corp.
........................................
United
States
1,668,250
150,743,070
Black
Hills
Corp.
......................................
United
States
784,393
57,080,279
CenterPoint
Energy,
Inc.
................................
United
States
6,250,000
184,875,000
CMS
Energy
Corp.
....................................
United
States
4,800,000
324,000,000
Consolidated
Edison,
Inc.
...............................
United
States
1,000,000
95,100,000
Dominion
Energy,
Inc.
..................................
United
States
3,800,000
303,278,000
DTE
Energy
Co.
......................................
United
States
1,500,000
190,125,000
E.ON
SE
............................................
Germany
9,000,000
75,804,063
National
Grid
plc
......................................
United
Kingdom
5,000,000
64,244,122
NiSource,
Inc.
........................................
United
States
5,600,000
165,144,000
NorthWestern
Corp.
...................................
United
States
1,255,416
73,981,665
Public
Service
Enterprise
Group,
Inc.
......................
United
States
2,200,000
139,216,000
Sempra
Energy
.......................................
United
States
1,800,000
270,486,000
WEC
Energy
Group,
Inc.
................................
United
States
900,000
90,576,000
2,184,653,199
Oil,
Gas
&
Consumable
Fuels
2.1%
Cheniere
Energy,
Inc.
..................................
United
States
700,000
93,121,000
DT
Midstream,
Inc.
....................................
United
States
750,000
36,765,000
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Utilities
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
37
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Williams
Cos.,
Inc.
(The)
................................
United
States
400,000
$
12,484,000
142,370,000
Water
Utilities
1.4%
Essential
Utilities,
Inc.
..................................
United
States
1,500,000
68,775,000
United
Utilities
Group
plc
................................
United
Kingdom
2,000,000
24,892,468
93,667,468
Total
Common
Stocks
(Cost
$3,267,054,250)
....................................
6,756,768,730
Short
Term
Investments
0.8%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
0.8%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.895%
....
United
States
56,876,065
56,876,065
Total
Money
Market
Funds
(Cost
$56,876,065)
..................................
56,876,065
Total
Short
Term
Investments
(Cost
$56,876,065
)
................................
56,876,065
a
Total
Investments
(Cost
$3,323,930,315)
100.0%
................................
$6,813,644,795
Other
Assets,
less
Liabilities
(0.0)%
†
..........................................
(3,277,107)
Net
Assets
100.0%
...........................................................
$6,810,367,688
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
See
Note
5
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
Schedules
of
Investments
(unaudited)
38
Quarterly
Schedules
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
Schedules
of
Investments
(unaudited)
39
Quarterly
Schedules
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
June
30,
2022,
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.
Derivative
financial
instruments
listed
on
an
exchange
are
valued
at
the
official
closing
price
of
the
day.
Certain
derivative
financial
instruments
are
centrally
cleared
or
trade
in
the
OTC
market.
The
Funds’
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Funds’ net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets. 
3.
Restricted
Securities
At
June
30,
2022,
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
$
14,191,882
2,353
Canva
,
Inc.,
A
..............................
11/08/21
4,011,298
1,314,032
94
Canva
,
Inc.,
A-3
.............................
11/08/21
160,247
52,494
8
Canva
,
Inc.,
A-4
.............................
11/08/21
13,638
4,468
5
Canva
,
Inc.,
A-5
.............................
11/08/21
8,524
2,792
96,603
Checkout
Payments
Group
Ltd.,
B
...............
1/11/22
30,000,062
24,482,298
822,494
Gusto,
Inc.,
E
...............................
7/13/21
24,999,977
22,941,087
849,894
OneTrust
LLC,
C
............................
4/01/21
16,666,676
9,929,906
540,043
Stripe,
Inc.,
B
...............................
5/18/21
21,671,052
10,008,979
756,137
Stripe,
Inc.,
H
...............................
3/15/21
30,339,997
14,013,994
Total
Restricted
Securities
(Value
is
0.6%
of
Net
Assets)
..............
$171,194,511
$96,941,932
2. Financial
Instrument
Valuation
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
40
Quarterly
Schedules
of
Investments
4.
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
June
30,
2022,
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
Growth
Fund
Non-Controlled
Affiliates
Dividends
Paymentus
Holdings
Inc
$
9,082,304
$
7,789,679
$
(30,846)
$
7,620
$
(4,468,217)
$
12,380,540
925,994
$
—
Total
Affiliated
Securities
(Value
is
0.1%
of
Net
Assets)
..........
