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ILUL7B6Z54MRYCF6H308 Dominion Energy, Inc. 25746U109 6000000.00000000 NS USD 282000000.00000000 0.388448857526 Long EC CORP US N 1 N N N CVS Health Corp. 549300EJG376EN5NQE29 CVS Health Corp. 126650100 2000000.00000000 NS USD 157920000.00000000 0.217531360214 Long EC CORP US N 1 N N N Oracle Corp. 1Z4GXXU7ZHVWFCD8TV52 Oracle Corp. 68389XCJ2 95000000.00000000 PA USD 103386122.15000000 0.142412131323 Long DBT CORP US N 2 2032-11-09 Fixed 6.25000000 N N N N N N T-Mobile USA, Inc. 549300V2JRLO5DIFGE82 T-Mobile USA, Inc. 87264ACV5 45000000.00000000 PA USD 46151273.70000000 0.063572374263 Long DBT CORP US N 2 2033-01-15 Fixed 5.20000000 N N N N N N Truist Bank JJKC32MCHWDI71265Z06 Truist Bank 89788KAA4 42645000.00000000 PA USD 35378822.93000000 0.048733557970 Long DBT CORP US N 2 2030-03-11 Fixed 2.25000000 N N N N N N Goodyear Tire & Rubber Co. (The) 5493002BI0S2ZQUY3437 Goodyear Tire & Rubber Co. (The) 382550BF7 57000000.00000000 PA USD 56158070.10000000 0.077356518337 Long DBT CORP US N 2 2026-05-31 Fixed 5.00000000 N N N N N N T-Mobile USA, Inc. 549300V2JRLO5DIFGE82 T-Mobile USA, Inc. 87264ABV6 30000000.00000000 PA USD 27907146.00000000 0.038441485746 Long DBT CORP US N 2 2029-04-15 Fixed 3.37500000 N N N N N N PNC Financial Services Group, Inc. (The) CFGNEKW0P8842LEUIA51 PNC Financial Services Group, Inc. (The) 693475BM6 40000000.00000000 PA USD 39158756.40000000 0.053940333992 Long DBT CORP US N 2 2034-01-24 Fixed 5.06800000 N N N N N N Citigroup Global Markets Holdings, Inc. into BP plc 82VOJDD5PTRDMVVMGV31 Citigroup Global Markets Holdings, Inc. into BP plc 17331M410 6600000.00000000 NS USD 235228191.99000000 0.324021710768 Long SN CORP US N 2 2024-12-30 Fixed 10.00000000 N N N N N N Entergy Corp. 4XM3TW50JULSLG8BNC79 Entergy Corp. 29364G103 650000.00000000 NS USD 65773500.00000000 0.090601563583 Long EC CORP US N 1 N N N General Motors Financial Co., Inc. 5493008B6JBRUJ90QL97 General Motors Financial Co., Inc. 37045XDS2 80000000.00000000 PA USD 68150185.60000000 0.093875396228 Long DBT CORP US N 2 2032-01-12 Fixed 3.10000000 N N N N N N QUALCOMM, Inc. H1J8DDZKZP6H7RWC0H53 QUALCOMM, Inc. 747525103 1000000.00000000 NS USD 144630000.00000000 0.199224674695 Long EC CORP US N 1 N N N N/A N/A Merck & Co., Inc. 00PAYUXD4 -15000.00000000 NC USD -345000.00000000 -0.00047522998 N/A DE US N 1 Options Clearing 549300CII6SLYGKNHA04 Put Written Merck & Co., Inc. Merck & Co., Inc. 100.00000000 95.00000000 USD 2024-02-16 XXXX 1704594.59000000 N N N American Electric Power Co., Inc. 1B4S6S7G0TW5EE83BO58 American Electric Power Co., Inc. 025537AX9 30000000.00000000 PA USD 31271432.10000000 0.043075716569 Long DBT CORP US N 2 2033-03-01 Fixed 5.62500000 N N N N N N TransDigm, Inc. 88Q84GB3X55CF5OC7582 TransDigm, Inc. 893647BS5 50000000.00000000 PA USD 51532750.00000000 0.070985240647 Long DBT CORP US N 2 2030-12-15 Fixed 6.87500000 N N N N N N Celanese US Holdings LLC CD30XVRLT4QO00B1C706 Celanese US Holdings LLC 15089QAX2 20000000.00000000 PA USD 21167471.60000000 0.029157731062 Long DBT CORP US N 2 2030-11-15 Fixed 6.55000000 N N N N N N American Water Capital Corp. 5IDHQUFVC8Q2KIBBFF06 American Water Capital Corp. 03040WBA2 40336000.00000000 PA USD 40156038.92000000 0.055314068940 Long DBT CORP US N 2 2032-06-01 Fixed 4.45000000 N N N N N N United Rentals North America, Inc. NGIZXNT70J2LYT3FBI09 United Rentals North America, Inc. 911363AM1 50000000.00000000 PA USD 45490000.00000000 0.062661484144 Long DBT CORP US N 2 2031-02-15 Fixed 3.87500000 N N N N N N Williams Cos., Inc. (The) D71FAKCBLFS2O0RBPG08 Williams Cos., Inc. (The) 969457BX7 130000000.00000000 PA USD 119075733.40000000 0.164024229072 Long DBT CORP US N 2 2030-11-15 Fixed 3.50000000 N N N N N N Ford Motor Credit Co. LLC UDSQCVRUX5BONN0VY111 Ford Motor Credit Co. LLC 345397A60 108015000.00000000 PA USD 106704159.12000000 0.146982654976 Long DBT CORP US N 2 2025-06-16 Fixed 5.12500000 N N N N N N Barclays plc 213800LBQA1Y9L22JB70 Barclays plc 06738ECA1 100000000.00000000 PA USD 101242723.00000000 0.139459645681 Long DBT CORP GB N 2 2033-08-09 Fixed 5.74600000 N N N N N N N/A N/A Oracle Corp. N/A -10000.00000000 NC USD -780000.00000000 -0.00107443301 N/A DE US N 1 Options Clearing 549300CII6SLYGKNHA04 Put Written Oracle Corp. Oracle Corp. 100.00000000 90.00000000 USD 2024-03-15 XXXX 428897.65000000 N N N N/A N/A NextEra Energy, Inc. 00CARUP03 -10000.00000000 NC USD -860000.00000000 -0.00118463126 N/A DE US N 1 Options Clearing 549300CII6SLYGKNHA04 Call Written NextEra Energy, Inc. NextEra Energy, Inc. 100.00000000 67.50000000 USD 2024-03-15 XXXX 240598.52000000 N N N Lockheed Martin Corp. DPRBOZP0K5RM2YE8UU08 Lockheed Martin Corp. 539830109 1900000.00000000 NS USD 861156000.00000000 1.186223632454 Long EC CORP US N 1 N N N Prudential Financial, Inc. 5PRBRS5FEH7NREC8OR45 Prudential Financial, Inc. 744320BF8 65000000.00000000 PA USD 62532275.00000000 0.086136846745 Long DBT CORP US N 2 2048-09-15 Fixed 5.70000000 N N N N N N Medline Borrower LP 254900QT3R363TVK6F09 Medline Borrower LP 62482BAB8 90000000.00000000 PA USD 84952476.00000000 0.117020185270 Long DBT CORP US N 2 2029-10-01 Fixed 5.25000000 N N N N N N Truist Financial Corp. 549300DRQQI75D2JP341 Truist Financial Corp. 89788MAM4 55000000.00000000 PA USD 53297707.10000000 0.073416430609 Long DBT CORP US N 2 2034-01-26 Fixed 5.12200000 N N N N N N McDonald's Corp. UE2136O97NLB5BYP9H04 McDonald's Corp. 58013MFS8 50000000.00000000 PA USD 50505985.00000000 0.069570894225 Long DBT CORP US N 2 2032-09-09 Fixed 4.60000000 N N N N N N Energy Transfer LP MTLVN9N7JE8MIBIJ1H73 Energy Transfer LP 29273VAQ3 30000000.00000000 PA USD 30969720.00000000 0.042660114723 Long DBT CORP US N 2 2033-02-15 Fixed 5.75000000 N N N N N N N/A N/A Exxon Mobil Corp. 00P9PLNZ9 -10000.00000000 NC USD -960000.00000000 -0.00132237908 N/A DE US N 1 Options Clearing 549300CII6SLYGKNHA04 Put Written Exxon Mobil Corp. Exxon Mobil Corp. 100.00000000 97.50000000 USD 2024-01-19 XXXX 568295.10000000 N N N Everi Holdings, Inc. 5299006DK5S7BG10K532 Everi Holdings, Inc. 30034TAA1 15000000.00000000 PA USD 13634340.00000000 0.018781006369 Long DBT CORP US N 2 2029-07-15 Fixed 5.00000000 N N N N N N Lowe's Cos., Inc. WAFCR4OKGSC504WU3E95 Lowe's Cos., Inc. 548661EH6 88000000.00000000 PA USD 82400244.96000000 0.113504542605 Long DBT CORP US N 2 2032-04-01 Fixed 3.75000000 N N N N N N American Airlines, Inc. / AAdvantage Loyalty IP Ltd. N/A American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 00253XAB7 152850000.00000000 PA USD 149167446.09000000 0.205474907850 Long DBT CORP US N 2 2029-04-20 Fixed 5.75000000 N N N N N N N/A N/A RTX Corp. N/A -12500.00000000 NC USD -1437500.00000000 -0.00198012493 N/A DE US N 1 Options Clearing 549300CII6SLYGKNHA04 Call Written RTX Corp. RTX Corp. 100.00000000 85.00000000 USD 2024-01-19 XXXX -115251.43000000 N N N Texas Instruments, Inc. WDJNR2L6D8RWOEB8T652 Texas Instruments, Inc. 882508104 4000000.00000000 NS USD 681840000.00000000 0.939219748283 Long EC CORP US N 1 N N N ArcelorMittal SA 2EULGUTUI56JI9SAL165 ArcelorMittal SA 03938LBE3 25000000.00000000 PA USD 26270109.50000000 0.036186503625 Long DBT CORP LU N 2 2027-11-29 Fixed 6.55000000 N N N N N N UBS AG into Texas Instruments, Inc. BFM8T61CT2L1QCEMIK50 UBS AG into Texas Instruments, Inc. 90301T202 1583000.00000000 NS USD 270890366.22000000 0.373145578982 Long SN CORP CH N 2 2024-08-07 Fixed 8.50000000 N N N N N N Mizuho Markets Cayman LP into Microchip Technology, Inc. 549300KHUXLS6Q30KT26 Mizuho Markets Cayman LP into Microchip Technology, Inc. 6068FR121 3500000.00000000 NS USD 295940356.67000000 0.407651395193 Long SN CORP KY N 2 2024-11-12 Fixed 10.00000000 N N N N N N Ashtead Capital, Inc. 213800J1134IW58IC398 Ashtead Capital, Inc. 045054AF0 34500000.00000000 PA USD 33168393.50000000 0.045688739578 Long DBT CORP US N 2 2027-08-15 Fixed 4.37500000 N N N N N N Netflix, Inc. 549300Y7VHGU0I7CE873 Netflix, Inc. 64110LAT3 50000000.00000000 PA USD 52764150.00000000 0.072681467325 Long DBT CORP US N 2 2028-11-15 Fixed 5.87500000 N N N N N N Union Pacific Corp. 549300LMMRSZZCZ8CL11 Union Pacific Corp. 907818GB8 73000000.00000000 PA USD 73452783.23000000 0.101179608964 Long DBT CORP US N 2 2033-01-20 Fixed 4.50000000 N N N N N N TJX Cos., Inc. (The) V167QI9I69W364E2DY52 TJX Cos., Inc. (The) 872540AW9 42471000.00000000 PA USD 35246286.65000000 0.048550992132 Long DBT CORP US N 2 2031-05-15 Fixed 1.60000000 N N N N N N N/A N/A Fifth Third Bancorp 00CAPVQ51 -20000.00000000 NC USD -3800000.00000000 -0.00523441722 N/A DE US N 1 Options Clearing 549300CII6SLYGKNHA04 Call Written Fifth Third Bancorp Fifth Third Bancorp 100.00000000 34.00000000 USD 2024-02-16 XXXX -2843392.84000000 N N N Truist Financial Corp. 549300DRQQI75D2JP341 Truist Financial Corp. 89788MAN2 45000000.00000000 PA USD 45815108.85000000 0.063109314504 Long DBT CORP US N 2 2027-06-08 Fixed 6.04700000 N N N N N N Twilio, Inc. 5493004W8TRGD63APX93 Twilio, Inc. 90138FAC6 45000000.00000000 PA USD 41101947.00000000 0.056617036717 Long DBT CORP US N 2 2029-03-15 Fixed 3.62500000 N N N N N N Oracle Corp. 1Z4GXXU7ZHVWFCD8TV52 Oracle Corp. 68389XBN4 40000000.00000000 PA USD 37996266.80000000 0.052339029889 Long DBT CORP US N 2 2027-11-15 Fixed 3.25000000 N N N N N N Centene Corp. 549300Z7JJ4TQSQGT333 Centene Corp. 15135BAT8 166100000.00000000 PA USD 159453076.64000000 0.219643139893 Long DBT CORP US N 2 2029-12-15 Fixed 4.62500000 N N N N N N Humana, Inc. 529900YLDW34GJAO4J06 Humana, Inc. 444859BV3 35000000.00000000 PA USD 37303551.25000000 0.051384829307 Long DBT CORP US N 2 2033-03-01 Fixed 5.87500000 N N N N N N Penn Entertainment, Inc. N/A Penn Entertainment, Inc. 707569AV1 40000000.00000000 PA USD 34245755.20000000 0.047172781853 Long DBT CORP US N 2 2029-07-01 Fixed 4.12500000 N N N N N Goodyear Tire & Rubber Co. (The) 5493002BI0S2ZQUY3437 Goodyear Tire & Rubber Co. (The) 382550BJ9 45000000.00000000 PA USD 41229054.00000000 0.056792123841 Long DBT CORP US N 2 2031-04-30 Fixed 5.25000000 N N N N N N HCA, Inc. L3CJ6J7LJ2DX62FTXD46 HCA, Inc. 404119CQ0 80000000.00000000 PA USD 81289900.00000000 0.111975066608 Long DBT CORP US N 2 2033-06-01 Fixed 5.50000000 N N N N N N Caesars Entertainment, Inc. 549300FA4CTCW903Y781 Caesars Entertainment, Inc. 12769GAB6 52000000.00000000 PA USD 53355224.00000000 0.073495658886 Long DBT CORP US N 2 2030-02-15 Fixed 7.00000000 N N N N N N American Tower Corp. 5493006ORUSIL88JOE18 American Tower Corp. 03027XBA7 30000000.00000000 PA USD 26725920.00000000 0.036814372660 Long DBT CORP US N 2 2030-01-15 Fixed 2.90000000 N N N N N N MPT Operating Partnership LP / MPT Finance Corp. N/A MPT Operating Partnership LP / MPT Finance Corp. 55342UAH7 70000000.00000000 PA USD 57241933.00000000 0.078849515874 Long DBT CORP US N 2 2027-10-15 Fixed 5.00000000 N N N N N N Medline Borrower LP 254900QT3R363TVK6F09 Medline Borrower LP, Term Loan 58503UAC7 79557249.69000000 PA USD 80048117.92000000 0.110264538841 Long LON CORP US N 2 2028-10-23 Variable 8.47044000 N N N N N N N/A N/A United Parcel Service, Inc. 00C92TU34 -5000.00000000 NC USD -35000.00000000 -0.00004821173 N/A DE US N 1 Options Clearing 549300CII6SLYGKNHA04 Call Written United Parcel Service, Inc. United Parcel Service, Inc. 100.00000000 175.00000000 USD 2024-01-19 XXXX 919446.02000000 N N N Oracle Corp. 1Z4GXXU7ZHVWFCD8TV52 Oracle Corp. 68389XBM6 100000000.00000000 PA USD 94861428.00000000 0.130669550815 Long DBT CORP US N 2 2026-07-15 Fixed 2.65000000 N N N N N N N/A N/A MetLife, Inc. 00CAZAQZ0 -15000.00000000 NC USD -2250000.00000000 -0.00309932599 N/A DE US N 1 Options Clearing 549300CII6SLYGKNHA04 Call Written MetLife, Inc. MetLife, Inc. 100.00000000 67.50000000 USD 2024-02-16 XXXX -762000.92000000 N N N Barclays plc 213800LBQA1Y9L22JB70 Barclays plc 06738ECE3 75000000.00000000 PA USD 84034857.75000000 0.115756186118 Long DBT CORP GB N 2 2033-11-02 Fixed 7.43700000 N N N N N N 2024-01-30 Franklin Custodian Funds Monica Krogh Monica Krogh Assistant Treasurer XXXX NPORT-EX 2 FCF.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FCF-Q1PH
1
Schedules
of
Investments
(unaudited)
Franklin
DynaTech
Fund
2
Franklin
Growth
Fund
6
Franklin
Income
Fund
11
Franklin
U.S.
