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Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FCF-Q3PH
1
Schedules
of
Investments
(unaudited)
Franklin
DynaTech
Fund
2
Franklin
Focused
Growth
Fund
7
Franklin
Growth
Fund
9
Franklin
Income
Fund
14
Franklin
U.S.
Government
Securities
Fund
37
Franklin
Utilities
Fund
39
Notes
to
Schedules
of
Investments
41
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
June
30,
2023
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
98.2%
Aerospace
&
Defense
1.2%
a
Axon
Enterprise,
Inc.
...................................
United
States
800,000
$
156,096,000
HEICO
Corp.
........................................
United
States
500,000
88,470,000
244,566,000
Automobile
Components
0.1%
a
Mobileye
Global,
Inc.,
A
.................................
Israel
550,000
21,131,000
Automobiles
3.1%
a
Tesla,
Inc.
...........................................
United
States
2,500,000
654,425,000
Biotechnology
0.7%
a
Argenx
SE
..........................................
Netherlands
300,000
117,009,431
a
Genmab
A/S,
ADR
....................................
Denmark
600,000
22,806,000
a
Natera,
Inc.
..........................................
United
States
150,000
7,299,000
147,114,431
Broadline
Retail
7.4%
a
Amazon.com,
Inc.
.....................................
United
States
10,000,000
1,303,600,000
a
MercadoLibre,
Inc.
....................................
Brazil
200,000
236,920,000
1,540,520,000
Capital
Markets
1.9%
FactSet
Research
Systems,
Inc.
..........................
United
States
100,000
40,065,000
Moody's
Corp.
........................................
United
States
100,000
34,772,000
MSCI,
Inc.,
A
.........................................
United
States
300,000
140,787,000
Tradeweb
Markets,
Inc.,
A
...............................
United
States
2,500,000
171,200,000
386,824,000
Chemicals
0.5%
Corteva,
Inc.
.........................................
United
States
1,750,000
100,275,000
Communications
Equipment
0.0%
†
a
Arista
Networks,
Inc.
...................................
United
States
50,000
8,103,000
Construction
&
Engineering
1.0%
Quanta
Services,
Inc.
..................................
United
States
1,100,000
216,095,000
Diversified
Consumer
Services
0.1%
a
Duolingo,
Inc.,
A
......................................
United
States
125,000
17,867,500
Electric
Utilities
1.2%
NextEra
Energy,
Inc.
...................................
United
States
3,500,000
259,700,000
Electrical
Equipment
0.2%
a
Array
Technologies,
Inc.
................................
United
States
800,000
18,080,000
a
NEXTracker,
Inc.,
A
....................................
United
States
500,000
19,905,000
37,985,000
Electronic
Equipment,
Instruments
&
Components
0.9%
Amphenol
Corp.,
A
....................................
United
States
500,000
42,475,000
Keyence
Corp.
.......................................
Japan
200,000
95,044,515
Samsung
SDI
Co.
Ltd.
.................................
South
Korea
100,000
51,066,553
188,586,068
Energy
Equipment
&
Services
1.2%
Baker
Hughes
Co.,
A
...................................
United
States
1,500,000
47,415,000
a
Oceaneering
International,
Inc.
...........................
United
States
1,400,000
26,180,000
Schlumberger
NV
.....................................
United
States
3,000,000
147,360,000
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)
Energy
Equipment
&
Services
(continued)
a
TechnipFMC
plc
......................................
United
Kingdom
1,300,000
$
21,606,000
242,561,000
Financial
Services
6.0%
a,b
Adyen
NV,
144A,
Reg
S
................................
Netherlands
200,000
346,365,277
Mastercard,
Inc.,
A
....................................
United
States
1,700,000
668,610,000
a
Toast,
Inc.,
A
.........................................
United
States
550,000
12,413,500
Visa,
Inc.,
A
..........................................
United
States
1,000,000
237,480,000
1,264,868,777
Ground
Transportation
0.4%
a
Uber
Technologies,
Inc.
.................................
United
States
2,000,000
86,340,000
Health
Care
Equipment
&
Supplies
6.3%
a
Dexcom,
Inc.
.........................................
United
States
400,000
51,404,000
a
Edwards
Lifesciences
Corp.
.............................
United
States
500,000
47,165,000
GE
HealthCare
Technologies,
Inc.
.........................
United
States
50,000
4,062,000
a
Haemonetics
Corp.
....................................
United
States
300,000
25,542,000
a
IDEXX
Laboratories,
Inc.
................................
United
States
725,000
364,116,750
a
Inmode
Ltd.
.........................................
United
States
100,000
3,735,000
a
Inspire
Medical
Systems,
Inc.
............................
United
States
800,000
259,712,000
a
Insulet
Corp.
.........................................
United
States
350,000
100,919,000
a
Intuitive
Surgical,
Inc.
..................................
United
States
1,000,000
341,940,000
a
Penumbra,
Inc.
.......................................
United
States
100,000
34,406,000
a
Shockwave
Medical,
Inc.
................................
United
States
150,000
42,811,500
Stryker
Corp.
........................................
United
States
100,000
30,509,000
a
Surgical
Science
Sweden
AB
............................
Sweden
100,000
2,240,828
1,308,563,078
Health
Care
Providers
&
Services
1.2%
a
HealthEquity,
Inc.
.....................................
United
States
250,000
15,785,000
UnitedHealth
Group,
Inc.
................................
United
States
500,000
240,320,000
256,105,000
Health
Care
Technology
0.4%
a
Veeva
Systems,
Inc.,
A
.................................
United
States
450,000
88,978,500
Hotels,
Restaurants
&
Leisure
0.4%
a
Airbnb,
Inc.,
A
........................................
United
States
100,000
12,816,000
a
Booking
Holdings,
Inc.
.................................
United
States
25,000
67,508,250
a
DoorDash,
Inc.,
A
.....................................
United
States
100,000
7,642,000
87,966,250
Interactive
Media
&
Services
3.4%
a
Alphabet,
Inc.,
A
......................................
United
States
6,000,000
718,200,000
IT
Services
3.0%
a
Gartner,
Inc.
.........................................
United
States
80,000
28,024,800
a
MongoDB,
Inc.,
A
.....................................
United
States
750,000
308,242,500
a
Shopify,
Inc.,
A
.......................................
Canada
3,500,000
226,217,257
a
Snowflake,
Inc.,
A
.....................................
United
States
400,000
70,392,000
632,876,557
Life
Sciences
Tools
&
Services
5.2%
Danaher
Corp.
.......................................
United
States
1,500,000
360,000,000
Lonza
Group
AG
......................................
Switzerland
200,000
119,549,232
a
Repligen
Corp.
.......................................
United
States
594,900
84,154,554
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
$
521,750,000
1,085,453,786
Media
0.0%
†
a
Trade
Desk,
Inc.
(The),
A
................................
United
States
100,000
7,722,000
Pharmaceuticals
1.7%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
2,500,000
178,925,000
Eli
Lilly
&
Co.
........................................
United
States
375,000
175,867,500
354,792,500
Professional
Services
1.0%
a
Ceridian
HCM
Holding,
Inc.
..............................
United
States
200,000
13,394,000
a
CoStar
Group,
Inc.
....................................
United
States
250,000
22,250,000
Paycom
Software,
Inc.
.................................
United
States
325,000
104,403,000
a
Paylocity
Holding
Corp.
.................................
United
States
325,000
59,972,250
TransUnion
..........................................
United
States
50,000
3,916,500
Verisk
Analytics,
Inc.,
A
.................................
United
States
50,000
11,301,500
215,237,250
Semiconductors
&
Semiconductor
Equipment
19.1%
a
Advanced
Micro
Devices,
Inc.
............................
United
States
400,000
45,564,000
Analog
Devices,
Inc.
...................................
United
States
2,000,000
389,620,000
ASM
International
NV
..................................
Netherlands
250,000
106,160,776
ASML
Holding
NV,
ADR
................................
Netherlands
775,000
561,681,250
a
Enphase
Energy,
Inc.
..................................
United
States
100,000
16,748,000
Entegris,
Inc.
.........................................
United
States
1,000,000
110,820,000
a
First
Solar,
Inc.
.......................................
United
States
200,000
38,018,000
Intel
Corp.
...........................................
United
States
500,000
16,720,000
KLA
Corp.
...........................................
United
States
550,000
266,761,000
Lam
Research
Corp.
...................................
United
States
535,000
343,930,100
a
Lattice
Semiconductor
Corp.
.............................
United
States
1,000,000
96,070,000
Monolithic
Power
Systems,
Inc.
...........................
United
States
525,000
283,620,750
NVIDIA
Corp.
........................................
United
States
4,000,000
1,692,080,000
a
SolarEdge
Technologies,
Inc.
............................
United
States
150,000
40,357,500
4,008,151,376
Software
28.2%
a
Adobe,
Inc.
..........................................
United
States
100,000
48,899,000
a
Altair
Engineering,
Inc.,
A
...............................
United
States
100,000
7,584,000
a
ANSYS,
Inc.
.........................................
United
States
600,000
198,162,000
a
Aspen
Technology,
Inc.
.................................
United
States
200,000
33,522,000
a
Atlassian
Corp.,
A
.....................................
United
States
500,000
83,905,000
a
Cadence
Design
Systems,
Inc.
...........................
United
States
2,300,000
539,396,000
Constellation
Software,
Inc.
..............................
Canada
50,000
103,599,305
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
50,000
7,343,500
a
Datadog,
Inc.,
A
......................................
United
States
1,000,000
98,380,000
a
Descartes
Systems
Group,
Inc.
(The)
......................
Canada
750,000
60,082,500
a
DocuSign,
Inc.,
A
.....................................
United
States
100,000
5,109,000
a
Fair
Isaac
Corp.
......................................
United
States
40,000
32,368,400
a
HubSpot,
Inc.
........................................
United
States
600,000
319,254,000
Intuit,
Inc.
...........................................
United
States
1,000,000
458,190,000
a,b
Lumine
Group,
Inc.,
Reg
S
..............................
Canada
500,000
6,858,157
Microsoft
Corp.
.......................................
United
States
4,200,000
1,430,268,000
a
Monday.com
Ltd.
......................................
United
States
775,000
132,695,500
a
Palo
Alto
Networks,
Inc.
................................
United
States
1,000,000
255,510,000
a
Procore
Technologies,
Inc.
..............................
United
States
1,000,000
65,070,000
Roper
Technologies,
Inc.
................................
United
States
500,000
240,400,000
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
49
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
a
Salesforce,
Inc.
.......................................
United
States
1,000,000
$
211,260,000
a
ServiceNow,
Inc.
......................................
United
States
1,150,000
646,265,500
a
SPS
Commerce,
Inc.
...................................
United
States
150,000
28,809,000
a
Synopsys,
Inc.
.......................................
United
States
1,250,000
544,262,500
a
Tyler
Technologies,
Inc.
.................................
United
States
250,000
104,117,500
a
Workday,
Inc.,
A
......................................
United
States
1,000,000
225,890,000
a
Xero
Ltd.
............................................
New
Zealand
200,000
16,020,378
5,903,221,240
Technology
Hardware,
Storage
&
Peripherals
2.3%
Apple,
Inc.
..........................................
United
States
2,500,000
484,925,000
Trading
Companies
&
Distributors
0.1%
Fastenal
Co.
.........................................
United
States
350,000
20,646,500
Total
Common
Stocks
(Cost
$10,996,584,620)
...................................
20,589,800,813
Short
Term
Investments
1.9%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
1.6%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.699%
....
United
States
323,201,604
323,201,604
Total
Money
Market
Funds
(Cost
$323,201,604)
.................................
323,201,604
Principal
Amount
*
a
a
a
Repurchase
Agreements
0.3%
e
Joint
Repurchase
Agreement,
4.985%,
7/03/23
(Maturity
Value
$66,729,071)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$25,804,799)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$15,120,140)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$25,804,132)
Collateralized
by
U.S.
Government
and
Agency
Securities,
0.63%
-
7.5%,
6/15/24
-
11/15/57;
and
U.S.
Treasury
Notes,
0.38%
-
2.5%,
5/31/24
-
4/30/25
(valued
at
$68,032,270)
.................
66,701,361
66,701,361
Total
Repurchase
Agreements
(Cost
$66,701,361)
...............................
66,701,361
Total
Short
Term
Investments
(Cost
$389,902,965
)
...............................
389,902,965
a
Total
Investments
(Cost
$11,386,487,585)
100.1%
................................
$20,979,703,778
Other
Assets,
less
Liabilities
(0.1)%
...........................................
(6,872,753)
Net
Assets
100.0%
...........................................................
$20,972,831,025
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
DynaTech
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
June
30,
2023,
the
aggregate
value
of
these
securities
was
$353,223,434,
representing
1.7%
of
net
assets.
c
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
e
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
June
30,
2023,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
June
30,
2023
Franklin
Focused
Growth
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
94.2%
Aerospace
&
Defense
0.9%
a
Axon
Enterprise,
Inc.
...................................
United
States
5,000
$
975,600
Automobiles
4.6%
a
Tesla,
Inc.
...........................................
United
States
18,000
4,711,860
Broadline
Retail
8.6%
a
Amazon.com,
Inc.
.....................................
United
States
58,958
7,685,765
a
MercadoLibre,
Inc.
....................................
Brazil
1,000
1,184,600
8,870,365
Capital
Markets
0.9%
MSCI,
Inc.,
A
.........................................
United
States
2,000
938,580
Consumer
Staples
Distribution
&
Retail
4.7%
Costco
Wholesale
Corp.
................................
United
States
9,000
4,845,420
Electric
Utilities
2.9%
NextEra
Energy,
Inc.
...................................
United
States
40,000
2,968,000
Energy
Equipment
&
Services
0.7%
Schlumberger
NV
.....................................
United
States
14,000
687,680
Financial
Services
5.7%
a,b
Adyen
NV,
144A,
Reg
S
................................
Netherlands
1,100
1,905,009
Mastercard,
Inc.,
A
....................................
United
States
10,000
3,933,000
5,838,009
Ground
Transportation
0.8%
Canadian
Pacific
Kansas
City
Ltd.
.........................
Canada
10,000
807,700
Health
Care
Equipment
&
Supplies
4.8%
a
IDEXX
Laboratories,
Inc.
................................
United
States
5,000
2,511,150
a
Intuitive
Surgical,
Inc.
..................................
United
States
7,000
2,393,580
4,904,730
Health
Care
Technology
1.0%
a
Veeva
Systems,
Inc.,
A
.................................
United
States
5,300
1,047,969
Interactive
Media
&
Services
3.7%
a
Alphabet,
Inc.,
A
......................................
United
States
32,000
3,830,400
IT
Services
4.0%
a
MongoDB,
Inc.,
A
.....................................
United
States
4,000
1,643,960
a
Shopify,
Inc.,
A
.......................................
Canada
25,000
1,615,837
a
Snowflake,
Inc.,
A
.....................................
United
States
5,000
879,900
4,139,697
Life
Sciences
Tools
&
Services
3.8%
Danaher
Corp.
.......................................
United
States
12,000
2,880,000
Thermo
Fisher
Scientific,
Inc.
............................
United
States
2,000
1,043,500
3,923,500
Metals
&
Mining
0.8%
Freeport-McMoRan,
Inc.
................................
United
States
20,000
800,000
Oil,
Gas
&
Consumable
Fuels
0.6%
Hess
Corp.
..........................................
United
States
5,000
679,750
Personal
Care
Products
0.8%
Estee
Lauder
Cos.,
Inc.
(The),
A
..........................
United
States
4,500
883,710
Pharmaceuticals
2.3%
Eli
Lilly
&
Co.
........................................
United
States
5,000
2,344,900
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Focused
Growth
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
See
Abbreviations
on
page
49
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
19.8%
a
Advanced
Micro
Devices,
Inc.
............................
United
States
10,000
$
1,139,100
Analog
Devices,
Inc.
...................................
United
States
15,000
2,922,150
ASML
Holding
NV,
ADR
................................
Netherlands
6,500
4,710,875
NVIDIA
Corp.
........................................
United
States
25,000
10,575,500
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
...........
Taiwan
10,000
1,009,200
20,356,825
Software
22.8%
a
Cadence
Design
Systems,
Inc.
...........................
United
States
17,500
4,104,100
a
HubSpot,
Inc.
........................................
United
States
2,000
1,064,180
Intuit,
Inc.
...........................................
United
States
3,500
1,603,665
Microsoft
Corp.
.......................................
United
States
32,427
11,042,691
a
Salesforce,
Inc.
.......................................
United
States
7,000
1,478,820
a
ServiceNow,
Inc.
......................................
United
States
7,500
4,214,775
23,508,231
Total
Common
Stocks
(Cost
$77,096,064)
......................................
97,062,926
Short
Term
Investments
5.9%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
5.9%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.699%
....
United
States
6,071,130
6,071,130
Total
Money
Market
Funds
(Cost
$6,071,130)
...................................
6,071,130
Total
Short
Term
Investments
(Cost
$6,071,130
)
.................................
6,071,130
a
Total
Investments
(Cost
$83,167,194)
100.1%
...................................
$103,134,056
Other
Assets,
less
Liabilities
(0.1)%
...........................................
(121,494)
Net
Assets
100.0%
...........................................................
$103,012,562
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
June
30,
2023,
the
value
of
this
security
was
$1,905,009,
representing
1.8%
of
net
assets.
c
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
June
30,
2023
Franklin
Growth
Fund
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
98.5%
Aerospace
&
Defense
4.6%
BWX
Technologies,
Inc.
................................
United
States
1,344,011
$
96,190,867
Lockheed
Martin
Corp.
.................................
United
States
346,455
159,500,953
Northrop
Grumman
Corp.
...............................
United
States
627,397
285,967,553
Raytheon
Technologies
Corp.
............................
United
States
2,288,910
224,221,623
765,880,996
Automobiles
0.7%
a
Tesla,
Inc.
...........................................
United
States
479,183
125,435,734
Beverages
3.5%
Brown-Forman
Corp.,
B
................................
United
States
1,539,882
102,833,320
Constellation
Brands,
Inc.,
A
.............................
United
States
528,378
130,049,677
a
Monster
Beverage
Corp.
................................
United
States
4,227,826
242,846,325
PepsiCo,
Inc.
........................................
United
States
615,845
114,066,811
589,796,133
Biotechnology
1.4%
AbbVie,
Inc.
.........................................
United
States
435,787
58,713,582
Amgen,
Inc.
.........................................
United
States
509,836
113,193,789
a
Argenx
SE,
ADR
......................................
Netherlands
30,411
11,852,079
a
Regeneron
Pharmaceuticals,
Inc.
.........................
United
States
72,246
51,911,641
235,671,091
Broadline
Retail
3.6%
a
Amazon.com,
Inc.
.....................................
United
States
4,625,824
603,022,417
Building
Products
1.5%
Allegion
plc
..........................................
United
States
470,785
56,503,616
Trane
Technologies
plc
.................................
United
States
989,869
189,322,345
245,825,961
Capital
Markets
3.9%
BlackRock,
Inc.
.......................................
United
States
123,820
85,576,955
Blackstone,
Inc.
......................................
United
States
351,907
32,716,794
Charles
Schwab
Corp.
(The)
.............................
United
States
2,820,682
159,876,256
Intercontinental
Exchange,
Inc.
...........................
United
States
1,350,590
152,724,717
S&P
Global,
Inc.
......................................
United
States
350,525
140,521,967
Tradeweb
Markets,
Inc.,
A
...............................
United
States
1,129,220
77,328,985
648,745,674
Chemicals
3.1%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
473,767
141,907,430
Ecolab,
Inc.