$9,082,304
$7,789,679
$(30,846)
$
7,620
$
(4,468,217)
$12,380,540
$—
Franklin
Income
Fund
Non-Controlled
Affiliates
Dividends
Chesapeake
Energy
Corp.
$
307,950,000
$
—
$
(427,970,354)
$
(148,488,475)
$
268,508,829
$
—
a
—
$
10,834,844
Chesapeake
Energy
Corp.,
2/09/26
..........
391,333,500
—
(443,405,5
50
)
(211,758,187
)
263,830,237
—
a
—
3,000
Chesapeake
Energy
Corp.,
Escrow
Account,
144A
26,742,500
—
—
—
—
b
—
b
—
1,101,563
CHS/Community
Health
Systems,
Inc.
......
117,000,000
—
(13,435,558)
(17,643,189)
(55,921,253)
30,000,000
8,000,000
—
Civitas
Resources,
Inc.
.
162,860,000
—
(178,910,510)
50,730,510
(34,680,000)
—
a
—
1,140,106
Weatherford
International
plc
.............
232,499,400
—
(261,454,793)
80,614,221
24,552,622
76,211,450
3,599,974
—
$1,238,385,400
$—
$(1,325,176,765)
$
(246,545,120
)
$
466,290,435
$106,211,450
—
$
13,079,513
Interest
Civitas
Resources,
Inc.,
Senior
Note,
7.5%,
4/30/26
..........
33,003,296
—
(32,713,617)
—
(289,679)
—
a
—
1,438,036
Total
Affiliated
Securities
(Value
is
0.2%
of
Net
Assets)
..........
$1,271,388,696
$—
$(1,357,890,382)
$
(246,545,120
)
$
466,000,756
$106,211,450
$14,517,549
a
As
of
June
30,
2022,
no
longer
held
by
the
fund.
b
As
of
June
30,
2022
no
longer
an
affiliate.
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
41
Quarterly
Schedules
of
Investments
5.
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
June
30,
2022,
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,
0.895%
$
396,130,154
$
3,628,370,674
$
(3,697,406,450)
$
—
$
—
$
327,094,378
327,094,378
$
284,553
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.895%
44,677,000
990,704,000
(1,035,381,000)
—
—
—
—
11,958
Total
Affiliated
Securities
...
$440,807,154
$4,619,074,674
$(4,732,787,450)
$—
$—
$327,094,378
$296,511
Franklin
Focused
Growth
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.895%
$3,205,079
$28,024,479
$(31,106,458)
$—
$—
$123,100
123,100
$684
Total
Affiliated
Securities
...
$3,205,079
$28,024,479
$(31,106,458)
$—
$—
$123,100
$684
Franklin
Growth
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.895%
$141,998,542
$1,661,342,647
$(1,646,369,263)
$—
$—
$156,971,926
156,971,926
$72,985
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.895%
76,774,000
481,485,000
(552,624,000)
—
—
5,635,000
5,635,000
11,618
Total
Affiliated
Securities
...
$218,772,542
$2,142,827,647
$(2,198,993,263)
$—
$—
$162,606,926
$84,603
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
42
Quarterly
Schedules
of
Investments
6. 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,
0.895%
$
3,428,988,776
$
15,854,451,956
$
(18,308,453,799)
$
—
$
—
$
974,986,933
974,986,933
$
1,107,713
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.895%
1,876,000
808,396,697
(730,691,697)
—
—
79,581,000
79,581,000
70,678
Total
Affiliated
Securities
...
$3,430,864,776
$16,662,848,653
$(19,039,145,496)
$—
$—
$1,054,567,933
$1,178,391
Franklin
U.S.
Government
Securities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.895%
$
85,708,046
$
739,119,159
$
(817,355,927)
$
—
$
—
$
7,471,278
7,471,278
$
63,157
Total
Affiliated
Securities
...
$85,708,046
$739,119,159
$(817,355,927)
$—
$—
$7,471,278
$63,157
Franklin
Utilities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.895%
$
12,629,462
$
413,311,659
$
(369,065,056)
$
—
$
—
$
56,876,065
56,876,065
$
51,885
Total
Affiliated
Securities
...
$12,629,462
$413,311,659
$(369,065,056)
$—
$—
$56,876,065
$51,885
5.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
43
Quarterly
Schedules
of
Investments
A
summary
of
inputs
used
as
of
June
30,
2022,
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
...................