Government
Securities
Fund
33
Franklin
Utilities
Fund
35
Notes
to
Schedules
of
Investments
37
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
December
31,
2023
Franklin
DynaTech
Fund
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
99.8%
Aerospace
&
Defense
1.1%
a
Axon
Enterprise,
Inc.
...................................
United
States
900,000
$
232,497,000
HEICO
Corp.
........................................
United
States
100,000
17,887,000
250,384,000
Automobile
Components
0.1%
a
Mobileye
Global,
Inc.,
A
.................................
Israel
600,000
25,992,000
Automobiles
2.8%
a
Tesla,
Inc.
...........................................
United
States
2,500,000
621,200,000
Biotechnology
0.6%
a
Argenx
SE
..........................................
Netherlands
300,000
114,126,093
a
Krystal
Biotech,
Inc.
...................................
United
States
10,000
1,240,600
a
Natera,
Inc.
..........................................
United
States
200,000
12,528,000
127,894,693
Broadline
Retail
8.3%
a
Amazon.com,
Inc.
.....................................
United
States
10,000,000
1,519,400,000
a
MercadoLibre,
Inc.
....................................
Brazil
200,000
314,308,000
1,833,708,000
Capital
Markets
1.9%
Moody's
Corp.
........................................
United
States
100,000
39,056,000
MSCI,
Inc.,
A
.........................................
United
States
250,000
141,412,500
Tradeweb
Markets,
Inc.,
A
...............................
United
States
2,500,000
227,200,000
407,668,500
Commercial
Services
&
Supplies
0.2%
Veralto
Corp.
.........................................
United
States
500,000
41,130,000
Communications
Equipment
0.1%
a
Arista
Networks,
Inc.
...................................
United
States
100,000
23,551,000
Construction
&
Engineering
0.9%
Quanta
Services,
Inc.
..................................
United
States
900,000
194,220,000
Diversified
Consumer
Services
0.2%
a
Duolingo,
Inc.,
A
......................................
United
States
200,000
45,370,000
Electronic
Equipment,
Instruments
&
Components
0.6%
Amphenol
Corp.,
A
....................................
United
States
500,000
49,565,000
Keyence
Corp.
.......................................
Japan
200,000
87,886,878
137,451,878
Energy
Equipment
&
Services
1.2%
Baker
Hughes
Co.,
A
...................................
United
States
2,000,000
68,360,000
a
Oceaneering
International,
Inc.
...........................
United
States
1,400,000
29,792,000
Schlumberger
NV
.....................................
United
States
2,500,000
130,100,000
TechnipFMC
plc
......................................
United
Kingdom
1,300,000
26,182,000
254,434,000
Financial
Services
4.5%
Mastercard,
Inc.,
A
....................................
United
States
1,700,000
725,067,000
Visa,
Inc.,
A
..........................................
United
States
1,000,000
260,350,000
985,417,000
Ground
Transportation
0.9%
a
Uber
Technologies,
Inc.
.................................
United
States
3,250,000
200,102,500
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
DynaTech
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
4.0%
a
Dexcom,
Inc.
.........................................
United
States
300,000
$
37,227,000
a
Haemonetics
Corp.
....................................
United
States
350,000
29,928,500
a
IDEXX
Laboratories,
Inc.
................................
United
States
700,000
388,535,000
a
Inspire
Medical
Systems,
Inc.
............................
United
States
250,000
50,857,500
a
Intuitive
Surgical,
Inc.
..................................
United
States
1,000,000
337,360,000
Stryker
Corp.
........................................
United
States
100,000
29,946,000
873,854,000
Health
Care
Providers
&
Services
1.3%
a
HealthEquity,
Inc.
.....................................
United
States
350,000
23,205,000
UnitedHealth
Group,
Inc.
................................
United
States
500,000
263,235,000
286,440,000
Health
Care
Technology
0.3%
a
Veeva
Systems,
Inc.,
A
.................................
United
States
300,000
57,756,000
Hotels,
Restaurants
&
Leisure
0.7%
a
Airbnb,
Inc.,
A
........................................
United
States
100,000
13,614,000
a
Booking
Holdings,
Inc.
.................................
United
States
35,000
124,152,700
a
DoorDash,
Inc.,
A
.....................................
United
States
150,000
14,833,500
152,600,200
Interactive
Media
&
Services
5.7%
a
Alphabet,
Inc.,
A
......................................
United
States
6,500,000
907,985,000
a
Meta
Platforms,
Inc.,
A
.................................
United
States
1,000,000
353,960,000
1,261,945,000
IT
Services
3.7%
a
Gartner,
Inc.
.........................................
United
States
80,000
36,088,800
a
MongoDB,
Inc.,
A
.....................................
United
States
850,000
347,522,500
a
Shopify,
Inc.,
A
.......................................
Canada
5,000,000
389,283,019
a
Snowflake,
Inc.,
A
.....................................
United
States
250,000
49,750,000
822,644,319
Life
Sciences
Tools
&
Services
4.0%
Danaher
Corp.
.......................................
United
States
1,500,000
347,010,000
Thermo
Fisher
Scientific,
Inc.
............................
United
States
1,000,000
530,790,000
877,800,000
Media
0.1%
a
Trade
Desk,
Inc.
(The),
A
................................
United
States
350,000
25,186,000
Pharmaceuticals
1.7%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
2,000,000
134,700,000
Eli
Lilly
&
Co.
........................................
United
States
400,000
233,168,000
367,868,000
Professional
Services
0.1%
a
Ceridian
HCM
Holding,
Inc.
..............................
United
States
200,000
13,424,000
Verisk
Analytics,
Inc.,
A
.................................
United
States
60,000
14,331,600
27,755,600
Semiconductors
&
Semiconductor
Equipment
20.5%
a
Advanced
Micro
Devices,
Inc.
............................
United
States
1,000,000
147,410,000
Analog
Devices,
Inc.
...................................
United
States
2,000,000
397,120,000
a
ARM
Holdings
plc,
ADR
................................
United
States
100,000
7,514,500
ASM
International
NV
..................................
Netherlands
250,000
130,136,337
ASML
Holding
NV,
ADR
................................
Netherlands
775,000
586,613,000
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
DynaTech
Fund
(continued)
franklintempleton.com
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)
Semiconductors
&
Semiconductor
Equipment
(continued)
Broadcom,
Inc.
.......................................
United
States
100,000
$
111,625,000
Entegris,
Inc.
.........................................
United
States
1,000,000
119,820,000
Intel
Corp.
...........................................
United
States
500,000
25,125,000
KLA
Corp.
...........................................
United
States
550,000
319,715,000
Lam
Research
Corp.
...................................
United
States
535,000
419,044,100
a
Lattice
Semiconductor
Corp.
.............................
United
States
1,000,000
68,990,000
Monolithic
Power
Systems,
Inc.
...........................
United
States
525,000
331,159,500
NVIDIA
Corp.
........................................
United
States
3,700,000
1,832,314,000
4,496,586,437
Software
32.0%
a
Adobe,
Inc.
..........................................
United
States
150,000
89,490,000
a
ANSYS,
Inc.
.........................................
United
States
500,000
181,440,000
a
Aspen
Technology,
Inc.
.................................
United
States
200,000
44,030,000
a
Atlassian
Corp.,
A
.....................................
United
States
500,000
118,930,000
a
Cadence
Design
Systems,
Inc.
...........................
United
States
2,300,000
626,451,000
Constellation
Software,
Inc.
..............................
Canada
50,000
123,972,452
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
50,000
12,766,000
a
Datadog,
Inc.,
A
......................................
United
States
900,000
109,242,000
a
Descartes
Systems
Group,
Inc.
(The)
......................
Canada
750,000
63,045,000
a
Fair
Isaac
Corp.
......................................
United
States
50,000
58,200,500
a
HubSpot,
Inc.
........................................
United
States
600,000
348,324,000
Intuit,
Inc.
...........................................
United
States
1,000,000
625,030,000
a
Klaviyo,
Inc.,
A
.......................................
United
States
500,000
13,890,000
a,b
Lumine
Group,
Inc.,
Reg
S
..............................
Canada
500,000
11,283,019
a
Manhattan
Associates,
Inc.
..............................
United
States
200,000
43,064,000
Microsoft
Corp.
.......................................
United
States
4,500,000
1,692,180,000
a
Monday.com
Ltd.
......................................
United
States
500,000
93,905,000
a
Palo
Alto
Networks,
Inc.
................................
United
States
1,100,000
324,368,000
a
Procore
Technologies,
Inc.
..............................
United
States
800,000
55,376,000
Roper
Technologies,
Inc.
................................
United
States
500,000
272,585,000
a
Salesforce,
Inc.
.......................................
United
States
1,000,000
263,140,000
a
ServiceNow,
Inc.
......................................
United
States
1,150,000
812,463,500
a
SPS
Commerce,
Inc.
...................................
United
States
150,000
29,076,000
a
Synopsys,
Inc.
.......................................
United
States
1,250,000
643,637,500
a
Tyler
Technologies,
Inc.
.................................
United
States
250,000
104,530,000
a
Workday,
Inc.,
A
......................................
United
States
1,000,000
276,060,000
7,036,478,971
Technology
Hardware,
Storage
&
Peripherals
2.2%
Apple,
Inc.
..........................................
United
States
2,500,000
481,325,000
Trading
Companies
&
Distributors
0.1%
Fastenal
Co.
.........................................
United
States
350,000
22,669,500
Total
Common
Stocks
(Cost
$10,319,073,504)
...................................
21,939,432,598
Warrants
Warrants
0.0%
Software
0.0%
a,c
Constellation
Software,
Inc.,
3/31/40
.......................
Canada
50,000
Total
Warrants
(Cost
$–)
......................................................
Total
Long
Term
Investments
(Cost
$10,319,073,504)
............................
21,939,432,598
a
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
DynaTech
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
See
Abbreviations
on
page
44
.
Short
Term
Investments
0.3%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
0.3%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.034%
....
United
States
67,931,329
$
67,931,329
Total
Money
Market
Funds
(Cost
$67,931,329)
..................................
67,931,329
Total
Short
Term
Investments
(Cost
$67,931,329
)
................................
67,931,329
a
Total
Investments
(Cost
$10,387,004,833)
100.1%
...............................
$22,007,363,927
Other
Assets,
less
Liabilities
(0.1)%
...........................................
(18,458,906)
Net
Assets
100.0%
...........................................................
$21,988,905,021
a
a
a
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
December
31,
2023,
the
value
of
this
security
was
$11,283,019,
representing
0.1%
of
net
assets.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
d
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
December
31,
2023
Franklin
Growth
Fund
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
98.1%
Aerospace
&
Defense
4.3%
BWX
Technologies,
Inc.
................................
United
States
1,344,011
$
103,125,964
Lockheed
Martin
Corp.
.................................
United
States
346,455
157,027,264
Northrop
Grumman
Corp.
...............................
United
States
627,397
293,709,632
RTX
Corp.
..........................................
United
States
2,288,910
192,588,887
746,451,747
Automobiles
0.7%
a
Tesla,
Inc.
...........................................
United
States
479,183
119,067,392
Beverages
3.2%
Brown-Forman
Corp.,
B
................................
United
States
1,359,682
77,637,842
Constellation
Brands,
Inc.,
A
.............................
United
States
528,378
127,735,381
a
Monster
Beverage
Corp.
................................
United
States
4,227,826
243,565,056
PepsiCo,
Inc.
........................................
United
States
615,845
104,595,115
553,533,394
Biotechnology
1.7%
AbbVie,
Inc.
.........................................
United
States
435,787
67,533,911
Amgen,
Inc.
.........................................
United
States
509,836
146,842,965
a
Argenx
SE,
ADR
......................................
Netherlands
30,411
11,569,257
a
Regeneron
Pharmaceuticals,
Inc.
.........................
United
States
72,246
63,452,939
289,399,072
Broadline
Retail
3.9%
a
Amazon.com,
Inc.
.....................................
United
States
4,539,124
689,674,501
Building
Products
1.4%
Trane
Technologies
plc
.................................
United
States
989,869
241,429,049
Capital
Markets
4.5%
BlackRock,
Inc.
.......................................
United
States
123,820
100,517,076
Blackstone,
Inc.
......................................
United
States
798,607
104,553,628
Charles
Schwab
Corp.
(The)
.............................
United
States
2,102,782
144,671,402
Intercontinental
Exchange,
Inc.
...........................
United
States
1,350,590
173,456,274
S&P
Global,
Inc.
......................................
United
States
350,525
154,413,273
Tradeweb
Markets,
Inc.,
A
...............................
United
States
1,129,220
102,623,513
780,235,166
Chemicals
3.0%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
473,767
129,717,405
Ecolab,
Inc.
..........................................
United
States
590,978
117,220,486
Linde
plc
............................................
United
States
664,827
273,051,097
519,988,988
Commercial
Services
&
Supplies
0.6%
Republic
Services,
Inc.,
A
...............................
United
States
616,799
101,716,323
Construction
Materials
0.9%
Martin
Marietta
Materials,
Inc.
............................
United
States
300,997
150,170,413
Consumer
Staples
Distribution
&
Retail
0.2%
Costco
Wholesale
Corp.
................................
United
States
53,249
35,148,600
Electric
Utilities
0.9%
NextEra
Energy,
Inc.
...................................
United
States
2,555,446
155,217,790
Electrical
Equipment
1.1%
AMETEK,
Inc.
........................................
United
States
543,467
89,612,274
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Growth
Fund
(continued)
franklintempleton.com
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
(continued)
Electrical
Equipment
(continued)
Eaton
Corp.
plc
.......................................
United
States
437,964
$
105,470,490
195,082,764
Electronic
Equipment,
Instruments
&
Components
3.0%
Amphenol
Corp.,
A
....................................
United
States
2,744,615
272,073,685
TE
Connectivity
Ltd.
...................................
United
States
1,770,857
248,805,409
520,879,094
Entertainment
0.4%
a
ROBLOX
Corp.,
A
.....................................
United
States
1,475,286
67,450,076
Financial
Services
4.1%
Mastercard,
Inc.,
A
....................................
United
States
964,326
411,294,682
Visa,
Inc.,
A
..........................................
United
States
1,167,618
303,989,347
715,284,029
Food
Products
0.3%
Lamb
Weston
Holdings,
Inc.
.............................
United
States
519,559
56,159,132
Ground
Transportation
3.5%
Canadian
Pacific
Kansas
City
Ltd.
.........................
Canada
1,346,949
106,489,788
JB
Hunt
Transport
Services,
Inc.
..........................
United
States
473,767
94,630,221
a
Uber
Technologies,
Inc.
.................................
United
States
965,539
59,448,236
Union
Pacific
Corp.
....................................
United
States
1,433,210
352,025,040
612,593,285
Health
Care
Equipment
&
Supplies
4.2%
Abbott
Laboratories
....................................
United
States
741,502
81,617,125
a
Edwards
Lifesciences
Corp.
.............................
United
States
966,324
73,682,205
a
Haemonetics
Corp.
....................................
United
States
737,264
63,043,445
a
Intuitive
Surgical,
Inc.
..................................
United
States
932,640
314,635,430
Stryker
Corp.
........................................
United
States
388,847
116,444,123
Teleflex,
Inc.
.........................................
United
States
317,502
79,165,949
728,588,277
Health
Care
Providers
&
Services
0.9%
Laboratory
Corp.
of
America
Holdings
......................
United
States
319,016
72,509,147
UnitedHealth
Group,
Inc.
................................
United
States
176,115
92,719,264
165,228,411
Health
Care
Technology
0.3%
a
Veeva
Systems,
Inc.,
A
.................................
United
States
261,713
50,384,987
Hotels,
Restaurants
&
Leisure
1.3%
a
Airbnb,
Inc.,
A
........................................
United
States
345,490
47,035,009
a
Booking
Holdings,
Inc.
.................................
United
States
28,173
99,935,829
Las
Vegas
Sands
Corp.
.................................
United
States
1,723,083
84,792,914
231,763,752
Industrial
REITs
0.3%
Prologis,
Inc.
.........................................
United
States
469,900
62,637,670
Interactive
Media
&
Services
3.6%
a
Alphabet,
Inc.,
A
......................................
United
States
2,056,520
287,275,279
a
Alphabet,
Inc.,
C
......................................
United
States
2,401,900
338,499,767
625,775,046
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Growth
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
IT
Services
0.8%
a,b,c
Canva,
Inc.
..........................................
Australia
25,413
$
27,390,436
a
Shopify,
Inc.,
A
.......................................
Canada
411,700
32,071,430
a
Snowflake,
Inc.,
A
.....................................
United
States
373,979
74,421,821
133,883,687
Life
Sciences
Tools
&
Services
4.8%
Agilent
Technologies,
Inc.
...............................
United
States
1,169,568
162,605,039
Danaher
Corp.
.......................................
United
States
1,132,672
262,032,340
a
Mettler-Toledo
International,
Inc.
..........................
United
States
219,009
265,649,157
Thermo
Fisher
Scientific,
Inc.
............................
United
States
269,334
142,959,794
833,246,330
Machinery
3.9%
Deere
&
Co.
.........................................