..........................................
United
States
590,978
110,329,683
Linde
plc
............................................
United
States
688,527
262,383,869
514,620,982
Commercial
Services
&
Supplies
0.6%
Republic
Services,
Inc.,
A
...............................
United
States
616,799
94,475,103
Construction
Materials
0.8%
Martin
Marietta
Materials,
Inc.
............................
United
States
300,997
138,967,305
Consumer
Staples
Distribution
&
Retail
0.2%
Costco
Wholesale
Corp.
................................
United
States
53,249
28,668,197
Electric
Utilities
0.9%
NextEra
Energy,
Inc.
...................................
United
States
1,945,346
144,344,673
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)
Electrical
Equipment
1.1%
AMETEK,
Inc.
........................................
United
States
543,467
$
87,976,438
Eaton
Corp.
plc
.......................................
United
States
437,964
88,074,560
176,050,998
Electronic
Equipment,
Instruments
&
Components
2.9%
Amphenol
Corp.,
A
....................................
United
States
2,744,615
233,155,044
TE
Connectivity
Ltd.
...................................
United
States
1,770,857
248,203,317
481,358,361
Entertainment
0.3%
a
ROBLOX
Corp.,
A
.....................................
United
States
1,176,786
47,424,476
Financial
Services
4.7%
a,b
Adyen
NV,
144A,
Reg
S
................................
Netherlands
72,441
125,455,235
Mastercard,
Inc.,
A
....................................
United
States
964,326
379,269,416
a
Paymentus
Holdings,
Inc.,
A
.............................
United
States
894,485
9,445,761
Visa,
Inc.,
A
..........................................
United
States
1,167,618
277,285,923
791,456,335
Food
Products
0.4%
Lamb
Weston
Holdings,
Inc.
.............................
United
States
519,559
59,723,307
Ground
Transportation
3.2%
Canadian
Pacific
Kansas
City
Ltd.
.........................
Canada
1,346,949
108,793,071
JB
Hunt
Transport
Services,
Inc.
..........................
United
States
473,767
85,766,040
a
Uber
Technologies,
Inc.
.................................
United
States
965,539
41,682,319
Union
Pacific
Corp.
....................................
United
States
1,433,210
293,263,430
529,504,860
Health
Care
Equipment
&
Supplies
4.5%
Abbott
Laboratories
....................................
United
States
741,502
80,838,548
a
Edwards
Lifesciences
Corp.
.............................
United
States
966,324
91,153,343
a
Haemonetics
Corp.
....................................
United
States
737,264
62,770,657
a
Intuitive
Surgical,
Inc.
..................................
United
States
932,640
318,906,922
Stryker
Corp.
........................................
United
States
388,847
118,633,331
Teleflex,
Inc.
.........................................
United
States
317,502
76,845,009
749,147,810
Health
Care
Providers
&
Services
1.0%
Laboratory
Corp.
of
America
Holdings
......................
United
States
319,016
76,988,131
UnitedHealth
Group,
Inc.
................................
United
States
176,115
84,647,914
161,636,045
Health
Care
Technology
0.3%
a
Veeva
Systems,
Inc.,
A
.................................
United
States
261,713
51,748,512
Hotels,
Restaurants
&
Leisure
1.3%
a
Airbnb,
Inc.,
A
........................................
United
States
345,490
44,277,999
a
Booking
Holdings,
Inc.
.................................
United
States
28,173
76,076,397
a
Las
Vegas
Sands
Corp.
.................................
United
States
1,723,083
99,938,814
220,293,210
Industrial
REITs
0.1%
Prologis,
Inc.
.........................................
United
States
204,800
25,114,624
Interactive
Media
&
Services
3.2%
a
Alphabet,
Inc.,
A
......................................
United
States
2,056,520
246,165,444
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)
Interactive
Media
&
Services
(continued)
a
Alphabet,
Inc.,
C
......................................
United
States
2,401,900
$
290,557,843
536,723,287
IT
Services
0.8%
a,c,d
Canva,
Inc.
..........................................
Australia
25,413
22,061,253
a
Shopify,
Inc.,
A
.......................................
Canada
411,700
26,595,820
a
Snowflake,
Inc.,
A
.....................................
United
States
530,179
93,300,900
141,957,973
Life
Sciences
Tools
&
Services
5.6%
Agilent
Technologies,
Inc.
...............................
United
States
1,169,568
140,640,552
Danaher
Corp.
.......................................
United
States
1,091,672
262,001,280
a
Illumina,
Inc.
.........................................
United
States
569,914
106,853,176
a
Mettler-Toledo
International,
Inc.
..........................
United
States
219,009
287,260,965
Thermo
Fisher
Scientific,
Inc.
............................
United
States
269,334
140,525,014
937,280,987
Machinery
3.8%
Deere
&
Co.
.........................................
United
States
377,751
153,060,928
Dover
Corp.
.........................................
United
States
375,644
55,463,837
Illinois
Tool
Works,
Inc.
.................................
United
States
832,519
208,262,953
Ingersoll
Rand,
Inc.
....................................
United
States
1,859,776
121,554,959
a
Proterra,
Inc.
.........................................
United
States
2,998,697
3,598,436
Xylem,
Inc.
..........................................
United
States
791,701
89,161,367
631,102,480
Media
0.2%
Comcast
Corp.,
A
.....................................
United
States
760,978
31,618,636
Personal
Care
Products
0.2%
Estee
Lauder
Cos.,
Inc.
(The),
A
..........................
United
States
178,208
34,996,487
Pharmaceuticals
4.0%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
2,110,216
151,028,159
a
Catalent,
Inc.
........................................
United
States
2,091,687
90,695,549
Eli
Lilly
&
Co.
........................................
United
States
892,084
418,369,554
660,093,262
Professional
Services
1.5%
Automatic
Data
Processing,
Inc.
..........................
United
States
105,229
23,128,282
a
CoStar
Group,
Inc.
....................................
United
States
211,723
18,843,347
Equifax,
Inc.
.........................................
United
States
464,656
109,333,557
Paycom
Software,
Inc.
.................................
United
States
179,166
57,555,286
Verisk
Analytics,
Inc.,
A
.................................
United
States
178,221
40,283,292
249,143,764
Semiconductors
&
Semiconductor
Equipment
9.2%
ASML
Holding
NV,
ADR
................................
Netherlands
388,894
281,850,927
Lam
Research
Corp.
...................................
United
States
28,550
18,353,653
a
Lattice
Semiconductor
Corp.
.............................
United
States
337,100
32,385,197
Monolithic
Power
Systems,
Inc.
...........................
United
States
426,545
230,432,405
NVIDIA
Corp.
........................................
United
States
1,401,367
592,806,268
NXP
Semiconductors
NV
...............................
China
665,330
136,179,745
Texas
Instruments,
Inc.
.................................
United
States
1,326,618
238,817,772
1,530,825,967
Software
17.0%
a
Adobe,
Inc.
..........................................
United
States
143,493
70,166,642
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Growth
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
12
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
a
ANSYS,
Inc.
.........................................
United
States
125,232
$
41,360,373
a
Atlassian
Corp.,
A
.....................................
United
States
265,862
44,614,302
a
Autodesk,
Inc.
........................................
United
States
741,413
151,700,514
a
BILL
Holdings,
Inc.
....................................
United
States
1,026,782
119,979,477
a,c,d
Checkout
Payments
Group
Ltd.,
B
.........................
United
Kingdom
96,603
8,253,708
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
132,753
19,497,433
Intuit,
Inc.
...........................................
United
States
729,131
334,080,533
Microsoft
Corp.
.......................................
United
States
2,835,568
965,624,327
a
Procore
Technologies,
Inc.
..............................
United
States
66,651
4,336,981
a
PTC,
Inc.
...........................................
United
States
1,141,015
162,366,434
a
Salesforce,
Inc.
.......................................
United
States
534,162
112,847,064
a
ServiceNow,
Inc.
......................................
United
States
648,395
364,378,538
a,c,d
Stripe,
Inc.,
B
........................................
United
States
540,043
10,950,822
a
Synopsys,
Inc.
.......................................
United
States
503,220
219,107,020
a
Tyler
Technologies,
Inc.
.................................
United
States
114,252
47,582,530
a
Workday,
Inc.,
A
......................................
United
States
661,601
149,449,050
2,826,295,748
Specialized
REITs
0.5%
Crown
Castle,
Inc.
.....................................
United
States
748,219
85,252,073
Technology
Hardware,
Storage
&
Peripherals
5.2%
Apple,
Inc.
..........................................
United
States
4,466,493
866,365,647
Textiles,
Apparel
&
Luxury
Goods
1.2%
NIKE,
Inc.,
B
.........................................
United
States
1,757,536
193,979,248
Trading
Companies
&
Distributors
0.9%
Fastenal
Co.
.........................................
United
States
2,605,313
153,687,414
Water
Utilities
0.6%
American
Water
Works
Co.,
Inc.
..........................
United
States
663,267
94,681,364
Total
Common
Stocks
(Cost
$4,766,402,677)
....................................
16,402,917,141
Convertible
Preferred
Stocks
0.6%
IT
Services
0.0%
†
a,c,d
Canva,
Inc.,
A
........................................
Australia
2,353
2,042,660
a,c,d
Canva,
Inc.,
A-3
......................................
Australia
94
81,602
a,c,d
Canva,
Inc.,
A-4
......................................
Australia
8
6,945
a,c,d
Canva,
Inc.,
A-5
......................................
Australia
5
4,341
2,135,548
Software
0.6%
a,c,d
Gusto,
Inc.,
E
........................................
United
States
822,494
21,870,676
a,c,d
OneTrust
LLC,
C
......................................
United
States
849,894
12,739,911
a,c,d
Stripe,
Inc.,
H
........................................
United
States
1,254,580
25,439,978
a,c,d
Stripe,
Inc.,
I
.........................................
United
States
1,759,545
35,679,499
95,730,064
Total
Convertible
Preferred
Stocks
(Cost
$131,627,308)
..........................
97,865,612
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Growth
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
13
See
Abbreviations
on
page
49
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Preferred
Stocks
0.5%
Life
Sciences
Tools
&
Services
0.5%
e
Sartorius
AG,
0.45%
...................................
Germany
248,100
$
85,964,283
Total
Preferred
Stocks
(Cost
$93,928,737)
......................................
85,964,283
Total
Long
Term
Investments
(Cost
$4,991,958,722)
.............................
16,586,747,036
a
Short
Term
Investments
0.3%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
0.3%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.699%
....
United
States
50,472,557
50,472,557
Total
Money
Market
Funds
(Cost
$50,472,557)
..................................
50,472,557
Total
Short
Term
Investments
(Cost
$50,472,557
)
................................
50,472,557
a
Total
Investments
(Cost
$5,042,431,279)
99.9%
..................................
$16,637,219,593
Other
Assets,
less
Liabilities
0.1%
.............................................
16,593,109
Net
Assets
100.0%
...........................................................
$16,653,812,702
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
June
30,
2023,
the
value
of
this
security
was
$125,455,235,
representing
0.8%
of
net
assets.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
d
See
Note
3
regarding
restricted
securities.
e
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
f
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
June
30,
2023
Franklin
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
14
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
20.0%
Aerospace
&
Defense
1.1%
Lockheed
Martin
Corp.
.................................
United
States
1,100,000
$
506,418,000
Northrop
Grumman
Corp.
...............................
United
States
400,000
182,320,000
Raytheon
Technologies
Corp.
............................
United
States
1,250,000
122,450,000
811,188,000
Air
Freight
&
Logistics
0.4%
a
United
Parcel
Service,
Inc.,
B
............................
United
States
1,500,000
268,875,000
Banks
2.9%
a
Bank
of
America
Corp.
.................................
United
States
22,500,000
645,525,000
Citigroup,
Inc.
........................................
United
States
6,700,000
308,468,000
Fifth
Third
Bancorp
....................................
United
States
10,000,000
262,100,000
a
JPMorgan
Chase
&
Co.
.................................
United
States
2,000,000
290,880,000
PNC
Financial
Services
Group,
Inc.
(The)
...................
United
States
1,000,000
125,950,000
Truist
Financial
Corp.
..................................
United
States
8,500,000
257,975,000
US
Bancorp
.........................................
United
States
5,500,000
181,720,000
2,072,618,000
Biotechnology
0.8%
AbbVie,
Inc.
.........................................
United
States
2,000,000
269,460,000
a
Amgen,
Inc.
.........................................
United
States
1,500,000
333,030,000
602,490,000
Capital
Markets
1.5%
a
Charles
Schwab
Corp.
(The)
.............................
United
States
3,050,000
172,874,000
a
Goldman
Sachs
Group,
Inc.
(The)
.........................
United
States
1,000,000
322,540,000
a
Morgan
Stanley
.......................................
United
States
6,380,000
544,852,000
1,040,266,000
Chemicals
0.3%
BASF
SE
...........................................
Germany
5,000,000
242,938,330
Communications
Equipment
0.5%
Cisco
Systems,
Inc.
...................................
United
States
7,000,000
362,180,000
Consumer
Staples
Distribution
&
Retail
0.4%
Target
Corp.
.........................................
United
States
2,000,400
263,852,760
Diversified
Telecommunication
Services
0.3%
Verizon
Communications,
Inc.
............................
United
States
5,000,000
185,950,000
Electric
Utilities
1.8%
American
Electric
Power
Co.,
Inc.
.........................
United
States
1,500,000
126,300,000
Duke
Energy
Corp.
....................................
United
States
3,000,000
269,220,000
Edison
International
...................................
United
States
3,500,000
243,075,000
Southern
Co.
(The)
....................................
United
States
9,000,000
632,250,000
1,270,845,000
Ground
Transportation
0.3%
a
Union
Pacific
Corp.
....................................
United
States
1,000,000
204,620,000
Health
Care
Providers
&
Services
0.1%
CVS
Health
Corp.
.....................................
United
States
1,000,000
69,130,000
Household
Products
0.6%
a
Procter
&
Gamble
Co.
(The)
.............................
United
States
2,750,000
417,285,000
Industrial
Conglomerates
0.4%
Honeywell
International,
Inc.
.............................
United
States
1,334,737
276,957,928
Insurance
0.3%
MetLife,
Inc.
.........................................
United
States
3,400,000
192,202,000
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
IT
Services
0.4%
a
International
Business
Machines
Corp.
.....................
United
States
2,000,000
$
267,620,000
Media
0.5%
Comcast
Corp.,
A
.....................................
United
States
8,967,000
372,578,850
Metals
&
Mining
0.4%
Rio
Tinto
plc,
ADR
.....................................
Australia
5,000,000
319,200,000
Multi-Utilities
0.8%
Dominion
Energy,
Inc.
..................................
United
States
8,500,000
440,215,000
Sempra
Energy
.......................................
United
States
1,000,000
145,590,000
585,805,000
Oil,
Gas
&
Consumable
Fuels
2.1%
BP
plc,
ADR
.........................................
United
Kingdom
4,300,000
151,747,000
a
Chevron
Corp.
.......................................
United
States
6,500,000
1,022,775,000
a
Shell
plc,
ADR
........................................
Netherlands
4,000,000
241,520,000
TotalEnergies
SE,
ADR
.................................
France
2,000,000
115,280,000
1,531,322,000
Pharmaceuticals
1.9%
b,c
Bausch
Health
Cos.,
Inc.
................................
United
States
15,000,000
120,000,000
Bayer
AG
...........................................
Germany
1,000,000
55,360,141
a
Bristol-Myers
Squibb
Co.
................................
United
States
1,000,000
63,950,000
a
Johnson
&
Johnson
...................................
United
States
3,500,000
579,320,000
Pfizer,
Inc.
...........................................
United
States
10,871,000
398,748,280
Roche
Holding
AG
....................................
United
States
500,000
152,743,562
1,370,121,983
Semiconductors
&
Semiconductor
Equipment
1.4%
Analog
Devices,
Inc.
...................................
United
States
90,000
17,532,900
a
Intel
Corp.
...........................................
United
States
5,313,460
177,682,102
QUALCOMM,
Inc.
.....................................
United
States
1,000,000
119,040,000
a
Texas
Instruments,
Inc.
.................................
United
States
4,000,000
720,080,000
1,034,335,002
Specialty
Retail
0.4%
a
Home
Depot,
Inc.
(The)
.................................
United
States
1,000,000
310,640,000
Tobacco
0.4%
a
Philip
Morris
International,
Inc.
...........................
United
States
3,000,000
292,860,000
Total
Common
Stocks
(Cost
$13,510,882,718)
...................................
14,365,880,853
Management
Investment
Companies
0.1%
Capital
Markets
0.1%
d
Clarion
Partners
Real
Estate
Income
Fund,
Inc.,
Class
I
........
United
States
7,867,833
95,908,882
Total
Management
Investment
Companies
(Cost
$100,000,000)
...................
95,908,882
Equity-Linked
Securities
16.7%
Aerospace
&
Defense
0.6%
e
Merrill
Lynch
International
&
Co.
CV
into
Raytheon
Technologies
Corp.,
144A,
7.5%,
5/08/24
............................
United
States
2,350,000
236,748,245
e
Mizuho
Markets
Cayman
LP
into
Lockheed
Martin
Corp.,
144A,
9%,
11/07/23
..........................................
United
States
459,000
212,783,614
449,531,859
Automobiles
0.6%
e
Barclays
Bank
plc
into
Ford
Motor
Co.,
144A,
12%,
2/09/24
......
United
States
7,600,000
108,580,767
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)
Automobiles
(continued)
e
Royal
Bank
of
Canada
into
General
Motors
Co.,
144A,
12%,
6/18/24
United
States
8,750,000
$
309,074,206
417,654,973
Banks
2.0%
e
Barclays
Bank
plc
into
Citigroup,
Inc.,
144A,
9%,
7/03/24
........
United
States
5,110,000
240,380,559
e
BNP
Paribas
Issuance
BV
into
Bank
of
America
Corp.,
144A,
8.5%,
7/13/23
...........................................
United
States
8,500,000
244,463,310
e
JPMorgan
Chase
Bank
NA
into
Bank
of
America
Corp.,
144A,
9%,
2/02/24
...........................................
United
States
8,450,000
252,234,737
e
National
Bank
of
Canada
into
JPMorgan
Chase
&
Co.,
144A,
8%,
8/16/23
...........................................
United
States
2,643,000
349,275,234
e
National
Bank
of
Canada
into
Truist
Financial
Corp.,
144A,
9%,
10/10/23
..........................................
United
States
5,000,000
154,472,318
e
UBS
AG
into
Citigroup,
Inc.,
144A,
8.5%,
7/19/23
.............
United
States
5,007,000
230,778,795
1,471,604,953
Biotechnology
0.2%
e
Goldman
Sachs
International
Bank
into
AbbVie,
Inc.,
144A,
8.5%,
2/06/24
...........................................
United
States
1,150,000
157,753,083
Broadline
Retail
0.8%
e
Goldman
Sachs
International
Bank
into
Amazon.com,
Inc.,
144A,
9%,
11/20/24
.......................................
United
States
2,375,000
284,878,938
e
Royal
Bank
of
Canada
into
Amazon.com,
Inc.,
144A,
10%,
4/05/24
United
States
2,800,000
310,695,447
595,574,385
Capital
Markets
1.0%
e
Goldman
Sachs
International
Bank
into
Morgan
Stanley,
144A,
9%,
12/24/24
..........................................
United
States
2,812,000
245,221,336
e
Merrill
Lynch
International
&
Co.
