NPORT-EX 2 FCF.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FCF-Q1PH
1
Schedules
of
Investments
(unaudited)
Franklin
DynaTech
Fund
2
Franklin
Focused
Growth
Fund
6
Franklin
Growth
Fund
8
Franklin
Income
Fund
13
Franklin
U.S.
Government
Securities
Fund
35
Franklin
Utilities
Fund
37
Notes
to
Schedules
of
Investments
39
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
December
31,
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
99.4%
Aerospace
&
Defense
1.1%
a
Axon
Enterprise,
Inc.
...................................
United
States
650,000
$
107,854,500
HEICO
Corp.
........................................
United
States
500,000
76,820,000
184,674,500
Auto
Components
0.0%
†
a
Mobileye
Global,
Inc.,
A
.................................
Israel
200,000
7,012,000
Automobiles
1.9%
a
Tesla,
Inc.
...........................................
United
States
2,500,000
307,950,000
Biotechnology
1.5%
a
Argenx
SE
..........................................
Netherlands
300,000
112,616,555
a
Ascendis
Pharma
A/S,
ADR
.............................
Denmark
250,000
30,532,500
a
Genmab
A/S,
ADR
....................................
Denmark
425,000
18,011,500
a
Halozyme
Therapeutics,
Inc.
.............................
United
States
1,000,000
56,900,000
a
Moderna,
Inc.
........................................
United
States
175,000
31,433,500
249,494,055
Capital
Markets
2.6%
FactSet
Research
Systems,
Inc.
..........................
United
States
100,000
40,121,000
Moody's
Corp.
........................................
United
States
100,000
27,862,000
MSCI,
Inc.
...........................................
United
States
400,000
186,068,000
Tradeweb
Markets,
Inc.,
A
...............................
United
States
2,500,000
162,325,000
416,376,000
Chemicals
1.3%
Corteva,
Inc.
.........................................
United
States
3,000,000
176,340,000
FMC
Corp.
..........................................
United
States
250,000
31,200,000
207,540,000
Construction
&
Engineering
0.9%
Quanta
Services,
Inc.
..................................
United
States
1,050,000
149,625,000
Electric
Utilities
1.9%
NextEra
Energy,
Inc.
...................................
United
States
3,700,000
309,320,000
Electrical
Equipment
0.2%
a
Array
Technologies,
Inc.
................................
United
States
400,000
7,732,000
Hubbell,
Inc.
.........................................
United
States
50,000
11,734,000
a
LG
Energy
Solution
Ltd.
................................
South
Korea
10,000
3,461,062
a
Shoals
Technologies
Group,
Inc.,
A
........................
United
States
550,000
13,568,500
36,495,562
Electronic
Equipment,
Instruments
&
Components
1.6%
Amphenol
Corp.,
A
....................................
United
States
500,000
38,070,000
Keyence
Corp.
.......................................
Japan
200,000
77,622,341
a
Keysight
Technologies,
Inc.
..............................
United
States
575,000
98,365,250
a
Samsung
SDI
Co.
Ltd.
.................................
South
Korea
100,000
47,151,696
261,209,287
Energy
Equipment
&
Services
1.3%
Baker
Hughes
Co.
.....................................
United
States
1,350,000
39,865,500
a
Oceaneering
International,
Inc.
...........................
United
States
600,000
10,494,000
Schlumberger
Ltd.
.....................................
United
States
3,000,000
160,380,000
a
TechnipFMC
plc
......................................
United
Kingdom
300,000
3,657,000
214,396,500
Equity
Real
Estate
Investment
Trusts
(REITs)
0.6%
Crown
Castle,
Inc.
.....................................
United
States
100,000
13,564,000
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)
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
SBA
Communications
Corp.
.............................
United
States
300,000
$
84,093,000
97,657,000
Health
Care
Equipment
&
Supplies
6.6%
Abbott
Laboratories
....................................
United
States
1,000,000
109,790,000
a
Dexcom,
Inc.
.........................................
United
States
250,000
28,310,000
a
Edwards
Lifesciences
Corp.
.............................
United
States
500,000
37,305,000
a
Haemonetics
Corp.
....................................
United
States
100,000
7,865,000
a
IDEXX
Laboratories,
Inc.
................................
United
States
725,000
295,771,000
a
Inmode
Ltd.
.........................................
United
States
125,000
4,462,500
a
Inspire
Medical
Systems,
Inc.
............................
United
States
800,000
201,504,000
a
Insulet
Corp.
.........................................
United
States
350,000
103,036,500
a
Intuitive
Surgical,
Inc.
..................................
United
States
1,000,000
265,350,000
Stryker
Corp.
........................................
United
States
100,000
24,449,000
1,077,843,000
Health
Care
Providers
&
Services
2.0%
UnitedHealth
Group,
Inc.
................................
United
States
600,000
318,108,000
Health
Care
Technology
0.5%
a
Veeva
Systems,
Inc.,
A
.................................
United
States
500,000
80,690,000
Hotels,
Restaurants
&
Leisure
0.6%
a
Airbnb,
Inc.,
A
........................................
United
States
500,000
42,750,000
a
Booking
Holdings,
Inc.
.................................
United
States
25,000
50,382,000
93,132,000
Interactive
Media
&
Services
3.7%
a
Alphabet,
Inc.,
A
......................................
United
States
6,000,000
529,380,000
a
Alphabet,
Inc.,
C
......................................
United
States
500,000
44,365,000
a
ZoomInfo
Technologies,
Inc.,
A
...........................
United
States
1,000,000
30,110,000
603,855,000
Internet
&
Direct
Marketing
Retail
6.4%
a
Amazon.com,
Inc.
.....................................
United
States
10,000,000
840,000,000
a
Etsy,
Inc.
............................................
United
States
250,000
29,945,000
a
MercadoLibre,
Inc.
....................................
Brazil
200,000
169,248,000
1,039,193,000
IT
Services
9.2%
a,b
Adyen
NV,
144A,
Reg
S
................................
Netherlands
200,000
277,636,997
a
Cloudflare,
Inc.,
A
.....................................
United
States
500,000
22,605,000
a
Globant
SA
..........................................
United
States
250,000
42,040,000
Jack
Henry
&
Associates,
Inc.
............................
United
States
125,000
21,945,000
Mastercard,
Inc.,
A
....................................
United
States
1,700,000
591,141,000
a
MongoDB,
Inc.
.......................................
United
States
800,000
157,472,000
a
Shopify,
Inc.,
A
.......................................
Canada
2,700,000
93,742,245
a
Snowflake,
Inc.,
A
.....................................
United
States
550,000
78,947,000
a
Toast,
Inc.,
A
.........................................
United
States
200,000
3,606,000
Visa,
Inc.,
A
..........................................
United
States
1,000,000
207,760,000
1,496,895,242
Life
Sciences
Tools
&
Services
8.3%
Danaher
Corp.
.......................................
United
States
2,000,000
530,840,000
Lonza
Group
AG
......................................
Switzerland
200,000
98,169,782
a
Repligen
Corp.
.......................................
United
States
1,000,000
169,310,000
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)
Life
Sciences
Tools
&
Services
(continued)
Thermo
Fisher
Scientific,
Inc.
............................
United
States
1,000,000
$
550,690,000
1,349,009,782
Oil,
Gas
&
Consumable
Fuels
0.0%
†
New
Fortress
Energy,
Inc.
...............................
United
States
125,000
5,302,500
Pharmaceuticals
1.9%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
2,350,000
159,330,000
Eli
Lilly
&
Co.
........................................
United
States
325,000
118,898,000
a
Jazz
Pharmaceuticals
plc
...............................
United
States
225,000
35,844,750
314,072,750
Professional
Services
0.5%
a
CoStar
Group,
Inc.
....................................
United
States
1,000,000
77,280,000
Road
&
Rail
0.1%
a
Uber
Technologies,
Inc.
.................................
United
States
700,000
17,311,000
Semiconductors
&
Semiconductor
Equipment
14.2%
Analog
Devices,
Inc.
...................................
United
States
2,000,000
328,060,000
ASM
International
NV
..................................
Netherlands
225,000
57,087,640
ASML
Holding
NV,
NYRS
...............................
Netherlands
775,000
423,460,000
a
Enphase
Energy,
Inc.
..................................
United
States
555,000
147,052,800
Entegris,
Inc.
.........................................
United
States
1,000,000
65,590,000
Intel
Corp.
...........................................
United
States
500,000
13,215,000
KLA
Corp.
...........................................
United
States
550,000
207,366,500
Lam
Research
Corp.
...................................
United
States
535,000
224,860,500
a
Lattice
Semiconductor
Corp.
.............................
United
States
650,000
42,172,000
Monolithic
Power
Systems,
Inc.
...........................
United
States
525,000
185,645,250
NVIDIA
Corp.
........................................
United
States
4,000,000
584,560,000
a
SolarEdge
Technologies,
Inc.
............................
United
States
125,000
35,408,750
2,314,478,440
Software
28.3%
a
Adobe,
Inc.
..........................................
United
States
200,000
67,306,000
a
ANSYS,
Inc.
.........................................
United
States
600,000
144,954,000
a
Aspen
Technology,
Inc.
.................................
United
States
500,000
102,700,000
a
Atlassian
Corp.,
A
.....................................
United
States
1,000,000
128,680,000
a
Cadence
Design
Systems,
Inc.
...........................
United
States
2,300,000
369,472,000
Constellation
Software,
Inc.
..............................
Canada
30,000
46,838,109
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
600,000
63,174,000
a
Datadog,
Inc.,
A
......................................
United
States
1,500,000
110,250,000
a
Descartes
Systems
Group,
Inc.
(The)
......................
Canada
400,000
27,860,000
a
Gitlab,
Inc.,
A
........................................
United
States
1,300,000
59,072,000
a
HubSpot,
Inc.
........................................
United
States
650,000
187,934,500
Intuit,
Inc.
...........................................
United
States
1,050,000
408,681,000
Microsoft
Corp.
.......................................
United
States
4,200,000
1,007,244,000
a
Monday.com
Ltd.
......................................
United
States
700,000
85,400,000
a
Palo
Alto
Networks,
Inc.
................................
United
States
1,050,000
146,517,000
a
Paycom
Software,
Inc.
.................................
United
States
250,000
77,577,500
a
Paylocity
Holding
Corp.
.................................
United
States
250,000
48,565,000
a
Procore
Technologies,
Inc.
..............................
United
States
1,000,000
47,180,000
Roper
Technologies,
Inc.
................................
United
States
500,000
216,045,000
a
Salesforce,
Inc.
.......................................
United
States
1,000,000
132,590,000
a
ServiceNow,
Inc.
......................................
United
States
1,150,000
446,510,500
a
Synopsys,
Inc.
.......................................
United
States
1,250,000
399,112,500
a
Tyler
Technologies,
Inc.
.................................
United
States
350,000
112,843,500
a
Workday,
Inc.,
A
......................................
United
States
1,000,000
167,330,000
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
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
a
Xero
Ltd.
............................................
New
Zealand
50,000
$
2,384,018
4,606,220,627
Technology
Hardware,
Storage
&
Peripherals
2.0%
Apple,
Inc.
..........................................
United
States
2,500,000
324,825,000
Trading
Companies
&
Distributors
0.2%
Fastenal
Co.
.........................................
United
States
700,000
33,124,000
Total
Common
Stocks
(Cost
$11,928,508,644)
...................................
16,193,090,245
Preferred
Stocks
0.2%
Life
Sciences
Tools
&
Services
0.2%
c
Sartorius
AG,
0.34%
...................................
Germany
100,000
39,485,755
Total
Preferred
Stocks
(Cost
$40,747,985)
......................................
39,485,755
Total
Long
Term
Investments
(Cost
$11,969,256,629)
............................
16,232,576,000
a
Short
Term
Investments
0.5%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
0.5%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.782%
....
United
States
85,269,788
85,269,788
Total
Money
Market
Funds
(Cost
$85,269,788)
..................................
85,269,788
Total
Short
Term
Investments
(Cost
$85,269,788
)
................................
85,269,788
a
Total
Investments
(Cost
$12,054,526,417)
100.1%
...............................
$16,317,845,788
Other
Assets,
less
Liabilities
(0.1)%
...........................................
(20,981,221)
Net
Assets
100.0%
...........................................................
$16,296,864,567
†
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
December
31,
2022,
the
value
of
this
security
was
$277,636,997,
representing
1.7%
of
net
assets.
c
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
d
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
December
31,
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
96.0%
Aerospace
&
Defense
1.0%
a
Axon
Enterprise,
Inc.
...................................
United
States
4,127
$
684,793
Automobiles
2.9%
a
Tesla,
Inc.
...........................................
United
States
15,918
1,960,779
Capital
Markets
2.3%
MSCI,
Inc.
...........................................
United
States
3,440
1,600,185
Electric
Utilities
5.6%
NextEra
Energy,
Inc.
...................................
United
States
45,692
3,819,851
Energy
Equipment
&
Services
1.0%
Schlumberger
Ltd.
.....................................
United
States
13,168
703,961
Equity
Real
Estate
Investment
Trusts
(REITs)
2.4%
SBA
Communications
Corp.
.............................
United
States
5,895
1,652,428
Food
&
Staples
Retailing
5.3%
Costco
Wholesale
Corp.
................................
United
States
7,862
3,589,003
Health
Care
Equipment
&
Supplies
5.2%
a
IDEXX
Laboratories,
Inc.
................................
United
States
4,521
1,844,387
a
Intuitive
Surgical,
Inc.
..................................
United
States
6,435
1,707,527
3,551,914
Health
Care
Technology
1.2%
a
Veeva
Systems,
Inc.,
A
.................................
United
States
4,913
792,860
Interactive
Media
&
Services
3.7%
a
Alphabet,
Inc.,
A
......................................
United
States
28,897
2,549,582
Internet
&
Direct
Marketing
Retail
8.2%
a
Amazon.com,
Inc.
.....................................
United
States
58,958
4,952,472
a
MercadoLibre,
Inc.
....................................
Brazil
740
626,218
5,578,690
IT
Services
9.3%
a,b
Adyen
NV,
144A,
Reg
S
................................
Netherlands
983
1,364,586
Mastercard,
Inc.,
A
....................................
United
States
8,843
3,074,976
a
MongoDB,
Inc.
.......................................
United
States
2,456
483,439
a
Shopify,
Inc.,
A
.......................................
Canada
19,936
692,165
a
Snowflake,
Inc.,
A
.....................................
United
States
4,913
705,212
6,320,378
Life
Sciences
Tools
&
Services
6.6%
Danaher
Corp.
.......................................
United
States
13,265
3,520,796
a
Repligen
Corp.
.......................................
United
States
5,895
998,083
4,518,879
Metals
&
Mining
1.1%
Freeport-McMoRan,
Inc.
................................
United
States
18,844
716,072
Oil,
Gas
&
Consumable
Fuels
1.0%
Hess
Corp.
..........................................
United
States
5,000
709,100
Personal
Products
1.6%
Estee
Lauder
Cos.,
Inc.
(The),
A
..........................
United
States
4,421
1,096,894
Road
&
Rail
0.7%
Canadian
Pacific
Railway
Ltd.
............................
Canada
5,994
447,093
Semiconductors
&
Semiconductor
Equipment
14.8%
Analog
Devices,
Inc.
...................................
United
States
14,936
2,449,952
ASML
Holding
NV,
NYRS
...............................
Netherlands
5,602
3,060,933
a
Enphase
Energy,
Inc.
..................................
United
States
1,473
390,286
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)
Semiconductors
&
Semiconductor
Equipment
(continued)
NVIDIA
Corp.
........................................
United
States
28,496
$
4,164,405
10,065,576
Software
22.1%
a
Atlassian
Corp.,
A
.....................................
United
States
5,895
758,569
a
HubSpot,
Inc.
........................................
United
States
1,473
425,889
Intuit,
Inc.
...........................................
United
States
3,047
1,185,953
Microsoft
Corp.
.......................................
United
States
32,427
7,776,643
a
Salesforce,
Inc.
.......................................
United
States
6,878
911,954
a
ServiceNow,
Inc.
......................................
United
States
6,288
2,441,442
a
Synopsys,
Inc.
.......................................
United
States
4,814
1,537,062
15,037,512
Total
Common
Stocks
(Cost
$73,010,915)
......................................
65,395,550
Short
Term
Investments
4.3%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
4.3%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.782%
....
United
States
2,915,919
2,915,919
Total
Money
Market
Funds
(Cost
$2,915,919)
...................................
2,915,919
Total
Short
Term
Investments
(Cost
$2,915,919
)
.................................
2,915,919
a
Total
Investments
(Cost
$75,926,834)
100.3%
...................................
$68,311,469
Other
Assets,
less
Liabilities
(0.3)%
...........................................
(164,740)
Net
Assets
100.0%
...........................................................
$68,146,729
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
December
31,
2022,
the
value
of
this
security
was
$1,364,586,
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),
December
31,
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
98.7%
Aerospace
&
Defense
5.6%
BWX
Technologies,
Inc.
................................
United
States
1,361,711
$
79,088,175
Lockheed
Martin
Corp.
.................................
United
States
350,955
170,736,098
Northrop
Grumman
Corp.
...............................
United
States
635,597
346,788,079
Raytheon
Technologies
Corp.
............................
United
States
2,388,810
241,078,705
837,691,057
Automobiles
0.5%
a,b
Rivian
Automotive,
Inc.,
A
...............................
United
States
833,025
15,352,651
a
Tesla,
Inc.
...........................................
United
States
485,583
59,814,114
75,166,765
Beverages
3.8%
Brown-Forman
Corp.,
B
................................
United
States
1,560,182
102,472,754
Constellation
Brands,
Inc.,
A
.............................
United
States
535,378
124,073,851
a
Monster
Beverage
Corp.
................................
United
States
2,249,763
228,418,437
PepsiCo,
Inc.
........................................
United
States
624,045
112,739,970
567,705,012
Biotechnology
1.8%
AbbVie,
Inc.
.........................................
United
States
441,587
71,364,875
Amgen,
Inc.
.........................................
United
States
516,636
135,689,279
a
Argenx
SE,
ADR
......................................
Netherlands
30,811
11,672,131
a
Regeneron
Pharmaceuticals,
Inc.
.........................
United
States
73,146
52,774,108
271,500,393
Building
Products
1.5%
Allegion
plc
..........................................
United
States
476,985
50,207,441
Trane
Technologies
plc
.................................
United
States
1,002,969
168,589,059
218,796,500
Capital
Markets
4.6%
BlackRock,
Inc.
.......................................
United
States
125,420
88,876,375
Blackstone,
Inc.
......................................