United
States
377,751
151,051,292
Dover
Corp.
.........................................
United
States
375,644
57,777,804
Illinois
Tool
Works,
Inc.
.................................
United
States
832,519
218,070,027
Ingersoll
Rand,
Inc.
....................................
United
States
1,859,776
143,835,076
Xylem,
Inc.
..........................................
United
States
983,901
112,518,918
683,253,117
Media
0.2%
Comcast
Corp.,
A
.....................................
United
States
760,978
33,368,885
Personal
Care
Products
0.1%
Estee
Lauder
Cos.,
Inc.
(The),
A
..........................
United
States
178,208
26,062,920
Pharmaceuticals
3.8%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
2,110,216
142,123,048
a
Catalent,
Inc.
........................................
United
States
289,029
12,986,073
Eli
Lilly
&
Co.
........................................
United
States
860,884
501,826,501
656,935,622
Professional
Services
0.4%
Automatic
Data
Processing,
Inc.
..........................
United
States
105,229
24,515,200
Verisk
Analytics,
Inc.,
A
.................................
United
States
178,221
42,569,868
67,085,068
Semiconductors
&
Semiconductor
Equipment
9.6%
a,d
ARM
Holdings
plc,
ADR
................................
United
States
494,000
37,121,630
ASML
Holding
NV,
ADR
................................
Netherlands
388,894
294,361,647
Lam
Research
Corp.
...................................
United
States
28,550
22,362,073
a
Lattice
Semiconductor
Corp.
.............................
United
States
562,800
38,827,572
Monolithic
Power
Systems,
Inc.
...........................
United
States
426,545
269,056,055
NVIDIA
Corp.
........................................
United
States
1,276,667
632,231,032
NXP
Semiconductors
NV
...............................
China
665,330
152,812,994
Texas
Instruments,
Inc.
.................................
United
States
1,326,618
226,135,304
1,672,908,307
Software
19.0%
a
Adobe,
Inc.
..........................................
United
States
143,493
85,607,924
a
ANSYS,
Inc.
.........................................
United
States
125,232
45,444,188
a
Atlassian
Corp.,
A
.....................................
United
States
265,862
63,237,935
a
Autodesk,
Inc.
........................................
United
States
741,413
180,519,237
a
BILL
Holdings,
Inc.
....................................
United
States
1,201,782
98,053,393
a,b,c
Checkout
Payments
Group
Ltd.,
B
.........................
United
Kingdom
96,603
9,086,187
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
132,753
33,894,496
Intuit,
Inc.
...........................................
United
States
710,431
444,040,688
Microsoft
Corp.
.......................................
United
States
2,793,768
1,050,568,519
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Growth
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
a
Procore
Technologies,
Inc.
..............................
United
States
66,651
$
4,613,582
a
PTC,
Inc.
...........................................
United
States
1,141,015
199,631,985
a
Salesforce,
Inc.
.......................................
United
States
534,162
140,559,389
a
ServiceNow,
Inc.
......................................
United
States
634,095
447,981,777
a,b,c
Stripe,
Inc.,
B
........................................
United
States
540,043
13,403,929
a
Synopsys,
Inc.
.......................................
United
States
503,220
259,113,010
a
Tyler
Technologies,
Inc.
.................................
United
States
114,252
47,771,046
a
Workday,
Inc.,
A
......................................
United
States
661,601
182,641,572
3,306,168,857
Specialized
REITs
0.5%
Crown
Castle,
Inc.
.....................................
United
States
748,219
86,187,347
Technology
Hardware,
Storage
&
Peripherals
4.2%
Apple,
Inc.
..........................................
United
States
3,794,593
730,572,990
Textiles,
Apparel
&
Luxury
Goods
1.1%
NIKE,
Inc.,
B
.........................................
United
States
1,757,536
190,815,684
Trading
Companies
&
Distributors
1.0%
Fastenal
Co.
.........................................
United
States
2,605,313
168,746,123
Water
Utilities
0.4%
American
Water
Works
Co.,
Inc.
..........................
United
States
579,967
76,549,844
Total
Common
Stocks
(Cost
$4,570,336,577)
....................................
17,079,643,739
Convertible
Preferred
Stocks
0.5%
IT
Services
0.0%
a,b,c
Canva,
Inc.,
A
........................................
Australia
2,353
2,536,092
a,b,c
Canva,
Inc.,
A-3
......................................
Australia
94
101,314
a,b,c
Canva,
Inc.,
A-4
......................................
Australia
8
8,622
a,b,c
Canva,
Inc.,
A-5
......................................
Australia
5
5,389
2,651,417
Software
0.5%
a,b,c
Gusto,
Inc.,
E
........................................
United
States
822,494
25,355,583
a,b,c,e
OneTrust
LLC,
C
......................................
United
States
849,894
14,997,674
a,b,c
Stripe,
Inc.,
I
.........................................
United
States
1,759,545
43,672,109
84,025,366
Total
Convertible
Preferred
Stocks
(Cost
$81,287,285)
...........................
86,676,783
Preferred
Stocks
0.9%
Life
Sciences
Tools
&
Services
0.9%
f
Sartorius
AG,
0.43%
...................................
Germany
428,400
157,338,740
Total
Preferred
Stocks
(Cost
$151,133,458)
.....................................
157,338,740
Total
Long
Term
Investments
(Cost
$4,802,757,320)
.............................
17,323,659,262
a
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Growth
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
See
Abbreviations
on
page
44
.
Short
Term
Investments
0.4%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
0.4%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.034%
....
United
States
64,399,004
$
64,399,004
Total
Money
Market
Funds
(Cost
$64,399,004)
..................................
64,399,004
Total
Short
Term
Investments
(Cost
$64,399,004
)
................................
64,399,004
a
Total
Investments
(Cost
$4,867,156,324)
99.9%
..................................
$17,388,058,266
Other
Assets,
less
Liabilities
0.1%
.............................................
23,349,106
Net
Assets
100.0%
...........................................................
$17,411,407,372
a
a
a
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
c
See
Note
3
regarding
restricted
securities.
d
A
portion
or
all
of
the
security
is
on
loan
at
December
31,
2023.
e
See
Note
4
regarding
holdings
of
5%
voting
securities.
f
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
g
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
h
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
December
31,
2023
Franklin
Income
Fund
franklintempleton.com
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
17.9%
Aerospace
&
Defense
1.3%
a
Lockheed
Martin
Corp.
.................................
United
States
1,900,000
$
861,156,000
a
RTX
Corp.
..........................................
United
States
1,250,000
105,175,000
966,331,000
Air
Freight
&
Logistics
0.3%
a
United
Parcel
Service,
Inc.,
B
............................
United
States
1,500,000
235,845,000
Banks
1.8%
a
Bank
of
America
Corp.
.................................
United
States
14,986,500
504,595,455
a
Citigroup,
Inc.
........................................
United
States
1,999,900
102,874,856
a
Fifth
Third
Bancorp
....................................
United
States
7,002,200
241,505,878
a
JPMorgan
Chase
&
Co.
.................................
United
States
1,000,000
170,100,000
a
Truist
Financial
Corp.
..................................
United
States
8,000,000
295,360,000
a
US
Bancorp
.........................................
United
States
500,000
21,640,000
1,336,076,189
Beverages
0.8%
Coca-Cola
Co.
(The)
...................................
United
States
3,000,000
176,790,000
PepsiCo,
Inc.
........................................
United
States
2,250,000
382,140,000
558,930,000
Biotechnology
0.4%
a
AbbVie,
Inc.
.........................................
United
States
2,000,000
309,940,000
Capital
Markets
0.8%
a
Charles
Schwab
Corp.
(The)
.............................
United
States
2,000,000
137,600,000
a
Goldman
Sachs
Group,
Inc.
(The)
.........................
United
States
250,000
96,442,500
a
Morgan
Stanley
.......................................
United
States
4,000,000
373,000,000
607,042,500
Communications
Equipment
0.4%
Cisco
Systems,
Inc.
...................................
United
States
5,000,000
252,600,000
Consumer
Staples
Distribution
&
Retail
0.3%
a
Target
Corp.
.........................................
United
States
1,700,000
242,114,000
Containers
&
Packaging
0.3%
International
Paper
Co.
.................................
United
States
5,600,000
202,440,000
Diversified
Telecommunication
Services
0.3%
Verizon
Communications,
Inc.
............................
United
States
5,000,000
188,500,000
Electric
Utilities
2.5%
American
Electric
Power
Co.,
Inc.
.........................
United
States
3,000,000
243,660,000
Duke
Energy
Corp.
....................................
United
States
3,500,000
339,640,000
Edison
International
...................................
United
States
1,800,000
128,682,000
Entergy
Corp.
........................................
United
States
650,000
65,773,500
a
NextEra
Energy,
Inc.
...................................
United
States
6,300,489
382,691,702
Southern
Co.
(The)
....................................
United
States
9,000,000
631,080,000
1,791,527,202
Ground
Transportation
0.2%
a
Union
Pacific
Corp.
....................................
United
States
500,000
122,810,000
Health
Care
Providers
&
Services
0.2%
CVS
Health
Corp.
.....................................
United
States
2,000,000
157,920,000
Household
Products
0.6%
Procter
&
Gamble
Co.
(The)
.............................
United
States
3,000,000
439,620,000
Industrial
Conglomerates
0.1%
Honeywell
International,
Inc.
.............................
United
States
200,000
41,942,000
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
franklintempleton.com
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)
Insurance
0.2%
a
MetLife,
Inc.
.........................................
United
States
2,500,000
$
165,325,000
IT
Services
0.2%
a
International
Business
Machines
Corp.
.....................
United
States
1,000,000
163,550,000
Media
0.1%
a
Comcast
Corp.,
A
.....................................
United
States
1,500,000
65,775,000
Metals
&
Mining
0.4%
a
Rio
Tinto
plc,
ADR
.....................................
Australia
3,500,000
260,610,000
Multi-Utilities
0.6%
a
Dominion
Energy,
Inc.
..................................
United
States
6,000,000
282,000,000
Sempra
.............................................
United
States
2,500,000
186,825,000
468,825,000
Oil,
Gas
&
Consumable
Fuels
2.3%
Chevron
Corp.
.......................................
United
States
7,151,357
1,066,696,410
Exxon
Mobil
Corp.
.....................................
United
States
2,000,000
199,960,000
Shell
plc,
ADR
........................................
Netherlands
4,000,000
263,200,000
TotalEnergies
SE,
ADR
.................................
France
1,500,000
101,070,000
1,630,926,410
Pharmaceuticals
2.0%
b
Bausch
Health
Cos.,
Inc.
................................
United
States
15,000,000
120,300,000
Bristol-Myers
Squibb
Co.
................................
United
States
6,000,000
307,860,000
a
Johnson
&
Johnson
...................................
United
States
3,500,200
548,621,348
Merck
&
Co.,
Inc.
.....................................
United
States
1,500,000
163,530,000
Pfizer,
Inc.
...........................................
United
States
10,871,000
312,976,090
1,453,287,438
Semiconductors
&
Semiconductor
Equipment
1.4%
a
Intel
Corp.
...........................................
United
States
3,999,800
200,989,950
QUALCOMM,
Inc.
.....................................
United
States
1,000,000
144,630,000
a
Texas
Instruments,
Inc.
.................................
United
States
4,000,000
681,840,000
1,027,459,950
Tobacco
0.4%
Philip
Morris
International,
Inc.
...........................
United
States
3,000,000
282,240,000
Total
Common
Stocks
(Cost
$11,614,604,128)
...................................
12,971,636,689
Management
Investment
Companies
0.1%
Capital
Markets
0.1%
c
Clarion
Partners
Real
Estate
Income
Fund,
Inc.,
Class
I
........
United
States
7,867,833
93,548,532
Total
Management
Investment
Companies
(Cost
$100,000,000)
...................
93,548,532
Equity-Linked
Securities
15.7%
Aerospace
&
Defense
0.5%
d
Barclays
Bank
plc
into
Northrop
Grumman
Corp.,
144A,
7%,
11/08/24
..........................................
United
States
315,000
151,016,356
d
Merrill
Lynch
International
&
Co.
CV
into
Raytheon
Technologies
Corp.,
144A,
7.5%,
5/08/24
............................
United
States
2,350,000
202,026,725
353,043,081
Air
Freight
&
Logistics
0.3%
d
J.P.
Morgan
Structured
Products
BV
into
United
Parcel
Service,
Inc.,
144A,
9%,
10/22/24
..................................
United
States
1,530,000
239,817,951
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Equity-Linked
Securities
(continued)
Automobiles
0.5%
d
Barclays
Bank
plc
into
Ford
Motor
Co.,
144A,
12%,
2/09/24
......
United
States
7,600,000
$
92,347,884
d
Royal
Bank
of
Canada
into
General
Motors
Co.,
144A,
12%,
6/18/24
United
States
8,750,000
303,807,295
396,155,179
Banks
1.8%
d
Barclays
Bank
plc
into
Citigroup,
Inc.,
144A,
9%,
7/03/24
........
United
States
5,110,000
258,903,288
d
Barclays
Bank
plc
into
US
Bancorp.,
144A,
10%,
8/23/24
.......
United
States
4,320,000
181,033,496
d
Citigroup
Global
Markets
Holdings,
Inc.
into
Bank
of
America
Corp.,
144A,
8%,
8/16/24
...................................
United
States
8,128,000
268,277,113
d
JPMorgan
Chase
Bank
NA
into
Bank
of
America
Corp.,
144A,
9%,
2/02/24
...........................................
United
States
8,450,000
285,650,409
d
Royal
Bank
of
Canada
into
Citigroup,
Inc.,
144A,
10%,
10/15/24
..
United
States
6,300,000
289,175,223
1,283,039,529
Biotechnology
0.2%
d
Goldman
Sachs
International
Bank
into
AbbVie,
Inc.,
144A,
8.5%,
2/06/24
...........................................
United
States
1,150,000
177,721,080
Broadline
Retail
0.9%
d
Goldman
Sachs
International
Bank
into
Amazon.com,
Inc.,
144A,
9%,
11/20/24
.......................................
United
States
2,375,000
301,444,243
d
Royal
Bank
of
Canada
into
Amazon.com,
Inc.,
144A,
10%,
4/05/24
United
States
2,800,000
321,533,968
622,978,211
Building
Products
0.4%
d
J.P.
Morgan
Structured
Products
BV
into
Johnson
Controls
International
plc,
144A,
8%,
9/09/24
......................
United
States
2,360,000
137,673,388
d
Wells
Fargo
Bank
NA
into
Johnson
Controls
International
plc,
144A,
9%,
12/10/24
.......................................
United
States
2,450,000
130,589,843
268,263,231
Capital
Markets
1.4%
d
BNP
Paribas
Issuance
BV
into
Goldman
Sachs
Group,
Inc.
(The),
144A,
7.5%,
8/19/24
.................................
United
States
690,000
259,282,871
d
Goldman
Sachs
International
Bank
into
Morgan
Stanley,
144A,
9%,
12/24/24
..........................................
United
States
2,812,000
255,907,279
d
Merrill
Lynch
International
&
Co.
CV
into
Morgan
Stanley,
144A,
10%,
6/04/24
.......................................
United
States
3,000,000
268,814,653
d
UBS
AG
into
Charles
Schwab
Corp.
(The),
144A,
10%,
7/17/24
...
United
States
4,300,000
263,215,806
1,047,220,609
Chemicals
0.4%
d
JPMorgan
Chase
Bank
NA
into
LyondellBasell
Industries
NV,
144A,
11%,
1/22/24
.......................................
United
States
2,700,000
258,074,742
Communications
Equipment
0.6%
d
Royal
Bank
of
Canada
into
Cisco
Systems,
Inc.,
144A,
8%,
9/03/24
United
States
4,300,000
222,422,231
d
UBS
AG
into
Cisco
Systems,
Inc.,
144A,
8.5%,
6/20/24
.........
United
States
4,595,000
230,720,983
453,143,214
Consumer
Staples
Distribution
&
Retail
0.4%
d
UBS
AG
into
Target
Corp.,
144A,
9%,
9/05/24
................
United
States
1,935,000
270,967,671
Containers
&
Packaging
0.2%
d
Mizuho
Markets
Cayman
LP
into
International
Paper
Co.,
144A,
10%,
1/22/25
.......................................
United
States
2,900,000
106,306,242
Electric
Utilities
0.5%
d
Mizuho
Markets
Cayman
LP
into
NextEra
Energy,
Inc.,
144A,
8%,
3/19/24
...........................................
United
States
3,500,000
214,768,724
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
14
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Equity-Linked
Securities
(continued)
Electric
Utilities
(continued)
d
Wells
Fargo
Bank
NA
into
NextEra
Energy,
Inc.,
144A,
8%,
5/08/24
United
States
2,700,000
$
167,966,502
382,735,226
Ground
Transportation
0.8%
d
Merrill
Lynch
BV
into
Union
Pacific
Corp.,
144A,
8%,
11/05/24
....
United
States
1,300,000
296,095,586
d
UBS
AG
into
Union
Pacific
Corp.,
144A,
8%,
3/13/24
...........