$
108,867,000
$
—
$
—
$
108,867,000
Automobiles
..........................
538,736,000
—
—
538,736,000
Biotechnology
.........................
28,600,000
94,233,851
—
122,833,851
Capital
Markets
........................
442,079,000
—
—
442,079,000
Chemicals
...........................
172,613,000
100,690,315
—
273,303,315
Construction
&
Engineering
...............
103,405,500
—
—
103,405,500
Electric
Utilities
........................
271,110,000
—
—
271,110,000
Electronic
Equipment,
Instruments
&
Components
........................
73,545,000
68,575,010
—
142,120,010
Energy
Equipment
&
Services
.............
156,473,000
—
—
156,473,000
Entertainment
.........................
53,488,000
—
—
53,488,000
Equity
Real
Estate
Investment
Trusts
(REITs)
.
193,701,000
—
—
193,701,000
Health
Care
Equipment
&
Supplies
.........
1,114,394,250
—
—
1,114,394,250
Health
Care
Providers
&
Services
..........
256,815,000
—
—
256,815,000
Health
Care
Technology
.................
264,960,000
—
—
264,960,000
Hotels,
Restaurants
&
Leisure
.............
141,549,700
—
—
141,549,700
Interactive
Media
&
Services
..............
972,243,000
—
—
972,243,000
Internet
&
Direct
Marketing
Retail
..........
1,183,105,300
—
—
1,183,105,300
IT
Services
...........................
1,075,650,488
288,612,702
—
1,364,263,190
Life
Sciences
Tools
&
Services
............
1,355,798,000
120,174,988
—
1,475,972,988
Machinery
............................
75,321,000
—
—
75,321,000
Pharmaceuticals
.......................
383,335,500
—
—
383,335,500
Professional
Services
...................
15,102,500
—
—
15,102,500
Semiconductors
&
Semiconductor
Equipment
.
2,239,214,500
49,759,068
—
2,288,973,568
Software
.............................
4,789,236,168
—
—
4,789,236,168
Technology
Hardware,
Storage
&
Peripherals
.
314,456,000
—
—
314,456,000
Trading
Companies
&
Distributors
..........
34,944,000
—
—
34,944,000
Short
Term
Investments
...................
327,094,378
233,840,341
—
560,934,719
Total
Investments
in
Securities
...........
$16,685,837,284
$955,886,275
a
$—
$17,641,723,559
Franklin
Focused
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
388,985
—
—
388,985
Automobiles
..........................
3,636,468
—
—
3,636,468
Capital
Markets
........................
1,442,525
—
—
1,442,525
Electric
Utilities
........................
3,601,890
—
—
3,601,890
Energy
Equipment
&
Services
.............
733,298
—
—
733,298
Equity
Real
Estate
Investment
Trusts
(REITs)
.
1,920,300
—
—
1,920,300
Food
&
Staples
Retailing
.................
3,834,240
—
—
3,834,240
Health
Care
Equipment
&
Supplies
.........
5,002,515
—
—
5,002,515
Health
Care
Technology
.................
990,200
—
—
990,200
Interactive
Media
&
Services
..............
4,358,520
—
—
4,358,520
Internet
&
Direct
Marketing
Retail
..........
6,722,878
—
—
6,722,878
IT
Services
...........................
3,386,127
1,443,064
—
4,829,191
Life
Sciences
Tools
&
Services
............
4,270,160
—
—
4,270,160
Metals
&
Mining
.......................
561,119
—
—
561,119
Personal
Products
.....................
1,146,015
—
—
1,146,015
Road
&
Rail
..........................
423,719
—
—
423,719
Semiconductors
&
Semiconductor
Equipment
.
10,109,761
—
—
10,109,761
Software
.............................
16,072,670
—
—
16,072,670
6. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
44
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Focused
Growth
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Short
Term
Investments
...................
$
123,100
$
—
$
—
$
123,100
Total
Investments
in
Securities
...........
$68,724,490
$1,443,064
b
$—
$70,167,554
Franklin
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
845,311,774
—
—
845,311,774
Auto
Components
......................
53,927,253
—
—
53,927,253
Automobiles
..........................
144,003,314
—
—
144,003,314
Beverages
...........................
582,568,023
—
—
582,568,023
Biotechnology
.........................
343,883,422
—
—
343,883,422
Building
Products
......................
187,856,478
—
—
187,856,478
Capital
Markets
........................