United
States
356,607
26,456,673
Charles
Schwab
Corp.
(The)
.............................
United
States
2,857,882
237,947,255
Intercontinental
Exchange,
Inc.
...........................
United
States
1,368,390
140,383,130
S&P
Global,
Inc.
......................................
United
States
355,225
118,979,061
Tradeweb
Markets,
Inc.,
A
...............................
United
States
1,144,120
74,287,712
686,930,206
Chemicals
3.1%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
480,067
147,985,453
Ecolab,
Inc.
..........................................
United
States
598,778
87,158,126
Linde
plc
............................................
United
Kingdom
697,627
227,551,975
462,695,554
Commercial
Services
&
Supplies
0.5%
Republic
Services,
Inc.
.................................
United
States
624,999
80,618,621
Construction
Materials
0.7%
Martin
Marietta
Materials,
Inc.
............................
United
States
304,897
103,046,039
Electric
Utilities
1.1%
NextEra
Energy,
Inc.
...................................
United
States
1,971,046
164,779,446
Electrical
Equipment
0.9%
AMETEK,
Inc.
........................................
United
States
672,067
93,901,201
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)
Electrical
Equipment
(continued)
Eaton
Corp.
plc
.......................................
United
States
228,509
$
35,864,488
129,765,689
Electronic
Equipment,
Instruments
&
Components
3.6%
Amphenol
Corp.,
A
....................................
United
States
2,780,815
211,731,254
a
Keysight
Technologies,
Inc.
..............................
United
States
643,466
110,077,729
TE
Connectivity
Ltd.
...................................
Switzerland
1,794,257
205,980,703
527,789,686
Entertainment
0.4%
a
ROBLOX
Corp.,
A
.....................................
United
States
1,192,286
33,932,459
a
Walt
Disney
Co.
(The)
..................................
United
States
326,120
28,333,306
62,265,765
Equity
Real
Estate
Investment
Trusts
(REITs)
0.9%
Crown
Castle,
Inc.
.....................................
United
States
884,319
119,949,029
Prologis,
Inc.
.........................................
United
States
134,800
15,196,004
135,145,033
Food
&
Staples
Retailing
0.2%
Costco
Wholesale
Corp.
................................
United
States
53,949
24,627,719
Food
Products
0.3%
Lamb
Weston
Holdings,
Inc.
.............................
United
States
526,459
47,044,376
Health
Care
Equipment
&
Supplies
4.8%
Abbott
Laboratories
....................................
United
States
1,094,319
120,145,283
a
Edwards
Lifesciences
Corp.
.............................
United
States
1,048,724
78,245,298
a
Haemonetics
Corp.
....................................
United
States
747,064
58,756,584
a
Intuitive
Surgical,
Inc.
..................................
United
States
996,140
264,325,749
Stryker
Corp.
........................................
United
States
394,047
96,340,551
Teleflex,
Inc.
.........................................
United
States
356,602
89,018,557
706,832,022
Health
Care
Providers
&
Services
1.1%
Laboratory
Corp.
of
America
Holdings
......................
United
States
323,216
76,110,903
UnitedHealth
Group,
Inc.
................................
United
States
150,015
79,534,953
155,645,856
Health
Care
Technology
0.3%
a
Veeva
Systems,
Inc.,
A
.................................
United
States
265,213
42,800,074
Hotels,
Restaurants
&
Leisure
1.2%
a
Airbnb,
Inc.,
A
........................................
United
States
350,090
29,932,695
a
Booking
Holdings,
Inc.
.................................
United
States
28,473
57,381,067
a
Las
Vegas
Sands
Corp.
.................................
United
States
1,925,383
92,553,161
179,866,923
Interactive
Media
&
Services
3.1%
a
Alphabet,
Inc.,
A
......................................
United
States
2,562,420
226,082,317
a
Alphabet,
Inc.,
C
......................................
United
States
2,690,300
238,710,319
464,792,636
Internet
&
Direct
Marketing
Retail
2.7%
a
Amazon.com,
Inc.
.....................................
United
States
4,736,324
397,851,216
IT
Services
5.7%
a,c
Adyen
NV,
144A,
Reg
S
................................
Netherlands
63,217
87,756,890
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)
IT
Services
(continued)
Automatic
Data
Processing,
Inc.
..........................
United
States
106,629
$
25,469,403
a,d,e
Canva,
Inc.
..........................................
Australia
25,413
20,175,956
Mastercard,
Inc.,
A
....................................
United
States
976,926
339,706,478
a
Paymentus
Holdings,
Inc.,
A
.............................
United
States
906,285
7,259,343
a
Shopify,
Inc.,
A
.......................................
Canada
417,200
14,481,012
a
Snowflake,
Inc.,
A
.....................................
United
States
537,179
77,106,674
Visa,
Inc.,
A
..........................................
United
States
1,344,118
279,253,956
851,209,712
Life
Sciences
Tools
&
Services
7.2%
Agilent
Technologies,
Inc.
...............................
United
States
1,248,068
186,773,376
Danaher
Corp.
.......................................
United
States
1,106,072
293,573,630
a
Illumina,
Inc.
.........................................
United
States
577,514
116,773,331
a
Mettler-Toledo
International,
Inc.
..........................
United
States
221,809
320,613,819
Thermo
Fisher
Scientific,
Inc.
............................
United
States
272,834
150,246,956
1,067,981,112
Machinery
4.4%
Deere
&
Co.
.........................................
United
States
451,451
193,564,131
Dover
Corp.
.........................................
United
States
380,644
51,543,004
Illinois
Tool
Works,
Inc.
.................................
United
States
960,119
211,514,216
Ingersoll
Rand,
Inc.
....................................
United
States
1,884,276
98,453,421
a,b
Proterra,
Inc.
.........................................
United
States
3,858,007
14,544,686
Xylem,
Inc.
..........................................
United
States
802,201
88,699,365
658,318,823
Media
0.4%
Cable
One,
Inc.
.......................................
United
States
37,275
26,534,581
Comcast
Corp.,
A
.....................................
United
States
771,078
26,964,598
53,499,179
Personal
Products
0.3%
Estee
Lauder
Cos.,
Inc.
(The),
A
..........................
United
States
180,608
44,810,651
Pharmaceuticals
4.1%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
2,138,016
144,957,485
a
Catalent,
Inc.
........................................
United
States
2,119,187
95,384,607
Eli
Lilly
&
Co.
........................................
United
States
938,084
343,188,650
Johnson
&
Johnson
...................................
United
States
162,651
28,732,299
612,263,041
Professional
Services
1.5%
a
CoStar
Group,
Inc.
....................................
United
States
1,248,423
96,478,129
Equifax,
Inc.
.........................................
United
States
470,856
91,515,572
Verisk
Analytics,
Inc.
...................................
United
States
180,621
31,865,157
219,858,858
Road
&
Rail
3.5%
Canadian
Pacific
Railway
Ltd.
............................
Canada
1,364,749
101,796,628
JB
Hunt
Transport
Services,
Inc.
..........................
United
States
480,067
83,704,482
a
Uber
Technologies,
Inc.
.................................
United
States
978,339
24,194,323
Union
Pacific
Corp.
....................................
United
States
1,500,110
310,627,778
520,323,211
Semiconductors
&
Semiconductor
Equipment
6.7%
ASML
Holding
NV,
NYRS
...............................
Netherlands
393,994
215,278,322
Lam
Research
Corp.
...................................
United
States
28,850
12,125,655
Monolithic
Power
Systems,
Inc.
...........................
United
States
432,145
152,810,793
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)
Semiconductors
&
Semiconductor
Equipment
(continued)
NVIDIA
Corp.
........................................
United
States
1,974,825
$
288,600,925
NXP
Semiconductors
NV
...............................
China
674,130
106,532,764
Texas
Instruments,
Inc.
.................................
United
States
1,344,118
222,075,176
997,423,635
Software
15.2%
a
Adobe,
Inc.
..........................................
United
States
163,693
55,087,605
a
Atlassian
Corp.,
A
.....................................
United
States
269,462
34,674,370
a
Autodesk,
Inc.
........................................
United
States
751,213
140,379,173
a
Bill.com
Holdings,
Inc.
..................................
United
States
1,040,382
113,360,023
a,d,e
Checkout
Payments
Group
Ltd.,
B
.........................
United
Kingdom
96,603
11,566,261
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
134,553
14,167,085
a,b
Gitlab,
Inc.,
A
........................................
United
States
99,936
4,541,092
Intuit,
Inc.
...........................................
United
States
755,631
294,106,698
Microsoft
Corp.
.......................................
United
States
2,988,268
716,646,432
a
Paycom
Software,
Inc.
.................................
United
States
181,566
56,341,745
a
Procore
Technologies,
Inc.
..............................
United
States
67,551
3,187,056
a
PTC,
Inc.
...........................................
United
States
1,156,115
138,780,045
a
Salesforce,
Inc.
.......................................
United
States
541,262
71,765,929
a
ServiceNow,
Inc.
......................................
United
States
723,095
280,756,096
a,d,e
Stripe,
Inc.,
B
........................................
United
States
540,043
10,561,968
a
Synopsys,
Inc.
.......................................
United
States
509,920
162,812,357
a
Tyler
Technologies,
Inc.
.................................
United
States
115,752
37,319,602
a
Workday,
Inc.,
A
......................................
United
States
670,401
112,178,199
2,258,231,736
Technology
Hardware,
Storage
&
Peripherals
4.1%
Apple,
Inc.
..........................................
United
States
4,742,293
616,166,130
Textiles,
Apparel
&
Luxury
Goods
1.4%
NIKE,
Inc.,
B
.........................................
United
States
1,780,736
208,363,919
Trading
Companies
&
Distributors
0.8%
Fastenal
Co.
.........................................
United
States
2,639,613
124,906,487
Water
Utilities
0.7%
American
Water
Works
Co.,
Inc.
..........................
United
States
672,067
102,436,452
Total
Common
Stocks
(Cost
$5,039,898,489)
....................................
14,679,149,534
Convertible
Preferred
Stocks
0.3%
IT
Services
0.0%
†
a,d,e
Canva,
Inc.,
A
........................................
Australia
2,353
1,868,100
a,d,e
Canva,
Inc.,
A-3
......................................
Australia
94
74,629
a,d,e
Canva,
Inc.,
A-4
......................................
Australia
8
6,351
a,d,e
Canva,
Inc.,
A-5
......................................
Australia
5
3,970
1,953,050
Software
0.3%
a,d,e
Gusto,
Inc.,
E
........................................
United
States
822,494
24,244,544
a,d,e
OneTrust
LLC,
C
......................................
United
States
849,894
10,235,207
a,d,e
Stripe,
Inc.,
H
........................................
United
States
756,137
14,788,256
49,268,007
Total
Convertible
Preferred
Stocks
(Cost
$76,200,357)
...........................
51,221,057
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
Preferred
Stocks
0.2%
Life
Sciences
Tools
&
Services
0.2%
f
Sartorius
AG,
0.34%
...................................
Germany
83,600
$
33,010,092
Total
Preferred
Stocks
(Cost
$29,941,926)
......................................
33,010,092
Total
Long
Term
Investments
(Cost
$5,146,040,772)
.............................
14,763,380,683
a
Short
Term
Investments
0.9%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
0.9%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.782%
....
United
States
134,167,991
134,167,991
Total
Money
Market
Funds
(Cost
$134,167,991)
.................................
134,167,991
Total
Short
Term
Investments
(Cost
$134,167,991
)
...............................
134,167,991
a
Total
Investments
(Cost
$5,280,208,763)
100.1%
................................
$14,897,548,674
Other
Assets,
less
Liabilities
(0.1)%
...........................................
(21,771,084)
Net
Assets
100.0%
...........................................................
$14,875,777,590
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
December
31,
2022.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
December
31,
2022,
the
value
of
this
security
was
$87,756,890,
representing
0.6%
of
net
assets.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
e
See
Note
3
regarding
restricted
securities.
f
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
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.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
December
31,
2022
Franklin
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
20.7%
Aerospace
&
Defense
1.2%
a
Lockheed
Martin
Corp.
.................................
United
States
1,100,000
$
535,139,000
Raytheon
Technologies
Corp.
............................
United
States
2,959,550
298,677,786
833,816,786
Air
Freight
&
Logistics
0.4%
United
Parcel
Service,
Inc.,
B
............................
United
States
1,500,000
260,760,000
Automobiles
0.1%
a
Ford
Motor
Co.
.......................................
United
States
6,938,687
80,696,930
Banks
2.8%
a
Bank
of
America
Corp.
.................................
United
States
19,000,000
629,280,000
Citigroup,
Inc.
........................................
United
States
6,000,000
271,380,000
a
JPMorgan
Chase
&
Co.
.................................
United
States
2,000,000
268,200,000
Truist
Financial
Corp.
..................................
United
States
6,000,000
258,180,000
US
Bancorp
.........................................
United
States
7,500,000
327,075,000
Wells
Fargo
&
Co.
.....................................
United
States
5,000,000
206,450,000
1,960,565,000
Biotechnology
0.4%
AbbVie,
Inc.
.........................................
United
States
1,750,000
282,817,500
Capital
Markets
0.6%
Morgan
Stanley
.......................................
United
States
5,000,000
425,100,000
Chemicals
0.2%
LyondellBasell
Industries
NV,
A
...........................
United
States
2,000,000
166,060,000
Communications
Equipment
0.7%
a
Cisco
Systems,
Inc.
...................................
United
States
9,700,000
462,108,000
Diversified
Telecommunication
Services
0.4%
BCE,
Inc.
...........................................
Canada
1,000,000
43,936,485
Verizon
Communications,
Inc.
............................
United
States
6,000,000
236,400,000
280,336,485
Electric
Utilities
2.1%
American
Electric
Power
Co.,
Inc.
.........................
United
States
1,500,000
142,425,000
Duke
Energy
Corp.
....................................
United
States
3,000,000
308,970,000
Edison
International
...................................
United
States
5,000,000
318,100,000
a,b
PG&E
Corp.
.........................................
United
States
5,000,000
81,300,000
Southern
Co.
(The)
....................................
United
States
9,000,000
642,690,000
1,493,485,000
Food
&
Staples
Retailing
0.1%
Walmart,
Inc.
........................................
United
States
500,000
70,895,000
Household
Products
0.6%
Procter
&
Gamble
Co.
(The)
.............................
United
States
2,750,000
416,790,000
Industrial
Conglomerates
0.8%
a
3M
Co.
.............................................
United
States
1,000,000
119,920,000
Siemens
AG
.........................................
Germany
3,000,000
413,534,639
533,454,639
Internet
&
Direct
Marketing
Retail
0.2%
b
Amazon.com,
Inc.
.....................................
United
States
1,500,000
126,000,000
Metals
&
Mining
0.9%
Barrick
Gold
Corp.
....................................
Canada
3,000,000
51,540,000
a
Freeport-McMoRan,
Inc.
................................
United
States
6,000,000
228,000,000
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
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
(continued)
Metals
&
Mining
(continued)
Rio
Tinto
plc,
ADR
.....................................
Australia
5,000,000
$
356,000,000
635,540,000
Multiline
Retail
0.2%
Target
Corp.
.........................................
United
States
1,000,000
149,040,000
Multi-Utilities
1.2%
a
Dominion
Energy,
Inc.
..................................
United
States
9,000,000
551,880,000
Sempra
Energy
.......................................
United
States
2,000,000
309,080,000
860,960,000
Oil,
Gas
&
Consumable
Fuels
3.6%
BP
plc,
ADR
.........................................
United
Kingdom
3,500,000
122,255,000
a
Chevron
Corp.
.......................................
United
States
6,500,000
1,166,685,000
a
Exxon
Mobil
Corp.
.....................................
United
States
6,672,500
735,976,750
Shell
plc,
ADR
........................................
Netherlands
4,000,000
227,800,000
TotalEnergies
SE,
ADR
.................................
France
4,000,000
248,320,000
2,501,036,750
Pharmaceuticals
1.3%
b
Bausch
Health
Cos.,
Inc.
................................
United
States
15,000,000
94,200,000
Johnson
&
Johnson
...................................
United
States
3,500,000
618,275,000
a
Pfizer,
Inc.
...........................................
United
States
4,000,000
204,960,000
917,435,000
Road
&
Rail
0.4%
a
Union
Pacific
Corp.
....................................
United
States
1,500,000
310,605,000
Semiconductors
&
Semiconductor
Equipment
1.8%
a
Broadcom,
Inc.
.......................................
United
States
500,000
279,565,000
Intel
Corp.
...........................................
United
States
4,525,000
119,595,750
a
QUALCOMM,
Inc.
.....................................
United
States
1,000,000
109,940,000
a
Texas
Instruments,
Inc.
.................................
United
States
4,659,693
769,874,477
1,278,975,227
Specialty
Retail
0.3%
a
Home
Depot,
Inc.
(The)
.................................
United
States
762,000
240,685,320
Tobacco
0.4%
Philip
Morris
International,
Inc.
...........................
United
States
2,500,000
253,025,000
Total
Common
Stocks
(Cost
$12,239,031,150)
...................................
14,540,187,637
Management
Investment
Companies
0.1%
Capital
Markets
0.1%
c
Clarion
Partners
Real
Estate
Income
Fund,
Inc.,
Class
I
........
United
States
7,867,833
97,954,518
Total
Management
Investment
Companies
(Cost
$100,000,000)
...................
97,954,518
Equity-Linked
Securities
16.9%
Aerospace
&
Defense
0.3%
d
Mizuho
Markets
Cayman
LP
into
Lockheed
Martin
Corp.,
144A,
9%,
11/07/23
..........................................
United
States
459,000
214,499,209
Airlines
0.3%
d
BNP
Paribas
Issuance
BV
into
Delta
Air
Lines,
Inc.,
144A,
10%,
7/12/23
...........................................
United
States
5,500,000
189,195,903
Automobiles
0.2%
d
Royal
Bank
of
Canada
into
General
Motors
Co.,
144A,
12%,
3/17/23
United
States
4,900,000
167,701,220
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
Equity-Linked
Securities
(continued)
Banks
2.4%
d
BNP
Paribas
Issuance
BV
into
Bank
of
America
Corp.,
144A,
8.5%,
7/13/23
...........................................
United
States
8,500,000
$
279,799,371
d
J.P.
Morgan
Structured
Products
BV
into
Bank
of
America
Corp.,
144A,
8.5%,
1/27/23
.................................
United
States
5,711,000
190,560,211
d
J.P.
Morgan
Structured
Products
BV
into
Bank
of
America
Corp.,
144A,
9.5%,
5/12/23
.................................