United
States
1,190,000
267,799,967
563,895,553
Insurance
0.3%
d
BNP
Paribas
Issuance
BV
into
MetLife,
Inc.,
144A,
9%,
10/23/24
..
United
States
3,800,000
247,494,454
Machinery
0.3%
d
National
Bank
of
Canada
into
Cummins,
Inc.,
144A,
8.5%,
2/13/24
United
States
1,000,000
241,501,691
Media
0.5%
d
BNP
Paribas
Issuance
BV
into
Comcast
Corp.,
144A,
8%,
1/15/25
United
States
3,100,000
133,983,476
d
J.P.
Morgan
Structured
Products
BV
into
Comcast
Corp.,
144A,
8%,
8/13/24
...........................................
United
States
5,825,000
250,936,798
384,920,274
Metals
&
Mining
1.2%
d
Mizuho
Markets
Cayman
LP
into
Freeport-McMoRan,
Inc.,
144A,
11%,
12/10/24
......................................
United
States
7,539,000
307,622,725
d
Royal
Bank
of
Canada
into
Barrick
Gold
Corp.,
144A,
11%,
3/07/24
Canada
5,600,000
101,026,192
d
Royal
Bank
of
Canada
into
Freeport-McMoRan,
Inc.,
144A,
10%,
5/03/24
...........................................
United
States
4,900,000
210,184,286
d
UBS
AG
into
Newmont
Corp.,
144A,
11%,
1/16/25
.............
United
States
6,000,000
244,397,623
863,230,826
Multi-Utilities
0.1%
d
Wells
Fargo
Bank
NA
into
Dominion
Energy,
Inc.,
144A,
9%,
1/10/25
United
States
2,130,000
101,212,393
Oil,
Gas
&
Consumable
Fuels
1.3%
d
BNP
Paribas
Issuance
BV
into
BP
plc,
144A,
8.5%,
4/24/24
......
United
Kingdom
6,100,000
218,399,519
d
Citigroup
Global
Markets
Holdings,
Inc.
into
BP
plc,
144A,
10%,
12/30/24
..........................................
United
Kingdom
6,600,000
235,228,192
d
Citigroup
Global
Markets
Holdings,
Inc.
into
Exxon
Mobil
Corp.,
144A,
9.5%,
2/22/24
.................................
United
States
2,000,000
200,962,292
d
J.P.
Morgan
Structured
Products
BV
into
Exxon
Mobil
Corp.,
144A,
9%,
9/24/24
........................................
United
States
2,435,000
250,208,883
904,798,886
Pharmaceuticals
0.5%
d
BNP
Paribas
Issuance
BV
into
Pfizer,
Inc.,
144A,
8.5%,
6/10/24
..
United
States
5,920,000
173,873,137
d
Wells
Fargo
Bank
NA
into
Bristol-Myers
Squibb
Co.,
144A,
7.5%,
5/13/24
...........................................
United
States
3,927,000
204,169,895
378,043,032
Semiconductors
&
Semiconductor
Equipment
2.2%
d
Citigroup
Global
Markets
Holdings,
Inc.
into
Intel
Corp.,
144A,
10%,
10/03/24
..........................................
United
States
6,700,000
286,813,859
d
Goldman
Sachs
International
Bank
into
Texas
Instruments,
Inc.,
144A,
9%,
11/10/25
..................................
United
States
1,670,000
275,361,523
d
Mizuho
Markets
Cayman
LP
into
Microchip
Technology,
Inc.,
144A,
10%,
11/12/24
......................................
United
States
3,500,000
295,940,357
d
Morgan
Stanley
Finance
II
Ltd.
into
Microchip
Technology,
Inc.,
144A,
10%,
3/03/25
..................................
United
States
1,850,000
160,085,046
d
National
Bank
of
Canada
into
Analog
Devices,
Inc.,
144A,
8.5%,
7/17/24
...........................................
United
States
1,500,000
293,184,200
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Equity-Linked
Securities
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
d
UBS
AG
into
Texas
Instruments,
Inc.,
144A,
8.5%,
8/07/24
......
United
States
1,583,000
$
270,890,366
1,582,275,351
Specialty
Retail
0.4%
d
Citigroup
Global
Markets
Holdings,
Inc.
into
Home
Depot,
Inc.
(The),
144A,
8.5%,
6/12/24
.................................
United
States
811,000
278,254,350
Total
Equity-Linked
Securities
(Cost
$11,250,607,195)
...........................
11,405,092,776
Convertible
Preferred
Stocks
0.1%
Financial
Services
0.1%
b
FNMA,
5.375%
.......................................
United
States
4,240
38,584,000
b
Total
Convertible
Preferred
Stocks
(Cost
$339,906,139)
..........................
38,584,000
Preferred
Stocks
0.0%
Financial
Services
0.0%
b
FNMA,
8.25%,
S
......................................
United
States
4,000,000
12,880,000
b
Total
Preferred
Stocks
(Cost
$93,801,501)
......................................
12,880,000
Principal
Amount
*
Convertible
Bonds
0.0%
Media
0.0%
DISH
Network
Corp.
,
Senior
Note
,
2.375
%
,
3/15/24
............
United
States
25,000,000
24,843,750
Total
Convertible
Bonds
(Cost
$24,868,427)
....................................
24,843,750
Corporate
Bonds
48.1%
Aerospace
&
Defense
1.8%
Boeing
Co.
(The)
,
Senior
Bond,
3.2%,
3/01/29
............................
United
States
25,000,000
23,395,220
Senior
Bond,
3.625%,
2/01/31
..........................
United
States
59,000,000
54,827,209
Senior
Bond,
3.6%,
5/01/34
............................
United
States
25,000,000
22,104,194
Senior
Bond,
3.25%,
2/01/35
...........................
United
States
25,000,000
21,100,078
Senior
Note,
2.196%,
2/04/26
..........................
United
States
45,000,000
42,527,691
Senior
Note,
5.04%,
5/01/27
...........................
United
States
180,000,000
181,667,297
Senior
Note,
3.25%,
2/01/28
...........................
United
States
60,000,000
56,962,292
Senior
Note,
5.15%,
5/01/30
...........................
United
States
390,000,000
397,244,386
RTX
Corp.
,
Senior
Bond
,
6.1
%
,
3/15/34
.....................
United
States
25,000,000
27,141,331
Textron,
Inc.
,
Senior
Bond,
3%,
6/01/30
.............................
United
States
59,049,000
52,894,658
Senior
Bond,
2.45%,
3/15/31
...........................
United
States
40,000,000
34,102,531
d
TransDigm,
Inc.
,
Senior
Secured
Note,
144A,
6.25%,
3/15/26
...............
United
States
236,000,000
235,831,803
Senior
Secured
Note,
144A,
6.75%,
8/15/28
...............
United
States
100,000,000
102,433,200
Senior
Secured
Note,
144A,
6.875%,
12/15/30
.............
United
States
50,000,000
51,532,750
1,303,764,640
Air
Freight
&
Logistics
0.0%
FedEx
Corp.
,
Senior
Bond
,
2.4
%
,
5/15/31
...................
United
States
29,000,000
24,977,582
Automobile
Components
0.5%
d
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
85,000,000
76,739,632
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Bond,
5%,
5/31/26
.............................
United
States
57,000,000
56,158,070
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
16
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Automobile
Components
(continued)
Goodyear
Tire
&
Rubber
Co.
(The),
(continued)
Senior
Bond,
4.875%,
3/15/27
..........................
United
States
34,757,000
$
33,675,456
Senior
Bond,
5.25%,
4/30/31
...........................
United
States
45,000,000
41,229,054
Senior
Note,
5%,
7/15/29
.............................
United
States
130,000,000
122,988,593
Senior
Note,
5.25%,
7/15/31
...........................
United
States
40,500,000
36,796,478
367,587,283
Automobiles
0.9%
Ford
Motor
Co.
,
Senior
Bond,
4.346%,
12/08/26
.........................
United
States
80,000,000
78,001,930
Senior
Bond,
3.25%,
2/12/32
...........................
United
States
150,000,000
124,818,230
e
Senior
Bond,
6.1%,
8/19/32
............................
United
States
195,000,000
196,663,149
General
Motors
Co.
,
Senior
Bond,
5%,
10/01/28
............................
United
States
25,000,000
25,220,225
e
Senior
Bond,
5.6%,
10/15/32
...........................
United
States
35,000,000
35,802,775
Senior
Bond,
5.15%,
4/01/38
...........................
United
States
140,000,000
132,739,265
d
Volkswagen
Group
of
America
Finance
LLC
,
Senior
Note
,
144A,
1.25
%
,
11/24/25
.....................................
Germany
97,000,000
90,127,660
683,373,234
Banks
3.6%
Bank
of
America
Corp.
,
f
AA,
Junior
Sub.
Bond,
6.1%
to
3/16/25,
FRN
thereafter,
Perpetual
United
States
70,000,000
69,510,560
f
X,
Junior
Sub.
Bond,
6.25%
to
9/04/24,
FRN
thereafter,
Perpetual
United
States
50,000,000
49,664,470
Senior
Bond,
3.419%
to
12/19/27,
FRN
thereafter,
12/20/28
...
United
States
45,000,000
42,418,526
Senior
Bond,
4.571%
to
4/26/32,
FRN
thereafter,
4/27/33
.....
United
States
185,000,000
176,428,499
Barclays
plc
,
Senior
Bond,
4.375%,
1/12/26
..........................
United
Kingdom
27,000,000
26,638,158
Senior
Bond,
4.337%,
1/10/28
..........................
United
Kingdom
31,000,000
30,135,973
Senior
Bond,
2.645%
to
6/23/30,
FRN
thereafter,
6/24/31
.....
United
Kingdom
49,000,000
41,353,486
Senior
Bond,
5.746%
to
8/08/32,
FRN
thereafter,
8/09/33
.....
United
Kingdom
100,000,000
101,242,723
Senior
Bond,
7.437%
to
11/01/32,
FRN
thereafter,
11/02/33
....
United
Kingdom
75,000,000
84,034,858
g
Senior
Bond,
FRN,
6.692%,
(SOFR
+
2.62%),
9/13/34
........
United
Kingdom
70,000,000
74,883,646
Senior
Note,
7.325%
to
11/01/25,
FRN
thereafter,
11/02/26
....
United
Kingdom
30,000,000
31,010,818
Senior
Note,
5.501%
to
8/08/27,
FRN
thereafter,
8/09/28
......
United
Kingdom
80,000,000
80,412,480
Sub.
Bond,
7.119%
to
6/26/33,
FRN
thereafter,
6/27/34
.......
United
Kingdom
55,000,000
58,649,997
Citigroup,
Inc.
,
f,g
D,
Junior
Sub.
Bond,
FRN,
9.107%,
(3-month
SOFR
+
3.728%),
Perpetual
.........................................
United
States
55,000,000
55,206,250
f
M,
Junior
Sub.
Bond,
6.3%
to
5/14/24,
FRN
thereafter,
Perpetual
United
States
95,000,000
94,029,356
Senior
Bond,
6.27%
to
11/16/32,
FRN
thereafter,
11/17/33
.....
United
States
85,000,000
90,991,029
Sub.
Bond,
6.174%
to
5/24/33,
FRN
thereafter,
5/25/34
.......
United
States
155,000,000
160,450,026
Fifth
Third
Bancorp
,
Senior
Note,
3.65%,
1/25/24
...........................
United
States
72,656,000
72,539,670
Senior
Note,
6.339%
to
7/26/28,
FRN
thereafter,
7/27/29
......
United
States
20,000,000
20,831,792
Fifth
Third
Bank
NA
,
Senior
Note
,
5.852%
to
10/26/24,
FRN
thereafter
,
10/27/25
..................................
United
States
65,185,000
65,035,934
JPMorgan
Chase
&
Co.
,
f,g
Q,
Junior
Sub.
Bond,
FRN,
8.889%,
(3-month
SOFR
+
3.512%),
Perpetual
.........................................
United
States
60,700,000
61,129,756
f,g
R,
Junior
Sub.
Bond,
FRN,
8.939%,
(3-month
SOFR
+
3.562%),
Perpetual
.........................................
United
States
55,000,000
55,618,750
f
S,
Junior
Sub.
Bond,
6.75%
to
1/31/24,
FRN
thereafter,
Perpetual
United
States
65,000,000
64,908,902
Senior
Bond,
6.254%
to
10/22/33,
FRN
thereafter,
10/23/34
...
United
States
90,000,000
97,611,147
KeyBank
NA
,
Senior
Note,
5.85%,
11/15/27
..........................
United
States
50,000,000
49,999,715
Sub.
Bond,
4.9%,
8/08/32
.............................
United
States
35,000,000
30,935,102
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Bond,
6.037%
to
10/27/32,
FRN
thereafter,
10/28/33
...
United
States
70,000,000
$
73,174,575
Senior
Bond,
5.068%
to
1/23/33,
FRN
thereafter,
1/24/34
.....
United
States
40,000,000
39,158,756
Senior
Note,
5.582%
to
6/11/28,
FRN
thereafter,
6/12/29
......
United
States
20,000,000
20,440,516
Royal
Bank
of
Canada
,
Senior
Bond
,
5
%
,
2/01/33
.............
Canada
50,000,000
50,872,260
Truist
Bank
,
Sub.
Bond
,
2.25
%
,
3/11/30
.....................
United
States
42,645,000
35,378,823
Truist
Financial
Corp.
,
Senior
Bond,
5.122%
to
1/25/33,
FRN
thereafter,
1/26/34
.....
United
States
55,000,000
53,297,707
Senior
Note,
6.047%
to
6/07/26,
FRN
thereafter,
6/08/27
......
United
States
45,000,000
45,815,109
Sub.
Bond,
4.916%
to
7/27/32,
FRN
thereafter,
7/28/33
.......
United
States
95,000,000
88,518,774
US
Bancorp
,
Senior
Bond,
5.85%
to
10/20/32,
FRN
thereafter,
10/21/33
....
United
States
45,000,000
46,387,708
Senior
Bond,
5.836%
to
6/09/33,
FRN
thereafter,
6/12/34
.....
United
States
35,000,000
36,118,880
Senior
Note,
5.775%
to
6/11/28,
FRN
thereafter,
6/12/29
......
United
States
40,000,000
41,122,469
Wells
Fargo
&
Co.
,
f,g
S,
Junior
Sub.
Bond,
FRN,
5.9%,
(3-month
USD
LIBOR
+
3.11%),
Perpetual
.........................................
United
States
60,000,000
59,517,450
Senior
Bond,
4.897%
to
7/24/32,
FRN
thereafter,
7/25/33
.....
United
States
50,000,000
48,737,103
Senior
Bond,
5.557%
to
7/24/33,
FRN
thereafter,
7/25/34
.....
United
States
90,000,000
91,676,739
Senior
Bond,
6.491%
to
10/22/33,
FRN
thereafter,
10/23/34
...
United
States
60,000,000
65,307,949
2,581,196,441
Beverages
0.2%
Coca-Cola
Co.
(The)
,
Senior
Bond
,
1.65
%
,
6/01/30
............
United
States
130,000,000
111,396,586
Constellation
Brands,
Inc.
,
Senior
Bond
,
3.15
%
,
8/01/29
........
United
States
35,000,000
32,555,570
143,952,156
Biotechnology
0.3%
AbbVie,
Inc.
,
Senior
Bond,
4.5%,
5/14/35
............................
United
States
45,000,000
44,040,415
Senior
Note,
3.2%,
11/21/29
...........................
United
States
70,000,000
65,467,876
Amgen,
Inc.
,
Senior
Bond,
2.45%,
2/21/30
...........................
United
States
25,000,000
22,181,248
Senior
Bond,
5.25%,
3/02/33
...........................
United
States
50,000,000
51,279,791
Senior
Note,
5.25%,
3/02/30
...........................
United
States
20,000,000
20,569,239
203,538,569
Broadline
Retail
0.1%
Amazon.com,
Inc.
,
Senior
Bond
,
3.6
%
,
4/13/32
...............
United
States
67,500,000
64,328,812
Building
Products
0.4%
d,e
AmeriTex
HoldCo
Intermediate
LLC
,
Senior
Secured
Note
,
144A,
10.25
%
,
10/15/28
....................................
United
States
50,000,000
51,312,500
d
Camelot
Return
Merger
Sub,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
8/01/28
.....................................
United
States
50,000,000
50,816,207
Carrier
Global
Corp.
,
Senior
Bond,
2.7%,
2/15/31
............................
United
States
22,500,000
19,668,989
Senior
Note,
2.722%,
2/15/30
..........................
United
States
98,200,000
87,904,288
d
Emerald
Debt
Merger
Sub
LLC
,
Senior
Secured
Note
,
144A,
6.625
%
,
12/15/30
....................................
United
States
50,000,000
51,131,000
Johnson
Controls
International
plc
/
Tyco
Fire
&
Security
Finance
SCA
,
Senior
Bond
,
4.9
%
,
12/01/32
.......................
United
States
39,500,000
39,942,972
300,775,956
Capital
Markets
1.2%
Brookfield
Finance,
Inc.
,
Senior
Bond
,
4.85
%
,
3/29/29
..........