CV
into
Morgan
Stanley,
144A,
10%,
6/04/24
.......................................
United
States
3,000,000
254,781,667
e
UBS
AG
into
Charles
Schwab
Corp.
(The),
144A,
10%,
7/17/24
...
United
States
4,300,000
239,084,250
739,087,253
Chemicals
0.4%
e
JPMorgan
Chase
Bank
NA
into
LyondellBasell
Industries
NV,
144A,
11%,
1/22/24
.......................................
United
States
2,700,000
251,425,810
Communications
Equipment
0.7%
e
Royal
Bank
of
Canada
into
Cisco
Systems,
Inc.,
144A,
8%,
9/11/23
United
States
5,850,000
300,397,791
e
UBS
AG
into
Cisco
Systems,
Inc.,
144A,
8.5%,
6/20/24
.........
United
States
4,595,000
232,254,977
532,652,768
Containers
&
Packaging
0.3%
e
Mizuho
Markets
Cayman
LP
into
International
Paper
Co.,
144A,
10.5%,
12/15/23
.....................................
United
States
7,400,000
241,244,284
Electric
Utilities
1.2%
e
Mizuho
Markets
Cayman
LP
into
NextEra
Energy,
Inc.,
144A,
8%,
3/19/24
...........................................
United
States
3,500,000
258,567,572
e
Morgan
Stanley
Finance
II
Ltd.
into
PG&E
Corp.,
144A,
10%,
11/14/23
..........................................
United
States
10,800,000
156,095,886
e
National
Bank
of
Canada
into
NextEra
Energy,
Inc.,
144A,
8.5%,
12/05/23
..........................................
United
States
3,300,000
248,558,586
e
Wells
Fargo
Bank
NA
into
NextEra
Energy,
Inc.,
144A,
8%,
5/08/24
United
States
2,700,000
205,829,778
869,051,822
Financial
Services
0.3%
e
UBS
AG
into
Fidelity
National
Information
Services,
Inc.,
144A,
10%,
10/19/23
..........................................
United
States
3,200,000
180,397,208
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)
Ground
Transportation
0.7%
e
Merrill
Lynch
International
&
Co.
CV
into
Union
Pacific
Corp.,
144A,
Reg
S,
9%,
11/01/23
.................................
United
States
1,240,000
$
256,224,723
e
UBS
AG
into
Union
Pacific
Corp.,
144A,
8%,
3/13/24
...........
United
States
1,190,000
242,800,858
499,025,581
Hotels,
Restaurants
&
Leisure
0.2%
e
Societe
Generale
SA
into
Las
Vegas
Sands
Corp.,
144A,
10.137%,
9/12/23
...........................................
United
States
2,843,000
133,685,684
Insurance
0.3%
e
Royal
Bank
of
Canada
into
MetLife,
Inc.,
144A,
9%,
9/22/23
.....
United
States
3,200,000
183,337,905
Machinery
0.3%
e
National
Bank
of
Canada
into
Cummins,
Inc.,
144A,
8.5%,
2/13/24
United
States
1,000,000
248,234,000
Media
0.2%
e
UBS
AG
into
Comcast
Corp.,
144A,
8.5%,
7/20/23
.............
United
States
3,765,000
155,911,446
Metals
&
Mining
1.1%
e
Goldman
Sachs
International
Bank
into
Newmont
Corp.,
144A,
10%,
7/05/23
...........................................
United
States
3,850,000
161,416,793
e
Mizuho
Markets
Cayman
LP
into
Freeport-McMoRan,
Inc.,
144A,
11%,
12/10/24
......................................
United
States
7,539,000
293,385,380
e
Royal
Bank
of
Canada
into
Barrick
Gold
Corp.,
144A,
11%,
3/07/24
Canada
5,600,000
97,952,192
e
Royal
Bank
of
Canada
into
Freeport-McMoRan,
Inc.,
144A,
10%,
5/03/24
...........................................
United
States
4,900,000
201,336,231
754,090,596
Oil,
Gas
&
Consumable
Fuels
1.4%
e
Citigroup
Global
Markets
Holdings,
Inc.
into
BP
plc,
144A,
10%,
12/30/24
..........................................
United
Kingdom
6,600,000
235,405,514
e
Citigroup
Global
Markets
Holdings,
Inc.
into
Exxon
Mobil
Corp.,
144A,
9.5%,
2/22/24
.................................
United
States
2,000,000
219,559,164
e
J.P.
Morgan
Structured
Products
BV
into
Exxon
Mobil
Corp.,
144A,
9%,
9/24/24
........................................
United
States
2,435,000
264,563,494
e
Merrill
Lynch
International
&
Co.
CV
into
Chevron
Corp.,
144A,
10%,
12/04/23
..........................................
United
States
1,650,000
263,468,123
982,996,295
Passenger
Airlines
0.4%
e
BNP
Paribas
Issuance
BV
into
Delta
Air
Lines,
Inc.,
144A,
10%,
7/12/23
...........................................
United
States
5,500,000
260,682,884
Pharmaceuticals
0.9%
e
BNP
Paribas
Issuance
BV
into
Pfizer,
Inc.,
144A,
8.5%,
6/10/24
..
United
States
5,920,000
221,272,295
e
Mizuho
Markets
Cayman
LP
into
Bristol-Myers
Squibb
Co.,
144A,
8.5%,
12/04/23
.....................................
United
States
2,600,000
170,533,525
e
Wells
Fargo
Bank
NA
into
Bristol-Myers
Squibb
Co.,
144A,
7.5%,
5/13/24
...........................................
United
States
3,927,000
255,383,288
647,189,108
Semiconductors
&
Semiconductor
Equipment
2.7%
e
Barclays
Bank
plc
into
Texas
Instruments,
Inc.,
144A,
9%,
10/10/23
United
States
1,600,000
283,773,949
e
BNP
Paribas
Issuance
BV
into
Broadcom,
Inc.,
144A,
9%,
8/14/23
United
States
530,000
323,359,735
e
Citigroup
Global
Markets
Holdings,
Inc.
into
Intel
Corp.,
144A,
10%,
9/14/23
...........................................
United
States
8,050,000
267,428,038
e
Merrill
Lynch
International
&
Co.
CV
into
Broadcom,
Inc.,
144A,
10%,
12/05/23
..........................................
United
States
500,000
283,388,277
e
Mizuho
Markets
Cayman
LP
into
Microchip
Technology,
Inc.,
144A,
10%,
11/03/23
......................................
United
States
4,200,000
322,554,618
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
18
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Equity-Linked
Securities
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
e
Morgan
Stanley
Finance
II
Ltd.
into
Microchip
Technology,
Inc.,
144A,
10%,
9/12/23
..................................
United
States
2,045,000
$
165,900,554
e,f
National
Bank
of
Canada
into
Analog
Devices,
Inc.,
144A,
8.5%,
7/17/24
...........................................
United
States
1,500,000
287,872,048
1,934,277,219
Specialty
Retail
0.4%
e
Citigroup
Global
Markets
Holdings,
Inc.
into
Home
Depot,
Inc.
(The),
144A,
8.5%,
6/12/24
.................................
United
States
811,000
257,888,483
Total
Equity-Linked
Securities
(Cost
$11,947,477,826)
...........................
11,963,297,599
Convertible
Preferred
Stocks
0.7%
Electric
Utilities
0.6%
American
Electric
Power
Co.,
Inc.,
6.125%
..................
United
States
1,500,000
74,520,000
g
NextEra
Energy,
Inc.,
6.219%
............................
United
States
7,500,000
367,725,000
442,245,000
Financial
Services
0.1%
b
FNMA,
5.375%
.......................................
United
States
4,240
26,584,800
b
Total
Convertible
Preferred
Stocks
(Cost
$773,145,978)
..........................
468,829,800
Preferred
Stocks
0.0%
Financial
Services
0.0%
†
b
FNMA,
8.25%,
S
......................................
United
States
4,000,000
9,400,000
b
Total
Preferred
Stocks
(Cost
$93,801,501)
......................................
9,400,000
Principal
Amount
*
Convertible
Bonds
0.0%
†
Media
0.0%
†
DISH
Network
Corp.
,
Senior
Note
,
2.375
%
,
3/15/24
............
United
States
25,000,000
22,250,000
Total
Convertible
Bonds
(Cost
$24,543,308)
....................................
22,250,000
Corporate
Bonds
48.3%
Aerospace
&
Defense
1.8%
Boeing
Co.
(The)
,
Senior
Bond,
3.2%,
3/01/29
............................
United
States
74,000,000
66,212,670
Senior
Bond,
3.625%,
2/01/31
..........................
United
States
79,000,000
71,175,111
Senior
Note,
2.196%,
2/04/26
..........................
United
States
45,000,000
41,320,305
Senior
Note,
5.04%,
5/01/27
...........................
United
States
180,000,000
177,891,512
Senior
Note,
3.25%,
2/01/28
...........................
United
States
60,000,000
55,128,020
Senior
Note,
5.15%,
5/01/30
...........................
United
States
370,000,000
366,670,178
e
Bombardier,
Inc.
,
Senior
Bond
,
144A,
7.5
%
,
3/15/25
...........
Canada
28,076,000
28,159,133
Raytheon
Technologies
Corp.
,
Senior
Note
,
3.125
%
,
5/04/27
.....
United
States
40,000,000
37,494,038
Textron,
Inc.
,
Senior
Bond,
3%,
6/01/30
.............................
United
States
59,049,000
51,544,427
Senior
Bond,
2.45%,
3/15/31
...........................
United
States
40,000,000
33,014,809
TransDigm,
Inc.
,
Senior
Note,
6.375%,
6/15/26
..........................
United
States
102,500,000
101,294,282
e
Senior
Secured
Note,
144A,
6.25%,
3/15/26
...............
United
States
213,000,000
212,150,705
e
Senior
Secured
Note,
144A,
6.75%,
8/15/28
...............
United
States
85,000,000
85,428,400
1,327,483,590
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)
Air
Freight
&
Logistics
0.0%
†
FedEx
Corp.
,
Senior
Bond
,
2.4
%
,
5/15/31
...................
United
States
29,000,000
$
24,077,184
Automobile
Components
0.6%
c
American
Axle
&
Manufacturing,
Inc.
,
Senior
Note
,
5
%
,
10/01/29
..
United
States
25,000,000
20,867,428
e
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
90,000,000
73,532,205
Goodyear
Tire
&
Rubber
Co.
(The)
,
c
Senior
Bond,
5%,
5/31/26
.............................
United
States
77,000,000
75,330,324
c
Senior
Bond,
5.25%,
4/30/31
...........................
United
States
52,500,000
46,171,214
Senior
Note,
4.875%,
3/15/27
..........................
United
States
34,757,000
33,129,566
Senior
Note,
5%,
7/15/29
.............................
United
States
130,000,000
117,379,769
Senior
Note,
5.25%,
7/15/31
...........................
United
States
40,500,000
35,227,913
401,638,419
Automobiles
0.8%
Ford
Motor
Co.
,
Senior
Bond,
3.25%,
2/12/32
...........................
United
States
107,500,000
84,667,473
Senior
Bond,
6.1%,
8/19/32
............................
United
States
139,000,000
134,848,217
Senior
Note,
4.346%,
12/08/26
.........................
United
States
145,000,000
140,267,838
General
Motors
Co.
,
c
Senior
Bond,
5%,
10/01/28
............................
United
States
25,000,000
24,321,833
Senior
Bond,
5.6%,
10/15/32
...........................
United
States
35,000,000
33,878,098
Senior
Bond,
5.15%,
4/01/38
...........................
United
States
105,000,000
93,541,048
e
Volkswagen
Group
of
America
Finance
LLC
,
Senior
Note
,
144A,
1.25
%
,
11/24/25
.....................................
Germany
97,000,000
87,466,866
598,991,373
Banks
3.3%
Bank
of
America
Corp.
,
c,h
AA,
Junior
Sub.
Bond,
6.1%
to
3/16/25,
FRN
thereafter,
Perpetual
United
States
70,000,000
69,580,000
h
X,
Junior
Sub.
Bond,
6.25%
to
9/04/24,
FRN
thereafter,
Perpetual
United
States
50,000,000
49,500,000
Senior
Bond,
3.419%
to
12/19/27,
FRN
thereafter,
12/20/28
...
United
States
135,000,000
123,917,442
Senior
Bond,
1.922%
to
10/23/30,
FRN
thereafter,
10/24/31
...
United
States
50,000,000
39,595,053
Senior
Bond,
4.571%
to
4/26/32,
FRN
thereafter,
4/27/33
.....
United
States
65,000,000
61,146,461
Barclays
plc
,
Senior
Bond,
4.337%,
1/10/28
..........................
United
Kingdom
31,000,000
29,231,729
Senior
Bond,
2.645%
to
6/23/30,
FRN
thereafter,
6/24/31
.....
United
Kingdom
31,000,000
24,886,716
Senior
Bond,
5.746%
to
8/08/32,
FRN
thereafter,
8/09/33
.....
United
Kingdom
100,000,000
96,761,157
Senior
Bond,
7.437%
to
11/01/32,
FRN
thereafter,
11/02/33
....
United
Kingdom
75,000,000
81,181,669
Senior
Note,
4.375%,
1/12/26
..........................
United
Kingdom
95,000,000
91,305,440
Senior
Note,
7.325%
to
11/01/25,
FRN
thereafter,
11/02/26
....
United
Kingdom
30,000,000
30,684,120
Senior
Note,
5.501%
to
8/08/27,
FRN
thereafter,
8/09/28
......
United
Kingdom
80,000,000
78,081,916
Sub.
Bond,
7.119%
to
6/26/33,
FRN
thereafter,
6/27/34
.......
United
Kingdom
30,000,000
30,004,964
Citigroup,
Inc.
,
h,i
Junior
Sub.
Bond,
FRN,
9.341%,
(3-month
USD
LIBOR
+
4.068%),
Perpetual
.........................................
United
States
118,000,000
118,708,000
c,h,i
D,
Junior
Sub.
Bond,
FRN,
8.787%,
(3-month
USD
LIBOR
+
3.466%),
Perpetual
..................................
United
States
55,000,000
54,862,500
h
M,
Junior
Sub.
Bond,
6.3%
to
5/14/24,
FRN
thereafter,
Perpetual
United
States
105,000,000
102,506,250
Senior
Bond,
3.52%
to
10/26/27,
FRN
thereafter,
10/27/28
....
United
States
35,000,000
32,534,660
Senior
Bond,
6.27%
to
11/16/32,
FRN
thereafter,
11/17/33
.....
United
States
60,000,000
63,719,208
Senior
Note,
1.462%
to
6/08/26,
FRN
thereafter,
6/09/27
......
United
States
20,000,000
17,768,374
Sub.
Bond,
4.125%,
7/25/28
...........................
United
States
95,000,000
89,619,866
Sub.
Bond,
6.174%
to
5/24/33,
FRN
thereafter,
5/25/34
.......
United
States
50,000,000
50,462,826
Fifth
Third
Bancorp
,
Senior
Note
,
3.65
%
,
1/25/24
..............
United
States
72,656,000
71,634,173
Fifth
Third
Bank
NA
,
Senior
Note
,
5.852%
to
10/26/24,
FRN
thereafter
,
10/27/25
..................................
United
States
65,185,000
63,527,703
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)
Banks
(continued)
h
JPMorgan
Chase
&
Co.
,
i
Q,
Junior
Sub.
Bond,
FRN,
8.549%,
(3-month
USD
LIBOR
+
3.25%),
Perpetual
...................................
United
States
60,700,000
$
61,003,500
c
R,
Junior
Sub.
Bond,
6%
to
7/31/23,
FRN
thereafter,
Perpetual
.
United
States
55,000,000
55,177,100
S,
Junior
Sub.
Bond,
6.75%
to
1/31/24,
FRN
thereafter,
Perpetual
United
States
65,000,000
65,209,625
KeyBank
NA
,
Senior
Note,
5.85%,
11/15/27
..........................
United
States
50,000,000
47,123,724
Sub.
Bond,
4.9%,
8/08/32
.............................
United
States
35,000,000
27,825,679
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Bond,
6.037%
to
10/27/32,
FRN
thereafter,
10/28/33
...
United
States
70,000,000
71,671,093
Senior
Bond,
5.068%
to
1/23/33,
FRN
thereafter,
1/24/34
.....
United
States
40,000,000
38,372,668
Royal
Bank
of
Canada
,
Senior
Bond
,
5
%
,
2/01/33
.............
Canada
50,000,000
49,037,463
Truist
Bank
,
Sub.
Bond
,
2.25
%
,
3/11/30
.....................
United
States
42,645,000
33,919,566
Truist
Financial
Corp.
,
Senior
Bond,
5.122%
to
1/25/33,
FRN
thereafter,
1/26/34
.....
United
States
55,000,000
52,140,440
Senior
Note,
6.047%
to
6/07/26,
FRN
thereafter,
6/08/27
......
United
States
45,000,000
45,038,936
Sub.
Bond,
4.916%
to
7/27/32,
FRN
thereafter,
7/28/33
.......
United
States
95,000,000
86,877,392
US
Bancorp
,
Senior
Bond,
5.85%
to
10/20/32,
FRN
thereafter,
10/21/33
....
United
States
45,000,000
45,080,927
Senior
Bond,
5.836%
to
6/09/33,
FRN
thereafter,
6/12/34
.....
United
States
25,000,000
25,192,367
Senior
Note,
5.775%
to
6/11/28,
FRN
thereafter,
6/12/29
......
United
States
25,000,000
25,009,233
Wells
Fargo
&
Co.
,
h,i
S,
Junior
Sub.
Bond,
FRN,
5.9%,
(3-month
USD
LIBOR
+
3.11%),
Perpetual
.........................................
United
States
60,000,000
59,325,000
Senior
Bond,
4.478%
to
4/03/30,
FRN
thereafter,
4/04/31
.....
United
States
20,000,000
19,023,789
Senior
Bond,
4.897%
to
7/24/32,
FRN
thereafter,
7/25/33
.....
United
States
50,000,000
47,987,671
Senior
Bond,
5.389%
to
4/23/33,
FRN
thereafter,
4/24/34
.....
United
States
30,000,000
29,822,339
2,356,058,739
Beverages
0.1%
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
4
%
,
4/13/28
Belgium
25,000,000
24,197,703
Constellation
Brands,
Inc.
,
Senior
Bond
,
3.15
%
,
8/01/29
........
United
States
35,000,000
31,569,176
55,766,879
Biotechnology
0.3%
AbbVie,
Inc.
,
Senior
Note
,
3.2
%
,
11/21/29
...................
United
States
115,000,000
104,065,167
Amgen,
Inc.
,
Senior
Bond,
2.45%,
2/21/30
...........................
United
States
25,000,000
21,447,729
Senior
Bond,
5.25%,
3/02/33
...........................
United
States
50,000,000
50,087,640
Senior
Note,
5.25%,
3/02/30
...........................
United
States
20,000,000
20,055,184
195,655,720
Broadline
Retail
0.1%
Amazon.com,
Inc.
,
Senior
Bond
,
3.6
%
,
4/13/32
...............
United
States
67,500,000
62,972,230
Building
Products
0.3%
e
Camelot
Return
Merger
Sub,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
8/01/28
.....................................
United
States
50,000,000
47,315,967
Carrier
Global
Corp.
,
Senior
Bond,
2.7%,
2/15/31
............................
United
States
22,500,000
18,958,102
Senior
Note,
2.722%,
2/15/30
..........................
United
States
98,200,000
84,603,799
e
Emerald
Debt
Merger
Sub
LLC
,
Senior
Secured
Note
,
144A,
6.625
%
,
12/15/30
....................................