United
States
7,100,000
240,362,398
d
National
Bank
of
Canada
into
JPMorgan
Chase
&
Co.,
144A,
8%,
8/16/23
...........................................
United
States
2,643,000
326,752,879
d
National
Bank
of
Canada
into
Truist
Financial
Corp.,
144A,
9%,
10/10/23
..........................................
United
States
5,000,000
219,059,509
d
Societe
Generale
SA
into
Citigroup,
Inc.,
144A,
9%,
3/10/23
.....
United
States
4,091,000
186,976,002
d
UBS
AG
into
Citigroup,
Inc.,
144A,
8.5%,
7/19/23
.............
United
States
5,007,000
228,616,881
1,672,127,251
Biotechnology
0.4%
d
Goldman
Sachs
International
Bank
into
AbbVie,
Inc.,
144A,
9%,
1/25/23
...........................................
United
States
1,740,000
255,433,211
Capital
Markets
1.5%
d
BNP
Paribas
Issuance
BV
into
Morgan
Stanley,
144A,
8%,
5/22/23
United
States
3,050,000
260,086,450
d
Credit
Suisse
AG
into
Morgan
Stanley,
144A,
10%,
8/08/23
......
United
States
3,240,000
267,430,418
d
J.P.
Morgan
Structured
Products
BV
into
Goldman
Sachs
Group,
Inc.
(The),
144A,
8.5%,
3/09/23
............................
United
States
745,000
257,631,433
d
UBS
AG
into
Charles
Schwab
Corp.
(The),
144A,
10%,
6/16/23
...
United
States
3,567,000
256,013,948
1,041,162,249
Chemicals
0.4%
d
Credit
Suisse
AG
into
Air
Products
and
Chemicals,
Inc.,
144A,
8.5%,
5/15/23
...........................................
United
States
1,000,000
262,605,762
Communications
Equipment
0.4%
d
Royal
Bank
of
Canada
into
Cisco
Systems,
Inc.,
144A,
8%,
9/11/23
United
States
5,850,000
277,263,135
Containers
&
Packaging
0.4%
d
Mizuho
Markets
Cayman
LP
into
International
Paper
Co.,
144A,
10.5%,
12/15/23
.....................................
United
States
7,400,000
260,314,620
Electric
Utilities
0.8%
d
Morgan
Stanley
Finance
II
Ltd.
into
PG&E
Corp.,
144A,
10%,
11/14/23
..........................................
United
States
10,800,000
149,605,691
d
National
Bank
of
Canada
into
NextEra
Energy,
Inc.,
144A,
8.5%,
12/05/23
..........................................
United
States
3,300,000
259,456,637
d
UBS
AG
into
NextEra
Energy,
Inc.,
144A,
8%,
3/17/23
..........
United
States
1,695,000
133,941,703
543,004,031
Health
Care
Equipment
&
Supplies
0.3%
d
Barclays
Bank
plc
into
Medtronic
plc,
144A,
8%,
3/10/23
........
United
States
2,600,000
205,789,104
Hotels,
Restaurants
&
Leisure
0.2%
d
Societe
Generale
SA
into
Las
Vegas
Sands
Corp.,
144A,
10.137%,
9/12/23
...........................................
United
States
2,843,000
119,873,521
Independent
Power
and
Renewable
Electricity
Producers
0.3%
d
Goldman
Sachs
International
Bank
into
NextEra
Energy
Partners
LP,
144A,
10%,
7/05/23
..................................
United
States
3,850,000
188,610,510
Industrial
Conglomerates
0.4%
d
Goldman
Sachs
International
Bank
into
Honeywell
International,
Inc.,
144A,
8.5%,
4/04/23
.................................
United
States
1,335,000
268,362,946
Insurance
0.7%
d
Royal
Bank
of
Canada
into
MetLife,
Inc.,
144A,
9%,
9/22/23
.....
United
States
3,200,000
220,642,471
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
Equity-Linked
Securities
(continued)
Insurance
(continued)
d
Royal
Bank
of
Canada
into
MetLife,
Inc.,
144A,
10%,
5/19/23
....
United
States
3,581,000
$
251,907,691
472,550,162
Interactive
Media
&
Services
0.3%
d
Citigroup
Global
Markets
Holdings,
Inc.
into
Alphabet,
Inc.,
144A,
9%,
6/22/23
........................................
United
States
115,000
210,765,437
Internet
&
Direct
Marketing
Retail
0.2%
d
Credit
Suisse
AG
into
Amazon.com,
Inc.,
144A,
8%,
2/17/23
.....
United
States
91,000
155,262,658
IT
Services
0.4%
d
Goldman
Sachs
International
Bank
into
Twilio,
Inc.,
144A,
12.5%,
3/03/23
...........................................
United
States
923,000
48,931,529
d
UBS
AG
into
Fidelity
National
Information
Services,
Inc.,
144A,
10%,
10/19/23
..........................................
United
States
3,200,000
225,395,111
274,326,640
Machinery
0.2%
d
Goldman
Sachs
International
Bank
into
Cummins,
Inc.,
144A,
8%,
1/10/23
...........................................
United
States
650,000
157,065,310
Media
0.7%
d
Citigroup
Global
Markets
Holdings,
Inc.
into
Comcast
Corp.,
144A,
8.5%,
6/23/23
......................................
United
States
5,667,000
202,808,542
d
Societe
Generale
SA
into
Comcast
Corp.,
144A,
8%,
4/17/23
....
United
States
5,300,000
187,330,674
d
UBS
AG
into
Comcast
Corp.,
144A,
8.5%,
7/20/23
.............
United
States
3,765,000
132,758,968
522,898,184
Oil,
Gas
&
Consumable
Fuels
1.2%
d
Merrill
Lynch
International
&
Co.
CV
into
Chevron
Corp.,
144A,
10%,
12/04/23
..........................................
United
States
1,650,000
277,261,042
d
Mizuho
Markets
Cayman
LP
into
Exxon
Mobil
Corp.,
144A,
10%,
2/21/23
...........................................
United
States
3,200,000
276,429,343
d
UBS
AG
into
BP
plc,
144A,
10%,
6/14/23
....................
United
Kingdom
8,460,000
283,785,064
837,475,449
Pharmaceuticals
1.3%
d
BNP
Paribas
Issuance
BV
into
Bristol-Myers
Squibb
Co.,
144A,
7.5%,
4/18/23
......................................
United
States
3,300,000
237,905,832
d
J.P.
Morgan
Structured
Products
BV
into
Pfizer,
Inc.,
144A,
9.5%,
2/13/23
...........................................
United
States
4,700,000
241,376,980
d
Mizuho
Markets
Cayman
LP
into
Bristol-Myers
Squibb
Co.,
144A,
8.5%,
12/04/23
.....................................
United
States
2,600,000
194,105,975
d
Societe
Generale
SA
into
Pfizer,
Inc.,
144A,
8.5%,
6/09/23
......
United
States
4,200,000
216,506,364
889,895,151
Road
&
Rail
0.4%
d
Merrill
Lynch
International
&
Co.
CV
into
Union
Pacific
Corp.,
144A,
Reg
S,
9%,
11/01/23
.................................
United
States
1,240,000
253,916,579
Semiconductors
&
Semiconductor
Equipment
2.5%
d
Barclays
Bank
plc
into
Texas
Instruments,
Inc.,
144A,
9%,
10/10/23
United
States
1,600,000
261,292,874
d
BNP
Paribas
Issuance
BV
into
Broadcom,
Inc.,
144A,
9%,
8/14/23
United
States
530,000
285,507,946
d
Citigroup
Global
Markets
Holdings,
Inc.
into
Intel
Corp.,
144A,
10%,
9/14/23
...........................................
United
States
8,050,000
222,932,459
d
Goldman
Sachs
International
Bank
into
Intel
Corp.,
144A,
10%,
4/04/23
...........................................
United
States
3,315,000
90,067,249
d
Merrill
Lynch
International
&
Co.
CV
into
Analog
Devices,
Inc.,
144A,
9%,
4/04/23
........................................
United
States
1,551,000
249,463,589
d
Merrill
Lynch
International
&
Co.
CV
into
Broadcom,
Inc.,
144A,
10%,
12/05/23
..........................................
United
States
500,000
256,699,639
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)
Semiconductors
&
Semiconductor
Equipment
(continued)
d
Mizuho
Markets
Cayman
LP
into
Microchip
Technology,
Inc.,
144A,
10%,
11/03/23
......................................
United
States
4,200,000
$
282,257,270
d
Morgan
Stanley
Finance
II
Ltd.
into
Microchip
Technology,
Inc.,
144A,
10%,
9/12/23
..................................
United
States
2,045,000
142,201,971
1,790,422,997
Software
0.1%
d
Goldman
Sachs
International
Bank
into
Salesforce,
Inc.,
144A,
8%,
2/08/23
...........................................
United
States
820,000
110,142,395
Specialty
Retail
0.3%
d
Citigroup
Global
Markets
Holdings,
Inc.
into
Home
Depot,
Inc.
(The),
144A,
8.5%,
6/12/24
.................................
United
States
811,000
253,511,902
Technology
Hardware,
Storage
&
Peripherals
0.3%
d
Credit
Suisse
AG
into
Apple,
Inc.,
144A,
9%,
7/05/23
...........
United
States
1,740,000
227,233,194
Total
Equity-Linked
Securities
(Cost
$12,696,854,181)
...........................
11,821,408,730
Convertible
Preferred
Stocks
1.1%
Electric
Utilities
1.0%
American
Electric
Power
Co.,
Inc.,
6.125%
..................
United
States
1,500,000
77,370,000
e
NextEra
Energy,
Inc.,
5.279%
............................
United
States
4,000,000
202,800,000
e
NextEra
Energy,
Inc.,
6.219%
............................
United
States
7,500,000
378,675,000
PG&E
Corp.,
5.5%
....................................
United
States
500,000
72,120,000
730,965,000
Thrifts
&
Mortgage
Finance
0.1%
b
FNMA,
5.375%
.......................................
United
States
4,240
30,740,000
b
Total
Convertible
Preferred
Stocks
(Cost
$988,849,944)
..........................
761,705,000
Preferred
Stocks
0.0%
†
Thrifts
&
Mortgage
Finance
0.0%
†
b
FNMA,
8.25%,
S
......................................
United
States
4,000,000
9,360,000
b
Total
Preferred
Stocks
(Cost
$93,801,501)
......................................
9,360,000
Principal
Amount
*
Convertible
Bonds
0.1%
Media
0.1%
DISH
Network
Corp.
,
Senior
Note
,
2.375
%
,
3/15/24
............
United
States
77,000,000
69,665,750
Total
Convertible
Bonds
(Cost
$74,633,644)
....................................
69,665,750
Corporate
Bonds
44.3%
Aerospace
&
Defense
1.9%
Boeing
Co.
(The)
,
Senior
Bond,
3.2%,
3/01/29
............................
United
States
74,000,000
65,037,518
Senior
Bond,
3.625%,
2/01/31
..........................
United
States
79,000,000
69,414,020
Senior
Note,
2.196%,
2/04/26
..........................
United
States
45,000,000
40,935,095
Senior
Note,
5.04%,
5/01/27
...........................
United
States
180,000,000
178,301,385
Senior
Note,
3.25%,
2/01/28
...........................
United
States
60,000,000
54,592,157
Senior
Note,
5.15%,
5/01/30
...........................
United
States
370,000,000
361,893,925
d
Bombardier,
Inc.
,
Senior
Bond,
144A,
7.5%,
3/15/25
.......................
Canada
65,000,000
64,504,315
Senior
Note,
144A,
7.5%,
12/01/24
......................
Canada
13,600,000
13,632,980
Lockheed
Martin
Corp.
,
Senior
Bond
,
5.25
%
,
1/15/33
..........
United
States
10,000,000
10,343,128
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
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Aerospace
&
Defense
(continued)
Raytheon
Technologies
Corp.
,
Senior
Note
,
3.125
%
,
5/04/27
.....
United
States
40,000,000
$
37,310,650
Textron,
Inc.
,
Senior
Bond,
3%,
6/01/30
.............................
United
States
59,049,000
50,316,741
Senior
Bond,
2.45%,
3/15/31
...........................
United
States
40,000,000
32,116,094
TransDigm,
Inc.
,
Senior
Note,
6.375%,
6/15/26
..........................
United
States
102,500,000
99,877,513
d
Senior
Secured
Note,
144A,
8%,
12/15/25
.................
United
States
58,176,000
59,164,410
d
Senior
Secured
Note,
144A,
6.25%,
3/15/26
...............
United
States
180,000,000
177,910,200
1,315,350,131
Air
Freight
&
Logistics
0.0%
†
f
FedEx
Corp.
,
Senior
Bond
,
2.4
%
,
5/15/31
...................
United
States
29,000,000
23,525,180
Airlines
0.9%
d,f
American
Airlines
Group,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
3/01/25
.
United
States
40,000,000
33,943,112
d
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note,
144A,
5.5%,
4/20/26
................
United
States
145,000,000
139,693,218
Senior
Secured
Note,
144A,
5.75%,
4/20/29
...............
United
States
79,850,000
73,123,503
d
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note,
144A,
4.5%,
10/20/25
...............
United
States
25,000,000
24,403,125
Senior
Secured
Note,
144A,
4.75%,
10/20/28
..............
United
States
145,000,000
136,518,882
d
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets
Ltd.
,
Senior
Secured
Note
,
144A,
6.5
%
,
6/20/27
.......
United
States
90,005,800
89,681,946
d
United
Airlines,
Inc.
,
Senior
Secured
Note,
144A,
4.375%,
4/15/26
..............
United
States
65,462,000
60,789,715
Senior
Secured
Note,
144A,
4.625%,
4/15/29
..............
United
States
96,259,000
83,981,232
642,134,733
Auto
Components
0.6%
f
American
Axle
&
Manufacturing,
Inc.
,
Senior
Note
,
5
%
,
10/01/29
..
United
States
45,000,000
36,340,758
d
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
95,000,000
66,766,582
Goodyear
Tire
&
Rubber
Co.
(The)
,
f
Senior
Bond,
5%,
5/31/26
.............................
United
States
77,000,000
72,758,970
f
Senior
Bond,
5.25%,
4/30/31
...........................
United
States
52,500,000
43,658,753
f
Senior
Note,
4.875%,
3/15/27
..........................
United
States
34,757,000
31,844,016
Senior
Note,
5%,
7/15/29
.............................
United
States
130,000,000
108,608,448
Senior
Note,
5.25%,
7/15/31
...........................
United
States
45,500,000
37,275,420
397,252,947
Automobiles
0.8%
Ford
Motor
Co.
,
Senior
Bond,
3.25%,
2/12/32
...........................
United
States
107,500,000
80,810,083
Senior
Bond,
6.1%,
8/19/32
............................
United
States
119,000,000
110,108,617
f
Senior
Note,
4.346%,
12/08/26
.........................
United
States
145,000,000
137,828,329
General
Motors
Co.
,
Senior
Bond,
5%,
10/01/28
............................
United
States
25,000,000
23,992,402
Senior
Bond,
5.6%,
10/15/32
...........................
United
States
35,000,000
32,614,550
Senior
Bond,
5.15%,
4/01/38
...........................
United
States
105,000,000
90,961,566
d
Volkswagen
Group
of
America
Finance
LLC
,
Senior
Note
,
144A,
1.25
%
,
11/24/25
.....................................
Germany
97,000,000
86,570,905
562,886,452
Banks
2.6%
Bank
of
America
Corp.
,
g
AA,
Junior
Sub.
Bond,
6.1%
to
3/16/25,
FRN
thereafter,
Perpetual
United
States
70,000,000
67,598,650
f,g
X,
Junior
Sub.
Bond,
6.25%
to
9/04/24,
FRN
thereafter,
Perpetual
United
States
55,000,000
52,957,348
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
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
Bank
of
America
Corp.,
(continued)
Senior
Bond,
3.419%
to
12/19/27,
FRN
thereafter,
12/20/28
...
United
States
200,000,000
$
181,443,468
Barclays
plc
,
Senior
Bond,
4.337%,
1/10/28
..........................
United
Kingdom
31,000,000
28,856,019
Senior
Bond,
2.645%
to
6/23/30,
FRN
thereafter,
6/24/31
.....
United
Kingdom
31,000,000
24,252,160
Senior
Bond,
5.746%
to
8/08/32,
FRN
thereafter,
8/09/33
.....
United
Kingdom
100,000,000
94,750,828
Senior
Bond,
7.437%
to
11/01/32,
FRN
thereafter,
11/02/33
....
United
Kingdom
75,000,000
78,814,501
Senior
Note,
3.932%
to
5/06/24,
FRN
thereafter,
5/07/25
......
United
Kingdom
30,000,000
29,107,680
Senior
Note,
4.375%,
1/12/26
..........................
United
Kingdom
95,000,000
92,037,547
Senior
Note,
7.325%
to
11/01/25,
FRN
thereafter,
11/02/26
....
United
Kingdom
30,000,000
31,106,785
Senior
Note,
5.501%
to
8/08/27,
FRN
thereafter,
8/09/28
......
United
Kingdom
80,000,000
77,612,171
Citigroup,
Inc.
,
g
Junior
Sub.
Bond,
5.95%
to
1/29/23,
FRN
thereafter,
Perpetual
.
United
States
118,000,000
117,144,500
f,g
D,
Junior
Sub.
Bond,
5.35%
to
5/14/23,
FRN
thereafter,
Perpetual
United
States
75,000,000
73,267,807
g
M,
Junior
Sub.
Bond,
6.3%
to
5/14/24,
FRN
thereafter,
Perpetual
United
States
105,000,000
99,435,000
Senior
Bond,
3.52%
to
10/26/27,
FRN
thereafter,
10/27/28
....
United
States
35,000,000
31,991,658
Senior
Bond,
6.27%
to
11/16/32,
FRN
thereafter,
11/17/33
.....
United
States
60,000,000
62,088,447
Senior
Note,
1.462%
to
6/08/26,
FRN
thereafter,
6/09/27
......
United
States
20,000,000
17,371,792
Sub.
Bond,
4.125%,
7/25/28
...........................
United
States
95,000,000
88,600,708
g
JPMorgan
Chase
&
Co.
,
f
Q,
Junior
Sub.
Bond,
5.15%
to
4/30/23,
FRN
thereafter,
Perpetual
United
States
60,700,000
59,334,250
f
R,
Junior
Sub.
Bond,
6%
to
7/31/23,
FRN
thereafter,
Perpetual
.
United
States
55,000,000
53,933,000
S,
Junior
Sub.
Bond,
6.75%
to
1/31/24,
FRN
thereafter,
Perpetual
United
States
65,000,000
64,789,725
KeyBank
NA
,
Senior
Note,
5.85%,
11/15/27
..........................