Canada
38,708,000
38,509,962
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
18
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Capital
Markets
(continued)
Charles
Schwab
Corp.
(The)
,
Senior
Bond,
5.853%
to
5/18/33,
FRN
thereafter,
5/19/34
.....
United
States
30,000,000
$
30,983,481
Senior
Bond,
6.136%
to
8/23/33,
FRN
thereafter,
8/24/34
.....
United
States
30,000,000
31,633,794
Senior
Note,
5.643%
to
5/18/28,
FRN
thereafter,
5/19/29
......
United
States
25,000,000
25,658,153
Senior
Note,
6.196%
to
11/16/28,
FRN
thereafter,
11/17/29
....
United
States
40,000,000
41,969,900
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond,
2.65%
to
10/20/31,
FRN
thereafter,
10/21/32
....
United
States
124,600,000
103,874,313
Senior
Bond,
6.561%
to
10/23/33,
FRN
thereafter,
10/24/34
...
United
States
100,000,000
109,934,313
Sub.
Bond,
6.75%,
10/01/37
...........................
United
States
60,000,000
66,102,471
Morgan
Stanley
,
Senior
Bond,
6.342%
to
10/17/32,
FRN
thereafter,
10/18/33
...
United
States
35,000,000
37,756,988
Senior
Bond,
5.25%
to
4/20/33,
FRN
thereafter,
4/21/34
......
United
States
251,000,000
251,092,338
Senior
Bond,
6.627%
to
10/31/33,
FRN
thereafter,
11/01/34
....
United
States
40,000,000
44,307,942
Sub.
Bond,
5.948%
to
1/18/33,
FRN
thereafter,
1/19/38
.......
United
States
67,095,000
67,881,977
849,705,632
Chemicals
1.0%
Celanese
US
Holdings
LLC
,
Senior
Bond,
6.379%,
7/15/32
..........................
United
States
50,000,000
52,897,869
Senior
Note,
6.165%,
7/15/27
..........................
United
States
40,000,000
41,036,794
Senior
Note,
6.55%,
11/15/30
..........................
United
States
20,000,000
21,167,472
d
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
6.5
%
,
5/15/26
Switzerland
114,850,000
104,970,603
d
CVR
Partners
LP
/
CVR
Nitrogen
Finance
Corp.
,
Senior
Secured
Note
,
144A,
6.125
%
,
6/15/28
...........................
United
States
25,000,000
23,352,375
e
Dow
Chemical
Co.
(The)
,
Senior
Bond
,
6.3
%
,
3/15/33
..........
United
States
35,000,000
38,584,196
Huntsman
International
LLC
,
Senior
Bond
,
4.5
%
,
5/01/29
.......
United
States
25,000,000
24,113,398
d
International
Flavors
&
Fragrances,
Inc.
,
Senior
Bond,
144A,
2.3%,
11/01/30
......................
United
States
130,000,000
107,601,139
Senior
Note,
144A,
1.832%,
10/15/27
....................
United
States
20,000,000
17,545,392
d
Olin
Corp.
,
Senior
Note
,
144A,
9.5
%
,
6/01/25
................
United
States
30,000,000
30,988,225
d
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
..
United
States
35,000,000
34,256,250
d
Rain
CII
Carbon
LLC
/
CII
Carbon
Corp.
,
Secured
Note
,
144A,
7.25
%
,
4/01/25
.....................................
United
States
717,000
695,031
d
SCIH
Salt
Holdings,
Inc.
,
Senior
Note,
144A,
6.625%,
5/01/29
.....................
United
States
112,500,000
105,139,339
Senior
Secured
Note,
144A,
4.875%,
5/01/28
..............
United
States
143,500,000
134,395,836
736,743,919
Commercial
Services
&
Supplies
0.3%
d
ADT
Security
Corp.
(The)
,
Senior
Secured
Note
,
144A,
4.125
%
,
8/01/29
...........................................
United
States
20,000,000
18,427,001
d
APX
Group,
Inc.
,
Senior
Note,
144A,
5.75%,
7/15/29
......................
United
States
80,000,000
74,683,096
Senior
Secured
Note,
144A,
6.75%,
2/15/27
...............
United
States
140,000,000
139,847,400
232,957,497
Communications
Equipment
0.9%
d
CommScope
Technologies
LLC
,
Senior
Bond,
144A,
6%,
6/15/25
........................
United
States
313,000,000
255,389,220
Senior
Bond,
144A,
5%,
3/15/27
........................
United
States
50,000,000
20,859,250
d
CommScope,
Inc.
,
Senior
Note,
144A,
8.25%,
3/01/27
......................
United
States
160,000,000
84,625,600
Senior
Note,
144A,
7.125%,
7/01/28
.....................
United
States
150,000,000
71,397,750
Senior
Secured
Note,
144A,
6%,
3/01/26
..................
United
States
219,085,000
195,467,637
Senior
Secured
Note,
144A,
4.75%,
9/01/29
...............
United
States
45,454,000
30,560,794
658,300,251
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
franklintempleton.com
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)
Construction
&
Engineering
0.1%
Quanta
Services,
Inc.
,
Senior
Bond
,
2.9
%
,
10/01/30
...........
United
States
110,000,000
$
96,583,883
Consumer
Finance
2.6%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Note
,
5.75
%
,
6/06/28
.................................
Ireland
40,000,000
40,975,318
Capital
One
Financial
Corp.
,
Senior
Bond,
3.8%,
1/31/28
............................
United
States
27,300,000
25,941,487
Senior
Bond,
5.268%
to
5/09/32,
FRN
thereafter,
5/10/33
.....
United
States
50,000,000
49,095,233
Senior
Bond,
5.817%
to
1/31/33,
FRN
thereafter,
2/01/34
.....
United
States
85,000,000
84,636,715
Senior
Note,
4.985%
to
7/23/25,
FRN
thereafter,
7/24/26
......
United
States
20,000,000
19,779,431
Senior
Note,
4.927%
to
5/09/27,
FRN
thereafter,
5/10/28
......
United
States
159,532,733
156,885,543
Senior
Note,
6.312%
to
6/07/28,
FRN
thereafter,
6/08/29
......
United
States
75,000,000
76,977,476
Senior
Note,
5.247%
to
7/25/29,
FRN
thereafter,
7/26/30
......
United
States
40,000,000
39,340,848
Senior
Note,
7.624%
to
10/29/30,
FRN
thereafter,
10/30/31
....
United
States
40,000,000
43,993,206
Sub.
Bond,
4.2%,
10/29/25
............................
United
States
83,500,000
81,932,582
Sub.
Bond,
3.75%,
7/28/26
............................
United
States
92,800,000
88,923,159
Ford
Motor
Credit
Co.
LLC
,
Senior
Bond,
4.134%,
8/04/25
..........................
United
States
50,000,000
48,628,139
Senior
Bond,
5.113%,
5/03/29
..........................
United
States
85,000,000
82,734,697
Senior
Note,
2.3%,
2/10/25
............................
United
States
35,000,000
33,683,023
Senior
Note,
5.125%,
6/16/25
..........................
United
States
108,015,000
106,704,159
Senior
Note,
3.375%,
11/13/25
.........................
United
States
32,000,000
30,636,256
Senior
Note,
6.95%,
6/10/26
...........................
United
States
35,000,000
35,925,810
Senior
Note,
2.7%,
8/10/26
............................
United
States
60,000,000
55,598,027
Senior
Note,
4.95%,
5/28/27
...........................
United
States
115,000,000
112,280,734
Senior
Note,
6.8%,
5/12/28
............................
United
States
92,000,000
96,156,317
Senior
Note,
7.35%,
3/06/30
...........................
United
States
45,000,000
48,379,424
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond,
4.35%,
1/17/27
...........................
United
States
40,000,000
39,226,806
Senior
Bond,
3.6%,
6/21/30
............................
United
States
37,720,000
34,252,158
Senior
Bond,
3.1%,
1/12/32
............................
United
States
80,000,000
68,150,186
Senior
Bond,
6.4%,
1/09/33
............................
United
States
50,000,000
53,244,164
Senior
Note,
5%,
4/09/27
.............................
United
States
50,000,000
49,917,957
Senior
Note,
5.8%,
6/23/28
............................
United
States
50,000,000
51,415,976
Senior
Note,
5.8%,
1/07/29
............................
United
States
75,000,000
76,801,932
Senior
Note,
4.3%,
4/06/29
............................
United
States
69,000,000
66,513,944
Senior
Note,
5.85%,
4/06/30
...........................
United
States
20,000,000
20,641,112
John
Deere
Capital
Corp.
,
Senior
Bond
,
4.35
%
,
9/15/32
........
United
States
40,000,000
39,945,289
1,859,317,108
Consumer
Staples
Distribution
&
Retail
0.2%
d
7-Eleven,
Inc.
,
Senior
Bond
,
144A,
1.8
%
,
2/10/31
.............
United
States
85,000,000
69,130,405
Target
Corp.
,
Senior
Bond
,
4.5
%
,
9/15/32
...................
United
States
90,000,000
90,952,188
160,082,593
Containers
&
Packaging
1.4%
d,h
ARD
Finance
SA
,
Senior
Secured
Note
,
144A,
PIK,
6.5
%
,
6/30/27
.
Luxembourg
25,144,215
11,774,659
d
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
plc
,
Senior
Note
,
144A,
4
%
,
9/01/29
.......
United
States
36,875,000
31,260,283
d
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note,
144A,
5.25%,
8/15/27
......................
United
States
287,440,000
223,639,731
Senior
Secured
Note,
144A,
5.25%,
4/30/25
...............
United
States
25,669,000
24,984,711
Senior
Secured
Note,
144A,
4.125%,
8/15/26
..............
United
States
103,000,000
94,074,535
d
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note,
144A,
9.25%,
4/15/27
.....................
United
States
325,000,000
319,357,968
Senior
Secured
Note,
144A,
7.875%,
8/15/26
..............
United
States
265,000,000
269,923,965
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
franklintempleton.com
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)
Containers
&
Packaging
(continued)
d
Pactiv
Evergreen
Group
Issuer,
Inc.
/
Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
55,000,000
$
51,459,375
d
Sealed
Air
Corp.
,
Senior
Note
,
144A,
6.125
%
,
2/01/28
..........
United
States
20,000,000
20,185,240
1,046,660,467
Diversified
REITs
0.3%
VICI
Properties
LP
,
Senior
Bond,
5.125%,
5/15/32
..........................
United
States
60,000,000
58,555,416
Senior
Note,
4.95%,
2/15/30
...........................
United
States
63,357,000
61,539,288
d
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
4.25
%
,
12/01/26
..........................................
United
States
100,000,000
96,298,430
216,393,134
Diversified
Telecommunication
Services
0.2%
d
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
144A,
5.125
%
,
5/01/27
................................
United
States
70,000,000
67,675,622
Verizon
Communications,
Inc.
,
Senior
Bond
,
4.016
%
,
12/03/29
...
United
States
50,000,000
48,379,859
116,055,481
Electric
Utilities
2.0%
American
Electric
Power
Co.,
Inc.
,
Senior
Bond,
5.95%,
11/01/32
..........................
United
States
30,000,000
32,043,005
Senior
Bond,
5.625%,
3/01/33
..........................
United
States
30,000,000
31,271,432
Duke
Energy
Corp.
,
Senior
Bond
,
4.5
%
,
8/15/32
..............
United
States
56,891,000
55,110,909
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note
,
1.875
%
,
1/15/27
United
States
65,000,000
59,815,241
NRG
Energy,
Inc.
,
d
Senior
Bond,
144A,
3.625%,
2/15/31
.....................
United
States
65,000,000
55,924,954
Senior
Note,
5.75%,
1/15/28
...........................
United
States
18,075,000
18,019,873
d
Senior
Note,
144A,
3.375%,
2/15/29
.....................
United
States
38,300,000
33,870,394
d
Senior
Secured
Bond,
144A,
7%,
3/15/33
.................
United
States
30,000,000
31,743,900
d
Senior
Secured
Note,
144A,
2.45%,
12/02/27
..............
United
States
30,000,000
27,070,222
Pacific
Gas
and
Electric
Co.
,
Senior
Bond,
4.55%,
7/01/30
...........................
United
States
136,500,000
130,127,087
Senior
Bond,
6.15%,
1/15/33
...........................
United
States
50,000,000
51,882,408
Senior
Bond,
6.4%,
6/15/33
............................
United
States
30,000,000
31,596,411
Senior
Note,
4.95%,
6/08/25
...........................
United
States
19,250,000
19,138,447
Senior
Note,
3.15%,
1/01/26
...........................
United
States
50,000,000
47,978,913
Senior
Note,
6.1%,
1/15/29
............................
United
States
49,000,000
50,750,856
PG&E
Corp.
,
Senior
Secured
Note
,
5
%
,
7/01/28
..............
United
States
107,284,000
104,452,371
Southern
Co.
(The)
,
Senior
Bond,
5.7%,
10/15/32
...........................
United
States
45,000,000
47,273,951
Senior
Bond,
5.2%,
6/15/33
............................
United
States
50,000,000
51,042,152
Senior
Note,
4.85%,
6/15/28
...........................
United
States
55,000,000
55,448,760
d
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
5.5%,
9/01/26
.......................
United
States
109,160,000
107,840,332
Senior
Note,
144A,
5%,
7/31/27
........................
United
States
62,345,000
60,738,145
Senior
Note,
144A,
4.375%,
5/01/29
.....................
United
States
114,000,000
106,546,543
Senior
Note,
144A,
7.75%,
10/15/31
.....................
United
States
79,000,000
82,107,781
Senior
Secured
Bond,
144A,
4.3%,
7/15/29
................
United
States
35,000,000
32,798,757
Senior
Secured
Bond,
144A,
6.95%,
10/15/33
..............
United
States
75,000,000
79,021,575
Senior
Secured
Note,
144A,
3.55%,
7/15/24
...............
United
States
25,000,000
24,654,505
Senior
Secured
Note,
144A,
3.7%,
1/30/27
................
United
States
33,500,000
31,754,881
1,460,023,805
Electrical
Equipment
0.1%
d
Regal
Rexnord
Corp.
,
Senior
Bond,
144A,
6.4%,
4/15/33
.......................
United
States
60,000,000
62,585,032
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
franklintempleton.com
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)
Electrical
Equipment
(continued)
d
Regal
Rexnord
Corp.,
(continued)
Senior
Note,
144A,
6.3%,
2/15/30
.......................
United
States
25,000,000
$
25,670,337
88,255,369
Electronic
Equipment,
Instruments
&
Components
0.1%
Flex
Ltd.
,
Senior
Note
,
4.75
%
,
6/15/25
.....................
United
States
50,000,000
49,422,184
Energy
Equipment
&
Services
0.5%
d
Schlumberger
Holdings
Corp.
,
Senior
Note
,
144A,
3.9
%
,
5/17/28
..
United
States
42,500,000
41,297,404
d
Weatherford
International
Ltd.
,
Senior
Note,
144A,
8.625%,
4/30/30
.....................
United
States
245,000,000
256,016,180
e
Senior
Secured
Note,
144A,
6.5%,
9/15/28
................
United
States
58,256,000
60,336,845
357,650,429
Entertainment
0.5%
Netflix,
Inc.
,
Senior
Bond,
4.375%,
11/15/26
.........................
United
States
100,000,000
99,589,190
Senior
Bond,
4.875%,
4/15/28
..........................
United
States
89,300,000
90,551,272
Senior
Bond,
5.875%,
11/15/28
.........................
United
States
50,000,000
52,764,150
Warnermedia
Holdings,
Inc.
,
WI
,
Senior
Note
,
4.279
%
,
3/15/32
...
United
States
100,000,000
91,552,214
334,456,826
Financial
Services
0.3%
Fiserv,
Inc.
,
Senior
Bond,
4.2%,
10/01/28
...........................
United
States
52,000,000
50,882,168
Senior
Bond,
3.5%,
7/01/29
............................
United
States
40,000,000
37,661,411
Senior
Bond,
2.65%,
6/01/30
...........................
United
States
38,000,000
33,433,204
Senior
Bond,
5.6%,
3/02/33
............................
United
States
30,000,000
31,337,998
d
Woodside
Finance
Ltd.
,
Senior
Bond
,
144A,
4.5
%
,
3/04/29
......
Australia
100,000,000
96,170,462
249,485,243
Food
Products
0.6%
d
Darling
Ingredients,
Inc.
,
Senior
Note
,
144A,
6
%
,
6/15/30
.......
United
States
30,000,000
30,042,300
d
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
Luxembourg
SARL
,
Senior
Bond
,
144A,
6.75
%
,
3/15/34
......................
United
States
50,000,000
52,729,750
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.
,
Senior
Note,
5.125%,
2/01/28
..........................
United
States
30,000,000
29,852,286
Senior
Note,
5.75%,
4/01/33
...........................
United
States
110,000,000
109,102,015
Pilgrim's
Pride
Corp.
,
Senior
Bond,
6.25%,
7/01/33
...........................
United
States
68,000,000
70,051,832
Senior
Bond,
6.875%,
5/15/34
..........................