629,317,840
—
—
629,317,840
Chemicals
...........................
416,953,823
—
—
416,953,823
Commercial
Services
&
Supplies
...........
83,574,236
—
—
83,574,236
Construction
Materials
..................
93,195,306
—
—
93,195,306
Electric
Utilities
........................
155,999,947
—
—
155,999,947
Electrical
Equipment
....................
90,906,848
—
—
90,906,848
Electronic
Equipment,
Instruments
&
Components
........................
498,410,790
—
—
498,410,790
Entertainment
.........................
79,097,308
—
—
79,097,308
Equity
Real
Estate
Investment
Trusts
(REITs)
.
165,890,502
—
—
165,890,502
Food
&
Staples
Retailing
.................
26,408,328
—
—
26,408,328
Food
Products
........................
38,438,263
—
—
38,438,263
Health
Care
Equipment
&
Supplies
.........
694,929,313
—
—
694,929,313
Health
Care
Providers
&
Services
..........
179,136,915
—
—
179,136,915
Health
Care
Technology
.................
59,002,338
—
—
59,002,338
Hotels,
Restaurants
&
Leisure
.............
156,764,842
—
—
156,764,842
Interactive
Media
&
Services
..............
643,438,839
—
—
643,438,839
Internet
&
Direct
Marketing
Retail
..........
513,992,674
—
—
513,992,674
IT
Services
...........................
781,477,215
85,742,505
14,191,882
881,411,602
Life
Sciences
Tools
&
Services
............
972,680,194
—
—
972,680,194
Machinery
............................
602,265,205
—
—
602,265,205
Media
...............................
92,382,982
—
—
92,382,982
Personal
Products
.....................
52,099,007
—
—
52,099,007
Pharmaceuticals
.......................
735,339,125
—
—
735,339,125
Professional
Services
...................
196,939,664
—
—
196,939,664
Road
&
Rail
..........................
539,884,747
—
—
539,884,747
Semiconductors
&
Semiconductor
Equipment
.
992,514,553
—
—
992,514,553
Software
.............................
2,498,462,787
—
34,491,277
2,532,954,064
Technology
Hardware,
Storage
&
Peripherals
.
698,674,747
—
—
698,674,747
Textiles,
Apparel
&
Luxury
Goods
..........
185,947,484
—
—
185,947,484
Trading
Companies
&
Distributors
..........
134,635,388
—
—
134,635,388
Water
Utilities
.........................
102,159,020
—
—
102,159,020
Convertible
Preferred
Stocks
...............
—
—
48,258,773
48,258,773
Short
Term
Investments
...................
162,606,926
355,599
—
162,962,525
Total
Investments
in
Securities
...........
$15,431,077,420
$86,098,104
c
$96,941,932
$15,614,117,456
6. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
45
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
929,382,350
$
—
$
—
$
929,382,350
Air
Freight
&
Logistics
...................
228,175,000
—
—
228,175,000
Banks
...............................
2,134,221,495
—
—
2,134,221,495
Biotechnology
.........................
864,515,000
—
—
864,515,000
Capital
Markets
........................
444,951,000
—
—
444,951,000
Chemicals
...........................
390,427,901
218,750,787
—
609,178,688
Communications
Equipment
..............
426,400,000
—
—
426,400,000
Containers
&
Packaging
.................
96,209,000
—
—
96,209,000
Diversified
Telecommunication
Services
.....
1,169,219,204
—
—
1,169,219,204
Electric
Utilities
........................
2,101,624,000
—
—
2,101,624,000
Energy
Equipment
&
Services
.............
76,211,450
—
—
76,211,450
Entertainment
.........................
26,840,000
—
—
26,840,000
Health
Care
Equipment
&
Supplies
.........
359,000,000
—
—
359,000,000
Health
Care
Providers
&
Services
..........
30,000,000
—
—
30,000,000
Household
Products
....................
323,527,500
—
—
323,527,500
Independent
Power
and
Renewable
Electricity
Producers
..........................
91,400,000
—
—
91,400,000
Industrial
Conglomerates
................
256,291,300
411,166,351
—
667,457,651
Insurance
............................
125,580,000
—
—
125,580,000
IT
Services
...........................
423,570,000
—
—
423,570,000
Media
...............................
132,278,040
—
—
132,278,040
Metals
&
Mining
.......................
458,431,386
—
—
458,431,386
Multi-Utilities
..........................