United
States
30,000,000
31,019,045
Sub.
Bond,
4.9%,
8/08/32
.............................
United
States
35,000,000
32,492,136
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Bond
,
6.037%
to
10/27/32,
FRN
thereafter
,
10/28/33
.......................
United
States
70,000,000
73,102,532
Truist
Financial
Corp.
,
Sub.
Bond
,
4.916%
to
7/27/32,
FRN
thereafter
,
7/28/33
...................................
United
States
95,000,000
89,387,360
US
Bancorp
,
Senior
Bond
,
5.85%
to
10/20/32,
FRN
thereafter
,
10/21/33
..........................................
United
States
45,000,000
46,861,764
Wells
Fargo
&
Co.
,
g
S,
Junior
Sub.
Bond,
5.9%
to
6/14/24,
FRN
thereafter,
Perpetual
United
States
70,000,000
62,867,700
Senior
Bond,
4.478%
to
4/03/30,
FRN
thereafter,
4/04/31
.....
United
States
20,000,000
18,795,672
Senior
Bond,
4.897%
to
7/24/32,
FRN
thereafter,
7/25/33
.....
United
States
50,000,000
47,625,258
1,828,645,511
Beverages
0.0%
†
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
4
%
,
4/13/28
Belgium
25,000,000
23,840,658
Biotechnology
0.2%
AbbVie,
Inc.
,
Senior
Note,
3.2%,
5/14/26
............................
United
States
25,000,000
23,701,680
Senior
Note,
3.2%,
11/21/29
...........................
United
States
115,000,000
103,931,405
Amgen,
Inc.
,
Senior
Bond
,
2.45
%
,
2/21/30
...................
United
States
25,000,000
21,092,063
148,725,148
Building
Products
0.3%
d
Camelot
Return
Merger
Sub,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
8/01/28
.....................................
United
States
50,000,000
45,946,250
Carrier
Global
Corp.
,
Senior
Bond,
2.7%,
2/15/31
............................
United
States
22,500,000
18,624,651
Senior
Note,
2.722%,
2/15/30
..........................
United
States
98,200,000
82,890,968
Johnson
Controls
International
plc
/
Tyco
Fire
&
Security
Finance
SCA
,
Senior
Bond,
2%,
9/16/31
.............................
United
States
10,000,000
7,921,171
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)
Building
Products
(continued)
Johnson
Controls
International
plc
/
Tyco
Fire
&
Security
Finance
SCA,
(continued)
Senior
Bond,
4.9%,
12/01/32
...........................
United
States
39,500,000
$
38,952,091
194,335,131
Capital
Markets
0.7%
Brookfield
Finance,
Inc.
,
Senior
Bond
,
4.85
%
,
3/29/29
..........
Canada
34,444,000
32,924,682
d
Coinbase
Global,
Inc.
,
Senior
Bond,
144A,
3.625%,
10/01/31
....................
United
States
26,216,900
12,660,453
f
Senior
Note,
144A,
3.375%,
10/01/28
....................
United
States
60,000,000
31,794,000
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond,
3.814%
to
4/22/28,
FRN
thereafter,
4/23/29
.....
United
States
21,000,000
19,219,571
Senior
Bond,
4.223%
to
4/30/28,
FRN
thereafter,
5/01/29
.....
United
States
20,000,000
18,668,744
Senior
Bond,
2.6%,
2/07/30
............................
United
States
36,250,000
30,330,798
Senior
Bond,
2.65%
to
10/20/31,
FRN
thereafter,
10/21/32
....
United
States
43,600,000
34,533,934
Senior
Note,
3.5%,
4/01/25
............................
United
States
73,000,000
70,262,025
Senior
Note,
3.8%,
3/15/30
............................
United
States
25,000,000
22,532,063
Morgan
Stanley
,
Senior
Bond,
2.699%
to
1/21/30,
FRN
thereafter,
1/22/31
.....
United
States
50,000,000
41,424,714
Senior
Bond,
3.622%
to
3/31/30,
FRN
thereafter,
4/01/31
.....
United
States
23,600,000
20,656,178
Senior
Bond,
2.239%
to
7/20/31,
FRN
thereafter,
7/21/32
.....
United
States
30,482,000
23,458,614
Senior
Bond,
2.511%
to
10/19/31,
FRN
thereafter,
10/20/32
....
United
States
81,000,000
63,604,310
Senior
Bond,
6.342%
to
10/17/32,
FRN
thereafter,
10/18/33
...
United
States
35,000,000
36,785,118
Senior
Note,
1.512%
to
7/19/26,
FRN
thereafter,
7/20/27
......
United
States
25,000,000
21,725,199
480,580,403
Chemicals
0.9%
Celanese
US
Holdings
LLC
,
Senior
Bond,
6.379%,
7/15/32
..........................
United
States
25,000,000
23,843,024
Senior
Note,
6.165%,
7/15/27
..........................
United
States
20,000,000
19,758,617
d
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
6.5
%
,
5/15/26
Switzerland
125,000,000
117,046,623
d
CVR
Partners
LP
/
CVR
Nitrogen
Finance
Corp.
,
Senior
Secured
Note
,
144A,
6.125
%
,
6/15/28
...........................
United
States
31,500,000
28,299,857
Dow
Chemical
Co.
(The)
,
Senior
Bond
,
6.3
%
,
3/15/33
..........
United
States
35,000,000
36,933,300
Huntsman
International
LLC
,
Senior
Bond
,
4.5
%
,
5/01/29
.......
United
States
25,000,000
22,502,233
d
International
Flavors
&
Fragrances,
Inc.
,
Senior
Bond
,
144A,
2.3
%
,
11/01/30
..........................................
United
States
150,000,000
119,350,048
d
Olin
Corp.
,
Senior
Note
,
144A,
9.5
%
,
6/01/25
................
United
States
40,000,000
42,466,304
d
Rain
CII
Carbon
LLC
/
CII
Carbon
Corp.
,
Secured
Note
,
144A,
7.25
%
,
4/01/25
.....................................
United
States
33,249,000
30,691,487
d
SCIH
Salt
Holdings,
Inc.
,
Senior
Note,
144A,
6.625%,
5/01/29
.....................
United
States
119,500,000
96,410,148
Senior
Secured
Note,
144A,
4.875%,
5/01/28
..............
United
States
155,000,000
133,291,421
670,593,062
Commercial
Services
&
Supplies
0.5%
d
ADT
Security
Corp.
(The)
,
Senior
Secured
Note
,
144A,
4.125
%
,
8/01/29
...........................................
United
States
30,000,000
25,554,183
d
APX
Group,
Inc.
,
Senior
Note,
144A,
5.75%,
7/15/29
......................
United
States
108,000,000
89,584,576
Senior
Secured
Note,
144A,
6.75%,
2/15/27
...............
United
States
111,000,000
107,015,100
d
Aramark
Services,
Inc.
,
Senior
Bond
,
144A,
5
%
,
2/01/28
........
United
States
31,000,000
28,984,070
d
Madison
IAQ
LLC
,
Senior
Secured
Note
,
144A,
4.125
%
,
6/30/28
..
United
States
31,000,000
25,962,500
d
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
....................
United
States
61,589,000
53,259,679
330,360,108
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)
Communications
Equipment
1.2%
d
CommScope
Technologies
LLC
,
Senior
Note,
144A,
6%,
6/15/25
........................
United
States
434,000,000
$
395,834,040
Senior
Note,
144A,
5%,
3/15/27
........................
United
States
50,000,000
34,039,079
d
CommScope,
Inc.
,
Senior
Note,
144A,
8.25%,
3/01/27
......................
United
States
114,000,000
88,530,120
Senior
Note,
144A,
7.125%,
7/01/28
.....................
United
States
125,000,000
89,561,726
Senior
Secured
Note,
144A,
6%,
3/01/26
..................
United
States
225,085,000
208,192,371
816,157,336
Construction
&
Engineering
0.1%
Quanta
Services,
Inc.
,
Senior
Bond
,
2.9
%
,
10/01/30
...........
United
States
89,287,000
73,619,333
Consumer
Finance
2.3%
Capital
One
Financial
Corp.
,
Senior
Bond,
3.8%,
1/31/28
............................
United
States
47,300,000
44,293,713
Senior
Bond,
5.268%
to
5/09/32,
FRN
thereafter,
5/10/33
.....
United
States
50,000,000
46,585,826
Senior
Note,
4.985%
to
7/23/25,
FRN
thereafter,
7/24/26
......
United
States
40,000,000
39,215,012
Senior
Note,
4.927%
to
5/09/27,
FRN
thereafter,
5/10/28
......
United
States
144,532,733
140,148,377
Senior
Note,
5.247%
to
7/25/29,
FRN
thereafter,
7/26/30
......
United
States
45,000,000
42,953,124
Sub.
Note,
4.2%,
10/29/25
............................
United
States
113,000,000
109,315,222
Sub.
Note,
3.75%,
7/28/26
............................
United
States
100,200,000
94,468,496
Ford
Motor
Credit
Co.
LLC
,
Senior
Note,
2.3%,
2/10/25
............................
United
States
35,000,000
32,010,300
Senior
Note,
5.125%,
6/16/25
..........................
United
States
110,000,000
105,989,576
Senior
Note,
4.134%,
8/04/25
..........................
United
States
149,650,000
140,400,181
Senior
Note,
3.375%,
11/13/25
.........................
United
States
32,000,000
28,985,051
Senior
Note,
2.7%,
8/10/26
............................
United
States
50,000,000
43,482,500
Senior
Note,
4.95%,
5/28/27
...........................
United
States
115,000,000
107,498,550
Senior
Note,
7.35%,
11/04/27
..........................
United
States
30,000,000
30,816,000
Senior
Note,
5.113%,
5/03/29
..........................
United
States
100,000,000
90,780,000
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond,
4.35%,
1/17/27
...........................
United
States
40,000,000
38,065,263
Senior
Bond,
3.6%,
6/21/30
............................
United
States
37,720,000
31,827,591
Senior
Bond,
3.1%,
1/12/32
............................
United
States
80,000,000
62,880,667
Senior
Note,
4.15%,
6/19/23
...........................
United
States
75,000,000
74,612,484
Senior
Note,
5%,
4/09/27
.............................
United
States
50,000,000
48,509,922
Senior
Note,
2.4%,
4/10/28
............................
United
States
35,000,000
29,496,590
Senior
Note,
4.3%,
4/06/29
............................
United
States
69,000,000
61,941,540
John
Deere
Capital
Corp.
,
Senior
Bond
,
4.35
%
,
9/15/32
........
United
States
40,000,000
38,984,501
OneMain
Finance
Corp.
,
Senior
Bond,
5.375%,
11/15/29
.........................
United
States
42,100,000
34,503,499
Senior
Note,
6.625%,
1/15/28
..........................
United
States
26,000,000
23,987,080
Senior
Note,
4%,
9/15/30
.............................
United
States
59,675,000
44,603,758
1,586,354,823
Containers
&
Packaging
1.5%
d,h
ARD
Finance
SA
,
Senior
Secured
Note
,
144A,
PIK,
6.5
%
,
6/30/27
.
Luxembourg
25,144,215
17,528,345
d
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
plc
,
Senior
Note
,
144A,
4
%
,
9/01/29
.......
United
States
37,000,000
29,392,885
d
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note,
144A,
5.25%,
8/15/27
......................
United
States
195,440,000
146,447,527
Senior
Secured
Note,
144A,
5.25%,
4/30/25
...............
United
States
25,669,000
24,469,958
Senior
Secured
Note,
144A,
4.125%,
8/15/26
..............
United
States
50,000,000
43,413,154
d
Mauser
Packaging
Solutions
Holding
Co.
,
Senior
Note,
144A,
7.25%,
4/15/25
......................
United
States
397,500,000
368,393,742
Senior
Secured
Note,
144A,
5.5%,
4/15/24
................
United
States
340,000,000
331,298,435
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)
Containers
&
Packaging
(continued)
d
Pactiv
Evergreen
Group
Issuer,
Inc./Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
70,000,000
$
62,205,527
1,023,149,573
Diversified
Financial
Services
0.5%
d
MPH
Acquisition
Holdings
LLC
,
f
Senior
Note,
144A,
5.75%,
11/01/28
.....................
United
States
260,000,000
173,475,175
Senior
Secured
Note,
144A,
5.5%,
9/01/28
................
United
States
155,850,000
121,896,519
d
Woodside
Finance
Ltd.
,
Senior
Bond
,
144A,
4.5
%
,
3/04/29
......
Australia
100,000,000
93,949,075
389,320,769
Diversified
Telecommunication
Services
0.3%
d
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond,
144A,
5.125%,
5/01/27
.....................
United
States
120,000,000
112,112,400
Senior
Bond,
144A,
5%,
2/01/28
........................
United
States
80,000,000
72,815,600
Verizon
Communications,
Inc.
,
Senior
Bond
,
4.016
%
,
12/03/29
...
United
States
50,000,000
46,818,159
231,746,159
Electric
Utilities
1.0%
American
Electric
Power
Co.,
Inc.
,
Senior
Bond
,
5.95
%
,
11/01/32
.
United
States
30,000,000
31,419,099
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note
,
1.875
%
,
1/15/27
United
States
65,000,000
57,619,924
NRG
Energy,
Inc.
,
d
Senior
Bond,
144A,
3.625%,
2/15/31
.....................
United
States
57,000,000
43,435,285
Senior
Note,
5.75%,
1/15/28
...........................
United
States
18,075,000
16,995,922
d
Senior
Note,
144A,
3.375%,
2/15/29
.....................
United
States
20,000,000
16,159,200
Pacific
Gas
and
Electric
Co.
,
Senior
Bond,
4.55%,
7/01/30
...........................
United
States
117,500,000
106,776,929
Senior
Note,
3.15%,
1/01/26
...........................
United
States
78,000,000
72,562,755
PG&E
Corp.
,
Senior
Secured
Note
,
5
%
,
7/01/28
..............
United
States
50,264,000
45,964,797
Southern
Co.
(The)
,
Senior
Bond
,
5.7
%
,
10/15/32
.............
United
States
45,000,000
46,171,485
d
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
5.5%,
9/01/26
.......................
United
States
45,000,000
43,427,129
Senior
Note,
144A,
5%,
7/31/27
........................
United
States
49,500,000
46,049,528
Senior
Note,
144A,
4.375%,
5/01/29
.....................
United
States
120,000,000
103,635,828
Senior
Secured
Bond,
144A,
4.3%,
7/15/29
................
United
States
35,000,000
31,563,399
Senior
Secured
Note,
144A,
3.55%,
7/15/24
...............
United
States
25,000,000
23,992,042
Senior
Secured
Note,
144A,
3.7%,
1/30/27
................
United
States
18,000,000
16,424,634
702,197,956
Electrical
Equipment
0.0%
†
d
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
United
States
20,668,000
17,592,188
Electronic
Equipment,
Instruments
&
Components
0.1%
Flex
Ltd.
,
Senior
Note
,
4.75
%
,
6/15/25
.....................
United
States
50,000,000
49,154,228
Teledyne
Technologies,
Inc.
,
Senior
Bond
,
2.75
%
,
4/01/31
.......
United
States
17,500,000
14,352,413
63,506,641
Energy
Equipment
&
Services
0.5%
d
Schlumberger
Holdings
Corp.
,
Senior
Note
,
144A,
3.9
%
,
5/17/28
..
United
States
22,441,000
20,949,518
d
Weatherford
International
Ltd.
,
Senior
Note,
144A,
11%,
12/01/24
.......................
United
States
29,341,000
30,038,557
Senior
Note,
144A,
8.625%,
4/30/30
.....................
United
States
250,000,000
240,523,305
Senior
Secured
Note,
144A,
6.5%,
9/15/28
................
United
States
80,000,000
78,539,200
370,050,580
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)
Entertainment
0.5%
Netflix,
Inc.
,
Senior
Bond,
4.375%,
11/15/26
.........................
United
States
100,000,000
$
96,422,000
Senior
Bond,
4.875%,
4/15/28
..........................
United
States
89,300,000
86,427,788
Senior
Bond,
5.875%,
11/15/28
.........................
United
States
50,000,000
50,801,500
d
ROBLOX
Corp.
,
Senior
Note
,
144A,
3.875
%
,
5/01/30
..........
United
States
50,000,000
39,475,000
d
Warnermedia
Holdings,
Inc.
,
Senior
Bond
,
144A,
4.279
%
,
3/15/32
.
United
States
100,000,000
82,626,757
355,753,045
Equity
Real
Estate
Investment
Trusts
(REITs)
1.2%
American
Tower
Corp.
,
Senior
Bond,
3.375%,
10/15/26
.........................
United
States
30,000,000
28,089,596
f
Senior
Bond,
3.55%,
7/15/27
...........................
United
States
40,000,000
37,103,442
Senior
Bond,
3.95%,
3/15/29
...........................
United
States
20,000,000
18,478,593
Senior
Bond,
2.9%,
1/15/30
............................
United
States
15,000,000
12,735,768
Senior
Note,
1.6%,
4/15/26
............................
United
States
45,318,000
40,344,263
f
Senior
Note,
4.05%,
3/15/32
...........................
United
States
50,000,000
44,728,949
Crown
Castle,
Inc.
,
Senior
Bond,
3.3%,
7/01/30
............................
United
States
74,583,000
65,420,872
Senior
Bond,
2.1%,
4/01/31
............................
United
States
33,500,000
26,483,585
Senior
Bond,
2.5%,
7/15/31
............................
United
States
25,000,000
20,208,937
d
Iron
Mountain,
Inc.
,
Senior
Note
,
144A,
4.875
%
,
9/15/27
........
United
States
88,500,000
81,528,855
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
f
Senior
Bond,
5.25%,
8/01/26
...........................
United
States
42,000,000
38,321,010
Senior
Bond,
5%,
10/15/27
............................
United
States
159,000,000
133,998,840
Senior
Bond,
4.625%,
8/01/29
..........................
United
States
33,000,000
25,224,693
Senior
Bond,
3.5%,
3/15/31
............................
United
States
55,177,000
37,938,248
Service
Properties
Trust
,
Senior
Bond,
4.5%,
6/15/23
............................
United
States
69,068,000
67,981,691
Senior
Note,
4.35%,
10/01/24
..........................
United
States
32,445,000
29,546,089
VICI
Properties
LP
,
Senior
Bond,
5.125%,
5/15/32
..........................
United
States
60,000,000
55,672,500
Senior
Note,
4.95%,
2/15/30
...........................
United
States
30,000,000
28,598,020
d
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
4.25
%
,
12/01/26
..........................................