United
States
60,000,000
59,550,000
Johnson
Controls
International
plc
/
Tyco
Fire
&
Security
Finance
SCA
,
Senior
Bond
,
4.9
%
,
12/01/32
.......................
United
States
39,500,000
39,161,935
249,589,803
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)
Capital
Markets
0.9%
Brookfield
Finance,
Inc.
,
Senior
Bond
,
4.85
%
,
3/29/29
..........
Canada
38,708,000
$
37,168,157
Charles
Schwab
Corp.
(The)
,
Senior
Bond,
5.853%
to
5/18/33,
FRN
thereafter,
5/19/34
.....
United
States
30,000,000
30,467,443
Senior
Note,
5.643%
to
5/18/28,
FRN
thereafter,
5/19/29
......
United
States
25,000,000
25,000,553
e
Coinbase
Global,
Inc.
,
Senior
Note
,
144A,
3.375
%
,
10/01/28
.....
United
States
19,000,000
12,725,292
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond,
3.814%
to
4/22/28,
FRN
thereafter,
4/23/29
.....
United
States
21,000,000
19,511,467
Senior
Bond,
4.223%
to
4/30/28,
FRN
thereafter,
5/01/29
.....
United
States
20,000,000
18,902,637
Senior
Bond,
2.6%,
2/07/30
............................
United
States
36,250,000
30,907,612
Senior
Bond,
2.65%
to
10/20/31,
FRN
thereafter,
10/21/32
....
United
States
58,600,000
47,785,826
Senior
Note,
3.5%,
4/01/25
............................
United
States
73,000,000
70,171,863
Senior
Note,
3.8%,
3/15/30
............................
United
States
25,000,000
23,145,408
Morgan
Stanley
,
Senior
Bond,
2.699%
to
1/21/30,
FRN
thereafter,
1/22/31
.....
United
States
50,000,000
42,545,517
Senior
Bond,
3.622%
to
3/31/30,
FRN
thereafter,
4/01/31
.....
United
States
23,600,000
21,278,036
Senior
Bond,
2.239%
to
7/20/31,
FRN
thereafter,
7/21/32
.....
United
States
30,482,000
24,239,179
Senior
Bond,
2.511%
to
10/19/31,
FRN
thereafter,
10/20/32
....
United
States
81,000,000
65,461,750
Senior
Bond,
6.342%
to
10/17/32,
FRN
thereafter,
10/18/33
...
United
States
35,000,000
37,249,113
Senior
Bond,
5.25%
to
4/20/33,
FRN
thereafter,
4/21/34
......
United
States
30,000,000
29,637,565
Senior
Note,
1.512%
to
7/19/26,
FRN
thereafter,
7/20/27
......
United
States
25,000,000
22,158,443
Senior
Note,
5.123%
to
1/31/28,
FRN
thereafter,
2/01/29
......
United
States
30,000,000
29,605,021
Sub.
Bond,
5.948%
to
1/18/33,
FRN
thereafter,
1/19/38
.......
United
States
37,095,000
36,635,225
624,596,107
Chemicals
1.0%
Celanese
US
Holdings
LLC
,
c
Senior
Bond,
6.379%,
7/15/32
..........................
United
States
50,000,000
50,461,031
Senior
Note,
6.165%,
7/15/27
..........................
United
States
20,000,000
19,910,479
e
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
6.5
%
,
5/15/26
Switzerland
125,000,000
117,737,644
e
CVR
Partners
LP
/
CVR
Nitrogen
Finance
Corp.
,
Senior
Secured
Note
,
144A,
6.125
%
,
6/15/28
...........................
United
States
31,500,000
27,429,538
c
Dow
Chemical
Co.
(The)
,
Senior
Bond
,
6.3
%
,
3/15/33
..........
United
States
35,000,000
37,668,922
Huntsman
International
LLC
,
Senior
Bond
,
4.5
%
,
5/01/29
.......
United
States
25,000,000
22,884,078
e
International
Flavors
&
Fragrances,
Inc.
,
Senior
Bond,
144A,
2.3%,
11/01/30
......................
United
States
130,000,000
103,121,279
Senior
Note,
144A,
1.832%,
10/15/27
....................
United
States
20,000,000
16,882,582
e
Olin
Corp.
,
Senior
Note
,
144A,
9.5
%
,
6/01/25
................
United
States
40,000,000
42,191,959
e
Rain
CII
Carbon
LLC
/
CII
Carbon
Corp.
,
Secured
Note
,
144A,
7.25
%
,
4/01/25
.....................................
United
States
33,249,000
32,304,728
e
SCIH
Salt
Holdings,
Inc.
,
Senior
Note,
144A,
6.625%,
5/01/29
.....................
United
States
119,500,000
100,258,134
Senior
Secured
Note,
144A,
4.875%,
5/01/28
..............
United
States
163,500,000
146,220,584
717,070,958
Commercial
Services
&
Supplies
0.4%
e
ADT
Security
Corp.
(The)
,
Senior
Secured
Note
,
144A,
4.125
%
,
8/01/29
...........................................
United
States
30,000,000
25,945,350
e
APX
Group,
Inc.
,
Senior
Note,
144A,
5.75%,
7/15/29
......................
United
States
108,000,000
93,884,162
Senior
Secured
Note,
144A,
6.75%,
2/15/27
...............
United
States
140,000,000
137,344,900
e
Madison
IAQ
LLC
,
Senior
Secured
Note
,
144A,
4.125
%
,
6/30/28
..
United
States
41,000,000
36,139,044
293,313,456
Communications
Equipment
1.2%
e
CommScope
Technologies
LLC
,
Senior
Note,
144A,
6%,
6/15/25
........................
United
States
463,500,000
432,605,037
Senior
Note,
144A,
5%,
3/15/27
........................
United
States
50,000,000
34,874,310
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)
Communications
Equipment
(continued)
e
CommScope,
Inc.
,
Senior
Note,
144A,
8.25%,
3/01/27
......................
United
States
140,000,000
$
112,192,878
Senior
Note,
144A,
7.125%,
7/01/28
.....................
United
States
125,000,000
88,913,750
Senior
Secured
Note,
144A,
6%,
3/01/26
..................
United
States
230,085,000
214,706,901
883,292,876
Construction
&
Engineering
0.1%
Quanta
Services,
Inc.
,
Senior
Bond
,
2.9
%
,
10/01/30
...........
United
States
110,000,000
93,541,844
Consumer
Finance
2.7%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Note
,
5.75
%
,
6/06/28
.................................
Ireland
40,000,000
39,713,833
Capital
One
Financial
Corp.
,
Senior
Bond,
3.8%,
1/31/28
............................
United
States
47,300,000
43,506,578
Senior
Bond,
5.268%
to
5/09/32,
FRN
thereafter,
5/10/33
.....
United
States
50,000,000
46,833,202
Senior
Bond,
5.817%
to
1/31/33,
FRN
thereafter,
2/01/34
.....
United
States
60,000,000
57,272,460
Senior
Note,
4.985%
to
7/23/25,
FRN
thereafter,
7/24/26
......
United
States
40,000,000
38,785,343
Senior
Note,
4.927%
to
5/09/27,
FRN
thereafter,
5/10/28
......
United
States
144,532,733
137,240,512
Senior
Note,
6.312%
to
6/07/28,
FRN
thereafter,
6/08/29
......
United
States
75,000,000
74,555,714
Senior
Note,
5.247%
to
7/25/29,
FRN
thereafter,
7/26/30
......
United
States
40,000,000
37,744,465
Sub.
Note,
4.2%,
10/29/25
............................
United
States
123,500,000
118,114,013
Sub.
Note,
3.75%,
7/28/26
............................
United
States
102,800,000
95,791,139
Ford
Motor
Credit
Co.
LLC
,
Senior
Bond,
4.389%,
1/08/26
..........................
United
States
25,000,000
23,682,822
Senior
Note,
2.3%,
2/10/25
............................
United
States
35,000,000
32,751,250
Senior
Note,
5.125%,
6/16/25
..........................
United
States
158,015,000
153,816,541
Senior
Note,
4.134%,
8/04/25
..........................
United
States
154,650,000
146,809,462
Senior
Note,
3.375%,
11/13/25
.........................
United
States
32,000,000
29,785,741
Senior
Note,
6.95%,
6/10/26
...........................
United
States
35,000,000
35,207,200
Senior
Note,
2.7%,
8/10/26
............................
United
States
60,000,000
53,624,382
Senior
Note,
4.95%,
5/28/27
...........................
United
States
115,000,000
108,607,380
Senior
Note,
7.35%,
11/04/27
..........................
United
States
30,000,000
30,708,600
Senior
Note,
6.8%,
5/12/28
............................
United
States
40,000,000
40,080,081
Senior
Note,
5.113%,
5/03/29
..........................
United
States
75,000,000
69,628,057
Senior
Note,
7.35%,
3/06/30
...........................
United
States
45,000,000
46,006,515
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond,
4.35%,
1/17/27
...........................
United
States
40,000,000
38,366,910
Senior
Bond,
3.6%,
6/21/30
............................
United
States
37,720,000
32,623,284
Senior
Bond,
3.1%,
1/12/32
............................
United
States
80,000,000
64,745,137
Senior
Bond,
6.4%,
1/09/33
............................
United
States
50,000,000
50,855,686
Senior
Note,
5%,
4/09/27
.............................
United
States
50,000,000
48,683,103
Senior
Note,
2.4%,
4/10/28
............................
United
States
35,000,000
30,199,354
Senior
Note,
5.8%,
6/23/28
............................
United
States
50,000,000
49,834,297
Senior
Note,
4.3%,
4/06/29
............................
United
States
69,000,000
63,366,429
Senior
Note,
5.85%,
4/06/30
...........................
United
States
20,000,000
19,844,380
John
Deere
Capital
Corp.
,
Senior
Bond
,
4.35
%
,
9/15/32
........
United
States
40,000,000
39,282,068
OneMain
Finance
Corp.
,
Senior
Bond,
5.375%,
11/15/29
.........................
United
States
11,100,000
9,447,294
Senior
Note,
6.625%,
1/15/28
..........................
United
States
24,000,000
22,662,480
1,930,175,712
Consumer
Staples
Distribution
&
Retail
0.2%
e
7-Eleven,
Inc.
,
Senior
Bond
,
144A,
1.8
%
,
2/10/31
.............
United
States
75,000,000
59,351,237
Target
Corp.
,
Senior
Bond
,
4.5
%
,
9/15/32
...................
United
States
90,000,000
87,885,624
147,236,861
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
23
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Containers
&
Packaging
1.5%
e,j
ARD
Finance
SA
,
Senior
Secured
Note
,
144A,
PIK,
6.5
%
,
6/30/27
.
Luxembourg
25,144,215
$
20,407,700
c,e
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
plc
,
Senior
Note
,
144A,
4
%
,
9/01/29
.......
United
States
37,000,000
29,345,026
e
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note,
144A,
5.25%,
8/15/27
......................
United
States
214,440,000
181,927,979
Senior
Secured
Note,
144A,
5.25%,
4/30/25
...............
United
States
25,669,000
25,136,751
Senior
Secured
Note,
144A,
4.125%,
8/15/26
..............
United
States
50,000,000
46,632,580
e
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note,
144A,
9.25%,
4/15/27
.....................
United
States
400,000,000
369,670,760
Senior
Secured
Note,
144A,
7.875%,
8/15/26
..............
United
States
295,000,000
293,403,590
e
Pactiv
Evergreen
Group
Issuer,
Inc.
/
Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
70,000,000
61,984,381
e
Sealed
Air
Corp.
,
Senior
Note
,
144A,
6.125
%
,
2/01/28
..........
United
States
25,000,000
24,842,948
1,053,351,715
Diversified
REITs
0.2%
VICI
Properties
LP
,
Senior
Bond,
5.125%,
5/15/32
..........................
United
States
60,000,000
56,196,252
Senior
Note,
4.95%,
2/15/30
...........................
United
States
43,357,000
40,711,573
e
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
4.25
%
,
12/01/26
..........................................
United
States
82,000,000
76,783,266
173,691,091
Diversified
Telecommunication
Services
0.2%
e
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
144A,
5.125
%
,
5/01/27
................................
United
States
90,000,000
83,904,291
Verizon
Communications,
Inc.
,
Senior
Bond
,
4.016
%
,
12/03/29
...
United
States
50,000,000
46,842,095
130,746,386
Electric
Utilities
1.6%
American
Electric
Power
Co.,
Inc.
,
Senior
Bond,
5.95%,
11/01/32
..........................
United
States
30,000,000
31,303,286
Senior
Bond,
5.625%,
3/01/33
..........................
United
States
30,000,000
30,520,143
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note
,
1.875
%
,
1/15/27
United
States
65,000,000
57,980,253
NRG
Energy,
Inc.
,
e
Senior
Bond,
144A,
3.625%,
2/15/31
.....................
United
States
72,000,000
56,272,680
Senior
Note,
5.75%,
1/15/28
...........................
United
States
18,075,000
17,145,768
e
Senior
Note,
144A,
3.375%,
2/15/29
.....................
United
States
38,300,000
31,360,316
e
Senior
Secured
Bond,
144A,
7%,
3/15/33
.................
United
States
30,000,000
30,288,900
e
Senior
Secured
Note,
144A,
2.45%,
12/02/27
..............
United
States
30,000,000
25,306,850
Pacific
Gas
and
Electric
Co.
,
Senior
Bond,
4.55%,
7/01/30
...........................
United
States
122,500,000
110,957,439
Senior
Bond,
6.15%,
1/15/33
...........................
United
States
50,000,000
48,930,469
Senior
Bond,
6.4%,
6/15/33
............................
United
States
30,000,000
29,856,820
Senior
Note,
4.95%,
6/08/25
...........................
United
States
19,250,000
18,668,179
Senior
Note,
3.15%,
1/01/26
...........................
United
States
78,000,000
72,417,027
Senior
Note,
6.1%,
1/15/29
............................
United
States
35,000,000
34,463,457
PG&E
Corp.
,
Senior
Secured
Note
,
5
%
,
7/01/28
..............
United
States
87,284,000
80,172,091
Southern
Co.
(The)
,
Senior
Bond,
5.7%,
10/15/32
...........................
United
States
45,000,000
46,607,367
Senior
Bond,
5.2%,
6/15/33
............................
United
States
50,000,000
49,626,493
Senior
Note,
4.85%,
6/15/28
...........................
United
States
55,000,000
53,938,264
e
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
5.5%,
9/01/26
.......................
United
States
58,000,000
55,862,387
Senior
Note,
144A,
5%,
7/31/27
........................
United
States
56,000,000
52,467,352
Senior
Note,
144A,
4.375%,
5/01/29
.....................
United
States
150,000,000
131,528,580
Senior
Secured
Bond,
144A,
4.3%,
7/15/29
................
United
States
35,000,000
31,048,614
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)
Electric
Utilities
(continued)
e
Vistra
Operations
Co.
LLC,
(continued)
Senior
Secured
Note,
144A,
3.55%,
7/15/24
...............
United
States
25,000,000
$
24,151,673
Senior
Secured
Note,
144A,
3.7%,
1/30/27
................
United
States
33,500,000
30,700,829
1,151,575,237
Electrical
Equipment
0.1%
e
Regal
Rexnord
Corp.
,
Senior
Bond,
144A,
6.4%,
4/15/33
.......................
United
States
25,000,000
24,995,807
Senior
Note,
144A,
6.05%,
4/15/28
......................
United
States
35,000,000
34,776,140
Senior
Note,
144A,
6.3%,
2/15/30
.......................
United
States
25,000,000
24,943,773
e
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
United
States
20,668,000
18,640,337
103,356,057
Electronic
Equipment,
Instruments
&
Components
0.1%
Flex
Ltd.
,
Senior
Note
,
4.75
%
,
6/15/25
.....................
United
States
50,000,000
48,840,830
Energy
Equipment
&
Services
0.5%
e
Schlumberger
Holdings
Corp.
,
Senior
Note
,
144A,
3.9
%
,
5/17/28
..
United
States
42,500,000
40,073,015
e
Weatherford
International
Ltd.
,
Senior
Note,
144A,
8.625%,
4/30/30
.....................
United
States
250,000,000
254,044,250
Senior
Secured
Note,
144A,
6.5%,
9/15/28
................
United
States
80,000,000
80,416,000
374,533,265
Entertainment
0.5%
Netflix,
Inc.
,
Senior
Bond,
4.375%,
11/15/26
.........................
United
States
100,000,000
97,743,250
Senior
Bond,
4.875%,
4/15/28
..........................
United
States
89,300,000
88,400,671
Senior
Bond,
5.875%,
11/15/28
.........................
United
States
50,000,000
51,765,100
Warnermedia
Holdings,
Inc.
,
Senior
Note
,
4.279
%
,
3/15/32
......
United
States
100,000,000
88,733,775
326,642,796
Financial
Services
0.3%
Fiserv,
Inc.
,
Senior
Bond,
4.2%,
10/01/28
...........................
United
States
52,000,000
49,830,285
Senior
Bond,
3.5%,
7/01/29
............................
United
States
40,000,000
36,529,696
Senior
Bond,
2.65%,
6/01/30
...........................
United
States
38,000,000
32,406,958
Senior
Bond,
5.6%,
3/02/33
............................
United
States
30,000,000
30,548,250
e
Woodside
Finance
Ltd.
,
Senior
Bond
,
144A,
4.5
%
,
3/04/29
......
Australia
100,000,000
94,370,569
243,685,758
Food
Products
0.5%
e
Darling
Ingredients,
Inc.
,
Senior
Note
,
144A,
6
%
,
6/15/30
.......
United
States
35,000,000
34,218,418
e
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.
,
Senior
Bond,
144A,
5.75%,
4/01/33
......................
United
States
110,000,000
103,488,325
Senior
Note,
144A,
5.125%,
2/01/28
.....................
United
States
20,000,000
19,220,358
Pilgrim's
Pride
Corp.
,
Senior
Bond
,
6.25
%
,
7/01/33
............
United
States
68,000,000
65,949,256
e
Post
Holdings,
Inc.
,
Senior
Bond,
144A,
5.625%,
1/15/28
.....................
United
States
59,800,000
57,549,744
Senior
Bond,
144A,
4.5%,
9/15/31
.......................
United
States
55,400,000
47,363,609
327,789,710
Ground
Transportation
0.2%
e
Ashtead
Capital,
Inc.
,
Senior
Bond,
144A,
5.55%,
5/30/33
......................
United
Kingdom
55,000,000
53,666,640
Senior
Note,
144A,
4.375%,
8/15/27
.....................
United
Kingdom
34,500,000
32,464,699
Union
Pacific
Corp.
,
Senior
Bond
,
4.5
%
,
1/20/33
..............
United
States
73,000,000
71,829,793
157,961,132
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
25
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Equipment
&
Supplies
0.8%
Baxter
International,
Inc.
,
Senior
Bond
,
2.539
%
,
2/01/32
........
United
States
15,935,000
$
12,916,944
DENTSPLY
SIRONA,
Inc.
,
Senior
Bond
,
3.25
%
,
6/01/30
........
United
States
51,249,000
44,364,378
GE
HealthCare
Technologies,
Inc.
,
WI
,
Senior
Note
,
5.905
%
,
11/22/32
..........................................
United
States
90,000,000
94,194,820
e
Medline
Borrower
LP
,
Senior
Note,
144A,
5.25%,
10/01/29
.....................
United
States
85,000,000
73,841,974
Senior
Secured
Note,
144A,
3.875%,
4/01/29
..............