United
States
40,000,000
43,233,320
d
Post
Holdings,
Inc.
,
Senior
Bond,
144A,
5.625%,
1/15/28
.....................
United
States
59,800,000
59,302,051
Senior
Bond,
144A,
4.5%,
9/15/31
.......................
United
States
50,000,000
44,876,065
439,189,619
Ground
Transportation
0.3%
d
Ashtead
Capital,
Inc.
,
Senior
Bond,
144A,
4.375%,
8/15/27
.....................
United
Kingdom
34,500,000
33,168,394
Senior
Bond,
144A,
5.55%,
5/30/33
......................
United
Kingdom
55,000,000
54,471,872
Senior
Bond,
144A,
5.95%,
10/15/33
.....................
United
Kingdom
35,000,000
35,687,004
Union
Pacific
Corp.
,
Senior
Bond
,
4.5
%
,
1/20/33
..............
United
States
73,000,000
73,452,783
196,780,053
Health
Care
Equipment
&
Supplies
0.8%
d
Bausch
&
Lomb
Escrow
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
..........................................
United
States
45,000,000
47,528,550
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
franklintempleton.com
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)
Health
Care
Equipment
&
Supplies
(continued)
DENTSPLY
SIRONA,
Inc.
,
Senior
Bond
,
3.25
%
,
6/01/30
........
United
States
51,249,000
$
45,326,165
GE
HealthCare
Technologies,
Inc.
,
WI
,
Senior
Note
,
5.905
%
,
11/22/32
..........................................
United
States
105,000,000
112,051,069
d
Medline
Borrower
LP
,
Senior
Note,
144A,
5.25%,
10/01/29
.....................
United
States
90,000,000
84,952,476
Senior
Secured
Note,
144A,
3.875%,
4/01/29
..............
United
States
285,000,000
258,025,947
547,884,207
Health
Care
Providers
&
Services
7.9%
Centene
Corp.
,
Senior
Bond,
2.5%,
3/01/31
............................
United
States
35,000,000
29,208,241
Senior
Note,
4.25%,
12/15/27
..........................
United
States
81,745,000
78,827,786
Senior
Note,
4.625%,
12/15/29
.........................
United
States
166,100,000
159,453,077
Senior
Note,
3.375%,
2/15/30
..........................
United
States
47,000,000
42,228,804
d
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.875%,
4/15/29
....................
United
States
500,000,000
323,208,145
Secured
Note,
144A,
6.125%,
4/01/30
....................
United
States
600,000,000
389,232,000
Senior
Note,
144A,
6.875%,
4/01/28
.....................
United
States
565,000,000
347,862,025
Senior
Secured
Note,
144A,
8%,
3/15/26
..................
United
States
272,569,000
271,906,031
Senior
Secured
Note,
144A,
5.625%,
3/15/27
..............
United
States
274,000,000
254,941,327
Senior
Secured
Note,
144A,
8%,
12/15/27
.................
United
States
372,000,000
359,435,588
Senior
Secured
Note,
144A,
10.875%,
1/15/32
.............
United
States
400,000,000
418,552,000
CVS
Health
Corp.
,
Senior
Bond,
4.3%,
3/25/28
............................
United
States
25,000,000
24,591,686
Senior
Bond,
1.875%,
2/28/31
..........................
United
States
70,000,000
57,640,296
Senior
Bond,
5.25%,
2/21/33
...........................
United
States
145,000,000
148,278,708
Senior
Bond,
4.78%,
3/25/38
...........................
United
States
61,925,000
58,705,773
Senior
Bond,
5.05%,
3/25/48
...........................
United
States
40,000,000
37,446,973
d
DaVita,
Inc.
,
Senior
Bond,
144A,
3.75%,
2/15/31
......................
United
States
100,000,000
82,288,040
Senior
Note,
144A,
4.625%,
6/01/30
.....................
United
States
313,500,000
273,959,750
d
Fresenius
Medical
Care
US
Finance
III,
Inc.
,
Senior
Bond,
144A,
2.375%,
2/16/31
.....................
Germany
30,000,000
23,208,177
Senior
Bond,
144A,
3%,
12/01/31
.......................
Germany
30,941,000
24,375,089
HCA,
Inc.
,
Senior
Bond,
5%,
3/15/24
.............................
United
States
114,800,000
114,601,916
Senior
Bond,
5.625%,
9/01/28
..........................
United
States
115,000,000
117,767,879
Senior
Bond,
4.125%,
6/15/29
..........................
United
States
38,500,000
36,835,956
Senior
Bond,
2.375%,
7/15/31
..........................
United
States
28,716,000
23,679,468
Senior
Bond,
5.5%,
6/01/33
............................
United
States
80,000,000
81,289,900
WI,
Senior
Note,
3.625%,
3/15/32
.......................
United
States
82,954,000
74,208,968
Humana,
Inc.
,
Senior
Bond
,
5.875
%
,
3/01/33
.................
United
States
35,000,000
37,303,551
d
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
........
Italy
35,000,000
32,025,000
d
MPH
Acquisition
Holdings
LLC
,
e
Senior
Note,
144A,
5.75%,
11/01/28
.....................
United
States
140,000,000
113,903,589
Senior
Secured
Note,
144A,
5.5%,
9/01/28
................
United
States
175,000,000
156,897,125
Quest
Diagnostics,
Inc.
,
Senior
Bond
,
2.95
%
,
6/30/30
..........
United
States
58,755,000
52,620,772
Tenet
Healthcare
Corp.
,
Secured
Note,
6.25%,
2/01/27
..........................
United
States
100,000,000
100,560,600
Senior
Bond,
6.875%,
11/15/31
.........................
United
States
55,258,000
56,814,631
Senior
Note,
6.125%,
10/01/28
.........................
United
States
475,000,000
474,073,750
Senior
Secured
Note,
4.25%,
6/01/29
....................
United
States
130,000,000
121,171,414
Senior
Secured
Note,
4.375%,
1/15/30
...................
United
States
32,000,000
29,690,221
Senior
Secured
Note,
6.125%,
6/15/30
...................
United
States
396,000,000
400,885,452
d
Senior
Secured
Note,
144A,
6.75%,
5/15/31
...............
United
States
159,775,000
163,497,757
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
franklintempleton.com
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)
Health
Care
Providers
&
Services
(continued)
UnitedHealth
Group,
Inc.
,
Senior
Bond
,
5.35
%
,
2/15/33
.........
United
States
125,000,000
$
132,293,301
5,725,470,766
Health
Care
REITs
0.1%
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond,
5.25%,
8/01/26
...........................
United
States
13,000,000
11,636,079
Senior
Bond,
5%,
10/15/27
............................
United
States
70,000,000
57,241,933
68,878,012
Health
Care
Technology
0.1%
d,h
Multiplan
Corp.
,
Senior
Note
,
144A,
PIK,
6
%
,
10/15/27
.........
United
States
160,000,000
106,240,000
Hotels,
Restaurants
&
Leisure
2.8%
d
Caesars
Entertainment,
Inc.
,
Senior
Note,
144A,
8.125%,
7/01/27
.....................
United
States
99,750,000
102,321,954
Senior
Note,
144A,
4.625%,
10/15/29
....................
United
States
115,000,000
103,872,209
Senior
Secured
Note,
144A,
6.25%,
7/01/25
...............
United
States
194,759,000
195,435,593
Senior
Secured
Note,
144A,
7%,
2/15/30
..................
United
States
52,000,000
53,355,224
d
Carnival
Corp.
,
Senior
Note,
144A,
7.625%,
3/01/26
.....................
United
States
150,000,000
152,805,900
Senior
Note,
144A,
5.75%,
3/01/27
......................
United
States
205,000,000
200,117,617
Senior
Note,
144A,
10.5%,
6/01/30
......................
United
States
65,000,000
71,144,450
d
Everi
Holdings,
Inc.
,
Senior
Note
,
144A,
5
%
,
7/15/29
...........
United
States
15,000,000
13,634,340
Expedia
Group,
Inc.
,
Senior
Bond,
3.8%,
2/15/28
............................
United
States
57,000,000
54,999,036
Senior
Note,
5%,
2/15/26
.............................
United
States
30,000,000
29,983,023
Senior
Note,
3.25%,
2/15/30
...........................
United
States
60,000,000
55,040,264
d
Senior
Note,
144A,
6.25%,
5/01/25
......................
United
States
54,596,000
55,159,455
d
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note,
144A,
6.75%,
1/15/30
......................
United
States
75,000,000
65,936,063
Senior
Secured
Note,
144A,
4.625%,
1/15/29
..............
United
States
155,000,000
140,779,525
Marriott
International,
Inc.
,
Senior
Note,
5%,
10/15/27
............................
United
States
25,000,000
25,311,157
Senior
Note,
4.9%,
4/15/29
............................
United
States
20,000,000
20,143,306
McDonald's
Corp.
,
Senior
Bond
,
4.6
%
,
9/09/32
...............
United
States
50,000,000
50,505,985
d,e
Penn
Entertainment,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
7/01/29
...
United
States
40,000,000
34,245,755
d
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
,
Senior
Bond,
144A,
5.5%,
3/01/25
.......................
United
States
440,000,000
438,036,544
Senior
Bond,
144A,
5.25%,
5/15/27
......................
United
States
150,000,000
146,088,510
d
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125
%
,
2/15/31
...........................
United
States
30,000,000
31,277,460
2,040,193,370
Household
Durables
0.2%
KB
Home
,
Senior
Note
,
7.25
%
,
7/15/30
.....................
United
States
20,000,000
20,727,260
Lennar
Corp.
,
Senior
Note
,
4.5
%
,
4/30/24
...................
United
States
44,675,000
44,450,407
Shea
Homes
LP
/
Shea
Homes
Funding
Corp.
,
Senior
Note,
4.75%,
2/15/28
...........................
United
States
34,630,000
32,595,314
Senior
Note,
4.75%,
4/01/29
...........................
United
States
49,895,000
46,164,850
143,937,831
Household
Products
0.1%
d
Energizer
Holdings,
Inc.
,
Senior
Note,
144A,
6.5%,
12/31/27
......................
United
States
20,000,000
20,020,619
Senior
Note,
144A,
4.75%,
6/15/28
......................
United
States
24,000,000
22,214,098
42,234,717
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
franklintempleton.com
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)
Independent
Power
and
Renewable
Electricity
Producers
0.4%
d
Calpine
Corp.
,
Senior
Note,
144A,
5.125%,
3/15/28
.....................
United
States
142,000,000
$
136,235,283
Senior
Secured
Note,
144A,
4.5%,
2/15/28
................
United
States
100,000,000
95,177,470
d,f
Vistra
Corp.
,
Junior
Sub.
Bond
,
144A,
7%
to
12/14/26,
FRN
thereafter
,
Perpetual
.................................
United
States
90,000,000
88,773,300
320,186,053
Insurance
0.2%
d
Five
Corners
Funding
Trust
III
,
Senior
Note
,
144A,
5.791
%
,
2/15/33
United
States
30,000,000
31,886,596
d
Northwestern
Mutual
Global
Funding
,
Secured
Note
,
144A,
4.35
%
,
9/15/27
...........................................
United
States
40,000,000
39,482,946
Prudential
Financial,
Inc.
,
Junior
Sub.
Bond
,
5.7%
to
9/14/28,
FRN
thereafter
,
9/15/48
...................................
United
States
65,000,000
62,532,275
133,901,817
Interactive
Media
&
Services
0.1%
Meta
Platforms,
Inc.
,
Senior
Note
,
3.85
%
,
8/15/32
.............
United
States
65,000,000
61,850,223
d
ZipRecruiter,
Inc.
,
Senior
Note
,
144A,
5
%
,
1/15/30
.............
United
States
30,000,000
26,226,317
88,076,540
IT
Services
0.1%
Twilio,
Inc.
,
Senior
Bond,
3.875%,
3/15/31
..........................
United
States
40,000,000
35,700,600
Senior
Note,
3.625%,
3/15/29
..........................
United
States
45,000,000
41,101,947
76,802,547
Machinery
0.1%
Parker-Hannifin
Corp.
,
Senior
Bond
,
3.25
%
,
6/14/29
...........
United
States
43,000,000
40,487,470
d
TK
Elevator
US
Newco,
Inc.
,
Senior
Secured
Note
,
144A,
5.25
%
,
7/15/27
...........................................
Germany
35,000,000
34,406,294
74,893,764
Media
0.9%
d
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
179,000,000
154,504,620
Senior
Secured
Note,
144A,
5.125%,
8/15/27
..............
United
States
90,000,000
85,973,112
CSC
Holdings
LLC
,
Senior
Bond
,
5.25
%
,
6/01/24
.............
United
States
35,000,000
34,287,439
DISH
DBS
Corp.
,
Senior
Note,
5.875%,
11/15/24
.........................
United
States
120,000,000
112,625,718
d
Senior
Secured
Note,
144A,
5.25%,
12/01/26
..............
United
States
10,000,000
8,586,250
d
Stagwell
Global
LLC
,
Senior
Note
,
144A,
5.625
%
,
8/15/29
.......
United
States
55,000,000
50,651,287
d
Univision
Communications,
Inc.
,
Senior
Secured
Note,
144A,
5.125%,
2/15/25
..............
United
States
76,426,000
76,207,057
Senior
Secured
Note,
144A,
6.625%,
6/01/27
..............
United
States
60,000,000
59,879,862
Senior
Secured
Note,
144A,
8%,
8/15/28
..................
United
States
30,000,000
30,970,500
Senior
Secured
Note,
144A,
7.375%,
6/30/30
..............
United
States
20,000,000
19,965,942
633,651,787
Metals
&
Mining
1.2%
d
Alcoa
Nederland
Holding
BV
,
Senior
Note,
144A,
5.5%,
12/15/27
......................
United
States
104,742,000
102,205,578
e
Senior
Note,
144A,
4.125%,
3/31/29
.....................
United
States
101,547,000
94,313,665
ArcelorMittal
SA
,
Senior
Bond,
6.8%,
11/29/32
...........................
Luxembourg
55,000,000
59,516,627
Senior
Note,
6.55%,
11/29/27
..........................
Luxembourg
25,000,000
26,270,110
d
Cleveland-Cliffs,
Inc.
,
Senior
Bond,
144A,
4.875%,
3/01/31
.....................
United
States
25,000,000
22,632,890
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
franklintempleton.com
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)
Metals
&
Mining
(continued)
d
Cleveland-Cliffs,
Inc.,
(continued)
Senior
Secured
Note,
144A,
6.75%,
3/15/26
...............
United
States
50,000,000
$
50,247,150
d
First
Quantum
Minerals
Ltd.
,
Senior
Note,
144A,
7.5%,
4/01/25
.......................
Zambia
36,000,000
34,358,585
Senior
Note,
144A,
8.625%,
6/01/31
.....................
Zambia
55,000,000
46,681,250
d
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond,
144A,
4.375%,
4/01/31
.....................
Australia
120,000,000
109,931,256
Senior
Bond,
144A,
6.125%,
4/15/32
.....................
Australia
22,500,000
22,693,365
Senior
Note,
144A,
5.875%,
4/15/30
.....................
Australia
50,000,000
49,611,391
Freeport-McMoRan,
Inc.
,
Senior
Bond,
5.25%,
9/01/29
...........................
United
States
61,402,000
62,128,140
Senior
Bond,
5.4%,
11/14/34
...........................
United
States
35,000,000
35,281,610
d
Glencore
Funding
LLC
,
Senior
Bond
,
144A,
2.5
%
,
9/01/30
......
Australia
100,000,000
85,873,316
d
Mineral
Resources
Ltd.
,
Senior
Note,
144A,
8%,
11/01/27
........................
Australia
20,000,000
20,532,536
Senior
Note,
144A,
8.5%,
5/01/30
.......................
Australia
35,000,000
36,530,940
858,808,409
Multi-Utilities
0.2%
Dominion
Energy,
Inc.
,
A,
Senior
Note,
4.35%,
8/15/32
.........................
United
States
30,000,000
28,985,142
C,
Senior
Note,
3.375%,
4/01/30
........................
United
States
30,000,000
27,637,319
NiSource,
Inc.
,
Senior
Bond
,
3.6
%
,
5/01/30
..................
United
States
33,750,000
31,423,675
Sempra
,
Senior
Bond
,
5.5
%
,
8/01/33
.......................
United
States
35,000,000
36,305,481
Southern
Co.
Gas
Capital
Corp.
,
Senior
Bond
,
5.15
%
,
9/15/32
...
United
States
40,000,000
40,584,517
164,936,134
Oil,
Gas
&
Consumable
Fuels
2.4%
BP
Capital
Markets
America,
Inc.
,
Senior
Bond,
4.234%,
11/06/28
.........................
United
States
28,705,000
28,558,211
Senior
Bond,
3.633%,
4/06/30
..........................
United
States
46,500,000
44,543,652
Senior
Bond,
2.721%,
1/12/32
..........................
United
States
25,000,000
21,792,819
d
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note,
144A,
11%,
4/15/25
........................
United
States
255,000,000
258,729,533
Senior
Note,
144A,
8.125%,
1/15/27
.....................