United
States
43,260,000
40,453,451
Weyerhaeuser
Co.
,
Senior
Bond
,
3.375
%
,
3/09/33
............
United
States
42,300,000
35,473,906
868,331,308
Food
&
Staples
Retailing
0.1%
d
7-Eleven,
Inc.
,
Senior
Bond
,
144A,
1.8
%
,
2/10/31
.............
United
States
75,000,000
57,451,293
Food
Products
0.3%
d
Darling
Ingredients,
Inc.
,
Senior
Note
,
144A,
6
%
,
6/15/30
.......
United
States
35,000,000
34,259,750
d
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.
,
Senior
Bond,
144A,
5.75%,
4/01/33
......................
United
States
60,000,000
57,376,800
Senior
Note,
144A,
5.125%,
2/01/28
.....................
United
States
20,000,000
18,984,953
d
Post
Holdings,
Inc.
,
Senior
Bond,
144A,
5.625%,
1/15/28
.....................
United
States
59,800,000
56,379,743
Senior
Bond,
144A,
5.5%,
12/15/29
......................
United
States
10,000,000
9,070,000
Senior
Bond,
144A,
4.5%,
9/15/31
.......................
United
States
55,400,000
46,674,807
222,746,053
Health
Care
Equipment
&
Supplies
0.7%
DENTSPLY
SIRONA,
Inc.
,
Senior
Bond
,
3.25
%
,
6/01/30
........
United
States
51,249,000
42,658,073
d
GE
HealthCare
Technologies,
Inc.
,
Senior
Bond
,
144A,
5.905
%
,
11/22/32
..........................................
United
States
90,000,000
93,543,719
d
Medline
Borrower
LP
,
Senior
Note,
144A,
5.25%,
10/01/29
.....................
United
States
226,000,000
179,908,430
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)
Health
Care
Equipment
&
Supplies
(continued)
d
Medline
Borrower
LP,
(continued)
Senior
Secured
Note,
144A,
3.875%,
4/01/29
..............
United
States
244,500,000
$
197,493,653
513,603,875
Health
Care
Providers
&
Services
6.0%
Centene
Corp.
,
Senior
Bond,
2.5%,
3/01/31
............................
United
States
19,380,000
15,201,635
Senior
Note,
4.25%,
12/15/27
..........................
United
States
37,645,000
35,388,868
Senior
Note,
4.625%,
12/15/29
.........................
United
States
162,000,000
148,406,713
d
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.875%,
4/15/29
....................
United
States
600,000,000
309,499,794
Secured
Note,
144A,
6.125%,
4/01/30
....................
United
States
585,000,000
290,776,087
Senior
Note,
144A,
6.875%,
4/01/28
.....................
United
States
565,000,000
273,858,325
Senior
Secured
Note,
144A,
8%,
3/15/26
..................
United
States
478,065,000
436,234,312
Senior
Secured
Note,
144A,
5.625%,
3/15/27
..............
United
States
295,500,000
253,917,240
Senior
Secured
Note,
144A,
8%,
12/15/27
.................
United
States
382,000,000
346,356,692
Senior
Secured
Note,
144A,
6%,
1/15/29
..................
United
States
269,000,000
225,362,820
CVS
Health
Corp.
,
Senior
Bond,
4.3%,
3/25/28
............................
United
States
125,000,000
121,138,350
Senior
Bond,
1.875%,
2/28/31
..........................
United
States
70,000,000
55,076,244
Senior
Bond,
5.05%,
3/25/48
...........................
United
States
40,000,000
36,105,414
d
DaVita,
Inc.
,
Senior
Bond,
144A,
3.75%,
2/15/31
......................
United
States
158,855,000
118,911,705
Senior
Note,
144A,
4.625%,
6/01/30
.....................
United
States
287,822,000
232,140,442
d
Fresenius
Medical
Care
US
Finance
III,
Inc.
,
Senior
Bond,
144A,
2.375%,
2/16/31
.....................
Germany
20,000,000
14,710,943
Senior
Bond,
144A,
3%,
12/01/31
.......................
Germany
30,941,000
23,323,224
HCA,
Inc.
,
Senior
Bond,
5.625%,
9/01/28
..........................
United
States
80,000,000
79,705,722
Senior
Note,
5%,
3/15/24
.............................
United
States
114,800,000
114,195,115
Humana,
Inc.
,
Senior
Bond
,
5.875
%
,
3/01/33
.................
United
States
35,000,000
36,243,757
Quest
Diagnostics,
Inc.
,
Senior
Bond
,
2.95
%
,
6/30/30
..........
United
States
58,755,000
50,888,842
Tenet
Healthcare
Corp.
,
d
Secured
Note,
144A,
6.25%,
2/01/27
.....................
United
States
98,181,000
94,503,140
Senior
Bond,
6.875%,
11/15/31
.........................
United
States
55,258,000
49,868,482
d
Senior
Note,
144A,
6.125%,
10/01/28
....................
United
States
315,000,000
282,690,450
d
Senior
Secured
Note,
144A,
4.25%,
6/01/29
...............
United
States
41,000,000
35,593,945
d
Senior
Secured
Note,
144A,
4.375%,
1/15/30
..............
United
States
42,000,000
36,427,440
d
Senior
Secured
Note,
144A,
6.125%,
6/15/30
..............
United
States
354,000,000
337,912,470
UnitedHealth
Group,
Inc.
,
Senior
Bond
,
5.35
%
,
2/15/33
.........
United
States
125,000,000
129,373,058
4,183,811,229
Health
Care
Technology
0.2%
d,h
Multiplan
Corp.
,
Senior
Note
,
144A,
PIK,
6
%
,
10/15/27
.........
United
States
185,000,000
118,862,500
Hotels,
Restaurants
&
Leisure
2.2%
d
Brinker
International,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/24
.....
United
States
30,000,000
28,963,219
d
Caesars
Entertainment,
Inc.
,
Senior
Note,
144A,
8.125%,
7/01/27
.....................
United
States
35,000,000
34,461,350
Senior
Note,
144A,
4.625%,
10/15/29
....................
United
States
85,000,000
69,325,575
Senior
Secured
Note,
144A,
6.25%,
7/01/25
...............
United
States
110,000,000
107,107,605
d
Carnival
Corp.
,
Secured
Note,
144A,
10.5%,
2/01/26
.....................
United
States
10,000,000
10,064,150
Senior
Note,
144A,
7.625%,
3/01/26
.....................
United
States
50,000,000
39,718,236
Senior
Note,
144A,
5.75%,
3/01/27
......................
United
States
78,000,000
55,830,060
Senior
Note,
144A,
10.5%,
6/01/30
......................
United
States
55,000,000
44,811,287
d
Everi
Holdings,
Inc.
,
Senior
Note
,
144A,
5
%
,
7/15/29
...........
United
States
20,000,000
17,205,331
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)
Hotels,
Restaurants
&
Leisure
(continued)
Expedia
Group,
Inc.
,
Senior
Bond,
3.8%,
2/15/28
............................
United
States
57,000,000
$
52,425,300
Senior
Note,
5%,
2/15/26
.............................
United
States
30,000,000
29,639,112
Senior
Note,
3.25%,
2/15/30
...........................
United
States
56,000,000
47,626,738
d
Senior
Note,
144A,
6.25%,
5/01/25
......................
United
States
54,596,000
55,103,084
d
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note,
144A,
6.75%,
1/15/30
......................
United
States
90,000,000
72,762,750
Senior
Secured
Note,
144A,
4.625%,
1/15/29
..............
United
States
140,000,000
118,654,900
Marriott
International,
Inc.
,
Senior
Note
,
5
%
,
10/15/27
..........
United
States
25,000,000
24,711,560
McDonald's
Corp.
,
Senior
Bond
,
4.6
%
,
9/09/32
...............
United
States
40,000,000
39,238,397
d
Penn
Entertainment,
Inc.
,
Senior
Note,
144A,
5.625%,
1/15/27
.....................
United
States
20,000,000
18,166,400
Senior
Note,
144A,
4.125%,
7/01/29
.....................
United
States
65,000,000
51,434,738
d
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
,
Senior
Bond,
144A,
5.5%,
3/01/25
.......................
United
States
370,000,000
352,020,205
Senior
Note,
144A,
4.25%,
5/30/23
......................
United
States
131,000,000
129,311,934
Senior
Note,
144A,
5.25%,
5/15/27
......................
United
States
146,722,000
132,644,152
1,531,226,083
Household
Durables
0.2%
KB
Home
,
Senior
Note
,
7.25
%
,
7/15/30
.....................
United
States
23,800,000
23,155,972
f
Lennar
Corp.
,
Senior
Note
,
4.5
%
,
4/30/24
...................
United
States
44,675,000
44,101,021
Shea
Homes
LP
/
Shea
Homes
Funding
Corp.
,
Senior
Note,
4.75%,
2/15/28
...........................
United
States
34,630,000
30,290,428
Senior
Note,
4.75%,
4/01/29
...........................
United
States
42,345,000
35,673,334
133,220,755
Household
Products
0.1%
d
Energizer
Holdings,
Inc.
,
Senior
Note,
144A,
6.5%,
12/31/27
......................
United
States
20,000,000
19,058,783
Senior
Note,
144A,
4.75%,
6/15/28
......................
United
States
20,000,000
17,364,066
Senior
Note,
144A,
4.375%,
3/31/29
.....................
United
States
20,000,000
16,993,143
53,415,992
Independent
Power
and
Renewable
Electricity
Producers
0.4%
d
Calpine
Corp.
,
Senior
Note,
144A,
5.125%,
3/15/28
.....................
United
States
115,000,000
102,847,697
Senior
Secured
Note,
144A,
4.5%,
2/15/28
................
United
States
103,500,000
92,547,961
d,g
Vistra
Corp.
,
Junior
Sub.
Bond
,
144A,
7%
to
12/14/26,
FRN
thereafter
,
Perpetual
.................................
United
States
100,000,000
91,137,821
286,533,479
Industrial
Conglomerates
0.1%
f
3M
Co.
,
Senior
Bond,
3.375%,
3/01/29
..........................
United
States
20,000,000
18,467,040
Senior
Bond,
2.375%,
8/26/29
..........................
United
States
40,000,000
34,010,458
52,477,498
Insurance
0.2%
Lincoln
National
Corp.
,
f
Senior
Bond,
3.4%,
1/15/31
............................
United
States
15,000,000
12,442,089
Senior
Bond,
3.4%,
3/01/32
............................
United
States
20,572,000
16,702,592
d
Northwestern
Mutual
Global
Funding
,
Secured
Note
,
144A,
4.35
%
,
9/15/27
...........................................
United
States
40,000,000
39,011,995
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)
Insurance
(continued)
Prudential
Financial,
Inc.
,
Junior
Sub.
Bond
,
5.7%
to
9/14/28,
FRN
thereafter
,
9/15/48
...................................
United
States
65,000,000
$
62,163,400
130,320,076
Interactive
Media
&
Services
0.1%
Meta
Platforms,
Inc.
,
Senior
Note
,
3.85
%
,
8/15/32
.............
United
States
65,000,000
57,382,401
d
ZipRecruiter,
Inc.
,
Senior
Note
,
144A,
5
%
,
1/15/30
.............
United
States
40,000,000
33,028,800
90,411,201
Internet
&
Direct
Marketing
Retail
0.1%
f
Amazon.com,
Inc.
,
Senior
Bond
,
3.6
%
,
4/13/32
...............
United
States
67,500,000
61,970,368
IT
Services
0.4%
Fidelity
National
Information
Services,
Inc.
,
Senior
Bond,
2.25%,
3/01/31
...........................
United
States
53,000,000
41,656,103
Senior
Bond,
5.1%,
7/15/32
............................
United
States
20,000,000
19,324,240
Fiserv,
Inc.
,
Senior
Bond,
4.2%,
10/01/28
...........................
United
States
52,000,000
49,292,420
Senior
Bond,
3.5%,
7/01/29
............................
United
States
40,000,000
36,122,191
Senior
Bond,
2.65%,
6/01/30
...........................
United
States
38,000,000
32,031,602
Twilio,
Inc.
,
Senior
Bond,
3.875%,
3/15/31
..........................
United
States
46,500,000
36,958,200
Senior
Note,
3.625%,
3/15/29
..........................
United
States
45,000,000
36,616,500
252,001,256
Machinery
0.2%
d
Chart
Industries,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
1/01/30
.
United
States
30,000,000
30,196,200
f
Parker-Hannifin
Corp.
,
Senior
Bond
,
3.25
%
,
6/14/29
...........
United
States
43,000,000
38,490,042
d
Roller
Bearing
Co.
of
America,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
10/15/29
..........................................
United
States
35,000,000
30,308,250
d
TK
Elevator
U.S.
Newco,
Inc.
,
Senior
Secured
Note
,
144A,
5.25
%
,
7/15/27
...........................................
Germany
43,000,000
38,252,800
137,247,292
Media
2.7%
d
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
129,000,000
94,338,257
Senior
Note,
144A,
7.5%,
6/01/29
.......................
United
States
140,000,000
103,060,300
Senior
Secured
Note,
144A,
5.125%,
8/15/27
..............
United
States
65,000,000
56,462,250
CSC
Holdings
LLC
,
Senior
Bond,
5.25%,
6/01/24
...........................
United
States
40,026,000
37,324,245
d
Senior
Bond,
144A,
5.5%,
4/15/27
.......................
United
States
212,900,000
179,054,518
d
Senior
Bond,
144A,
4.5%,
11/15/31
......................
United
States
85,000,000
59,133,568
d
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
....................
United
States
84,500,000
75,759,320
DISH
DBS
Corp.
,
Senior
Note,
5%,
3/15/23
.............................
United
States
420,000,000
418,922,679
Senior
Note,
5.875%,
11/15/24
.........................
United
States
255,000,000
237,479,942
Senior
Note,
7.75%,
7/01/26
...........................
United
States
124,320,000
100,506,504
d
Senior
Secured
Note,
144A,
5.25%,
12/01/26
..............
United
States
90,000,000
75,978,900
d
Stagwell
Global
LLC
,
Senior
Note
,
144A,
5.625
%
,
8/15/29
.......
United
States
60,000,000
49,587,300
d
Univision
Communications,
Inc.
,
Senior
Secured
Note,
144A,
5.125%,
2/15/25
..............
United
States
315,000,000
300,642,363
Senior
Secured
Note,
144A,
6.625%,
6/01/27
..............
United
States
70,000,000
67,685,450
Senior
Secured
Note,
144A,
7.375%,
6/30/30
..............
United
States
20,000,000
19,138,200
1,875,073,796
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)
Metals
&
Mining
1.3%
d
Alcoa
Nederland
Holding
BV
,
Senior
Note
,
144A,
4.125
%
,
3/31/29
.
United
States
75,122,000
$
66,753,683
ArcelorMittal
SA
,
Senior
Bond,
6.8%,
11/29/32
...........................
Luxembourg
40,000,000
39,892,159
Senior
Note,
6.55%,
11/29/27
..........................
Luxembourg
25,000,000
25,160,490
d
Cleveland-Cliffs,
Inc.
,
f
Senior
Bond,
144A,
4.875%,
3/01/31
.....................
United
States
30,000,000
26,533,084
Senior
Secured
Note,
144A,
6.75%,
3/15/26
...............
United
States
50,000,000
50,211,000
d
First
Quantum
Minerals
Ltd.
,
Senior
Note,
144A,
6.5%,
3/01/24
.......................
Zambia
35,129,000
34,417,638
Senior
Note,
144A,
7.5%,
4/01/25
.......................
Zambia
120,000,000
117,048,026
d
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond,
144A,
4.375%,
4/01/31
.....................
Australia
125,000,000
104,201,061
Senior
Bond,
144A,
6.125%,
4/15/32
.....................
Australia
45,000,000
42,032,025
Senior
Note,
144A,
5.125%,
5/15/24
.....................
Australia
114,540,000
112,769,464
Senior
Note,
144A,
5.875%,
4/15/30
.....................
Australia
42,000,000
39,184,846
Freeport-McMoRan,
Inc.
,
Senior
Bond,
5.25%,
9/01/29
...........................
United
States
30,000,000
28,997,250
Senior
Bond,
4.625%,
8/01/30
..........................
United
States
36,000,000
33,590,682
Senior
Note,
3.875%,
3/15/23
..........................
United
States
62,636,000
62,569,655
d,f
Glencore
Funding
LLC
,
Senior
Bond
,
144A,
2.5
%
,
9/01/30
......
Australia
100,000,000
81,397,807
d
Mineral
Resources
Ltd.
,
Senior
Note,
144A,
8%,
11/01/27
........................
Australia
20,000,000
20,478,200
Senior
Note,
144A,
8.5%,
5/01/30
.......................
Australia
25,000,000
25,374,875
910,611,945
Multiline
Retail
0.1%
Target
Corp.
,
Senior
Bond
,
4.5
%
,
9/15/32
...................
United
States
80,000,000
77,895,037
Multi-Utilities
0.2%
Dominion
Energy,
Inc.
,
A,
Senior
Note,
4.35%,
8/15/32
.........................
United
States
30,000,000
27,976,676
C,
Senior
Note,
3.375%,
4/01/30
........................
United
States
30,000,000
26,505,652
NiSource,
Inc.
,
Senior
Bond
,
3.6
%
,
5/01/30
..................
United
States
33,750,000
30,130,703
Southern
Co.
Gas
Capital
Corp.
,
Senior
Bond
,
5.15
%
,
9/15/32
...
United
States
40,000,000
39,380,754
123,993,785
Oil,
Gas
&
Consumable
Fuels
1.7%
BP
Capital
Markets
America,
Inc.
,
Senior
Bond,
4.234%,
11/06/28
.........................
United
States
28,705,000
27,870,459
Senior
Bond,
3.633%,
4/06/30
..........................
United
States
46,500,000
42,786,374
Senior
Bond,
2.721%,
1/12/32
..........................
United
States
15,000,000
12,542,422
d
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note,
144A,
11%,
4/15/25
........................
United
States
260,000,000
271,397,958
Senior
Note,
144A,
8.125%,
1/15/27
.....................
United
States
95,000,000
88,943,750
Senior
Secured
Note,
144A,
9.25%,
7/15/24
...............
United
States
111,402,000
113,284,137
Cheniere
Corpus
Christi
Holdings
LLC
,
Senior
Secured
Note,
5.125%,
6/30/27
...................
United
States
51,542,000
51,003,977
Senior
Secured
Note,
3.7%,
11/15/29
....................
United
States
107,245,000
97,180,901
Chevron
Corp.
,
Senior
Bond
,
2.236
%
,
5/11/30
................