United
States
384,000,000
334,083,145
559,401,261
Health
Care
Providers
&
Services
7.5%
Centene
Corp.
,
Senior
Bond,
2.5%,
3/01/31
............................
United
States
35,000,000
27,946,275
Senior
Note,
4.25%,
12/15/27
..........................
United
States
66,745,000
62,467,313
Senior
Note,
4.625%,
12/15/29
.........................
United
States
162,000,000
149,256,570
Senior
Note,
3.375%,
2/15/30
..........................
United
States
25,000,000
21,508,500
e
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.875%,
4/15/29
....................
United
States
600,000,000
375,372,000
Secured
Note,
144A,
6.125%,
4/01/30
....................
United
States
585,000,000
349,160,175
Senior
Note,
144A,
6.875%,
4/01/28
.....................
United
States
565,000,000
332,494,025
Senior
Secured
Note,
144A,
8%,
3/15/26
..................
United
States
575,065,000
560,692,573
Senior
Secured
Note,
144A,
5.625%,
3/15/27
..............
United
States
310,000,000
273,482,899
Senior
Secured
Note,
144A,
8%,
12/15/27
.................
United
States
382,000,000
370,151,601
Senior
Secured
Note,
144A,
6%,
1/15/29
..................
United
States
288,700,104
243,179,315
CVS
Health
Corp.
,
Senior
Bond,
4.3%,
3/25/28
............................
United
States
125,000,000
120,638,725
Senior
Bond,
1.875%,
2/28/31
..........................
United
States
70,000,000
55,636,611
Senior
Bond,
5.25%,
2/21/33
...........................
United
States
45,000,000
44,845,007
Senior
Bond,
4.78%,
3/25/38
...........................
United
States
61,925,000
57,183,145
Senior
Bond,
5.05%,
3/25/48
...........................
United
States
40,000,000
36,898,223
e
DaVita,
Inc.
,
Senior
Bond,
144A,
3.75%,
2/15/31
......................
United
States
148,855,000
119,204,171
Senior
Note,
144A,
4.625%,
6/01/30
.....................
United
States
307,500,000
264,323,279
e
Fresenius
Medical
Care
US
Finance
III,
Inc.
,
Senior
Bond,
144A,
2.375%,
2/16/31
.....................
Germany
30,000,000
22,779,671
Senior
Bond,
144A,
3%,
12/01/31
.......................
Germany
30,941,000
24,041,250
HCA,
Inc.
,
Senior
Bond,
5.625%,
9/01/28
..........................
United
States
80,000,000
80,107,530
Senior
Bond,
4.125%,
6/15/29
..........................
United
States
38,500,000
35,647,229
Senior
Bond,
2.375%,
7/15/31
..........................
United
States
28,716,000
22,983,577
Senior
Bond,
5.5%,
6/01/33
............................
United
States
40,000,000
39,953,955
e
Senior
Bond,
144A,
3.625%,
3/15/32
.....................
United
States
32,954,000
28,618,726
Senior
Note,
5%,
3/15/24
.............................
United
States
114,800,000
114,094,650
Humana,
Inc.
,
Senior
Bond
,
5.875
%
,
3/01/33
.................
United
States
35,000,000
36,390,326
e
MPH
Acquisition
Holdings
LLC
,
c
Senior
Note,
144A,
5.75%,
11/01/28
.....................
United
States
174,000,000
131,175,120
Senior
Secured
Note,
144A,
5.5%,
9/01/28
................
United
States
182,350,000
155,636,418
Quest
Diagnostics,
Inc.
,
Senior
Bond
,
2.95
%
,
6/30/30
..........
United
States
58,755,000
51,701,318
Tenet
Healthcare
Corp.
,
Secured
Note,
6.25%,
2/01/27
..........................
United
States
100,000,000
99,087,310
Senior
Bond,
6.875%,
11/15/31
.........................
United
States
55,258,000
55,198,321
Senior
Note,
6.125%,
10/01/28
.........................
United
States
415,000,000
399,918,900
Senior
Secured
Note,
4.25%,
6/01/29
....................
United
States
119,800,000
108,345,611
Senior
Secured
Note,
4.375%,
1/15/30
...................
United
States
42,000,000
37,940,927
Senior
Secured
Note,
6.125%,
6/15/30
...................
United
States
371,000,000
366,158,450
UnitedHealth
Group,
Inc.
,
Senior
Bond
,
5.35
%
,
2/15/33
.........
United
States
125,000,000
129,966,477
5,404,186,173
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)
Health
Care
REITs
0.2%
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
c
Senior
Bond,
5.25%,
8/01/26
...........................
United
States
47,000,000
$
41,828,214
Senior
Bond,
5%,
10/15/27
............................
United
States
145,000,000
122,131,905
Senior
Bond,
4.625%,
8/01/29
..........................
United
States
17,150,000
12,980,665
176,940,784
Health
Care
Technology
0.2%
e,j
Multiplan
Corp.
,
Senior
Note
,
144A,
PIK,
6
%
,
10/15/27
.........
United
States
185,000,000
125,615,000
Hotel
&
Resort
REITs
0.1%
Service
Properties
Trust
,
Senior
Note
,
4.35
%
,
10/01/24
.........
United
States
39,445,000
38,009,553
Hotels,
Restaurants
&
Leisure
2.8%
e
Brinker
International,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/24
.....
United
States
30,000,000
29,289,000
e
Caesars
Entertainment,
Inc.
,
c
Senior
Note,
144A,
8.125%,
7/01/27
.....................
United
States
99,750,000
102,203,252
Senior
Note,
144A,
4.625%,
10/15/29
....................
United
States
112,000,000
97,900,387
Senior
Secured
Note,
144A,
6.25%,
7/01/25
...............
United
States
189,759,000
189,051,047
Senior
Secured
Note,
144A,
7%,
2/15/30
..................
United
States
52,000,000
52,267,280
e
Carnival
Corp.
,
Secured
Note,
144A,
10.5%,
2/01/26
.....................
United
States
13,000,000
13,677,469
c
Senior
Note,
144A,
7.625%,
3/01/26
.....................
United
States
130,000,000
127,442,107
Senior
Note,
144A,
5.75%,
3/01/27
......................
United
States
165,000,000
152,049,975
c
Senior
Note,
144A,
10.5%,
6/01/30
......................
United
States
65,000,000
69,015,505
e
Everi
Holdings,
Inc.
,
Senior
Note
,
144A,
5
%
,
7/15/29
...........
United
States
20,000,000
17,533,208
Expedia
Group,
Inc.
,
Senior
Bond,
3.8%,
2/15/28
............................
United
States
57,000,000
53,358,898
Senior
Note,
5%,
2/15/26
.............................
United
States
30,000,000
29,593,145
Senior
Note,
3.25%,
2/15/30
...........................
United
States
60,000,000
52,267,859
e
Senior
Note,
144A,
6.25%,
5/01/25
......................
United
States
54,596,000
54,803,663
e
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note,
144A,
6.75%,
1/15/30
......................
United
States
75,000,000
63,901,298
Senior
Secured
Note,
144A,
4.625%,
1/15/29
..............
United
States
150,000,000
131,771,250
Marriott
International,
Inc.
,
Senior
Note,
5%,
10/15/27
............................
United
States
25,000,000
24,818,573
Senior
Note,
4.9%,
4/15/29
............................
United
States
20,000,000
19,467,477
McDonald's
Corp.
,
Senior
Bond
,
4.6
%
,
9/09/32
...............
United
States
50,000,000
49,549,973
e
Penn
Entertainment,
Inc.
,
Senior
Note,
144A,
5.625%,
1/15/27
.....................
United
States
20,000,000
18,725,041
Senior
Note,
144A,
4.125%,
7/01/29
.....................
United
States
65,000,000
53,404,000
e
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
,
Senior
Bond,
144A,
5.5%,
3/01/25
.......................
United
States
440,000,000
433,363,436
Senior
Note,
144A,
5.25%,
5/15/27
......................
United
States
156,722,000
148,641,837
e
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125
%
,
2/15/31
...........................
United
States
30,000,000
29,845,254
2,013,940,934
Household
Durables
0.2%
KB
Home
,
Senior
Note
,
7.25
%
,
7/15/30
.....................
United
States
23,800,000
24,129,653
Lennar
Corp.
,
Senior
Note
,
4.5
%
,
4/30/24
...................
United
States
44,675,000
44,305,747
Shea
Homes
LP
/
Shea
Homes
Funding
Corp.
,
Senior
Note,
4.75%,
2/15/28
...........................
United
States
34,630,000
30,763,234
Senior
Note,
4.75%,
4/01/29
...........................
United
States
49,895,000
43,390,881
142,589,515
Household
Products
0.1%
e
Energizer
Holdings,
Inc.
,
Senior
Note,
144A,
6.5%,
12/31/27
......................
United
States
20,000,000
19,253,062
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)
Household
Products
(continued)
e
Energizer
Holdings,
Inc.,
(continued)
Senior
Note,
144A,
4.75%,
6/15/28
......................
United
States
24,000,000
$
21,432,000
Senior
Note,
144A,
4.375%,
3/31/29
.....................
United
States
16,000,000
13,808,000
54,493,062
Independent
Power
and
Renewable
Electricity
Producers
0.4%
e
Calpine
Corp.
,
Senior
Note,
144A,
5.125%,
3/15/28
.....................
United
States
132,000,000
117,979,224
Senior
Secured
Note,
144A,
4.5%,
2/15/28
................
United
States
103,500,000
93,802,185
e,h
Vistra
Corp.
,
Junior
Sub.
Bond
,
144A,
7%
to
12/14/26,
FRN
thereafter
,
Perpetual
.................................
United
States
100,000,000
87,362,500
299,143,909
Insurance
0.2%
e
Five
Corners
Funding
Trust
III
,
Senior
Note
,
144A,
5.791
%
,
2/15/33
United
States
30,000,000
30,431,584
e
Northwestern
Mutual
Global
Funding
,
Secured
Note
,
144A,
4.35
%
,
9/15/27
...........................................
United
States
40,000,000
39,034,970
Prudential
Financial,
Inc.
,
Junior
Sub.
Bond
,
5.7%
to
9/14/28,
FRN
thereafter
,
9/15/48
...................................
United
States
65,000,000
62,864,425
132,330,979
Interactive
Media
&
Services
0.1%
Meta
Platforms,
Inc.
,
Senior
Note
,
3.85
%
,
8/15/32
.............
United
States
65,000,000
60,406,948
e
ZipRecruiter,
Inc.
,
Senior
Note
,
144A,
5
%
,
1/15/30
.............
United
States
40,000,000
34,099,600
94,506,548
IT
Services
0.1%
Twilio,
Inc.
,
Senior
Bond,
3.875%,
3/15/31
..........................
United
States
46,500,000
38,767,037
Senior
Note,
3.625%,
3/15/29
..........................
United
States
45,000,000
38,324,285
77,091,322
Machinery
0.2%
Parker-Hannifin
Corp.
,
Senior
Bond
,
3.25
%
,
6/14/29
...........
United
States
43,000,000
39,139,124
e
Roller
Bearing
Co.
of
America,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
10/15/29
..........................................
United
States
35,000,000
31,400,530
e
TK
Elevator
US
Newco,
Inc.
,
Senior
Secured
Note
,
144A,
5.25
%
,
7/15/27
...........................................
Germany
43,000,000
39,777,692
110,317,346
Media
1.4%
e
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
152,000,000
119,506,960
Senior
Note,
144A,
7.5%,
6/01/29
.......................
United
States
77,000,000
57,067,110
Senior
Secured
Note,
144A,
5.125%,
8/15/27
..............
United
States
90,000,000
81,829,156
CSC
Holdings
LLC
,
Senior
Bond,
5.25%,
6/01/24
...........................
United
States
58,026,000
54,034,258
e
Senior
Bond,
144A,
5.5%,
4/15/27
.......................
United
States
70,000,000
58,338,259
DISH
DBS
Corp.
,
Senior
Note,
5.875%,
11/15/24
.........................
United
States
145,000,000
127,002,817
Senior
Note,
7.75%,
7/01/26
...........................
United
States
49,320,000
30,300,975
e
Senior
Secured
Note,
144A,
5.25%,
12/01/26
..............
United
States
40,000,000
32,161,900
e
Stagwell
Global
LLC
,
Senior
Note
,
144A,
5.625
%
,
8/15/29
.......
United
States
60,000,000
51,413,250
e
Univision
Communications,
Inc.
,
Senior
Secured
Note,
144A,
5.125%,
2/15/25
..............
United
States
330,000,000
323,419,800
Senior
Secured
Note,
144A,
6.625%,
6/01/27
..............
United
States
70,000,000
67,765,530
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)
Media
(continued)
e
Univision
Communications,
Inc.,
(continued)
Senior
Secured
Note,
144A,
7.375%,
6/30/30
..............
United
States
20,000,000
$
19,060,348
1,021,900,363
Metals
&
Mining
1.2%
e
Alcoa
Nederland
Holding
BV
,
Senior
Note,
144A,
5.5%,
12/15/27
......................
United
States
104,742,000
101,407,720
c
Senior
Note,
144A,
4.125%,
3/31/29
.....................
United
States
101,547,000
90,866,794
ArcelorMittal
SA
,
Senior
Bond,
6.8%,
11/29/32
...........................
Luxembourg
40,000,000
41,086,893
Senior
Note,
6.55%,
11/29/27
..........................
Luxembourg
25,000,000
25,657,251
e
Cleveland-Cliffs,
Inc.
,
c
Senior
Bond,
144A,
4.875%,
3/01/31
.....................
United
States
30,000,000
26,401,356
Senior
Secured
Note,
144A,
6.75%,
3/15/26
...............
United
States
50,000,000
50,574,306
e
First
Quantum
Minerals
Ltd.
,
Senior
Note,
144A,
7.5%,
4/01/25
.......................
Zambia
93,600,000
93,615,040
Senior
Note,
144A,
8.625%,
6/01/31
.....................
Zambia
55,000,000
56,437,150
e
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond,
144A,
4.375%,
4/01/31
.....................
Australia
130,000,000
111,179,523
Senior
Bond,
144A,
6.125%,
4/15/32
.....................
Australia
22,500,000
21,475,024
Senior
Note,
144A,
5.875%,
4/15/30
.....................
Australia
50,000,000
47,669,210
Freeport-McMoRan,
Inc.
,
Senior
Bond,
5.25%,
9/01/29
...........................
United
States
61,402,000
60,380,129
Senior
Bond,
4.625%,
8/01/30
..........................
United
States
36,000,000
33,953,400
e
Glencore
Funding
LLC
,
Senior
Bond
,
144A,
2.5
%
,
9/01/30
......
Australia
100,000,000
81,958,079
e
Mineral
Resources
Ltd.
,
Senior
Note,
144A,
8%,
11/01/27
........................
Australia
20,000,000
19,992,637
Senior
Note,
144A,
8.5%,
5/01/30
.......................
Australia
35,000,000
35,176,098
897,830,610
Multi-Utilities
0.2%
Dominion
Energy,
Inc.
,
A,
Senior
Note,
4.35%,
8/15/32
.........................
United
States
30,000,000
28,088,546
C,
Senior
Note,
3.375%,
4/01/30
........................
United
States
30,000,000
26,863,794
NiSource,
Inc.
,
Senior
Bond
,
3.6
%
,
5/01/30
..................
United
States
33,750,000
30,433,177
Sempra
Energy
,
Senior
Bond
,
5.5
%
,
8/01/33
.................
United
States
35,000,000
34,794,843
Southern
Co.
Gas
Capital
Corp.
,
Senior
Bond
,
5.15
%
,
9/15/32
...
United
States
40,000,000
39,770,957
159,951,317
Oil,
Gas
&
Consumable
Fuels
2.2%
BP
Capital
Markets
America,
Inc.
,
Senior
Bond,
4.234%,
11/06/28
.........................
United
States
28,705,000
27,852,458
Senior
Bond,
3.633%,
4/06/30
..........................
United
States
46,500,000
43,265,094
Senior
Bond,
2.721%,
1/12/32
..........................
United
States
25,000,000
21,239,469
e
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note,
144A,
11%,
4/15/25
........................
United
States
260,000,000
269,298,915
Senior
Note,
144A,
8.125%,
1/15/27
.....................
United
States
95,000,000
91,047,152
Senior
Note,
144A,
9.75%,
7/15/28
......................
United
States
69,000,000
67,940,850
Senior
Secured
Note,
144A,
9.25%,
7/15/24
...............
United
States
111,402,000
111,694,611
Cheniere
Corpus
Christi
Holdings
LLC
,
Senior
Secured
Note,
5.125%,
6/30/27
...................
United
States
87,973,000
86,541,997
Senior
Secured
Note,
3.7%,
11/15/29
....................
United
States
107,245,000
97,198,210
e
Cheniere
Energy
Partners
LP
,
Senior
Bond
,
144A,
5.95
%
,
6/30/33
.
United
States
30,000,000
30,124,800
Chevron
Corp.
,
Senior
Bond
,
2.236
%
,
5/11/30
................
United
States
40,000,000
34,853,931
e
CITGO
Petroleum
Corp.
,
Senior
Secured
Note,
144A,
7%,
6/15/25
..................
United
States
33,224,000
32,630,952
Senior
Secured
Note,
144A,
6.375%,
6/15/26
..............
United
States
30,000,000
28,915,650
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)
Oil,
Gas
&
Consumable
Fuels
(continued)
e
Civitas
Resources,
Inc.
,
Senior
Note
,
144A,
8.75
%
,
7/01/31
......
United
States
30,000,000
$
30,451,500
Energy
Transfer
LP
,
Senior
Bond
,
5.75
%
,
2/15/33
.............
United
States
30,000,000
30,237,630
e
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Note
,
144A,
6
%
,
4/15/30
...........................................
United
States
32,000,000
29,171,491
Kinder
Morgan,
Inc.
,
Senior
Bond
,
5.2
%
,
6/01/33
..............
United
States
50,000,000
48,477,672
e
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
........
United
States
50,000,000
47,574,750
Occidental
Petroleum
Corp.
,
Senior
Note,
5.5%,
12/01/25
...........................
United
States
30,000,000
29,645,100
Senior
Note,
6.375%,
9/01/28
..........................
United
States
60,000,000
61,050,722
Senior
Note,
6.625%,
9/01/30
..........................
United
States
80,000,000
83,200,000
Senior
Note,
6.125%,
1/01/31
..........................
United
States
52,000,000
52,853,580
e
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
6/01/28
...........................................
United
States
55,000,000
55,921,509
Williams
Cos.,
Inc.
(The)
,
Senior
Bond,
3.5%,
11/15/30
...........................
United
States
27,575,000
24,670,404
Senior
Bond,
2.6%,
3/15/31
............................
United
States
61,000,000
50,585,553
Senior
Bond,
4.65%,
8/15/32
...........................
United
States
70,000,000
66,332,857
Senior
Bond,
5.65%,
3/15/33
...........................
United
States
30,000,000
30,409,762
1,583,186,619
Passenger
Airlines
1.6%
e
American
Airlines
Group,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
3/01/25
.
United
States
58,000,000
55,093,260
e
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note,
144A,
5.5%,
4/20/26
................
United
States
175,500,000
174,023,993
Senior
Secured
Note,
144A,
5.75%,
4/20/29
...............
United
States
104,850,000
101,901,492
e
American
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
11.75
%
,
7/15/25
United
States
180,000,000
197,537,040
e
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note,
144A,
4.5%,
10/20/25
...............