United
States
95,000,000
93,430,125
Senior
Note,
144A,
9.75%,
7/15/28
......................
United
States
69,000,000
68,608,822
Senior
Secured
Note,
144A,
9.25%,
7/15/24
...............
United
States
111,402,000
111,816,972
Cheniere
Corpus
Christi
Holdings
LLC
,
Senior
Secured
Note,
5.125%,
6/30/27
...................
United
States
87,973,000
88,462,221
Senior
Secured
Note,
3.7%,
11/15/29
....................
United
States
107,245,000
101,361,649
d
Cheniere
Energy
Partners
LP
,
Senior
Bond
,
144A,
5.95
%
,
6/30/33
.
United
States
30,000,000
30,839,700
Chevron
Corp.
,
Senior
Bond
,
2.236
%
,
5/11/30
................
United
States
40,000,000
35,455,866
d
CITGO
Petroleum
Corp.
,
Senior
Secured
Note,
144A,
7%,
6/15/25
..................
United
States
33,224,000
33,198,328
Senior
Secured
Note,
144A,
6.375%,
6/15/26
..............
United
States
30,000,000
29,934,396
d
Civitas
Resources,
Inc.
,
Senior
Note
,
144A,
8.75
%
,
7/01/31
......
United
States
25,000,000
26,644,925
Energy
Transfer
LP
,
Senior
Bond,
5.75%,
2/15/33
...........................
United
States
30,000,000
30,969,720
Senior
Bond,
6.55%,
12/01/33
..........................
United
States
25,000,000
27,166,125
d
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Note
,
144A,
6
%
,
4/15/30
...........................................
United
States
25,000,000
24,278,913
Kinder
Morgan,
Inc.
,
Senior
Bond
,
5.2
%
,
6/01/33
..............
United
States
87,000,000
86,523,817
d
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
........
United
States
27,500,000
27,015,230
Occidental
Petroleum
Corp.
,
Senior
Bond,
6.625%,
9/01/30
..........................
United
States
80,000,000
85,178,400
Senior
Bond,
6.125%,
1/01/31
..........................
United
States
52,000,000
54,049,181
Senior
Note,
5.5%,
12/01/25
...........................
United
States
30,000,000
30,012,633
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
franklintempleton.com
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)
Oil,
Gas
&
Consumable
Fuels
(continued)
Occidental
Petroleum
Corp.,
(continued)
Senior
Note,
6.375%,
9/01/28
..........................
United
States
60,000,000
$
63,104,983
d
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
6/01/28
...........................................
United
States
55,000,000
55,594,385
Williams
Cos.,
Inc.
(The)
,
Senior
Bond,
3.5%,
11/15/30
...........................
United
States
130,000,000
119,075,733
Senior
Bond,
2.6%,
3/15/31
............................
United
States
61,000,000
52,189,019
Senior
Bond,
4.65%,
8/15/32
...........................
United
States
45,000,000
43,893,967
Senior
Bond,
5.65%,
3/15/33
...........................
United
States
55,000,000
57,489,815
1,729,919,140
Passenger
Airlines
1.7%
d
American
Airlines
Group,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
3/01/25
.
United
States
64,000,000
62,428,211
d
American
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
5/15/29
United
States
75,000,000
79,246,800
d
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note,
144A,
5.5%,
4/20/26
................
United
States
208,333,334
206,983,646
Senior
Secured
Note,
144A,
5.75%,
4/20/29
...............
United
States
152,850,000
149,167,446
d
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note,
144A,
4.5%,
10/20/25
...............
United
States
52,421,547
51,645,474
Senior
Secured
Note,
144A,
4.75%,
10/20/28
..............
United
States
341,718,000
336,269,050
d
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets
Ltd.
,
Senior
Secured
Note
,
144A,
6.5
%
,
6/20/27
.......
United
States
136,850,000
137,338,418
d
United
Airlines,
Inc.
,
Senior
Secured
Note,
144A,
4.375%,
4/15/26
..............
United
States
69,462,000
67,738,668
Senior
Secured
Note,
144A,
4.625%,
4/15/29
..............
United
States
116,643,000
109,210,555
1,200,028,268
Personal
Care
Products
0.2%
d
BellRing
Brands,
Inc.
,
Senior
Note
,
144A,
7
%
,
3/15/30
.........
United
States
30,000,000
31,073,550
Haleon
US
Capital
LLC
,
Senior
Note,
3.375%,
3/24/29
..........................
United
States
30,000,000
28,392,870
Senior
Note,
3.625%,
3/24/32
..........................
United
States
65,043,000
60,033,597
119,500,017
Pharmaceuticals
2.4%
d
1375209
BC
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
1/30/28
......
Canada
467,060,000
455,782,836
d
Bausch
Health
Cos.,
Inc.
,
Secured
Note,
144A,
14%,
10/15/30
.....................
United
States
164,340,000
92,246,959
Senior
Secured
Note,
144A,
6.125%,
2/01/27
..............
United
States
165,000,000
111,549,900
Senior
Secured
Note,
144A,
11%,
9/30/28
.................
United
States
710,000,000
517,930,800
Bristol-Myers
Squibb
Co.
,
Senior
Note
,
3.9
%
,
2/20/28
..........
United
States
30,000,000
29,492,906
d,i
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
10/15/24
..........................
United
States
47,500,000
30,518,750
d,i
Endo
Luxembourg
Finance
Co.
I
SARL
/
Endo
US,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
4/01/29
....................
United
States
66,355,000
42,528,247
d,i
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
4/01/27
United
States
193,401,000
123,972,942
Royalty
Pharma
plc
,
Senior
Bond,
2.15%,
9/02/31
...........................
United
States
45,800,000
37,430,572
Senior
Note,
2.2%,
9/02/30
............................
United
States
35,000,000
29,433,638
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note,
7.125%,
1/31/25
..........................
Israel
27,220,000
27,478,509
Senior
Note,
6.75%,
3/01/28
...........................
Israel
26,000,000
26,598,000
Senior
Note,
7.875%,
9/15/29
..........................
Israel
25,000,000
26,975,275
Senior
Note,
8.125%,
9/15/31
..........................
Israel
30,000,000
32,754,930
Utah
Acquisition
Sub,
Inc.
,
Senior
Note
,
3.95
%
,
6/15/26
.........
United
States
115,500,000
111,671,504
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
franklintempleton.com
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)
Pharmaceuticals
(continued)
Viatris,
Inc.
,
Senior
Note
,
2.7
%
,
6/22/30
.....................
United
States
40,000,000
$
33,884,698
1,730,250,466
Semiconductors
&
Semiconductor
Equipment
1.0%
Broadcom,
Inc.
,
Senior
Bond,
4.15%,
11/15/30
..........................
United
States
20,000,000
19,114,336
Senior
Bond,
4.3%,
11/15/32
...........................
United
States
140,000,000
134,383,574
d
Senior
Bond,
144A,
2.45%,
2/15/31
......................
United
States
80,000,000
68,454,033
d
Senior
Bond,
144A,
4.15%,
4/15/32
......................
United
States
35,000,000
33,020,383
d
Senior
Bond,
144A,
3.469%,
4/15/34
.....................
United
States
66,000,000
57,449,471
d
Senior
Note,
144A,
4%,
4/15/29
........................
United
States
48,307,000
46,662,493
d
Entegris
Escrow
Corp.
,
Senior
Secured
Note
,
144A,
4.75
%
,
4/15/29
United
States
60,000,000
57,873,528
Intel
Corp.
,
Senior
Bond,
5.2%,
2/10/33
............................
United
States
25,000,000
26,128,545
Senior
Note,
5.125%,
2/10/30
..........................
United
States
30,000,000
31,134,250
Micron
Technology,
Inc.
,
Senior
Bond,
5.327%,
2/06/29
..........................
United
States
25,000,000
25,521,787
Senior
Bond,
4.663%,
2/15/30
..........................
United
States
34,000,000
33,214,816
Senior
Bond,
5.875%,
2/09/33
..........................
United
States
40,000,000
41,601,524
Senior
Note,
6.75%,
11/01/29
..........................
United
States
55,000,000
59,473,034
NXP
BV
/
NXP
Funding
LLC
,
Senior
Note
,
5.55
%
,
12/01/28
......
China
20,000,000
20,594,376
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
,
Senior
Note
,
3.4
%
,
5/01/30
...........................................
China
31,200,000
28,686,589
d
Qorvo,
Inc.
,
Senior
Bond
,
144A,
3.375
%
,
4/01/31
.............
United
States
30,800,000
26,413,208
709,725,947
Software
0.9%
d
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
............
United
States
55,000,000
50,302,257
Oracle
Corp.
,
Senior
Bond,
2.65%,
7/15/26
...........................
United
States
100,000,000
94,861,428
Senior
Bond,
3.25%,
11/15/27
..........................
United
States
40,000,000
37,996,267
Senior
Bond,
2.95%,
4/01/30
...........................
United
States
44,000,000
39,729,441
Senior
Bond,
3.25%,
5/15/30
...........................
United
States
21,960,000
20,193,639
Senior
Bond,
2.875%,
3/25/31
..........................
United
States
101,000,000
89,518,499
Senior
Bond,
6.25%,
11/09/32
..........................
United
States
95,000,000
103,386,122
Senior
Note,
6.15%,
11/09/29
..........................
United
States
20,000,000
21,530,156
Roper
Technologies,
Inc.
,
Senior
Bond,
2%,
6/30/30
.............................
United
States
30,303,000
25,735,861
Senior
Bond,
1.75%,
2/15/31
...........................
United
States
20,000,000
16,483,606
Workday,
Inc.
,
Senior
Bond
,
3.8
%
,
4/01/32
..................
United
States
200,000,000
186,348,988
686,086,264
Specialized
REITs
0.6%
American
Tower
Corp.
,
Senior
Bond,
3.55%,
7/15/27
...........................
United
States
40,000,000
38,395,841
Senior
Bond,
2.9%,
1/15/30
............................
United
States
30,000,000
26,725,920
Senior
Bond,
5.65%,
3/15/33
...........................
United
States
105,000,000
109,189,392
Senior
Note,
5.5%,
3/15/28
............................
United
States
20,000,000
20,459,408
Senior
Note,
4.05%,
3/15/32
...........................
United
States
50,000,000
46,855,990
Crown
Castle,
Inc.
,
Senior
Bond,
3.3%,
7/01/30
............................
United
States
74,583,000
66,921,914
Senior
Bond,
5.1%,
5/01/33
............................
United
States
60,000,000
59,441,534
d
Iron
Mountain,
Inc.
,
Senior
Note
,
144A,
4.875
%
,
9/15/27
........
United
States
65,000,000
63,468,327
Weyerhaeuser
Co.
,
Senior
Bond
,
3.375
%
,
3/09/33
............
United
States
42,300,000
37,576,440
469,034,766
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
franklintempleton.com
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)
Specialty
Retail
0.9%
AutoNation,
Inc.
,
Senior
Bond,
4.75%,
6/01/30
...........................
United
States
40,959,000
$
39,583,466
Senior
Bond,
2.4%,
8/01/31
............................
United
States
44,451,000
35,692,562
Senior
Bond,
3.85%,
3/01/32
...........................
United
States
32,953,000
29,305,224
Senior
Note,
1.95%,
8/01/28
...........................
United
States
44,000,000
37,875,001
Bath
&
Body
Works,
Inc.
,
Senior
Bond
,
6.875
%
,
11/01/35
.......
United
States
40,000,000
40,558,120
Home
Depot,
Inc.
(The)
,
Senior
Bond,
1.375%,
3/15/31
..........................
United
States
40,000,000
32,696,382
Senior
Bond,
5.875%,
12/16/36
.........................
United
States
20,000,000
22,371,841
e
Senior
Note,
4.5%,
9/15/32
............................
United
States
50,000,000
51,027,772
Lowe's
Cos.,
Inc.
,
Senior
Bond,
3.65%,
4/05/29
...........................
United
States
20,000,000
19,293,017
Senior
Bond,
4.5%,
4/15/30
............................
United
States
35,000,000
34,824,442
Senior
Bond,
2.625%,
4/01/31
..........................
United
States
40,000,000
35,021,963
Senior
Bond,
3.75%,
4/01/32
...........................
United
States
88,000,000
82,400,245
Senior
Bond,
5%,
4/15/33
.............................
United
States
115,000,000
117,495,734
Senior
Bond,
5.15%,
7/01/33
...........................
United
States
35,000,000
35,977,137
d
Michaels
Cos.,
Inc.
(The)
,
Senior
Secured
Note
,
144A,
5.25
%
,
5/01/28
...........................................
United
States
19,600,000
15,510,065
TJX
Cos.,
Inc.
(The)
,
Senior
Bond
,
1.6
%
,
5/15/31
.............
United
States
42,471,000
35,246,287
664,879,258
Technology
Hardware,
Storage
&
Peripherals
0.5%
e
Apple,
Inc.
,
Senior
Bond
,
4.3
%
,
5/10/33
.....................
United
States
60,000,000
60,960,874
Dell
International
LLC
/
EMC
Corp.
,
Senior
Bond,
5.75%,
2/01/33
...........................
United
States
40,000,000
42,167,280
Senior
Note,
5.3%,
10/01/29
...........................
United
States
55,000,000
56,680,865
HP,
Inc.
,
e
Senior
Bond,
5.5%,
1/15/33
............................
United
States
70,000,000
71,889,851
Senior
Note,
4%,
4/15/29
.............................
United
States
160,309,000
155,544,527
387,243,397
Textiles,
Apparel
&
Luxury
Goods
0.1%
d,e
Hanesbrands,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/31
............
United
States
20,000,000
19,616,918
Tapestry,
Inc.
,
Senior
Bond
,
7.85
%
,
11/27/33
.................
United
States
30,000,000
32,017,897
51,634,815
Tobacco
0.7%
BAT
Capital
Corp.
,
Senior
Bond,
2.726%,
3/25/31
..........................
United
Kingdom
25,000,000
20,986,813
Senior
Bond,
6.421%,
8/02/33
..........................
United
Kingdom
53,500,000
56,025,127
Senior
Note,
3.557%,
8/15/27
..........................
United
Kingdom
306,500,000
292,705,781
Senior
Note,
2.259%,
3/25/28
..........................
United
Kingdom
37,812,000
33,861,007
Philip
Morris
International,
Inc.
,
Senior
Bond,
5.75%,
11/17/32
..........................
United
States
41,000,000
43,047,787
Senior
Bond,
5.375%,
2/15/33
..........................
United
States
70,000,000
71,834,356
Senior
Bond,
5.625%,
9/07/33
..........................
United
States
25,000,000
26,123,330
544,584,201
Trading
Companies
&
Distributors
0.4%
United
Rentals
North
America,
Inc.
,
Senior
Bond,
4.875%,
1/15/28
..........................
United
States
160,000,000
156,321,584
Senior
Bond,
3.875%,
2/15/31
..........................
United
States
50,000,000
45,490,000
Senior
Bond,
3.75%,
1/15/32
...........................
United
States
31,000,000
27,463,721
d
Senior
Secured
Note,
144A,
6%,
12/15/29
.................
United
States
65,000,000
66,039,870
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
franklintempleton.com
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)
Trading
Companies
&
Distributors
(continued)
d
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
6/15/25
...
United
States
25,000,000
$
25,201,050
320,516,225
Water
Utilities
0.1%
American
Water
Capital
Corp.
,
Senior
Bond
,
4.45
%
,
6/01/32
.....
United
States
40,336,000
40,156,039
Wireless
Telecommunication
Services
0.6%
Sprint
LLC
,
Senior
Note,
7.125%,
6/15/24
..........................
United
States
190,650,000
191,605,538
Senior
Note,
7.625%,
3/01/26
..........................
United
States
86,300,000
90,213,877
d
Sprint
Spectrum
Co.
LLC
/
Sprint
Spectrum
Co.
II
LLC
/
Sprint
Spectrum
Co.
III
LLC
,
Senior
Secured
Bond
,
144A,
5.152
%
,
3/20/28
...........................................
United
States
76,500,000
76,195,774
T-Mobile
USA,
Inc.
,
Senior
Bond,
5.2%,
1/15/33
............................
United
States
45,000,000
46,151,274
Senior
Note,
3.375%,
4/15/29
..........................
United
States
30,000,000
27,907,146
432,073,609
Total
Corporate
Bonds
(Cost
$35,240,375,270)
..................................
34,933,286,532
Senior
Floating
Rate
Interests
0.5%
Chemicals
0.0%
j
SCIH
Salt
Holdings,
Inc.
,
First
Lien,
Incremental
Term
Loan,
B1
,
9.463
%
,
(
1-month
SOFR
+
4
%
),
3/16/27
..................
United
States
19,870,714
19,928,140
Health
Care
Equipment
&
Supplies
0.1%
j
Medline
Borrower
LP
,
Initial
Dollar
Term
Loan
,
8.47
%
,
(
1-month
SOFR
+
3
%
),
10/23/28
................................
United
States
79,557,250
80,048,118
Software
0.4%
j
TIBCO
Software,
Inc.