United
States
40,000,000
34,370,887
d
CITGO
Petroleum
Corp.
,
Senior
Secured
Note,
144A,
7%,
6/15/25
..................
United
States
33,224,000
32,482,441
Senior
Secured
Note,
144A,
6.375%,
6/15/26
..............
United
States
30,000,000
28,958,859
Energy
Transfer
LP
,
Senior
Bond
,
5.75
%
,
2/15/33
.............
United
States
30,000,000
29,408,550
d
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Note
,
144A,
6
%
,
4/15/30
...........................................
United
States
32,000,000
28,503,072
d
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
........
United
States
50,000,000
46,956,650
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.
,
Senior
Note,
5.5%,
12/01/25
...........................
United
States
30,000,000
$
29,940,000
Senior
Note,
6.375%,
9/01/28
..........................
United
States
60,000,000
60,660,812
Senior
Note,
6.625%,
9/01/30
..........................
United
States
40,000,000
41,425,400
Senior
Note,
6.125%,
1/01/31
..........................
United
States
30,000,000
30,333,439
Williams
Cos.,
Inc.
(The)
,
Senior
Bond,
3.5%,
11/15/30
...........................
United
States
27,575,000
24,175,591
Senior
Bond,
2.6%,
3/15/31
............................
United
States
40,000,000
32,466,666
Senior
Bond,
4.65%,
8/15/32
...........................
United
States
70,000,000
65,369,707
1,190,062,052
Personal
Products
0.2%
d
BellRing
Brands,
Inc.
,
Senior
Note
,
144A,
7
%
,
3/15/30
.........
United
States
30,000,000
28,905,750
GSK
Consumer
Healthcare
Capital
US
LLC
,
Senior
Note,
3.375%,
3/24/29
..........................
United
States
30,000,000
27,038,920
Senior
Note,
3.625%,
3/24/32
..........................
United
States
65,043,000
57,281,649
113,226,319
Pharmaceuticals
3.0%
d
1375209
BC
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
1/30/28
......
Canada
477,060,000
466,922,475
d
Bausch
Health
Cos.,
Inc.
,
Secured
Note,
144A,
14%,
10/15/30
.....................
United
States
169,340,000
101,374,800
Senior
Secured
Note,
144A,
5.5%,
11/01/25
...............
United
States
219,000,000
186,495,287
Senior
Secured
Note,
144A,
6.125%,
2/01/27
..............
United
States
185,000,000
127,812,800
Senior
Secured
Note,
144A,
5.75%,
8/15/27
...............
United
States
53,850,000
36,737,547
Senior
Secured
Note,
144A,
11%,
9/30/28
.................
United
States
815,000,000
639,648,365
d
Bayer
US
Finance
II
LLC
,
Senior
Note
,
144A,
4.25
%
,
12/15/25
...
Germany
65,000,000
63,051,940
Bristol-Myers
Squibb
Co.
,
Senior
Note
,
3.9
%
,
2/20/28
..........
United
States
30,000,000
28,940,756
d,i
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco,
Inc.
,
Secured
Note,
144A,
9.5%,
7/31/27
......................
United
States
87,160,000
12,311,350
Senior
Secured
Note,
144A,
5.875%,
10/15/24
.............
United
States
47,500,000
37,762,500
d,i
Endo
Luxembourg
Finance
Co.
I
SARL
/
Endo
US,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
4/01/29
....................
United
States
66,355,000
50,461,224
d,i
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
4/01/27
United
States
193,401,000
147,390,836
Royalty
Pharma
plc
,
Senior
Bond,
2.15%,
9/02/31
...........................
United
States
25,800,000
19,572,887
Senior
Note,
2.2%,
9/02/30
............................
United
States
55,000,000
43,108,266
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
7.125
%
,
1/31/25
.....................................
Israel
27,220,000
27,111,664
Utah
Acquisition
Sub,
Inc.
,
Senior
Note
,
3.95
%
,
6/15/26
.........
United
States
150,500,000
140,882,528
2,129,585,225
Road
&
Rail
0.1%
d
Ashtead
Capital,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
8/15/27
......
United
Kingdom
34,500,000
32,288,853
Union
Pacific
Corp.
,
Senior
Bond
,
4.5
%
,
1/20/33
..............
United
States
73,000,000
71,614,935
103,903,788
Semiconductors
&
Semiconductor
Equipment
0.9%
Broadcom,
Inc.
,
Senior
Bond,
4.15%,
11/15/30
..........................
United
States
20,000,000
17,971,963
Senior
Bond,
4.3%,
11/15/32
...........................
United
States
80,000,000
70,736,650
d
Senior
Bond,
144A,
2.45%,
2/15/31
......................
United
States
100,000,000
78,995,414
d
Senior
Bond,
144A,
4.15%,
4/15/32
......................
United
States
50,000,000
44,029,819
d
Senior
Bond,
144A,
3.469%,
4/15/34
.....................
United
States
56,000,000
44,839,276
d
Senior
Note,
144A,
4%,
4/15/29
........................
United
States
73,307,000
66,746,105
Microchip
Technology,
Inc.
,
Senior
Note
,
4.333
%
,
6/01/23
.......
United
States
69,000,000
68,716,899
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)
Semiconductors
&
Semiconductor
Equipment
(continued)
Micron
Technology,
Inc.
,
Senior
Bond,
5.327%,
2/06/29
..........................
United
States
25,000,000
$
24,049,204
Senior
Bond,
4.663%,
2/15/30
..........................
United
States
34,000,000
30,913,116
f
Senior
Note,
6.75%,
11/01/29
..........................
United
States
55,000,000
55,991,848
NXP
BV
/
NXP
Funding
LLC
,
Senior
Note
,
5.55
%
,
12/01/28
......
China
20,000,000
20,016,287
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
,
Senior
Note,
3.875%,
6/18/26
..........................
China
15,000,000
14,268,472
Senior
Note,
3.4%,
5/01/30
............................
China
16,200,000
14,035,992
Senior
Note,
2.5%,
5/11/31
............................
China
35,000,000
27,964,347
d
Qorvo,
Inc.
,
Senior
Bond
,
144A,
3.375
%
,
4/01/31
.............
United
States
30,800,000
24,800,591
604,075,983
Software
1.0%
Autodesk,
Inc.
,
Senior
Bond
,
2.85
%
,
1/15/30
.................
United
States
20,000,000
17,240,504
d
Condor
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
...
United
States
72,875,000
58,723,834
Oracle
Corp.
,
Senior
Bond,
2.65%,
7/15/26
...........................
United
States
100,000,000
92,039,169
Senior
Bond,
3.25%,
11/15/27
..........................
United
States
40,000,000
36,806,292
Senior
Bond,
2.95%,
4/01/30
...........................
United
States
44,000,000
37,613,838
Senior
Bond,
3.25%,
5/15/30
...........................
United
States
21,960,000
19,118,616
Senior
Bond,
2.875%,
3/25/31
..........................
United
States
101,000,000
83,990,007
Senior
Bond,
6.25%,
11/09/32
..........................
United
States
45,000,000
47,240,108
Senior
Note,
2.3%,
3/25/28
............................
United
States
50,000,000
43,395,456
Senior
Note,
6.15%,
11/09/29
..........................
United
States
20,000,000
20,806,652
d
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
........
United
States
75,000,000
59,221,965
Roper
Technologies,
Inc.
,
Senior
Bond,
2%,
6/30/30
.............................
United
States
30,303,000
24,353,147
Senior
Bond,
1.75%,
2/15/31
...........................
United
States
20,000,000
15,454,542
Workday,
Inc.
,
Senior
Bond
,
3.8
%
,
4/01/32
..................
United
States
200,000,000
177,106,376
733,110,506
Specialty
Retail
0.8%
AutoNation,
Inc.
,
Senior
Bond,
4.75%,
6/01/30
...........................
United
States
40,959,000
36,636,598
Senior
Bond,
2.4%,
8/01/31
............................
United
States
44,451,000
32,067,609
Senior
Bond,
3.85%,
3/01/32
...........................
United
States
32,953,000
26,383,224
Senior
Note,
1.95%,
8/01/28
...........................
United
States
44,000,000
35,174,459
Bath
&
Body
Works,
Inc.
,
Senior
Bond
,
6.875
%
,
11/01/35
.......
United
States
50,000,000
44,535,000
d
Carvana
Co.
,
Senior
Note,
144A,
5.625%,
10/01/25
....................
United
States
35,000,000
15,782,054
Senior
Note,
144A,
10.25%,
5/01/30
.....................
United
States
41,500,000
19,577,769
d
Gap,
Inc.
(The)
,
Senior
Bond
,
144A,
3.875
%
,
10/01/31
.........
United
States
31,500,000
22,021,178
Home
Depot,
Inc.
(The)
,
Senior
Note
,
4.5
%
,
9/15/32
...........
United
States
70,000,000
68,569,814
Lowe's
Cos.,
Inc.
,
Senior
Bond,
3.65%,
4/05/29
...........................
United
States
20,000,000
18,520,950
Senior
Bond,
4.5%,
4/15/30
............................
United
States
35,000,000
33,627,901
Senior
Bond,
3.75%,
4/01/32
...........................
United
States
40,000,000
35,694,606
f
Senior
Bond,
5%,
4/15/33
.............................
United
States
115,000,000
112,636,483
Senior
Note,
1.7%,
10/15/30
...........................
United
States
15,000,000
11,764,684
d
Michaels
Cos.,
Inc.
(The)
,
Senior
Secured
Note
,
144A,
5.25
%
,
5/01/28
...........................................
United
States
60,000,000
48,344,140
561,336,469
Technology
Hardware,
Storage
&
Peripherals
0.5%
f
Apple,
Inc.
,
Senior
Bond
,
3.35
%
,
8/08/32
....................
United
States
50,000,000
45,541,263
Dell
International
LLC
/
EMC
Corp.
,
Senior
Note
,
5.3
%
,
10/01/29
..
United
States
55,000,000
53,915,728
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)
Technology
Hardware,
Storage
&
Peripherals
(continued)
HP,
Inc.
,
Senior
Bond,
4.2%,
4/15/32
............................
United
States
48,960,000
$
42,225,689
Senior
Bond,
5.5%,
1/15/33
............................
United
States
50,000,000
47,120,194
Senior
Note,
4%,
4/15/29
.............................
United
States
150,309,000
137,512,416
Senior
Note,
2.65%,
6/17/31
...........................
United
States
30,000,000
23,443,546
349,758,836
Tobacco
0.4%
BAT
Capital
Corp.
,
Senior
Note,
3.222%,
8/15/24
..........................
United
Kingdom
78,500,000
75,635,313
Senior
Note,
3.557%,
8/15/27
..........................
United
Kingdom
215,000,000
196,757,282
Philip
Morris
International,
Inc.
,
Senior
Bond
,
5.75
%
,
11/17/32
....
United
States
25,000,000
25,563,956
297,956,551
Trading
Companies
&
Distributors
0.6%
United
Rentals
North
America,
Inc.
,
Secured
Note,
3.875%,
11/15/27
........................
United
States
39,000,000
36,157,680
Senior
Bond,
4.875%,
1/15/28
..........................
United
States
115,000,000
109,233,325
Senior
Bond,
4%,
7/15/30
.............................
United
States
61,623,000
52,784,510
Senior
Bond,
3.875%,
2/15/31
..........................
United
States
104,657,000
87,968,918
Senior
Bond,
3.75%,
1/15/32
...........................
United
States
31,000,000
25,331,030
d
Senior
Secured
Note,
144A,
6%,
12/15/29
.................
United
States
65,000,000
64,718,875
d
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
6/15/25
...
United
States
30,000,000
30,441,364
406,635,702
Water
Utilities
0.0%
†
American
Water
Capital
Corp.
,
Senior
Bond
,
4.45
%
,
6/01/32
.....
United
States
40,336,000
38,711,726
Wireless
Telecommunication
Services
0.9%
Sprint
LLC
,
Senior
Note,
7.875%,
9/15/23
..........................
United
States
187,350,000
190,382,447
Senior
Note,
7.125%,
6/15/24
..........................
United
States
190,650,000
194,794,731
Senior
Note,
7.625%,
3/01/26
..........................
United
States
86,300,000
91,003,868
d
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
88,792,459
T-Mobile
USA,
Inc.
,
Senior
Bond,
5.2%,
1/15/33
............................
United
States
45,000,000
44,738,400
Senior
Note,
3.375%,
4/15/29
..........................
United
States
30,000,000
26,480,835
636,192,740
Total
Corporate
Bonds
(Cost
$33,600,549,768)
..................................
31,093,438,585
Senior
Floating
Rate
Interests
0.3%
Software
0.3%
j,k
TIBCO
Software,
Inc.
,
First
Lien,
CME
Term
Loan,
A
,
9.18
%
,
(
3-month
SOFR
+
4.5
%
),
9/29/28
........................
United
States
250,000,000
222,812,500
Total
Senior
Floating
Rate
Interests
(Cost
$217,500,000)
.........................
222,812,500
U.S.
Government
and
Agency
Securities
13.4%
U.S.
Treasury
Bonds
,
3.375
%,
8/15/42
.....................
United
States
600,000,000
536,437,500
U.S.
Treasury
Notes
,
3%,
6/30/24
........................................
United
States
500,000,000
488,085,940
4.375%,
10/31/24
....................................
United
States
1,000,000,000
997,226,560
4.5%,
11/30/24
......................................
United
States
500,000,000
500,058,595
4.25%,
10/15/25
.....................................
United
States
1,000,000,000
999,375,000
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
U.S.
Government
and
Agency
Securities
(continued)
U.S.
Treasury
Notes,
(continued)
4.125%,
10/31/27
....................................
United
States
1,250,000,000
$
1,254,687,500
3.875%,
11/30/27
....................................
United
States
500,000,000
497,343,750
2.375%,
3/31/29
.....................................
United
States
1,000,000,000
909,433,590
2.875%,
5/15/32
.....................................
United
States
1,250,000,000
1,152,343,750
2.75%,
8/15/32
.....................................
United
States
2,250,000,000
2,049,257,813
Total
U.S.
Government
and
Agency
Securities
(Cost
$9,638,349,886)
..............
9,384,249,998
Asset-Backed
Securities
0.1%
Airlines
0.1%
United
Airlines
Pass-Through
Trust
,
2020-1
,
A
,
5.875
%
,
10/15/27
.
.
United
States
43,471,083
42,920,270
Total
Asset-Backed
Securities
(Cost
$43,471,083)
...............................
42,920,270
Mortgage-Backed
Securities
0.0%
†
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.0%
†
FNMA,
30
Year,
4%,
8/01/49
.............................
United
States
27,595,636
26,346,009
Total
Mortgage-Backed
Securities
(Cost
$29,234,127)
............................
26,346,009
Shares
a
Escrows
and
Litigation
Trusts
0.1%
b,d
Chesapeake
Energy
Corp.,
Escrow
Account,
144A
............
United
States
25,000,000
23,723,254
b,d
Entegris
Escrow
Corp.,
Escrow
Account,
144A
...............
United
States
46,369,000
42,379,054
Total
Escrows
and
Litigation
Trusts
(Cost
$70,508,469)
..........................
66,102,308
Total
Long
Term
Investments
(Cost
$69,792,783,753)
............................
68,136,151,305
a
Short
Term
Investments
2.4%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
2.1%
c,l
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.782%
....
United
States
1,473,663,189
1,473,663,189
Total
Money
Market
Funds
(Cost
$1,473,663,189)
................................
1,473,663,189
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.3%
Money
Market
Funds
0.3%
c,l
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.782%
....
United
States
176,321,000
176,321,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$176,321,000)
..........................................................
176,321,000
Total
Short
Term
Investments
(Cost
$1,649,984,189
)
.............................
1,649,984,189
a
Total
Investments
(Cost
$71,442,767,942)
99.5%
................................
$69,786,135,494
Options
Written
(0.1)%
.......................................................
(50,472,000)
Other
Assets,
less
Liabilities
0.6%
.............................................
432,846,363
Net
Assets
100.0%
...........................................................
$70,168,509,857
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
3M
Co.,
January
Strike
Price
$135.00,
Expires
1/20/23
.........
10,000
119,920,000
$
(90,000)
Bank
of
America
Corp.,
January
Strike
Price
$40.00,
Expires
1/20/23
20,000
66,240,000
(60,000)
Broadcom,
Inc.,
January
Strike
Price
$580.00,
Expires
1/20/23
...
5,000
279,565,000
(4,050,000)
Chevron
Corp.,
March
Strike
Price
$200.00,
Expires
3/17/23
.....
20,000
358,980,000
(5,900,000)
Cisco
Systems,
Inc.,
March
Strike
Price
$55.00,
Expires
3/17/23
..
20,000
95,280,000
(420,000)
Dominion
Energy,
Inc.,
January
Strike
Price
$62.50,
Expires
1/20/23
5,000
30,660,000
(460,000)
Dominion
Energy,
Inc.,
April
Strike
Price
$67.50,
Expires
4/21/23
..
5,000
30,660,000
(575,000)
Exxon
Mobil
Corp.,
January
Strike
Price
$120.00,
Expires
1/20/23
.
10,000
110,300,000
(310,000)
Exxon
Mobil
Corp.,
March
Strike
Price
$120.00,
Expires
3/17/23
..
10,000
110,300,000
(2,550,000)
Ford
Motor
Co.,
March
Strike
Price
$15.00,
Expires
3/17/23
.....
25,000
29,075,000
(300,000)
Freeport-McMoRan,
Inc.,
January
Strike
Price
$42.00,
Expires
1/20/23
...........................................
10,000
38,000,000
(290,000)
Freeport-McMoRan,
Inc.,
February
Strike
Price
$48.00,
Expires
2/17/23
...........................................
10,000
38,000,000
(280,000)
Home
Depot,
Inc.
(The),
February
Strike
Price
$345.00,
Expires
2/17/23
...........................................
1,000
31,586,000
(337,000)
JPMorgan
Chase
&
Co.,
March
Strike
Price
$150.00,
Expires
3/17/23
...........................................
10,000
134,100,000
(1,470,000)
Lockheed
Martin
Corp.,
January
Strike
Price
$510.00,
Expires
1/20/23
...........................................
5,000
243,245,000
(955,000)
Pfizer,
Inc.,
January
Strike
Price
$52.50,
Expires
1/20/23
........
20,000
102,480,000
(1,240,000)
PG&E
Corp.,
March
Strike
Price
$18.00,
Expires
3/17/23
........
10,000
16,260,000
(370,000)
QUALCOMM,
Inc.,
January
Strike
Price
$145.00,
Expires
1/20/23
.