United
States
53,301,411
52,161,863
Senior
Secured
Note,
144A,
4.75%,
10/20/28
..............
United
States
325,000,000
315,735,706
e
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets
Ltd.
,
Senior
Secured
Note
,
144A,
6.5
%
,
6/20/27
.......
United
States
94,400,000
94,720,650
e
United
Airlines,
Inc.
,
Senior
Secured
Note,
144A,
4.375%,
4/15/26
..............
United
States
69,462,000
66,058,758
Senior
Secured
Note,
144A,
4.625%,
4/15/29
..............
United
States
116,643,000
106,386,324
1,163,619,086
Personal
Care
Products
0.2%
e
BellRing
Brands,
Inc.
,
Senior
Note
,
144A,
7
%
,
3/15/30
.........
United
States
35,000,000
35,257,950
Haleon
US
Capital
LLC
,
Senior
Note,
3.375%,
3/24/29
..........................
United
States
30,000,000
27,279,673
Senior
Note,
3.625%,
3/24/32
..........................
United
States
65,043,000
58,336,910
120,874,533
Pharmaceuticals
3.0%
e
1375209
BC
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
1/30/28
......
Canada
467,060,000
468,767,104
e
Bausch
Health
Cos.,
Inc.
,
Secured
Note,
144A,
14%,
10/15/30
.....................
United
States
164,340,000
98,604,000
Senior
Secured
Note,
144A,
5.5%,
11/01/25
...............
United
States
204,000,000
180,529,800
Senior
Secured
Note,
144A,
6.125%,
2/01/27
..............
United
States
183,000,000
117,367,050
Senior
Secured
Note,
144A,
5.75%,
8/15/27
...............
United
States
43,850,000
26,916,884
Senior
Secured
Note,
144A,
11%,
9/30/28
.................
United
States
790,000,000
563,112,000
e
Bayer
US
Finance
II
LLC
,
Senior
Note
,
144A,
4.25
%
,
12/15/25
...
Germany
65,000,000
62,739,543
Bristol-Myers
Squibb
Co.
,
Senior
Note
,
3.9
%
,
2/20/28
..........
United
States
30,000,000
29,144,959
e,k
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
10/15/24
..........................
United
States
47,500,000
34,883,587
e,k
Endo
Luxembourg
Finance
Co.
I
SARL
/
Endo
US,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
4/01/29
....................
United
States
66,355,000
49,168,723
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)
Pharmaceuticals
(continued)
e
Kevlar
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
.........
Italy
35,000,000
$
30,012,500
e,k
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
4/01/27
United
States
193,401,000
143,196,607
Royalty
Pharma
plc
,
Senior
Bond,
2.15%,
9/02/31
...........................
United
States
45,800,000
35,924,246
Senior
Note,
2.2%,
9/02/30
............................
United
States
35,000,000
28,155,996
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note,
7.125%,
1/31/25
..........................
Israel
27,220,000
27,612,376
c
Senior
Note,
6.75%,
3/01/28
...........................
Israel
26,000,000
25,639,456
Senior
Note,
7.875%,
9/15/29
..........................
Israel
25,000,000
25,794,550
Senior
Note,
8.125%,
9/15/31
..........................
Israel
30,000,000
31,479,930
Utah
Acquisition
Sub,
Inc.
,
Senior
Note
,
3.95
%
,
6/15/26
.........
United
States
130,500,000
123,990,219
Viatris,
Inc.
,
Senior
Note
,
2.7
%
,
6/22/30
.....................
United
States
25,000,000
20,244,036
2,123,283,566
Semiconductors
&
Semiconductor
Equipment
0.9%
Broadcom,
Inc.
,
Senior
Bond,
4.15%,
11/15/30
..........................
United
States
20,000,000
18,410,513
Senior
Bond,
4.3%,
11/15/32
...........................
United
States
80,000,000
73,414,122
e
Senior
Bond,
144A,
2.45%,
2/15/31
......................
United
States
80,000,000
65,097,360
e
Senior
Bond,
144A,
4.15%,
4/15/32
......................
United
States
65,000,000
58,906,731
e
Senior
Bond,
144A,
3.469%,
4/15/34
.....................
United
States
66,000,000
54,163,951
e
Senior
Note,
144A,
4%,
4/15/29
........................
United
States
58,307,000
53,894,869
Intel
Corp.
,
Senior
Bond,
5.2%,
2/10/33
............................
United
States
25,000,000
25,249,833
Senior
Note,
5.125%,
2/10/30
..........................
United
States
30,000,000
30,201,714
Micron
Technology,
Inc.
,
Senior
Bond,
5.327%,
2/06/29
..........................
United
States
25,000,000
24,628,024
Senior
Bond,
4.663%,
2/15/30
..........................
United
States
34,000,000
32,079,124
Senior
Bond,
5.875%,
2/09/33
..........................
United
States
40,000,000
39,818,152
Senior
Note,
6.75%,
11/01/29
..........................
United
States
55,000,000
57,207,141
NXP
BV
/
NXP
Funding
LLC
,
Senior
Note
,
5.55
%
,
12/01/28
......
China
20,000,000
20,136,004
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
,
Senior
Note,
3.4%,
5/01/30
............................
China
31,200,000
27,626,304
Senior
Note,
2.5%,
5/11/31
............................
China
35,000,000
28,542,683
e
Qorvo,
Inc.
,
Senior
Bond
,
144A,
3.375
%
,
4/01/31
.............
United
States
30,800,000
24,872,605
634,249,130
Software
0.9%
e
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
............
United
States
72,875,000
63,441,870
Oracle
Corp.
,
Senior
Bond,
2.65%,
7/15/26
...........................
United
States
100,000,000
92,481,991
Senior
Bond,
3.25%,
11/15/27
..........................
United
States
40,000,000
37,127,648
Senior
Bond,
2.95%,
4/01/30
...........................
United
States
44,000,000
38,430,459
Senior
Bond,
3.25%,
5/15/30
...........................
United
States
21,960,000
19,607,237
Senior
Bond,
2.875%,
3/25/31
..........................
United
States
101,000,000
86,253,957
Senior
Bond,
6.25%,
11/09/32
..........................
United
States
45,000,000
47,786,417
Senior
Note,
2.3%,
3/25/28
............................
United
States
50,000,000
44,153,598
Senior
Note,
6.15%,
11/09/29
..........................
United
States
20,000,000
20,844,577
Roper
Technologies,
Inc.
,
Senior
Bond,
2%,
6/30/30
.............................
United
States
30,303,000
24,795,609
Senior
Bond,
1.75%,
2/15/31
...........................
United
States
20,000,000
15,874,809
Workday,
Inc.
,
Senior
Bond
,
3.8
%
,
4/01/32
..................
United
States
200,000,000
180,131,492
670,929,664
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
Corporate
Bonds
(continued)
Specialized
REITs
0.6%
American
Tower
Corp.
,
Senior
Bond,
3.375%,
10/15/26
.........................
United
States
50,000,000
$
46,696,056
Senior
Bond,
3.55%,
7/15/27
...........................
United
States
40,000,000
37,099,234
Senior
Bond,
5.65%,
3/15/33
...........................
United
States
60,000,000
60,899,591
Senior
Note,
1.6%,
4/15/26
............................
United
States
45,318,000
40,666,240
Senior
Note,
4.05%,
3/15/32
...........................
United
States
50,000,000
45,608,900
Crown
Castle,
Inc.
,
Senior
Bond,
3.3%,
7/01/30
............................
United
States
74,583,000
65,974,612
Senior
Bond,
2.1%,
4/01/31
............................
United
States
33,500,000
26,833,395
Senior
Bond,
2.5%,
7/15/31
............................
United
States
25,000,000
20,557,636
e
Iron
Mountain,
Inc.
,
Senior
Note
,
144A,
4.875
%
,
9/15/27
........
United
States
73,500,000
69,500,885
Weyerhaeuser
Co.
,
Senior
Bond
,
3.375
%
,
3/09/33
............
United
States
42,300,000
36,424,700
450,261,249
Specialty
Retail
0.8%
AutoNation,
Inc.
,
Senior
Bond,
4.75%,
6/01/30
...........................
United
States
40,959,000
38,327,801
Senior
Bond,
2.4%,
8/01/31
............................
United
States
44,451,000
33,752,188
Senior
Bond,
3.85%,
3/01/32
...........................
United
States
32,953,000
27,979,110
Senior
Note,
1.95%,
8/01/28
...........................
United
States
44,000,000
35,867,301
Bath
&
Body
Works,
Inc.
,
Senior
Bond
,
6.875
%
,
11/01/35
.......
United
States
50,000,000
45,825,685
c
Home
Depot,
Inc.
(The)
,
Senior
Note
,
4.5
%
,
9/15/32
...........
United
States
100,000,000
98,887,738
Lowe's
Cos.,
Inc.
,
Senior
Bond,
3.65%,
4/05/29
...........................
United
States
20,000,000
18,543,475
Senior
Bond,
4.5%,
4/15/30
............................
United
States
35,000,000
34,049,350
Senior
Bond,
3.75%,
4/01/32
...........................
United
States
40,000,000
36,219,574
Senior
Bond,
5%,
4/15/33
.............................
United
States
115,000,000
113,812,334
Senior
Bond,
5.15%,
7/01/33
...........................
United
States
35,000,000
35,004,646
e
Michaels
Cos.,
Inc.
(The)
,
Senior
Secured
Note
,
144A,
5.25
%
,
5/01/28
...........................................
United
States
60,000,000
48,538,200
566,807,402
Technology
Hardware,
Storage
&
Peripherals
0.6%
c
Apple,
Inc.
,
Senior
Bond
,
3.35
%
,
8/08/32
....................
United
States
60,000,000
55,979,129
Dell
International
LLC
/
EMC
Corp.
,
c
Senior
Bond,
5.75%,
2/01/33
...........................
United
States
40,000,000
40,397,901
Senior
Note,
5.3%,
10/01/29
...........................
United
States
55,000,000
54,632,829
HP,
Inc.
,
Senior
Bond,
4.2%,
4/15/32
............................
United
States
48,960,000
43,931,841
Senior
Bond,
5.5%,
1/15/33
............................
United
States
50,000,000
49,130,355
Senior
Note,
4%,
4/15/29
.............................
United
States
150,309,000
140,134,644
Senior
Note,
2.65%,
6/17/31
...........................
United
States
30,000,000
24,194,029
408,400,728
Textiles,
Apparel
&
Luxury
Goods
0.0%
†
c,e
Hanesbrands,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/31
............
United
States
25,000,000
25,219,150
Tobacco
0.7%
BAT
Capital
Corp.
,
Senior
Note,
3.222%,
8/15/24
..........................
United
Kingdom
78,500,000
76,207,108
Senior
Note,
3.557%,
8/15/27
..........................
United
Kingdom
323,000,000
297,214,455
Senior
Note,
2.259%,
3/25/28
..........................
United
Kingdom
37,812,000
32,433,618
Philip
Morris
International,
Inc.
,
Senior
Bond,
5.75%,
11/17/32
..........................
United
States
25,000,000
25,616,155
Senior
Bond,
5.375%,
2/15/33
..........................
United
States
45,000,000
44,925,710
476,397,046
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
32
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Trading
Companies
&
Distributors
0.6%
United
Rentals
North
America,
Inc.
,
Secured
Note,
3.875%,
11/15/27
........................
United
States
19,000,000
$
17,760,369
Senior
Bond,
4.875%,
1/15/28
..........................
United
States
135,000,000
128,591,604
Senior
Bond,
4%,
7/15/30
.............................
United
States
61,623,000
54,631,057
Senior
Bond,
3.875%,
2/15/31
..........................
United
States
104,657,000
90,706,086
Senior
Bond,
3.75%,
1/15/32
...........................
United
States
31,000,000
26,289,987
e
Senior
Secured
Note,
144A,
6%,
12/15/29
.................
United
States
65,000,000
64,910,339
e
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
6/15/25
...
United
States
30,000,000
30,343,050
413,232,492
Water
Utilities
0.1%
c
American
Water
Capital
Corp.
,
Senior
Bond
,
4.45
%
,
6/01/32
.....
United
States
40,336,000
39,088,118
Wireless
Telecommunication
Services
0.9%
Sprint
LLC
,
Senior
Note,
7.875%,
9/15/23
..........................
United
States
187,350,000
187,971,065
Senior
Note,
7.125%,
6/15/24
..........................
United
States
190,650,000
192,526,568
Senior
Note,
7.625%,
3/01/26
..........................
United
States
86,300,000
89,723,866
e
Sprint
Spectrum
Co.
LLC
/
Sprint
Spectrum
Co.
II
LLC
/
Sprint
Spectrum
Co.
III
LLC
,
Senior
Secured
Note
,
144A,
5.152
%
,
3/20/28
...........................................
United
States
85,500,000
84,620,507
T-Mobile
USA,
Inc.
,
Senior
Bond,
5.2%,
1/15/33
............................
United
States
45,000,000
44,729,959
Senior
Note,
3.375%,
4/15/29
..........................
United
States
30,000,000
27,118,437
626,690,402
Total
Corporate
Bonds
(Cost
$36,175,886,225)
..................................
34,664,123,589
Units
a
Index-Linked
Notes
0.1%
Capital
Markets
0.1%
e,l
Goldman
Sachs
International
Bank
into
S&P
500
Index
,
Senior
Note,
144A,
8%,
9/22/23
.........................
United
States
5,985
25,768,782
Senior
Note,
144A,
6.5%,
12/22/23
.......................
United
States
5,985
26,169,284
Total
Index-Linked
Notes
(Cost
$50,016,250)
....................................
51,938,066
Principal
Amount
*
Senior
Floating
Rate
Interests
0.3%
Health
Care
Equipment
&
Supplies
0.0%
†
m
Medline
Borrower
LP
,
Initial
Dollar
Term
Loan
,
8.352
%
,
(
1-month
SOFR
+
3.25
%
),
10/23/28
.............................
United
States
14,962,121
14,807,787
Software
0.3%
m
TIBCO
Software,
Inc.
,
First
Lien,
CME
Term
Loan,
A
,
9.842
%
,
(
3-month
SOFR
+
4.5
%
),
9/29/28
........................
United
States
249,298,980
234,009,474
Total
Senior
Floating
Rate
Interests
(Cost
$233,332,354)
.........................
248,817,261
U.S.
Government
and
Agency
Securities
12.5%
U.S.
Treasury
Bonds
,
3.375%,
8/15/42
.....................................
United
States
600,000,000
544,898,436
3.625%,
5/15/53
.....................................
United
States
500,000,000
480,625,000
U.S.
Treasury
Notes
,
4.375%,
10/31/24
....................................
United
States
1,000,000,000
988,105,470
4.25%,
10/15/25
.....................................
United
States
1,000,000,000
988,984,380
4.125%,
10/31/27
....................................
United
States
1,250,000,000
1,243,701,175
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
33
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
U.S.
Treasury
Notes,
(continued)
3.875%,
11/30/27
....................................
United
States
500,000,000
$
492,998,045
4%,
10/31/29
.......................................
United
States
1,000,000,000
997,617,190
2.875%,
5/15/32
.....................................
United
States
1,250,000,000
1,159,204,100
2.75%,
8/15/32
.....................................
United
States
2,250,000,000
2,063,100,578
Total
U.S.
Government
and
Agency
Securities
(Cost
$9,175,389,154)
..............
8,959,234,374
Asset-Backed
Securities
0.1%
Passenger
Airlines
0.1%
United
Airlines
Pass-Through
Trust
,
2020-1,
A,
5.875%,
10/15/27
...........................
United
States
39,527,583
39,237,036
2023-1,
A,
5.8%,
1/15/36
..............................
United
States
50,000,000
50,984,750
90,221,786
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$89,527,583)
...............................
90,221,786
Mortgage-Backed
Securities
0.0%
†
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.0%
†
FNMA,
30
Year,
4%,
8/01/49
.............................
United
States
26,344,373
25,179,431
Total
Mortgage-Backed
Securities
(Cost
$27,908,570)
............................
25,179,431
Shares
a
Escrows
and
Litigation
Trusts
0.1%
b,e
Entegris
Escrow
Corp.,
Escrow
Account,
144A
...............
United
States
60,000,000
55,755,366
Total
Escrows
and
Litigation
Trusts
(Cost
$58,061,990)
..........................
55,755,366
Total
Long
Term
Investments
(Cost
$72,259,973,457)
............................
71,020,837,007
a
Short
Term
Investments
0.6%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
0.4%
d,n
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.699%
....
United
States
257,171,181
257,171,181
Total
Money
Market
Funds
(Cost
$257,171,181)
.................................
257,171,181
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
34
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.2%
Money
Market
Funds
0.2%
d,n
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.699%
....
United
States
129,536,000
$
129,536,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$129,536,000)
..........................................................
129,536,000
Total
Short
Term
Investments
(Cost
$386,707,181
)
...............................
386,707,181
a
Total
Investments
(Cost
$72,646,680,638)
99.5%
................................
$71,407,544,188
Options
Written
(0.1)%
.......................................................
(57,386,572)
Other
Assets,
less
Liabilities
0.6%
.............................................
477,544,378
Net
Assets
100.0%
...........................................................
$71,827,701,994
Number
of
Contracts
Notional
Amount
#
Options
Written
(0.1)%
Calls
-
Exchange-Traded
Equity
Options
Amgen,
Inc.,
August
Strike
Price
$245.00,
Expires
8/18/23
......
15,000
333,030,000
(795,000)
Bank
of
America
Corp.,
August
Strike
Price
$31.00,
Expires
8/18/23
25,000
71,725,000
(725,000)
Bank
of
America
Corp.,
July
Strike
Price
$33.00,
Expires
7/21/23
..
25,000
71,725,000
(100,000)
Bristol-Myers
Squibb
Co.,
September
Strike
Price
$75.00,
Expires
9/15/23
...........................................
10,000
63,950,000
(70,000)
Charles
Schwab
Corp.
(The),
September
Strike
Price
$65.00,
Expires
9/15/23
.....................................
10,000
56,680,000
(820,000)
Chevron
Corp.,
September
Strike
Price
$165.00,
Expires
9/15/23
.
10,000
157,350,000
(3,000,000)
Chevron
Corp.,
July
Strike
Price
$175.00,
Expires
7/21/23
.......
10,000
157,350,000
(40,000)
Goldman
Sachs
Group,
Inc.
(The),
July
Strike
Price
$360.00,
Expires
7/21/23
...........................................
10,000
322,540,000
(310,000)
Home
Depot,
Inc.
(The),
August
Strike
Price
$320.00,
Expires
8/18/23
...........................................
10,000
310,640,000
(5,950,000)
Intel
Corp.,
July
Strike
Price
$33.00,
Expires
7/21/23
...........
20,000
66,880,000
(2,560,000)
Intel
Corp.,
July
Strike
Price
$34.00,
Expires
7/21/23
...........
20,000
66,880,000
(1,580,000)
International
Business
Machines
Corp.,
September
Strike
Price
$150.00,
Expires
9/15/23
..............................
20,000
267,620,000
(760,000)
Johnson
&
Johnson,
July
Strike
Price
$165.00,
Expires
7/21/23
...
10,000
165,520,000
(2,890,000)
Johnson
&
Johnson,
July
Strike
Price
$175.00,
Expires
7/21/23
...
10,000
165,520,000
(140,000)
JPMorgan
Chase
&
Co.,
September
Strike
Price
$155.00,
Expires
9/15/23
...........................................
20,000
290,880,000
(3,180,000)
Morgan
Stanley,
September
Strike
Price
$95.00,
Expires
9/15/23
..