1,249,700,991
—
—
1,249,700,991
Oil,
Gas
&
Consumable
Fuels
.............
2,608,040,026
—
—
2,608,040,026
Personal
Products
.....................
—
227,861,554
—
227,861,554
Pharmaceuticals
.......................
2,263,512,500
298,567,734
—
2,562,080,234
Semiconductors
&
Semiconductor
Equipment
.
1,069,872,142
—
—
1,069,872,142
Specialty
Retail
........................
411,405,000
—
—
411,405,000
Tobacco
.............................
345,590,000
—
—
345,590,000
Equity-Linked
Securities
...................
—
12,319,630,645
—
12,319,630,645
Convertible
Preferred
Stocks
:
Capital
Markets
........................
78,934,500
—
—
78,934,500
Electric
Utilities
........................
1,262,974,000
—
—
1,262,974,000
Machinery
............................
19,060,000
—
—
19,060,000
Multi-Utilities
..........................
299,826,240
—
—
299,826,240
Thrifts
&
Mortgage
Finance
...............
—
41,437,500
—
41,437,500
Preferred
Stocks
........................
33,780,000
—
—
33,780,000
Convertible
Bonds
.......................
—
211,343,591
—
211,343,591
Corporate
Bonds
........................
—
25,693,539,980
—
25,693,539,980
Senior
Floating
Rate
Interests
...............
—
106,921,683
—
106,921,683
U.S.
Government
and
Agency
Securities
.......
—
7,914,135,733
—
7,914,135,733
Asset-Backed
Securities
..................
—
45,845,067
—
45,845,067
Mortgage-Backed
Securities
................
—
29,958,620
—
29,958,620
Escrows
and
Litigation
Trusts
...............
—
60,944,624
—
60,944,624
Short
Term
Investments
...................
1,054,567,933
14,016,229
—
1,068,584,162
Total
Investments
in
Securities
...........
$21,785,517,958
$47,594,120,098
d
$—
$69,379,638,056
Liabilities:
Other
Financial
Instruments:
Options
written
..........................
$
48,702,500
$
—
$
—
$
48,702,500
Total
Other
Financial
Instruments
.........
$48,702,500
$—
$—
$48,702,500
6. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
46
Quarterly
Schedules
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.
Level
1
Level
2
Level
3
Total
Franklin
U.S.
Government
Securities
Fund
Assets:
Investments
in
Securities:
e
U.S.
Government
and
Agency
Securities
.......
$
—
$
17,520,644
$
—
$
17,520,644
Mortgage-Backed
Securities
................
—
3,135,691,672
—
3,135,691,672
Short
Term
Investments
...................
7,471,278
—
—
7,471,278
Total
Investments
in
Securities
...........
$7,471,278
$3,153,212,316
$—
$3,160,683,594
Franklin
Utilities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Construction
&
Engineering
...............
118,756,000
—
—
118,756,000
Diversified
Telecommunication
Services
.....
—
66,819,453
—
66,819,453
Electric
Utilities
........................
3,863,658,716
27,788,894
—
3,891,447,610
Gas
Utilities
..........................
135,326,000
—
—
135,326,000
Independent
Power
and
Renewable
Electricity
Producers
..........................
123,729,000
—
—
123,729,000
Multi-Utilities
..........................
2,044,605,014
140,048,185
—
2,184,653,199
Oil,
Gas
&
Consumable
Fuels
.............
142,370,000
—
—
142,370,000
Water
Utilities
.........................
68,775,000
24,892,468
—
93,667,468
Short
Term
Investments
...................
56,876,065
—
—
56,876,065
Total
Investments
in
Securities
...........
$6,554,095,795
$259,549,000
f
$—
$6,813,644,795
a
Includes
foreign
securities
valued
at
$722,045,934,
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
$1,443,064,
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
$85,742,505,
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
$1,156,346,426,
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
Schedule
of
Investments.
f
Includes
foreign
securities
valued
at
$192,729,547,
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.
6. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
47
Quarterly
Schedules
of
Investments
Abbreviations
Cu
r
rency
USD
United
States
Dollar
Selected
Portfolio
ADR
American
Depositary
Receipt
CME
Chicago
Mercantile
Exchange
CVR
Contingent
Value
Right
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
LIBOR
London
Inter-Bank
Offered
Rate
NYRS
New
York
Registry
Shares
PIK
Payment-In-Kind
SOFR
Secured
Overnight
Financing
Rate
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.