10,000
109,940,000
(30,000)
Texas
Instruments,
Inc.,
January
Strike
Price
$190.00,
Expires
1/20/23
...........................................
10,000
165,220,000
(130,000)
Union
Pacific
Corp.,
February
Strike
Price
$230.00,
Expires
2/17/23
10,000
207,070,000
(1,200,000)
(21,017,000)
Puts
-
Exchange-Traded
Equity
Options
AbbVie,
Inc.,
February
Strike
Price
$145.00,
Expires
2/17/23
.....
10,000
161,610,000
(1,390,000)
AbbVie,
Inc.,
January
Strike
Price
$150.00,
Expires
1/20/23
......
10,000
161,610,000
(620,000)
Caterpillar,
Inc.,
March
Strike
Price
$200.00,
Expires
3/17/23
.....
10,000
239,560,000
(3,210,000)
Exxon
Mobil
Corp.,
January
Strike
Price
$100.00,
Expires
1/20/23
.
10,000
110,300,000
(470,000)
Home
Depot,
Inc.
(The),
January
Strike
Price
$275.00,
Expires
1/20/23
...........................................
5,000
157,930,000
(330,000)
Home
Depot,
Inc.
(The),
February
Strike
Price
$290.00,
Expires
2/17/23
...........................................
10,000
315,860,000
(4,900,000)
Honeywell
International,
Inc.,
February
Strike
Price
$195.00,
Expires
2/17/23
...........................................
10,000
214,300,000
(2,490,000)
JPMorgan
Chase
&
Co.,
March
Strike
Price
$110.00,
Expires
3/17/23
10,000
134,100,000
(1,100,000)
Lockheed
Martin
Corp.,
January
Strike
Price
$410.00,
Expires
1/20/23
...........................................
5,000
243,245,000
(125,000)
Microsoft
Corp.,
January
Strike
Price
$220.00,
Expires
1/20/23
...
10,000
239,820,000
(1,440,000)
Philip
Morris
International,
Inc.,
March
Strike
Price
$90.00,
Expires
3/17/23
...........................................
10,000
101,210,000
(1,050,000)
Salesforce,
Inc.,
February
Strike
Price
$115.00,
Expires
2/17/23
..
10,000
132,590,000
(1,940,000)
Target
Corp.,
February
Strike
Price
$130.00,
Expires
2/17/23
.....
10,000
149,040,000
(1,750,000)
Union
Pacific
Corp.,
February
Strike
Price
$190.00,
Expires
2/17/23
10,000
207,070,000
(3,200,000)
United
Parcel
Service,
Inc.,
February
Strike
Price
$160.00,
Expires
2/17/23
...........................................
5,000
86,920,000
(2,000,000)
United
Parcel
Service,
Inc.,
January
Strike
Price
$165.00,
Expires
1/20/23
...........................................
5,000
86,920,000
(810,000)
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
33
a
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
a
a
Options
Written
(continued)
Puts
-
Exchange-Traded
(continued)
Equity
Options
(continued)
United
Parcel
Service,
Inc.,
January
Strike
Price
$175.00,
Expires
1/20/23
...........................................
5,000
86,920,000
$
(2,630,000)
(29,455,000)
Total
Options
Written
(Premiums
received
$74,489,426)
..........................
$
(50,472,000)
#
Notional
amount
is
the
number
of
contracts
multiplied
by
contract
size,
and
may
be
multiplied
by
the
underlying
price.
May
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
5
regarding
investments
in
affiliated
management
investment
companies.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
December
31,
2022,
the
aggregate
value
of
these
securities
was
$28,397,006,157,
representing
40.5%
of
net
assets.
e
See
Note
4
regarding
holdings
of
5%
voting
securities.
f
A
portion
or
all
of
the
security
is
on
loan
at
December
31,
2022.
g
Perpetual
security
with
no
stated
maturity
date.
h
Income
may
be
received
in
additional
securities
and/or
cash.
i
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
j
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
k
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
l
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
34
At
December
31,
2022,
the
Fund
had
the
following futures
contracts
outstanding.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
U.S.
Treasury
10
Year
Notes
....................
Long
38,000
$
4,267,281,251
3/22/23
$
(20,160,380)
Total
Futures
Contracts
......................................................................
$(20,160,380)
*
In
U.S.
dollars
unless
otherwise
indicated.
See
Abbreviations
on
page
47
.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
December
31,
2022
Franklin
U.S.
Government
Securities
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
35
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
$
15,852,012
Total
U.S.
Government
and
Agency
Securities
(Cost
$18,487,012)
.................
15,852,012
Mortgage-Backed
Securities
97.3%
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
97.3%
GNMA
I,
30
Year,
4.5%,
4/15/40
........................................
3,624,490
3,604,784
GNMA
I,
30
Year,
5%,
9/15/40
..........................................
129,766,999
131,724,204
GNMA
I,
30
Year,
5.5%,
2/15/40
........................................
59,137,116
61,668,463
GNMA
I,
30
Year,
6%,
12/15/39
.........................................
54,187,284
57,486,150
GNMA
I,
30
Year,
6.5%,
8/15/37
........................................
14,193,985
14,607,331
GNMA
I,
30
Year,
7%,
9/15/32
..........................................
8,821,355
9,280,542
GNMA
I,
30
Year,
7.5%,
7/15/26
-
8/15/33
.................................
846,329
879,423
GNMA
I,
30
Year,
8%,
10/15/29
.........................................
1,232
1,282
GNMA
I,
30
Year,
8.5%,
11/15/24
........................................
121
121
GNMA
I,
Single-family,
30
Year,
3.5%,
4/15/43
-
5/15/43
......................
12,109,649
11,400,704
GNMA
I,
Single-family,
30
Year,
4%,
10/15/40
-
8/15/46
.......................
35,152,212
33,972,362
GNMA
I,
Single-family,
30
Year,
4.5%,
2/15/39
-
6/15/41
......................
67,098,688
66,593,408
GNMA
I,
Single-family,
30
Year,
5%,
2/15/35
...............................
16,896
16,915
GNMA
I,
Single-family,
30
Year,
5.5%,
5/15/33
-
10/15/48
......................
564,165
573,946
GNMA
I,
Single-family,
30
Year,
7.25%,
12/15/25
-
1/15/26
.....................
27,075
27,110
GNMA
I,
Single-family,
30
Year,
7.5%,
1/15/23
-
7/15/31
......................
941,943
951,142
GNMA
I,
Single-family,
30
Year,
8%,
3/15/23
-
9/15/30
........................
332,281
334,098
GNMA
I,
Single-family,
30
Year,
8.5%,
2/15/23
-
5/15/25
......................
6,377
6,380
GNMA
I,
Single-family,
30
Year,
10%,
2/15/25
..............................
2,531
2,534
GNMA
II,
30
Year,
4.5%,
5/20/34
-
6/20/41
.................................
3,046,536
3,042,332
GNMA
II,
30
Year,
6%,
3/20/34
-
9/20/34
..................................
992,232
993,241
GNMA
II,
30
Year,
6%,
7/20/39
.........................................
24,076,481
25,441,992
GNMA
II,
30
Year,
6.5%,
9/20/31
-
9/20/32
.................................
1,013,368
1,047,021
GNMA
II,
30
Year,
7%,
7/20/32
.........................................
292,347
307,895
GNMA
II,
30
Year,
7.5%,
10/20/24
.......................................
7,645
7,636
GNMA
II,
30
Year,
8%,
12/20/28
........................................
42,812
43,587
GNMA
II,
Single-family,
30
Year,
2%,
8/20/51
...............................
172,726,259
145,449,587
GNMA
II,
Single-family,
30
Year,
2.5%,
11/20/50
............................
15,210,002
12,745,034
GNMA
II,
Single-family,
30
Year,
2.5%,
7/20/51
.............................
75,735,138
65,856,024
GNMA
II,
Single-family,
30
Year,
2.5%,
8/20/51
.............................
224,669,064
195,382,490
GNMA
II,
Single-family,
30
Year,
2.5%,
9/20/51
.............................
90,860,563
78,967,322
GNMA
II,
Single-family,
30
Year,
2.5%,
10/20/51
............................
88,592,606
76,974,746
GNMA
II,
Single-family,
30
Year,
2.5%,
12/20/51
............................
90,490,633
78,591,756
GNMA
II,
Single-family,
30
Year,
2.5%,
1/20/52
.............................
135,612,701
117,761,032
GNMA
II,
Single-family,
30
Year,
3%,
10/20/44
..............................
19,781,523
18,079,230
GNMA
II,
Single-family,
30
Year,
3%,
12/20/44
..............................
9,926,483
9,085,436
GNMA
II,
Single-family,
30
Year,
3%,
5/20/45
...............................
14,587,989
13,332,168
GNMA
II,
Single-family,
30
Year,
3%,
4/20/46
...............................
19,481,323
17,732,709
GNMA
II,
Single-family,
30
Year,
3%,
9/20/47
...............................
15,658,633
14,118,271
GNMA
II,
Single-family,
30
Year,
3%,
10/20/47
..............................
25,171,602
22,703,174
GNMA
II,
Single-family,
30
Year,
3%,
6/20/50
...............................
11,897,856
10,843,101
GNMA
II,
Single-family,
30
Year,
3%,
9/20/50
...............................
9,213,023
8,350,057
GNMA
II,
Single-family,
30
Year,
3%,
7/20/51
...............................
156,070,913
139,823,759
GNMA
II,
Single-family,
30
Year,
3%,
8/20/51
...............................
177,629,640
159,204,240
GNMA
II,
Single-family,
30
Year,
3%,
9/20/51
...............................
29,419,874
26,350,794
GNMA
II,
Single-family,
30
Year,
3%,
10/20/51
..............................
126,968,102
113,586,484
GNMA
II,
Single-family,
30
Year,
3%,
2/20/45
-
10/20/50
......................
63,361,624
57,561,441
GNMA
II,
Single-family,
30
Year,
3.5%,
7/20/42
.............................
31,264,944
29,486,111
GNMA
II,
Single-family,
30
Year,
3.5%,
9/20/42
.............................
39,333,842
37,120,420
GNMA
II,
Single-family,
30
Year,
3.5%,
5/20/43
.............................
11,643,330
10,993,646
GNMA
II,
Single-family,
30
Year,
3.5%,
6/20/43
.............................
13,495,963
12,728,100
GNMA
II,
Single-family,
30
Year,
3.5%,
9/20/47
.............................
140,636,264
131,813,377
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
U.S.
Government
Securities
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
36
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%,
11/20/47
............................
$
133,850,505
$
124,736,521
GNMA
II,
Single-family,
30
Year,
3.5%,
10/20/40
-
1/20/49
.....................
50,813,268
47,832,909
GNMA
II,
Single-family,
30
Year,
3.5%,
11/20/51
............................
24,661,227
22,714,476
GNMA
II,
Single-family,
30
Year,
3.5%,
2/20/52
.............................
70,292,567
64,741,724
GNMA
II,
Single-family,
30
Year,
4%,
11/20/40
..............................
10,361,458
10,021,253
GNMA
II,
Single-family,
30
Year,
4%,
9/20/41
...............................
10,297,964
9,960,422
GNMA
II,
Single-family,
30
Year,
4%,
10/20/41
..............................
12,729,765
12,311,658
GNMA
II,
Single-family,
30
Year,
4%,
11/20/41
..............................
11,976,393
11,582,968
GNMA
II,
Single-family,
30
Year,
4%,
5/20/47
...............................
33,777,316
32,459,700
GNMA
II,
Single-family,
30
Year,
4%,
6/20/47
...............................
26,167,403
25,146,689
GNMA
II,
Single-family,
30
Year,
4%,
7/20/47
...............................
16,717,433
16,066,147
GNMA
II,
Single-family,
30
Year,
4%,
5/20/40
-
12/20/49
......................
49,003,728
47,352,483
GNMA
II,
Single-family,
30
Year,
4%,
6/20/52
...............................
128,780,246
121,991,367
GNMA
II,
Single-family,
30
Year,
4.5%,
5/20/41
.............................
9,338,309
9,328,796
GNMA
II,
Single-family,
30
Year,
4.5%,
6/20/41
.............................
11,561,125
11,514,031
GNMA
II,
Single-family,
30
Year,
4.5%,
7/20/41
.............................
12,834,952
12,821,881
GNMA
II,
Single-family,
30
Year,
4.5%,
9/20/41
.............................
18,551,466
18,532,580
GNMA
II,
Single-family,
30
Year,
4.5%,
10/20/41
............................
13,236,120
13,235,570
GNMA
II,
Single-family,
30
Year,
4.5%,
5/20/33
-
2/20/44
......................
29,399,146
29,428,828
GNMA
II,
Single-family,
30
Year,
5%,
9/20/33
...............................
8,266,845
8,445,368
GNMA
II,
Single-family,
30
Year,
5%,
7/20/33
-
9/20/41
.......................
26,762,356
27,250,615
GNMA
II,
Single-family,
30
Year,
5.5%,
6/20/34
-
2/20/50
......................
38,278,928
39,565,070
GNMA
II,
Single-family,
30
Year,
6%,
6/20/34
...............................
547,768
564,230
GNMA
II,
Single-family,
30
Year,
6.5%,
6/20/24
-
1/20/39
......................
7,703,194
8,086,259
GNMA
II,
Single-family,
30
Year,
7%,
2/20/28
-
7/20/33
.......................
2,042,674
2,116,294
GNMA
II,
Single-family,
30
Year,
7.5%,
3/20/23
-
4/20/32
......................
264,494
272,614
GNMA
II,
Single-family,
30
Year,
8%,
12/20/24
-
6/20/30
......................
133,144
137,241
GNMA
II,
Single-family,
30
Year,
8.5%,
1/20/25
-
6/20/25
......................
70
70
GNMA
II,
Single-family,
30
Year,
9.5%,
1/20/25
.............................
404
403
2,756,873,279
Total
Mortgage-Backed
Securities
(Cost
$3,096,152,665)
.........................
2,756,873,279
Total
Long
Term
Investments
(Cost
$3,114,639,677)
.............................
2,772,725,291
a
a
a
a
a
Short
Term
Investments
1.9%
Shares
a
Money
Market
Funds
1.9%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.782%
..................
54,954,608
54,954,608
Total
Money
Market
Funds
(Cost
$54,954,608)
..................................
54,954,608
Total
Short
Term
Investments
(Cost
$54,954,608
)
................................
54,954,608
a
Total
Investments
(Cost
$3,169,594,285)
99.8%
..................................
$2,827,679,899
Other
Assets,
less
Liabilities
0.2%
.............................................
5,837,067
Net
Assets
100.0%
...........................................................
$2,833,516,966
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),
December
31,
2022
Franklin
Utilities
Fund
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
99.3%
Construction
&
Engineering
2.0%
MDU
Resources
Group,
Inc.
.............................
United
States
4,400,000
$
133,496,000
Diversified
Telecommunication
Services
0.8%
TELUS
Corp.
........................................
Canada
3,000,000
57,895,126
Electric
Utilities
59.1%
Alliant
Energy
Corp.
...................................
United
States
3,750,000
207,037,500
American
Electric
Power
Co.,
Inc.
.........................
United
States
2,750,000
261,112,500
Constellation
Energy
Corp.
..............................
United
States
1,349,999
116,383,414
Duke
Energy
Corp.
....................................
United
States
2,800,000
288,372,000
Edison
International
...................................
United
States
4,400,000
279,928,000
Emera,
Inc.
..........................................
Canada
1,600,000
61,152,142
Entergy
Corp.
........................................
United
States
2,200,000
247,500,000
Evergy,
Inc.
..........................................
United
States
4,150,000
261,159,500
Eversource
Energy
....................................
United
States
2,000,000
167,680,000
Exelon
Corp.
.........................................
United
States
6,350,000
274,510,500
FirstEnergy
Corp.
.....................................
United
States
2,000,000
83,880,000
NextEra
Energy,
Inc.
...................................
United
States
9,686,286
809,773,509
OGE
Energy
Corp.
....................................
United
States
1,600,000
63,280,000
a
PG&E
Corp.
.........................................
United
States
11,100,000
180,486,000
Pinnacle
West
Capital
Corp.
.............................
United
States
1,250,000
95,050,000
PNM
Resources,
Inc.
..................................
United
States
1,000,000
48,790,000
PPL
Corp.
...........................................
United
States
6,000,000
175,320,000
Southern
Co.
(The)
....................................
United
States
4,100,000
292,781,000
Xcel
Energy,
Inc.
......................................
United
States
2,100,000
147,231,000
4,061,427,065
Gas
Utilities
1.6%
Southwest
Gas
Holdings,
Inc.
............................
United
States
700,000
43,316,000
Spire,
Inc.
...........................................
United
States
1,000,000
68,860,000
112,176,000
Independent
Power
and
Renewable
Electricity
Producers
1.8%
Clearway
Energy,
Inc.,
C
................................
United
States
600,000
19,122,000
Vistra
Corp.
..........................................
United
States
4,500,000
104,400,000
123,522,000
Multi-Utilities
29.1%
Ameren
Corp.
........................................
United
States
1,668,250
148,340,790
Black
Hills
Corp.
......................................
United
States
784,393
55,174,204
CenterPoint
Energy,
Inc.
................................
United
States
6,000,000
179,940,000
CMS
Energy
Corp.
....................................
United
States
3,800,000
240,654,000
Consolidated
Edison,
Inc.
...............................
United
States
900,000
85,779,000
Dominion
Energy,
Inc.
..................................
United
States
3,800,000
233,016,000
DTE
Energy
Co.
......................................
United
States
1,500,000
176,295,000
E.ON
SE
............................................
Germany
9,000,000
89,473,899
National
Grid
plc
......................................
United
Kingdom
5,000,000
59,894,306
NiSource,
Inc.
........................................
United
States
5,600,000
153,552,000
NorthWestern
Corp.
...................................
United
States
1,300,000
77,142,000
Public
Service
Enterprise
Group,
Inc.
......................
United
States
2,200,000
134,794,000
Sempra
Energy
.......................................
United
States
1,800,000
278,172,000
WEC
Energy
Group,
Inc.
................................
United
States
900,000
84,384,000
1,996,611,199
Oil,
Gas
&
Consumable
Fuels
3.5%
Cheniere
Energy,
Inc.
..................................
United
States
700,000
104,972,000
DT
Midstream,
Inc.
....................................
United
States
1,400,000
77,364,000
Equitrans
Midstream
Corp.
..............................
United
States
2,000,000
13,400,000
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Utilities
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
38
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
1,400,000
$
46,060,000
241,796,000
Water
Utilities
1.4%
Essential
Utilities,
Inc.
..................................