20,000
170,800,000
(1,160,000)
Philip
Morris
International,
Inc.,
September
Strike
Price
$100.00,
Expires
9/15/23
.....................................
10,000
97,620,000
(2,450,000)
Procter
&
Gamble
Co.
(The),
September
Strike
Price
$155.00,
Expires
9/15/23
.....................................
10,000
151,740,000
(2,690,000)
Procter
&
Gamble
Co.
(The),
July
Strike
Price
$160.00,
Expires
7/21/23
...........................................
7,500
113,805,000
(45,000)
Procter
&
Gamble
Co.
(The),
July
Strike
Price
$165.00,
Expires
7/21/23
...........................................
10,000
151,740,000
(10,000)
Shell
plc,
September
Strike
Price
$65.00,
Expires
9/15/23
.......
10,000
60,380,000
(700,000)
Texas
Instruments,
Inc.,
September
Strike
Price
$185.00,
Expires
9/15/23
...........................................
10,000
180,020,000
(5,580,000)
Texas
Instruments,
Inc.,
July
Strike
Price
$190.00,
Expires
7/21/23
10,000
180,020,000
(610,000)
Union
Pacific
Corp.,
August
Strike
Price
$220.00,
Expires
8/18/23
.
10,000
204,620,000
(1,350,000)
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
35
a
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
a
a
Options
Written
(continued)
Calls
-
Exchange-Traded
(continued)
Equity
Options
(continued)
United
Parcel
Service,
Inc.,
July
Strike
Price
$190.00,
Expires
7/21/23
...........................................
10,000
179,250,000
$
(300,000)
(37,815,000)
Puts
-
Exchange-Traded
Equity
Options
Amgen,
Inc.,
August
Strike
Price
$205.00,
Expires
8/18/23
......
5,000
111,010,000
(865,000)
Analog
Devices,
Inc.,
August
Strike
Price
$170.00,
Expires
8/18/23
10,000
194,810,000
(700,000)
Automatic
Data
Processing,
Inc.,
August
Strike
Price
$190.00,
Expires
8/18/23
.....................................
5,000
109,895,000
(325,000)
Bristol-Myers
Squibb
Co.,
September
Strike
Price
$62.50,
Expires
9/15/23
...........................................
10,000
63,950,000
(1,490,000)
CVS
Health
Corp.,
August
Strike
Price
$60.00,
Expires
8/18/23
...
10,000
69,130,000
(330,000)
Home
Depot,
Inc.
(The),
July
Strike
Price
$250.00,
Expires
7/21/23
10,000
310,640,000
(50,000)
Home
Depot,
Inc.
(The),
August
Strike
Price
$265.00,
Expires
8/18/23
...........................................
10,000
310,640,000
(850,000)
Honeywell
International,
Inc.,
July
Strike
Price
$185.00,
Expires
7/21/23
...........................................
20,000
415,000,000
(200,000)
Johnson
&
Johnson,
July
Strike
Price
$150.00,
Expires
7/21/23
...
20,000
331,040,000
(180,000)
JPMorgan
Chase
&
Co.,
September
Strike
Price
$130.00,
Expires
9/15/23
...........................................
10,000
145,440,000
(1,150,000)
Microchip
Technology,
Inc.,
July
Strike
Price
$70.00,
Expires
7/21/23
5,000
44,795,000
(45,000)
Northrop
Grumman
Corp.,
July
Strike
Price
$425.00,
Expires
7/21/23
5,000
227,900,000
(355,000)
Procter
&
Gamble
Co.
(The),
August
Strike
Price
$130.00,
Expires
8/18/23
...........................................
10,000
151,740,000
(120,000)
Target
Corp.,
September
Strike
Price
$110.00,
Expires
9/15/23
...
10,000
131,900,000
(1,460,000)
Target
Corp.,
July
Strike
Price
$140.00,
Expires
7/21/23
........
9,996
131,847,240
(8,566,572)
Texas
Instruments,
Inc.,
July
Strike
Price
$150.00,
Expires
7/21/23
15,000
270,030,000
(45,000)
Texas
Instruments,
Inc.,
September
Strike
Price
$150.00,
Expires
9/15/23
...........................................
10,000
180,020,000
(740,000)
Texas
Instruments,
Inc.,
July
Strike
Price
$160.00,
Expires
7/21/23
10,000
180,020,000
(110,000)
Union
Pacific
Corp.,
August
Strike
Price
$185.00,
Expires
8/18/23
.
10,000
204,620,000
(1,100,000)
United
Parcel
Service,
Inc.,
August
Strike
Price
$150.00,
Expires
8/18/23
...........................................
10,000
179,250,000
(660,000)
United
Parcel
Service,
Inc.,
July
Strike
Price
$165.00,
Expires
7/21/23
...........................................
10,000
179,250,000
(230,000)
(19,571,572)
Total
Options
Written
(Premiums
received
$87,619,814)
..........................
$
(57,386,572)
#
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
A
portion
or
all
of
the
security
is
on
loan
at
June
30,
2023.
d
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
36
At
June
30,
2023,
the
Fund
had
the
following futures
contracts
outstanding.
See
Abbreviations
on
page
49
.
e
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
June
30,
2023,
the
aggregate
value
of
these
securities
was
$29,159,572,232,
representing
40.6%
of
net
assets.
f
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
g
See
Note
4
regarding
holdings
of
5%
voting
securities.
h
Perpetual
security
with
no
stated
maturity
date.
i
The
coupon
rate
shown
represents
the
rate
at
period
end.
j
Income
may
be
received
in
additional
securities
and/or
cash.
k
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
l
Security
pays
variable
interest
based
on
the
distributions
of
the
strategy
index
and
proceeds
earned
from
related
equity
derivatives.
The
coupon
rate
shown
represents
the
combined
rate
at
period
end.
Cash
payment
at
maturity
or
upon
early
redemption
is
based
on
the
performance
of
the
strategy
index.
m
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
n
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
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
54,000
$
6,062,343,750
9/20/23
$
(104,699,648)
U.S.
Treasury
Ultra
Bonds
......................
Long
3,000
408,656,250
9/20/23
5,549,226
Total
Futures
Contracts
......................................................................
$(99,150,422)
*
As
of
period
end.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
June
30,
2023
Franklin
U.S.
Government
Securities
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
37
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
$
16,057,334
Total
U.S.
Government
and
Agency
Securities
(Cost
$18,368,388)
.................
16,057,334
Mortgage-Backed
Securities
97.2%
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
97.2%
GNMA
I,
30
Year,
4.5%,
4/15/40
........................................
3,459,091
3,419,340
GNMA
I,
30
Year,
5%,
9/15/40
..........................................
122,176,928
122,201,977
GNMA
I,
30
Year,
5.5%,
2/15/40
........................................
54,419,694
55,727,891
GNMA
I,
30
Year,
6%,
12/15/39
.........................................
50,120,774
52,414,426
GNMA
I,
30
Year,
6.5%,
8/15/37
........................................
12,370,615
12,621,599
GNMA
I,
30
Year,
7%,
9/15/32
..........................................
7,733,297
8,058,590
GNMA
I,
30
Year,
7.5%,
7/15/26
-
8/15/33
.................................
711,385
731,207
GNMA
I,
30
Year,
8%,
10/15/29
.........................................
1,122
1,151
GNMA
I,
30
Year,
8.5%,
11/15/24
........................................
67
67
GNMA
I,
Single-family,
30
Year,
3.5%,
4/15/43
-
5/15/43
......................
11,340,712
10,705,436
GNMA
I,
Single-family,
30
Year,
4%,
10/15/40
-
8/15/46
.......................
33,583,528
32,576,684
GNMA
I,
Single-family,
30
Year,
4.5%,
2/15/39
-
6/15/41
......................
63,919,850
63,002,378
GNMA
I,
Single-family,
30
Year,
5%,
2/15/35
...............................
12,932
12,791
GNMA
I,
Single-family,
30
Year,
5.5%,
5/15/33
-
10/15/48
......................
556,898
562,294
GNMA
I,
Single-family,
30
Year,
7.25%,
12/15/25
............................
21,780
21,685
GNMA
I,
Single-family,
30
Year,
7.5%,
7/15/23
-
7/15/31
......................
844,112
848,259
GNMA
I,
Single-family,
30
Year,
8%,
7/15/23
-
9/15/30
........................
288,623
289,237
GNMA
I,
Single-family,
30
Year,
8.5%,
4/15/24
-
5/15/25
......................
4,021
4,018
GNMA
I,
Single-family,
30
Year,
10%,
2/15/25
..............................
1,939
1,940
GNMA
II,
30
Year,
4.5%,
5/20/34
-
6/20/41
.................................
2,885,861
2,866,529
GNMA
II,
30
Year,
6%,
3/20/34
-
9/20/34
..................................
894,780
887,038
GNMA
II,
30
Year,
6%,
7/20/39
.........................................
22,350,681
23,395,028
GNMA
II,
30
Year,
6.5%,
9/20/31
-
9/20/32
.................................
932,213
957,554
GNMA
II,
30
Year,
7%,
7/20/32
.........................................
265,325
276,552
GNMA
II,
30
Year,
7.5%,
10/20/24
.......................................
2,307
2,302
GNMA
II,
30
Year,
8%,
12/20/28
........................................
32,726
32,966
GNMA
II,
Single-family,
30
Year,
2%,
8/20/51
...............................
166,071,925
139,869,549
GNMA
II,
Single-family,
30
Year,
2.5%,
11/20/50
............................
14,826,067
12,519,254
GNMA
II,
Single-family,
30
Year,
2.5%,
7/20/51
.............................
72,709,195
63,018,798
GNMA
II,
Single-family,
30
Year,
2.5%,
8/20/51
.............................
215,660,298
187,168,314
GNMA
II,
Single-family,
30
Year,
2.5%,
9/20/51
.............................
87,212,567
75,665,367
GNMA
II,
Single-family,
30
Year,
2.5%,
10/20/51
............................
85,123,529
73,828,632
GNMA
II,
Single-family,
30
Year,
2.5%,
12/20/51
............................
86,980,385
75,410,699
GNMA
II,
Single-family,
30
Year,
2.5%,
1/20/52
.............................
130,563,047
113,188,463
GNMA
II,
Single-family,
30
Year,
3%,
10/20/44
..............................
18,931,810
17,351,631
GNMA
II,
Single-family,
30
Year,
3%,
12/20/44
..............................
9,436,062
8,627,951
GNMA
II,
Single-family,
30
Year,
3%,
5/20/45
...............................
13,806,104
12,594,986
GNMA
II,
Single-family,
30
Year,
3%,
4/20/46
...............................
18,485,087
16,838,510
GNMA
II,
Single-family,
30
Year,
3%,
9/20/47
...............................
14,867,727
13,464,766
GNMA
II,
Single-family,
30
Year,
3%,
10/20/47
..............................
23,953,398
21,700,819
GNMA
II,
Single-family,
30
Year,
3%,
6/20/50
...............................
11,076,538
10,126,001
GNMA
II,
Single-family,
30
Year,
3%,
9/20/50
...............................
8,939,436
8,126,686
GNMA
II,
Single-family,
30
Year,
3%,
7/20/51
...............................
149,280,476
134,094,221
GNMA
II,
Single-family,
30
Year,
3%,
8/20/51
...............................
169,859,248
152,473,859
GNMA
II,
Single-family,
30
Year,
3%,
9/20/51
...............................
28,080,501
25,207,131
GNMA
II,
Single-family,
30
Year,
3%,
10/20/51
..............................
121,219,485
108,778,752
GNMA
II,
Single-family,
30
Year,
3%,
2/20/45
-
10/20/50
......................
61,012,678
55,570,029
GNMA
II,
Single-family,
30
Year,
3.5%,
7/20/42
.............................
29,675,423
27,952,653
GNMA
II,
Single-family,
30
Year,
3.5%,
9/20/42
.............................
37,249,864
35,119,337
GNMA
II,
Single-family,
30
Year,
3.5%,
5/20/43
.............................
11,068,606
10,447,479
GNMA
II,
Single-family,
30
Year,
3.5%,
6/20/43
.............................
12,808,804
12,078,249
GNMA
II,
Single-family,
30
Year,
3.5%,
8/20/43
.............................
8,286,325
7,815,340
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
U.S.
Government
Securities
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
38
See
Abbreviations
on
page
49
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
(continued)
GNMA
II,
Single-family,
30
Year,
3.5%,
9/20/47
.............................
$
133,086,402
$
124,396,053
GNMA
II,
Single-family,
30
Year,
3.5%,
11/20/47
............................
126,616,499
118,509,574
GNMA
II,
Single-family,
30
Year,
3.5%,
10/20/40
-
1/20/49
.....................
40,015,736
37,638,705
GNMA
II,
Single-family,
30
Year,
3.5%,
11/20/51
............................
23,662,543
21,911,618
GNMA
II,
Single-family,
30
Year,
3.5%,
2/20/52
.............................
67,556,982
62,391,940
GNMA
II,
Single-family,
30
Year,
4%,
11/20/40
..............................
9,808,576
9,529,919
GNMA
II,
Single-family,
30
Year,
4%,
9/20/41
...............................
9,763,145
9,485,696
GNMA
II,
Single-family,
30
Year,
4%,
10/20/41
..............................
12,050,226
11,707,749
GNMA
II,
Single-family,
30
Year,
4%,
11/20/41
..............................
11,337,000
11,014,847
GNMA
II,
Single-family,
30
Year,
4%,
5/20/47
...............................
31,962,794
30,698,719
GNMA
II,
Single-family,
30
Year,
4%,
6/20/47
...............................
24,617,410
23,644,309
GNMA
II,
Single-family,
30
Year,
4%,
7/20/47
...............................
15,713,773
15,093,574
GNMA
II,
Single-family,
30
Year,
4%,
5/20/40
-
12/20/49
......................
46,857,454
45,337,806
GNMA
II,
Single-family,
30
Year,
4%,
6/20/52
...............................
125,235,347
118,569,755
GNMA
II,
Single-family,
30
Year,
4.5%,
5/20/41
.............................
8,887,995
8,831,510
GNMA
II,
Single-family,
30
Year,
4.5%,
6/20/41
.............................
10,991,461
10,912,924
GNMA
II,
Single-family,
30
Year,
4.5%,
7/20/41
.............................
12,174,864
12,097,499
GNMA
II,
Single-family,
30
Year,
4.5%,
9/20/41
.............................
17,580,678
17,468,931
GNMA
II,
Single-family,
30
Year,
4.5%,
10/20/41
............................
12,523,349
12,443,748
GNMA
II,
Single-family,
30
Year,
4.5%,
5/20/33
-
2/20/44
......................
27,803,544
27,608,846
GNMA
II,
Single-family,
30
Year,
5%,
7/20/33
-
9/20/41
.......................
32,688,540
33,013,854
GNMA
II,
Single-family,
30
Year,
5.5%,
6/20/34
-
2/20/50
......................
35,395,408
36,219,715
GNMA
II,
Single-family,
30
Year,
6%,
6/20/34
...............................
523,743
534,226
GNMA
II,
Single-family,
30
Year,
6.5%,
6/20/24
-
1/20/39
......................
7,108,900
7,425,254
GNMA
II,
Single-family,
30
Year,
7%,
2/20/28
-
7/20/33
.......................
1,863,087
1,909,373
GNMA
II,
Single-family,
30
Year,
7.5%,
10/20/25
-
4/20/32
.....................
229,797
234,682
GNMA
II,
Single-family,
30
Year,
8%,
12/20/24
-
6/20/30
......................
113,328
115,592
GNMA
II,
Single-family,
30
Year,
8.5%,
1/20/25
-
6/20/25
......................
54
54
GNMA
II,
Single-family,
30
Year,
9.5%,
1/20/25
.............................
301
300
2,619,403,187
Total
Mortgage-Backed
Securities
(Cost
$2,948,868,775)
.........................
2,619,403,187
Total
Long
Term
Investments
(Cost
$2,967,237,163)
.............................
2,635,460,521
a
a
a
a
a
Short
Term
Investments
2.0%
Shares
a
Money
Market
Funds
2.0%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.699%
..................
54,880,629
54,880,629
Total
Money
Market
Funds
(Cost
$54,880,629)
..................................
54,880,629
Total
Short
Term
Investments
(Cost
$54,880,629
)
................................
54,880,629
a
Total
Investments
(Cost
$3,022,117,792)
99.8%
..................................
$2,690,341,150
Other
Assets,
less
Liabilities
0.2%
.............................................
3,082,133
Net
Assets
100.0%
...........................................................
$2,693,423,283
a
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
June
30,
2023
Franklin
Utilities
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
39
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
99.7%
Construction
&
Engineering
1.4%
MDU
Resources
Group,
Inc.
.............................
United
States
4,200,000
$
87,948,000
Diversified
Telecommunication
Services
0.9%
TELUS
Corp.
........................................
Canada
3,000,000
58,383,030
Electric
Utilities
58.5%
Alliant
Energy
Corp.
...................................
United
States
3,700,000
194,176,000
American
Electric
Power
Co.,
Inc.
.........................
United
States
2,300,000
193,660,000
Constellation
Energy
Corp.
..............................
United
States
1,300,000
119,015,000
Duke
Energy
Corp.
....................................
United
States
2,700,000
242,298,000
Edison
International
...................................
United
States
4,300,000
298,635,000
Entergy
Corp.
........................................
United
States
2,400,000
233,688,000
Evergy,
Inc.
..........................................
United
States
4,150,000
242,443,000
Eversource
Energy
....................................
United
States
1,900,000
134,748,000
Exelon
Corp.
.........................................
United
States
6,350,000
258,699,000
FirstEnergy
Corp.
.....................................
United
States
2,000,000
77,760,000
NextEra
Energy,
Inc.
...................................
United
States
9,800,000
727,160,000
OGE
Energy
Corp.
....................................
United
States
1,600,000
57,456,000
a
PG&E
Corp.
.........................................
United
States
11,200,000
193,536,000
Pinnacle
West
Capital
Corp.
.............................
United
States
950,000
77,387,000
PPL
Corp.
...........................................
United
States
6,100,000
161,406,000
Southern
Co.
(The)
....................................
United
States
4,400,000
309,100,000
Xcel
Energy,
Inc.
......................................
United
States
2,100,000
130,557,000
3,651,724,000
Gas
Utilities
0.8%
Spire,
Inc.
...........................................
United
States
800,000
50,752,000
Independent
Power
and
Renewable
Electricity
Producers
3.0%
Clearway
Energy,
Inc.,
C
................................
United
States
900,000
25,704,000
Drax
Group
plc
.......................................
United
Kingdom
8,000,000
58,927,999
Vistra
Corp.
..........................................
United
States
3,994,269
104,849,561
189,481,560
Multi-Utilities
30.1%
Ameren
Corp.
........................................
United
States
1,900,000
155,173,000
CenterPoint
Energy,
Inc.
................................
United
States
6,500,000
189,475,000
CMS
Energy
Corp.
....................................
United
States
3,400,000
199,750,000
Consolidated
Edison,
Inc.
...............................
United
States
777,509
70,286,814
Dominion
Energy,
Inc.
..................................
United
States
4,000,000
207,160,000
DTE
Energy
Co.
......................................
United
States
1,500,000
165,030,000
E.ON
SE
............................................
Germany
9,000,000
114,980,178
National
Grid
plc
......................................
United
Kingdom
5,000,000
66,291,860
NiSource,
Inc.
........................................
United
States
6,200,000
169,570,000
NorthWestern
Corp.
...................................