United
States
1,500,000
71,595,000
United
Utilities
Group
plc
................................
United
Kingdom
2,000,000
23,895,682
95,490,682
Total
Common
Stocks
(Cost
$3,349,268,929)
....................................
6,822,414,072
Short
Term
Investments
0.6%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
0.6%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.782%
....
United
States
39,244,059
39,244,059
Total
Money
Market
Funds
(Cost
$39,244,059)
..................................
39,244,059
Total
Short
Term
Investments
(Cost
$39,244,059
)
................................
39,244,059
a
Total
Investments
(Cost
$3,388,512,988)
99.9%
..................................
$6,861,658,131
Other
Assets,
less
Liabilities
0.1%
.............................................
8,653,647
Net
Assets
100.0%
...........................................................
$6,870,311,778
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
39
Quarterly
Schedules
of
Investments
Notes
to
Schedules
of
Investments
(unaudited)
1.
Organization
Franklin
Custodian
Funds (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of six
separate
funds.
The
Trust
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standard
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946) and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946. 
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
Board
has
designated
the
Funds'
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
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,
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. 
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
40
Quarterly
Schedules
of
Investments
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
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
December
31,
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
December
31,
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
$
20,175,956
2,353
Canva,
Inc.,
A
..............................
11/08/21
4,011,298
1,868,100
94
Canva,
Inc.,
A-3
.............................
11/08/21
160,247
74,629
8
Canva,
Inc.,
A-4
.............................
11/08/21
13,638
6,351
5
Canva,
Inc.,
A-5
.............................
11/08/21
8,524
3,970
96,603
Checkout
Payments
Group
Ltd.,
B
...............
1/11/22
30,000,062
11,566,261
822,494
Gusto,
Inc.,
E
...............................
7/13/21
24,999,977
24,244,544
849,894
OneTrust
LLC,
C
............................
4/01/21
16,666,676
10,235,207
540,043
Stripe,
Inc.,
B
...............................
5/18/21
21,671,052
10,561,968
756,137
Stripe,
Inc.,
H
...............................
3/15/21
30,339,997
14,788,256
Total
Restricted
Securities
(Value
is
0.6%
of
Net
Assets)
..............
$171,194,511
$93,525,242
2. Financial
Instrument
Valuation
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
41
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
December
31,
2022,
investments
in
“affiliated
companies”
were
as
follows: 
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
December
31,
2022,
investments
in
affiliated
management
investment
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
at
End
of
Period
Investment
Income
Franklin
Income
Fund
Non-Controlled
Affiliates
Dividends
NextEra
Energy,
Inc.
..
$
364,200,000
$
—
$
—
$
—
$
14,475,000
$
378,675,000
7,500,000
$
5,830,313
NextEra
Energy,
Inc.
..
373,350,000
—
(178,782,606)
5,725,446
2,507,160
202,800,000
4,000,000
3,959,250
$737,550,000
$—
$(178,782,606)
$
5,725,446
$
16,982,160
$581,475,000
—
$
9,789,563
Total
Affiliated
Securities
(Value
is
0.8%
of
Net
Assets)
..........
$737,550,000
$—
$(178,782,606)
5,725,446
16,982,160
$581,475,000
$9,789,563
    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,
3.782%
$
270,863,972
$
591,649,044
$
(777,243,228)
$
—
$
—
$
85,269,788
85,269,788
$
1,494,231
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.782%
$385,000
$12,045,000
$(12,430,000)
$—
$—
$—
—
$13,617
Total
Affiliated
Securities
...
$271,248,972
$603,694,044
$(789,673,228)
$—
$—
$85,269,788
$1,507,848
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
42
Quarterly
Schedules
of
Investments
    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
Franklin
Focused
Growth
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.782%
$
1,276,224
$
4,269,804
$
(2,630,109)
$
—
$
—
$
2,915,919
2,915,919
$
9,374
Total
Affiliated
Securities
...
$1,276,224
$4,269,804
$(2,630,109)
$—
$—
$2,915,919
$9,374
Franklin
Growth
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.782%
$
69,725,524
$
524,823,282
$
(460,380,815)
$
—
$
—
$
134,167,991
134,167,991
$
623,023
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.782%
$—
$1,386,000
$(1,386,000)
$—
$—
$—
—
$453
Total
Affiliated
Securities
...
$69,725,524
$526,209,282
$(461,766,815)
$—
$—
$134,167,991
$623,476
Franklin
Income
Fund
Non-Controlled
Affiliates
Dividends
Clarion
Partners
Real
Estate
Income
Fund,
Inc.,
Class
I
....
$
75,098,472
$
25,000,000
$
—
$
—
$
(2,143,954)
$
97,954,518
7,867,833
$
1,286,139
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.782%
880,891,701
3,976,058,213
(3,383,286,725)
—
—
1,473,663,189
1,473,663,189
10,963,572
Total
Non-Controlled
Affiliates
$955,990,173
$4,001,058,213
$(3,383,286,725)
$
—
$
(2,143,954)
$1,571,617,707
$
12,249,711
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.782%
$124,103,000
$205,007,000
$(152,789,000)
$—
$—
$176,321,000
176,321,000
$1,085,561
Total
Affiliated
Securities
...
$1,080,093,173
$4,206,065,213
$(3,536,075,725)
$—
$(2,143,954)
$1,747,938,707
$13,335,272
5.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
43
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. 
 A
summary
of
inputs
used
as
of
December
31,
2022,
in
valuing
the
Funds’
assets
and
liabilities carried
at
fair
value,
is
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
Franklin
U.S.
Government
Securities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.782%
$
47,626,883
$
135,907,253
$
(128,579,528)
$
—
$
—
$
54,954,608
54,954,608
$
363,055
Total
Affiliated
Securities
...
$47,626,883
$135,907,253
$(128,579,528)
$—
$—
$54,954,608
$363,055
Franklin
Utilities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.782%
$
67,045,219
$
130,561,809
$
(158,362,969)
$
—
$
—
$
39,244,059
39,244,059
$
279,934
Total
Affiliated
Securities
...
$67,045,219
$130,561,809
$(158,362,969)
$—
$—
$39,244,059
$279,934
Level
1
Level
2
Level
3
Total
Franklin
DynaTech
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
184,674,500
$
—
$
—
$
184,674,500
Auto
Components
......................
7,012,000
—
—
7,012,000
Automobiles
..........................
307,950,000
—
—
307,950,000
Biotechnology
.........................
136,877,500
112,616,555
—
249,494,055
Capital
Markets
........................
416,376,000
—
—
416,376,000
Chemicals
...........................
207,540,000
—
—
207,540,000
Construction
&
Engineering
...............
149,625,000
—
—
149,625,000
5.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
44
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
DynaTech
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Electric
Utilities
........................
$
309,320,000
$
—
$
—
$
309,320,000
Electrical
Equipment
....................
33,034,500
3,461,062
—
36,495,562
Electronic
Equipment,
Instruments
&
Components
........................
136,435,250
124,774,037
—
261,209,287
Energy
Equipment
&
Services
.............
214,396,500
—
—
214,396,500
Equity
Real
Estate
Investment
Trusts
(REITs)
.
97,657,000
—
—
97,657,000
Health
Care
Equipment
&
Supplies
.........
1,077,843,000
—
—
1,077,843,000
Health
Care
Providers
&
Services
..........
318,108,000
—
—
318,108,000
Health
Care
Technology
.................
80,690,000
—
—
80,690,000
Hotels,
Restaurants
&
Leisure
.............
93,132,000
—
—
93,132,000
Interactive
Media
&
Services
..............
603,855,000
—
—
603,855,000
Internet
&
Direct
Marketing
Retail
..........
1,039,193,000
—
—
1,039,193,000
IT
Services
...........................
1,219,258,245
277,636,997
—
1,496,895,242
Life
Sciences
Tools
&
Services
............
1,250,840,000
98,169,782
—
1,349,009,782
Oil,
Gas
&
Consumable
Fuels
.............
5,302,500
—
—
5,302,500
Pharmaceuticals
.......................
314,072,750
—
—
314,072,750
Professional
Services
...................
77,280,000
—
—
77,280,000
Road
&
Rail
..........................
17,311,000
—
—
17,311,000
Semiconductors
&
Semiconductor
Equipment
.
2,257,390,800
57,087,640
—
2,314,478,440
Software
.............................
4,603,836,609
2,384,018
—
4,606,220,627
Technology
Hardware,
Storage
&
Peripherals
.
324,825,000
—
—
324,825,000
Trading
Companies
&
Distributors
..........
33,124,000
—
—
33,124,000
Preferred
Stocks
.........................
—
39,485,755
—
39,485,755
Short
Term
Investments
...................
85,269,788
—
—
85,269,788
Total
Investments
in
Securities
...........
$15,602,229,942
$715,615,846
a
$—
$16,317,845,788
Franklin
Focused
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
684,793
—
—
684,793
Automobiles
..........................
1,960,779
—
—
1,960,779
Capital
Markets
........................
1,600,185
—
—
1,600,185
Electric
Utilities
........................
3,819,851
—
—
3,819,851
Energy
Equipment
&
Services
.............
703,961
—
—
703,961
Equity
Real
Estate
Investment
Trusts
(REITs)
.
1,652,428
—
—
1,652,428
Food
&
Staples
Retailing
.................
3,589,003
—
—
3,589,003
Health
Care
Equipment
&
Supplies
.........
3,551,914
—
—
3,551,914
Health
Care
Technology
.................
792,860
—
—
792,860
Interactive
Media
&
Services
..............
2,549,582
—
—
2,549,582
Internet
&
Direct
Marketing
Retail
..........
5,578,690
—
—
5,578,690
IT
Services
...........................
4,955,792
1,364,586
—
6,320,378
Life
Sciences
Tools
&
Services
............
4,518,879
—
—
4,518,879
Metals
&
Mining
.......................
716,072
—
—
716,072
Oil,
Gas
&
Consumable
Fuels
.............
709,100
—
—
709,100
Personal
Products
.....................
1,096,894
—
—
1,096,894
Road
&
Rail
..........................
447,093
—
—
447,093
Semiconductors
&
Semiconductor
Equipment
.
10,065,576
—
—
10,065,576
Software
.............................
15,037,512
—
—
15,037,512
Short
Term
Investments
...................
2,915,919
—
—
2,915,919
Total
Investments
in
Securities
...........
$66,946,883
$1,364,586
b
$—
$68,311,469
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
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
837,691,057
$
—
$
—
$
837,691,057
Automobiles
..........................
75,166,765
—
—
75,166,765
Beverages
...........................
567,705,012
—
—
567,705,012
Biotechnology
.........................
271,500,393
—
—
271,500,393
Building
Products
......................
218,796,500
—
—
218,796,500
Capital
Markets
........................
686,930,206
—
—
686,930,206
Chemicals
...........................
462,695,554
—
—
462,695,554
Commercial
Services
&
Supplies
...........
80,618,621
—
—
80,618,621
Construction
Materials
..................
103,046,039
—
—
103,046,039
Electric
Utilities
........................
164,779,446
—
—
164,779,446
Electrical
Equipment
....................
129,765,689
—
—
129,765,689
Electronic
Equipment,
Instruments
&
Components
........................
527,789,686
—
—
527,789,686
Entertainment
.........................
62,265,765
—
—
62,265,765
Equity
Real
Estate
Investment
Trusts
(REITs)
.
135,145,033
—
—
135,145,033
Food
&
Staples
Retailing
.................
24,627,719
—
—
24,627,719
Food
Products
........................
47,044,376
—
—
47,044,376
Health
Care
Equipment
&
Supplies
.........
706,832,022
—
—
706,832,022
Health
Care
Providers
&
Services
..........
155,645,856
—
—
155,645,856
Health
Care
Technology
.................
42,800,074
—
—
42,800,074
Hotels,
Restaurants
&
Leisure
.............
179,866,923
—
—
179,866,923
Interactive
Media
&
Services
..............
464,792,636
—
—
464,792,636
Internet
&
Direct
Marketing
Retail
..........
397,851,216
—
—
397,851,216
IT
Services
...........................
743,276,866
87,756,890
20,175,956
851,209,712
Life
Sciences
Tools
&
Services
............
1,067,981,112
—
—
1,067,981,112
Machinery
............................
658,318,823
—
—
658,318,823
Media
...............................
53,499,179
—
—
53,499,179
Personal
Products
.....................
44,810,651
—
—
44,810,651
Pharmaceuticals
.......................
612,263,041
—
—
612,263,041
Professional
Services
...................
219,858,858
—
—
219,858,858
Road
&
Rail
..........................
520,323,211
—
—
520,323,211
Semiconductors
&
Semiconductor
Equipment
.
997,423,635
—
—
997,423,635
Software
.............................
2,236,103,507
—
22,128,229
2,258,231,736
Technology
Hardware,
Storage
&
Peripherals
.
616,166,130
—
—
616,166,130
Textiles,
Apparel
&
Luxury
Goods
..........
208,363,919
—
—
208,363,919
Trading
Companies
&
Distributors
..........
124,906,487
—
—
124,906,487
Water
Utilities
.........................
102,436,452
—
—
102,436,452
Convertible
Preferred
Stocks
................
—
—
51,221,057
51,221,057
Preferred
Stocks
.........................
—
33,010,092
—
33,010,092
Short
Term
Investments
...................
134,167,991
—
—
134,167,991
Total
Investments
in
Securities
...........
$14,683,256,450
$120,766,982
c
$93,525,242
$14,897,548,674
Franklin
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
833,816,786
—
—
833,816,786
Air
Freight
&
Logistics
...................
260,760,000
—
—
260,760,000
Automobiles
..........................
80,696,930
—
—
80,696,930
Banks
...............................
1,960,565,000
—
—
1,960,565,000
Biotechnology
.........................
282,817,500
—
—
282,817,500
Capital
Markets
........................
425,100,000
—
—
425,100,000
Chemicals
...........................
166,060,000
—
—
166,060,000
Communications
Equipment
..............
462,108,000
—
—
462,108,000
6. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
46
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Diversified
Telecommunication
Services
.....
$
280,336,485
$
—
$
—
$
280,336,485
Electric
Utilities
........................
1,493,485,000
—
—
1,493,485,000
Food
&
Staples
Retailing
.................
70,895,000
—
—
70,895,000
Household
Products
....................
416,790,000
—
—
416,790,000
Industrial
Conglomerates
................
119,920,000
413,534,639
—
533,454,639
Internet
&
Direct
Marketing
Retail
..........
126,000,000
—
—
126,000,000
Metals
&
Mining
.......................
635,540,000
—
—
635,540,000
Multiline
Retail
........................
149,040,000
—
—
149,040,000
Multi-Utilities
..........................
860,960,000
—
—
860,960,000
Oil,
Gas
&
Consumable
Fuels
.............
2,501,036,750
—
—
2,501,036,750
Pharmaceuticals
.......................
917,435,000
—
—
917,435,000
Road
&
Rail
..........................
310,605,000
—
—
310,605,000
Semiconductors
&
Semiconductor
Equipment
.
1,278,975,227
—
—
1,278,975,227
Specialty
Retail
........................
240,685,320
—
—
240,685,320
Tobacco
.............................
253,025,000
—
—
253,025,000
Management
Investment
Companies
.........
—
97,954,518
—
97,954,518
Equity-Linked
Securities
...................
—
11,821,408,730
—
11,821,408,730
Convertible
Preferred
Stocks
:
Electric
Utilities
........................
730,965,000
—
—
730,965,000
Thrifts
&
Mortgage
Finance
...............
—
30,740,000
—
30,740,000
Preferred
Stocks
.........................
9,360,000
—
—
9,360,000
Convertible
Bonds
.......................
—
69,665,750
—
69,665,750
Corporate
Bonds
........................
—
31,093,438,585
—
31,093,438,585
Senior
Floating
Rate
Interests
...............
—
222,812,500
—
222,812,500
U.S.
Government
and
Agency
Securities
.......
—
9,384,249,998
—
9,384,249,998
Asset-Backed
Securities
...................
—
42,920,270
—
42,920,270
Mortgage-Backed
Securities
................
—
26,346,009
—
26,346,009
Escrows
and
Litigation
Trusts
...............
—
66,102,308
—
66,102,308
Short
Term
Investments
...................
1,649,984,189
—
—
1,649,984,189
Total
Investments
in
Securities
...........
$16,516,962,187
$53,269,173,307
d
$—
$69,786,135,494
Liabilities:
Other
Financial
Instruments:
Options
written
..........................
$
50,472,000
$
—
$
—
$
50,472,000
Futures
contracts
........................
20,160,380
—
—
20,160,380
Total
Other
Financial
Instruments
.........
$70,632,380
$—
$—
$70,632,380
Franklin
U.S.
Government
Securities
Fund
Assets:
Investments
in
Securities:
e
U.S.
Government
and
Agency
Securities
.......
—
15,852,012
—
15,852,012
Mortgage-Backed
Securities
................
—
2,756,873,279
—
2,756,873,279
Short
Term
Investments
...................
54,954,608
—
—
54,954,608
Total
Investments
in
Securities
...........
$54,954,608
$2,772,725,291
$—
$2,827,679,899
Franklin
Utilities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Construction
&
Engineering
...............
133,496,000
—
—
133,496,000
Diversified
Telecommunication
Services
.....
—
57,895,126
—
57,895,126
Electric
Utilities
........................
4,061,427,065
—
—
4,061,427,065
Gas
Utilities
..........................
112,176,000
—
—
112,176,000
Independent
Power
and
Renewable
Electricity
Producers
..........................
123,522,000
—
—
123,522,000
6. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
47
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.
Abbreviations
Level
1
Level
2
Level
3
Total
Franklin
Utilities
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Multi-Utilities
..........................
$
1,847,242,994
$
149,368,205
$
—
$
1,996,611,199
Oil,
Gas
&
Consumable
Fuels
.............
241,796,000
—
—
241,796,000
Water
Utilities
.........................
71,595,000
23,895,682
—
95,490,682
Short
Term
Investments
...................
39,244,059
—
—
39,244,059
Total
Investments
in
Securities
...........
$6,630,499,118
$231,159,013
f
$—
$6,861,658,131
a
Includes
foreign
securities
valued
at
$715,615,846,
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
$1,364,586,
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
$120,766,982,
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
$413,534,639,
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
$173,263,887,
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.
Selected
Portfolio
ADR
American
Depositary
Receipt
CME
Chicago
Mercantile
Exchange
CVR
Contingent
Voting
Rights
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
NYRS
New
York
Registry
Shares
PIK
Payment-In-Kind
SOFR
Secured
Overnight
Financing
Rate
6. Fair
Value
Measurements 
(continued)
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.