United
States
1,300,000
73,788,000
Public
Service
Enterprise
Group,
Inc.
......................
United
States
2,000,000
125,220,000
Sempra
Energy
.......................................
United
States
1,800,000
262,062,000
WEC
Energy
Group,
Inc.
................................
United
States
900,000
79,416,000
1,878,202,852
Oil,
Gas
&
Consumable
Fuels
3.6%
Cheniere
Energy,
Inc.
..................................
United
States
700,000
106,652,000
DT
Midstream,
Inc.
....................................
United
States
1,500,000
74,355,000
Williams
Cos.,
Inc.
(The)
................................
United
States
1,400,000
45,682,000
226,689,000
Water
Utilities
1.4%
Essential
Utilities,
Inc.
..................................
United
States
1,500,000
59,865,000
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Utilities
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
40
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Water
Utilities
(continued)
United
Utilities
Group
plc
................................
United
Kingdom
2,000,000
$
24,454,994
84,319,994
Total
Common
Stocks
(Cost
$3,168,230,193)
....................................
6,227,500,436
Short
Term
Investments
0.2%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
0.2%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.699%
....
United
States
13,015,746
13,015,746
Total
Money
Market
Funds
(Cost
$13,015,746)
..................................
13,015,746
Total
Short
Term
Investments
(Cost
$13,015,746
)
................................
13,015,746
a
Total
Investments
(Cost
$3,181,245,939)
99.9%
..................................
$6,240,516,182
Other
Assets,
less
Liabilities
0.1%
.............................................
3,012,844
Net
Assets
100.0%
...........................................................
$6,243,529,026
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
41
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
(Funds).
The
Funds
follow
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946) and
apply
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)
42
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
Funds.
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
June
30,
2023,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds’
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds’
portfolio securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Funds for
financial
reporting
purposes.
Derivative
financial
instruments
listed
on
an
exchange
are
valued
at
the
official
closing
price
of
the
day.
Certain
derivative
financial
instruments
are
centrally
cleared
or
trade
in
the
OTC
market.
The
Funds’
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Funds’ net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets. 
3.
Restricted
Securities
At
June
30,
2023,
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
$
22,061,253
2,353
Canva,
Inc.,
A
..............................
11/08/21
4,011,298
2,042,660
94
Canva,
Inc.,
A-3
.............................
11/08/21
160,247
81,602
8
Canva,
Inc.,
A-4
.............................
11/08/21
13,638
6,945
5
Canva,
Inc.,
A-5
.............................
11/08/21
8,524
4,341
96,603
Checkout
Payments
Group
Ltd.,
B
...............
1/11/22
30,000,062
8,253,708
822,494
Gusto,
Inc.,
E
...............................
7/13/21
24,999,977
21,870,676
849,894
OneTrust
LLC,
C
............................
4/01/21
16,666,676
12,739,911
540,043
Stripe,
Inc.,
B
...............................
5/18/21
21,671,052
10,950,822
1,254,580
Stripe,
Inc.,
H
...............................
3/15/21
-
5/16/23
50,340,023
25,439,978
1,759,545
Stripe,
Inc.,
I
...............................
3/15/23
-
5/08/23
35,426,925
35,679,499
Total
Restricted
Securities
(Value
is
0.8%
of
Net
Assets)
..............
$226,621,462
$139,131,395
2. Financial
Instrument
Valuation
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
43
Quarterly
Schedules
of
Investments
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies 
The
1940
Act
defines
"affiliated
companies"
to
include
investments
in
portfolio
companies
in
which
a
fund
owns
5%
or
more
of
the
outstanding
voting
securities.
Additionally,
as
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
companies’
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
company.
During
the
period
ended
June
30,
2023,
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
June
30,
2023,
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
Held
at
End
of
Period
Investment
Income
Franklin
Income
Fund
Non-Controlled
Affiliates
Dividends
NextEra
Energy,
Inc.
..
$
364,200,000
$
—
$
—
$
—
$
3,525,000
$
367,725,000
7,500,000
$
17,490,938
Total
Affiliated
Securities
(Value
is
0.5%
of
Net
Assets)
..........
$364,200,000
$—
$—
$—
$3,525,000
$367,725,000
$17,490,938
    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,
4.699%
$
270,863,972
$
1,524,954,908
$
(1,472,617,276)
$
—
$
—
$
323,201,604
323,201,604
$
6,131,720
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.699%
$385,000
$111,408,000
$(111,793,000)
$—
$—
$—
—
$176,400
Total
Affiliated
Securities
...
$271,248,972
$1,636,362,908
$(1,584,410,276)
$—
$—
$323,201,604
$6,308,120
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
44
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,
4.699%
$
1,276,224
$
21,373,201
$
(16,578,295)
$
—
$
—
$
6,071,130
6,071,130
$
92,234
Total
Affiliated
Securities
...
$1,276,224
$21,373,201
$(16,578,295)
$—
$—
$6,071,130
$92,234
Franklin
Growth
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.699%
$69,725,524
$1,344,361,083
$(1,363,614,050)
$—
$—
$50,472,557
50,472,557
$2,972,051
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.699%
$—
$25,755,000
$(25,755,000)
$—
$—
$—
—
$6,403
Total
Affiliated
Securities
...
$69,725,524
$1,370,116,083
$(1,389,369,050)
$—
$—
$50,472,557
$2,978,454
Franklin
Income
Fund
Non-Controlled
Affiliates
Dividends
Clarion
Partners
Real
Estate
Income
Fund,
Inc.,
Class
I
....
$75,098,472
$25,000,000
$—
$—
$(4,189,590)
$95,908,882
7,867,833
$4,244,192
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.699%
880,891,701
12,034,126,051
(12,657,846,571)
—
—
257,171,181
257,171,181
39,906,131
Total
Non-Controlled
Affiliates
$955,990,173
$12,059,126,051
$(12,657,846,571)
$
—
$
(4,189,590)
$353,080,063
$
44,150,323
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.699%
$124,103,000
$479,836,000
$(474,403,000)
$—
$—
$129,536,000
129,536,000
$4,742,031
Total
Affiliated
Securities
...
$1,080,093,173
$12,538,962,051
$(13,132,249,571)
$—
$(4,189,590)
$482,616,063
$48,892,354
5.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
45
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
June
30,
2023,
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,
4.699%
$
47,626,883
$
330,122,747
$
(322,869,001)
$
—
$
—
$
54,880,629
54,880,629
$
1,448,776
Total
Affiliated
Securities
...
$47,626,883
$330,122,747
$(322,869,001)
$—
$—
$54,880,629
$1,448,776
Franklin
Utilities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.699%
$67,045,219
$412,844,991
$(466,874,464)
$—
$—
$13,015,746
13,015,746
$656,474
Total
Affiliated
Securities
...
$67,045,219
$412,844,991
$(466,874,464)
$—
$—
$13,015,746
$656,474
Level
1
Level
2
Level
3
Total
Franklin
DynaTech
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
244,566,000
$
—
$
—
$
244,566,000
Automobile
Components
.................
21,131,000
—
—
21,131,000
Automobiles
..........................
654,425,000
—
—
654,425,000
Biotechnology
.........................
30,105,000
117,009,431
—
147,114,431
Broadline
Retail
.......................
1,540,520,000
—
—
1,540,520,000
Capital
Markets
........................
386,824,000
—
—
386,824,000
Chemicals
...........................
100,275,000
—
—
100,275,000
Communications
Equipment
..............
8,103,000
—
—
8,103,000
5.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
46
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
DynaTech
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Construction
&
Engineering
...............
$
216,095,000
$
—
$
—
$
216,095,000
Diversified
Consumer
Services
............
17,867,500
—
—
17,867,500
Electric
Utilities
........................
259,700,000
—
—
259,700,000
Electrical
Equipment
....................
37,985,000
—
—
37,985,000
Electronic
Equipment,
Instruments
&
Components
........................
42,475,000
146,111,068
—
188,586,068
Energy
Equipment
&
Services
.............
242,561,000
—
—
242,561,000
Financial
Services
......................
918,503,500
346,365,277
—
1,264,868,777
Ground
Transportation
..................
86,340,000
—
—
86,340,000
Health
Care
Equipment
&
Supplies
.........
1,306,322,250
2,240,828
—
1,308,563,078
Health
Care
Providers
&
Services
..........
256,105,000
—
—
256,105,000
Health
Care
Technology
.................
88,978,500
—
—
88,978,500
Hotels,
Restaurants
&
Leisure
.............
87,966,250
—
—
87,966,250
Interactive
Media
&
Services
..............
718,200,000
—
—
718,200,000
IT
Services
...........................
632,876,557
—
—
632,876,557
Life
Sciences
Tools
&
Services
............
965,904,554
119,549,232
—
1,085,453,786
Media
...............................
7,722,000
—
—
7,722,000
Pharmaceuticals
.......................
354,792,500
—
—
354,792,500
Professional
Services
...................
215,237,250
—
—
215,237,250
Semiconductors
&
Semiconductor
Equipment
.
3,901,990,600
106,160,776
—
4,008,151,376
Software
.............................
5,887,200,862
16,020,378
—
5,903,221,240
Technology
Hardware,
Storage
&
Peripherals
.
484,925,000
—
—
484,925,000
Trading
Companies
&
Distributors
..........
20,646,500
—
—
20,646,500
Short
Term
Investments
...................
323,201,604
66,701,361
—
389,902,965
Total
Investments
in
Securities
...........
$20,059,545,427
$920,158,351
a
$—
$20,979,703,778
Franklin
Focused
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
975,600
—
—
975,600
Automobiles
..........................
4,711,860
—
—
4,711,860
Broadline
Retail
.......................
8,870,365
—
—
8,870,365
Capital
Markets
........................
938,580
—
—
938,580
Consumer
Staples
Distribution
&
Retail
......
4,845,420
—
—
4,845,420
Electric
Utilities
........................
2,968,000
—
—
2,968,000
Energy
Equipment
&
Services
.............
687,680
—
—
687,680
Financial
Services
......................
3,933,000
1,905,009
—
5,838,009
Ground
Transportation
..................
807,700
—
—
807,700
Health
Care
Equipment
&
Supplies
.........
4,904,730
—
—
4,904,730
Health
Care
Technology
.................
1,047,969
—
—
1,047,969
Interactive
Media
&
Services
..............
3,830,400
—
—
3,830,400
IT
Services
...........................
4,139,697
—
—
4,139,697
Life
Sciences
Tools
&
Services
............
3,923,500
—
—
3,923,500
Metals
&
Mining
.......................
800,000
—
—
800,000
Oil,
Gas
&
Consumable
Fuels
.............
679,750
—
—
679,750
Personal
Care
Products
.................
883,710
—
—
883,710
Pharmaceuticals
.......................
2,344,900
—
—
2,344,900
Semiconductors
&
Semiconductor
Equipment
.
20,356,825
—
—
20,356,825
Software
.............................
23,508,231
—
—
23,508,231
Short
Term
Investments
...................
6,071,130
—
—
6,071,130
Total
Investments
in
Securities
...........
$101,229,047
$1,905,009
b
$—
$103,134,056
6. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
47
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
765,880,996
$
—
$
—
$
765,880,996
Automobiles
..........................
125,435,734
—
—
125,435,734
Beverages
...........................
589,796,133
—
—
589,796,133
Biotechnology
.........................
235,671,091
—
—
235,671,091
Broadline
Retail
.......................
603,022,417
—
—
603,022,417
Building
Products
......................
245,825,961
—
—
245,825,961
Capital
Markets
........................
648,745,674
—
—
648,745,674
Chemicals
...........................
514,620,982
—
—
514,620,982
Commercial
Services
&
Supplies
...........
94,475,103
—
—
94,475,103
Construction
Materials
..................
138,967,305
—
—
138,967,305
Consumer
Staples
Distribution
&
Retail
......
28,668,197
—
—
28,668,197
Electric
Utilities
........................
144,344,673
—
—
144,344,673
Electrical
Equipment
....................
176,050,998
—
—
176,050,998
Electronic
Equipment,
Instruments
&
Components
........................
481,358,361
—
—
481,358,361
Entertainment
.........................
47,424,476
—
—
47,424,476
Financial
Services
......................
666,001,100
125,455,235
—
791,456,335
Food
Products
........................
59,723,307
—
—
59,723,307
Ground
Transportation
..................
529,504,860
—
—
529,504,860
Health
Care
Equipment
&
Supplies
.........
749,147,810
—
—
749,147,810
Health
Care
Providers
&
Services
..........
161,636,045
—
—
161,636,045
Health
Care
Technology
.................
51,748,512
—
—
51,748,512
Hotels,
Restaurants
&
Leisure
.............
220,293,210
—
—
220,293,210
Industrial
REITs
.......................
25,114,624
—
—
25,114,624
Interactive
Media
&
Services
..............
536,723,287
—
—
536,723,287
IT
Services
...........................
119,896,720
—
22,061,253
141,957,973
Life
Sciences
Tools
&
Services
............
937,280,987
—
—
937,280,987
Machinery
............................
631,102,480
—
—
631,102,480
Media
...............................
31,618,636
—
—
31,618,636
Personal
Care
Products
.................
34,996,487
—
—
34,996,487
Pharmaceuticals
.......................
660,093,262
—
—
660,093,262
Professional
Services
...................
249,143,764
—
—
249,143,764
Semiconductors
&
Semiconductor
Equipment
.
1,530,825,967
—
—
1,530,825,967
Software
.............................
2,807,091,218
—
19,204,530
2,826,295,748
Specialized
REITs
......................
85,252,073
—
—
85,252,073
Technology
Hardware,
Storage
&
Peripherals
.
866,365,647
—
—
866,365,647
Textiles,
Apparel
&
Luxury
Goods
..........
193,979,248
—
—
193,979,248
Trading
Companies
&
Distributors
..........
153,687,414
—
—
153,687,414
Water
Utilities
.........................
94,681,364
—
—
94,681,364
Convertible
Preferred
Stocks
................
—
—
97,865,612
97,865,612
Preferred
Stocks
.........................
—
85,964,283
—
85,964,283
Short
Term
Investments
...................
50,472,557
—
—
50,472,557
Total
Investments
in
Securities
...........
$16,286,668,680
$211,419,518
c
$139,131,395
$16,637,219,593
Franklin
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
811,188,000
—
—
811,188,000
Air
Freight
&
Logistics
...................
268,875,000
—
—
268,875,000
Banks
...............................
2,072,618,000
—
—
2,072,618,000
Biotechnology
.........................
602,490,000
—
—
602,490,000
Capital
Markets
........................
1,040,266,000
—
—
1,040,266,000
Chemicals
...........................
—
242,938,330
—
242,938,330
6. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
48
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Communications
Equipment
..............
$
362,180,000
$
—
$
—
$
362,180,000
Consumer
Staples
Distribution
&
Retail
......
263,852,760
—
—
263,852,760
Diversified
Telecommunication
Services
.....
185,950,000
—
—
185,950,000
Electric
Utilities
........................
1,270,845,000
—
—
1,270,845,000
Ground
Transportation
..................
204,620,000
—
—
204,620,000
Health
Care
Providers
&
Services
..........
69,130,000
—
—
69,130,000
Household
Products
....................
417,285,000
—
—
417,285,000
Industrial
Conglomerates
................
276,957,928
—
—
276,957,928
Insurance
............................
192,202,000
—
—
192,202,000
IT
Services
...........................
267,620,000
—
—
267,620,000
Media
...............................
372,578,850
—
—
372,578,850
Metals
&
Mining
.......................
319,200,000
—
—
319,200,000
Multi-Utilities
..........................
585,805,000
—
—
585,805,000
Oil,
Gas
&
Consumable
Fuels
.............
1,531,322,000
—
—
1,531,322,000
Pharmaceuticals
.......................
1,162,018,280
208,103,703
—
1,370,121,983
Semiconductors
&
Semiconductor
Equipment
.
1,034,335,002
—
—
1,034,335,002
Specialty
Retail
........................
310,640,000
—
—
310,640,000
Tobacco
.............................
292,860,000
—
—
292,860,000
Management
Investment
Companies
.........
95,908,882
—
—
95,908,882
Equity-Linked
Securities
...................
—
11,963,297,599
—
11,963,297,599
Convertible
Preferred
Stocks
:
Electric
Utilities
........................
442,245,000
—
—
442,245,000
Financial
Services
......................
—
26,584,800
—
26,584,800
Preferred
Stocks
.........................
9,400,000
—
—
9,400,000
Convertible
Bonds
.......................
—
22,250,000
—
22,250,000
Corporate
Bonds
........................
—
34,664,123,589
—
34,664,123,589
Index-Linked
Notes
.......................
—
51,938,066
—
51,938,066
Senior
Floating
Rate
Interests
...............
—
248,817,261
—
248,817,261
U.S.
Government
and
Agency
Securities
.......
—
8,959,234,374
—
8,959,234,374
Asset-Backed
Securities
...................
—
90,221,786
—
90,221,786
Mortgage-Backed
Securities
................
—
25,179,431
—
25,179,431
Escrows
and
Litigation
Trusts
...............
—
55,755,366
—
55,755,366
Short
Term
Investments
...................
386,707,181
—
—
386,707,181
Total
Investments
in
Securities
...........
$14,849,099,883
$56,558,444,305
d
$—
$71,407,544,188
Other
Financial
Instruments:
Futures
contracts
........................
$
5,549,226
$
—
$
—
$
5,549,226
Total
Other
Financial
Instruments
.........
$5,549,226
$—
$—
$5,549,226
Liabilities:
Other
Financial
Instruments:
Options
written
..........................
$
57,386,572
$
—
$
—
$
57,386,572
Futures
contracts
........................
104,699,648
—
—
104,699,648
Total
Other
Financial
Instruments
.........
$162,086,220
$—
$—
$162,086,220
Franklin
U.S.
Government
Securities
Fund
Assets:
Investments
in
Securities:
e
U.S.
Government
and
Agency
Securities
.......
—
16,057,334
—
16,057,334
Mortgage-Backed
Securities
................
—
2,619,403,187
—
2,619,403,187
Short
Term
Investments
...................
54,880,629
—
—
54,880,629
Total
Investments
in
Securities
...........
$54,880,629
$2,635,460,521
e
$—
$2,690,341,150
6. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
49
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
Assets:
Investments
in
Securities:
Common
Stocks
:
Construction
&
Engineering
...............
$
87,948,000
$
—
$
—
$
87,948,000
Diversified
Telecommunication
Services
.....
—
58,383,030
—
58,383,030
Electric
Utilities
........................
3,651,724,000
—
—
3,651,724,000
Gas
Utilities
..........................
50,752,000
—
—
50,752,000
Independent
Power
and
Renewable
Electricity
Producers
..........................
189,481,560
—
—
189,481,560
Multi-Utilities
..........................
1,696,930,814
181,272,038
—
1,878,202,852
Oil,
Gas
&
Consumable
Fuels
.............
226,689,000
—
—
226,689,000
Water
Utilities
.........................
59,865,000
24,454,994
—
84,319,994
Short
Term
Investments
...................
13,015,746
—
—
13,015,746
Total
Investments
in
Securities
...........
$5,976,406,120
$264,110,062
f
$—
$6,240,516,182
a
Includes
foreign
securities
valued
at
$853,456,990,
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
$1,905,009,
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
$211,419,518,
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
$451,042,033,
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
$205,727,032,
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.
Currency
USD
United
States
Dollar
Selected
Portfolio
ADR
American
Depositary
Receipt
CME
Chicago
Mercantile
Exchange
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
LIBOR
London
Interbank
Offered
Rate
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
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.