,
First
Lien,
CME
Term
Loan,
A
,
9.948
%
,
(
3-month
SOFR
+
4.5
%
),
9/29/28
........................
United
States
247,896,941
242,377,516
Total
Senior
Floating
Rate
Interests
(Cost
$318,912,028)
.........................
342,353,774
U.S.
Government
and
Agency
Securities
12.5%
U.S.
Treasury
Bonds
,
3.375%,
8/15/42
.....................................
United
States
600,000,000
535,253,904
3.875%,
5/15/43
.....................................
United
States
250,000,000
238,417,970
4.125%,
8/15/53
.....................................
United
States
1,500,000,000
1,516,640,625
U.S.
Treasury
Notes
,
4.25%,
10/15/25
.....................................
United
States
1,000,000,000
998,261,720
4.125%,
10/31/27
....................................
United
States
1,250,000,000
1,258,007,812
4%,
10/31/29
.......................................
United
States
1,000,000,000
1,004,863,280
2.75%,
8/15/32
.....................................
United
States
2,250,000,000
2,061,166,995
3.875%,
8/15/33
.....................................
United
States
1,500,000,000
1,498,593,750
Total
U.S.
Government
and
Agency
Securities
(Cost
$8,978,493,023)
..............
9,111,206,056
Asset-Backed
Securities
0.2%
Passenger
Airlines
0.2%
United
Airlines
Pass-Through
Trust
,
2020-1,
A,
5.875%,
10/15/27
...........................
United
States
64,698,333
65,577,894
2023-1,
A,
5.8%,
1/15/36
..............................
United
States
50,000,000
50,900,390
116,478,284
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$114,488,064)
..............................
116,478,284
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
30
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
0.4%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
0.1%
FHLMC
Pool,
30
Year,
5.5%,
6/01/53
.......................
United
States
85,279,722
$
85,657,790
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.2%
FNMA,
30
Year,
4%,
8/01/49
.............................
United
States
25,228,242
24,337,298
FNMA,
30
Year,
5.5%,
7/01/53
...........................
United
States
85,323,363
85,719,047
110,056,345
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
0.1%
GNMA
II,
Single-family,
30
Year,
5.5%,
5/20/53
...............
United
States
85,555,835
86,205,605
Total
Mortgage-Backed
Securities
(Cost
$271,638,946)
...........................
281,919,740
Total
Long
Term
Investments
(Cost
$68,347,694,721)
............................
69,331,830,133
a
Short
Term
Investments
3.5%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
3.5%
c,k
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.034%
....
United
States
2,549,305,920
2,549,305,920
Total
Money
Market
Funds
(Cost
$2,549,305,920)
................................
2,549,305,920
Total
Short
Term
Investments
(Cost
$2,549,305,920
)
.............................
2,549,305,920
a
Total
Investments
(Cost
$70,897,000,641)
99.0%
................................
$71,881,136,053
Options
Written
(0.2)%
.......................................................
(181,306,444)
Other
Assets,
less
Liabilities
1.2%
.............................................
893,442,315
Net
Assets
100.0%
...........................................................
$72,593,271,924
a
a
a
Number
of
Contracts
Notional
Amount
#
a
a
a
Options
Written
(0.2)%
Calls
-
Exchange-Traded
Equity
Options
AbbVie,
Inc.,
February
Strike
Price
$155.00,
Expires
2/16/24
.....
10,000
154,970,000
(4,130,000)
Bank
of
America
Corp.,
January
Strike
Price
$32.00,
Expires
1/19/24
25,000
84,175,000
(5,025,000)
Bank
of
America
Corp.,
February
Strike
Price
$32.00,
Expires
2/16/24
...........................................
25,000
84,175,000
(6,075,000)
Charles
Schwab
Corp.
(The),
January
Strike
Price
$67.50,
Expires
1/19/24
...........................................
10,000
68,800,000
(2,990,000)
Citigroup,
Inc.,
January
Strike
Price
$45.00,
Expires
1/19/24
.....
19,999
102,874,856
(13,399,330)
Comcast
Corp.,
January
Strike
Price
$45.00,
Expires
1/19/24
....
15,000
65,775,000
(465,000)
Dominion
Energy,
Inc.,
April
Strike
Price
$52.50,
Expires
4/19/24
..
10,000
47,000,000
(650,000)
Fifth
Third
Bancorp,
January
Strike
Price
$29.00,
Expires
1/19/24
.
22
75,878
(14,190)
Fifth
Third
Bancorp,
February
Strike
Price
$34.00,
Expires
2/16/24
20,000
68,980,000
(3,800,000)
Goldman
Sachs
Group,
Inc.
(The),
January
Strike
Price
$325.00,
Expires
1/19/24
.....................................
2,500
96,442,500
(15,390,000)
Intel
Corp.,
January
Strike
Price
$40.00,
Expires
1/19/24
........
19,998
100,489,950
(20,757,924)
International
Business
Machines
Corp.,
January
Strike
Price
$160.00,
Expires
1/19/24
..............................
10,000
163,550,000
(4,700,000)
Johnson
&
Johnson,
February
Strike
Price
$160.00,
Expires
2/16/24
10,000
156,740,000
(2,630,000)
JPMorgan
Chase
&
Co.,
January
Strike
Price
$165.00,
Expires
1/19/24
...........................................
10,000
170,100,000
(6,150,000)
Lockheed
Martin
Corp.,
January
Strike
Price
$465.00,
Expires
1/19/24
...........................................
2,500
113,310,000
(512,500)
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
31
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)
Lockheed
Martin
Corp.,
March
Strike
Price
$480.00,
Expires
3/15/24
2,500
113,310,000
$
(1,250,000)
MetLife,
Inc.,
February
Strike
Price
$67.50,
Expires
2/16/24
......
15,000
99,195,000
(2,250,000)
Morgan
Stanley,
January
Strike
Price
$82.50,
Expires
1/19/24
....
15,000
139,875,000
(17,115,000)
Morgan
Stanley,
February
Strike
Price
$87.50,
Expires
2/16/24
...
25,000
233,125,000
(17,625,000)
NextEra
Energy,
Inc.,
January
Strike
Price
$65.00,
Expires
1/19/24
20,000
121,480,000
(540,000)
NextEra
Energy,
Inc.,
March
Strike
Price
$67.50,
Expires
3/15/24
.
10,000
60,740,000
(860,000)
Rio
Tinto
plc,
April
Strike
Price
$80.00,
Expires
4/19/24
.........
10,000
74,460,000
(1,550,000)
RTX
Corp.,
January
Strike
Price
$85.00,
Expires
1/19/24
........
12,500
105,175,000
(1,437,500)
Target
Corp.,
January
Strike
Price
$140.00,
Expires
1/19/24
.....
7,000
99,694,000
(3,220,000)
Texas
Instruments,
Inc.,
January
Strike
Price
$155.00,
Expires
1/19/24
...........................................
10,000
170,460,000
(16,040,000)
Texas
Instruments,
Inc.,
February
Strike
Price
$175.00,
Expires
2/16/24
...........................................
15,000
255,690,000
(6,075,000)
Truist
Financial
Corp.,
January
Strike
Price
$35.00,
Expires
1/19/24
20,000
73,840,000
(5,000,000)
Truist
Financial
Corp.,
February
Strike
Price
$37.50,
Expires
2/16/24
20,000
73,840,000
(3,040,000)
Union
Pacific
Corp.,
February
Strike
Price
$250.00,
Expires
2/16/24
5,000
122,810,000
(3,000,000)
United
Parcel
Service,
Inc.,
January
Strike
Price
$175.00,
Expires
1/19/24
...........................................
5,000
78,615,000
(35,000)
US
Bancorp,
February
Strike
Price
$45.00,
Expires
2/16/24
......
5,000
21,640,000
(685,000)
(166,411,444)
Puts
-
Exchange-Traded
Equity
Options
Abbott
Laboratories,
Inc.,
February
Strike
Price
$95.00,
Expires
2/16/24
...........................................
10,000
110,070,000
(240,000)
Air
Products
and
Chemicals,
Inc.,
February
Strike
Price
$250.00,
Expires
2/16/24
.....................................
5,000
136,900,000
(1,000,000)
Alphabet,
Inc.,
January
Strike
Price
$110.00,
Expires
1/19/24
....
10,000
139,690,000
(30,000)
Alphabet,
Inc.,
January
Strike
Price
$130.00,
Expires
1/19/24
....
5,000
69,845,000
(175,000)
Amgen,
Inc.,
January
Strike
Price
$265.00,
Expires
1/19/24
......
5,000
144,010,000
(215,000)
Analog
Devices,
Inc.,
February
Strike
Price
$185.00,
Expires
2/16/24
5,000
99,280,000
(960,000)
Analog
Devices,
Inc.,
January
Strike
Price
$187.50,
Expires
1/19/24
5,000
99,280,000
(337,500)
Broadcom,
Inc.,
February
Strike
Price
$1,010.00,
Expires
2/16/24
.
2,000
223,250,000
(1,810,000)
Caterpillar,
Inc.,
January
Strike
Price
$200.00,
Expires
1/19/24
...
10,000
295,670,000
(40,000)
Cisco
Systems,
Inc.,
January
Strike
Price
$45.00,
Expires
1/19/24
.
20,000
101,040,000
(80,000)
CVS
Health
Corp.,
January
Strike
Price
$70.00,
Expires
1/19/24
..
10,000
78,960,000
(80,000)
Exxon
Mobil
Corp.,
February
Strike
Price
$95.00,
Expires
2/16/24
.
10,000
99,980,000
(1,780,000)
Exxon
Mobil
Corp.,
January
Strike
Price
$97.50,
Expires
1/19/24
..
10,000
99,980,000
(960,000)
Johnson
&
Johnson,
January
Strike
Price
$140.00,
Expires
1/19/24
10,000
156,740,000
(80,000)
Johnson
&
Johnson,
February
Strike
Price
$140.00,
Expires
2/16/24
10,000
156,740,000
(390,000)
Merck
&
Co.,
Inc.,
February
Strike
Price
$95.00,
Expires
2/16/24
..
15,000
163,530,000
(345,000)
Microsoft
Corp.,
February
Strike
Price
$330.00,
Expires
2/16/24
..
10,000
376,040,000
(1,860,000)
Microsoft
Corp.,
January
Strike
Price
$350.00,
Expires
1/19/24
...
5,000
188,020,000
(310,000)
Oracle
Corp.,
March
Strike
Price
$90.00,
Expires
3/15/24
.......
10,000
105,430,000
(780,000)
Oracle
Corp.,
January
Strike
Price
$100.00,
Expires
1/19/24
.....
10,000
105,430,000
(400,000)
Procter
&
Gamble
Co.
(The),
February
Strike
Price
$140.00,
Expires
2/16/24
...........................................
20,000
293,080,000
(2,960,000)
US
Bancorp,
February
Strike
Price
$35.00,
Expires
2/16/24
......
5,000
21,640,000
(62,500)
(14,895,000)
Total
Options
Written
(Premiums
received
$71,987,158)
..........................
$
(181,306,444)
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
32
At
December
31,
2023,
the
Fund
had
the
following futures
contracts
outstanding.
See
Abbreviations
on
page
44
.
#
Notional
amount
is
the
number
of
contracts
multiplied
by
contract
size,
and
may
be
multiplied
by
the
underlying
price.
May
include
currency
units,
bushels,
shares,
pounds,
barrels
or
other
units.
Currency
units
are
stated
in
U.S.
dollars
unless
otherwise
indicated.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
Rounds
to
less
than
0.1%
of
net
assets.
a
A
portion
or
all
of
the
security
is
held
in
connection
with
written
option
contracts
open
at
period
end.
b
Non-income
producing.
c
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
December
31,
2023,
the
aggregate
value
of
these
securities
was
$27,536,363,723,
representing
37.9%
of
net
assets.
e
A
portion
or
all
of
the
security
is
on
loan
at
December
31,
2023.
f
Perpetual
security
with
no
stated
maturity
date.
g
The
coupon
rate
shown
represents
the
rate
at
period
end.
h
Income
may
be
received
in
additional
securities
and/or
cash.
i
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
j
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
k
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
33,000
$
3,725,390,625
3/19/24
$
113,425,785
U.S.
Treasury
Ultra
Bonds
......................
Long
5,250
701,367,188
3/19/24
61,636,927
Total
Futures
Contracts
......................................................................
$175,062,712
*
As
of
period
end.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
December
31,
2023
Franklin
U.S.
Government
Securities
Fund
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
33
a
a
Principal
Amount
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.6%
U.S.
Treasury
Bonds,
4.75%,
2/15/37
....................................
$
14,500,000
$
15,874,101
Total
U.S.
Government
and
Agency
Securities
(Cost
$18,247,341)
.................
15,874,101
Mortgage-Backed
Securities
97.4%
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
97.4%
GNMA
I,
30
Year,
4.5%,
4/15/40
........................................
3,273,011
3,260,619
GNMA
I,
30
Year,
5%,
9/15/40
..........................................
115,517,681
115,645,045
GNMA
I,
30
Year,
5.5%,
2/15/40
........................................
50,421,459
50,986,444
GNMA
I,
30
Year,
6%,
12/15/39
.........................................
46,492,971
48,149,522
GNMA
I,
30
Year,
6.5%,
8/15/37
........................................
10,980,630
11,139,551
GNMA
I,
30
Year,
7%,
9/15/32
..........................................
6,824,086
7,174,826
GNMA
I,
30
Year,
7.5%,
7/15/26
-
8/15/33
.................................
567,832
586,756
GNMA
I,
30
Year,
8%,
10/15/29
.........................................
939
974
GNMA
I,
30
Year,
8.5%,
11/15/24
........................................
21
21
GNMA
I,
Single-family,
30
Year,
3.5%,
4/15/43
-
5/15/43
......................
10,578,897
9,996,950
GNMA
I,
Single-family,
30
Year,
4%,
10/15/40
-
8/15/46
.......................
31,679,820
30,747,800
GNMA
I,
Single-family,
30
Year,
4.5%,
2/15/39
-
6/15/41
......................
60,254,528
59,837,070
GNMA
I,
Single-family,
30
Year,
5%,
2/15/35
...............................
8,170
8,080
GNMA
I,
Single-family,
30
Year,
5.5%,
10/15/48
.............................
551,740
547,066
GNMA
I,
Single-family,
30
Year,
7.25%,
12/15/25
............................
17,515
17,505
GNMA
I,
Single-family,
30
Year,
7.5%,
4/15/24
-
7/15/31
......................
761,156
771,110
GNMA
I,
Single-family,
30
Year,
8%,
2/15/24
-
9/15/30
........................
254,551
255,700
GNMA
I,
Single-family,
30
Year,
8.5%,
4/15/24
-
5/15/25
......................
1,621
1,620
GNMA
I,
Single-family,
30
Year,
10%,
2/15/25
..............................
1,316
1,316
GNMA
II,
30
Year,
4.5%,
5/20/34
-
6/20/41
.................................
2,715,722
2,717,898
GNMA
II,
30
Year,
6%,
3/20/34
-
9/20/34
..................................
855,596
855,244
GNMA
II,
30
Year,
6%,
7/20/39
.........................................
20,773,391
21,945,317
GNMA
II,
30
Year,
6.5%,
9/20/31
-
9/20/32
.................................
838,971
866,406
GNMA
II,
30
Year,
7%,
7/20/32
.........................................
240,477
253,666
GNMA
II,
30
Year,
7.5%,
10/20/24
.......................................
363
363
GNMA
II,
30
Year,
8%,
12/20/28
........................................
24,046
24,258
GNMA
II,
Single-family,
30
Year,
2%,
8/20/51
...............................
158,601,005
134,392,543
GNMA
II,
Single-family,
30
Year,
2.5%,
11/20/50
............................
14,643,170
12,372,664
GNMA
II,
Single-family,
30
Year,
2.5%,
7/20/51
.............................
69,336,444
60,705,975
GNMA
II,
Single-family,
30
Year,
2.5%,
8/20/51
.............................
205,910,741
180,162,318
GNMA
II,
Single-family,
30
Year,
2.5%,
9/20/51
.............................
83,273,802
72,863,211
GNMA
II,
Single-family,
30
Year,
2.5%,
10/20/51
............................
81,569,450
71,368,302
GNMA
II,
Single-family,
30
Year,
2.5%,
12/20/51
............................
83,335,754
72,912,895
GNMA
II,
Single-family,
30
Year,
2.5%,
1/20/52
.............................
125,331,240
109,616,972
GNMA
II,
Single-family,
30
Year,
3%,
10/20/44
..............................
18,012,077
16,607,235
GNMA
II,
Single-family,
30
Year,
3%,
12/20/44
..............................
8,947,163
8,248,957
GNMA
II,
Single-family,
30
Year,
3%,
5/20/45
...............................
13,069,185
12,049,560
GNMA
II,
Single-family,
30
Year,
3%,
4/20/46
...............................
17,497,202
16,102,078
GNMA
II,
Single-family,
30
Year,
3%,
9/20/47
...............................
14,085,573
12,913,928
GNMA
II,
Single-family,
30
Year,
3%,
10/20/47
..............................
22,555,107
20,681,978
GNMA
II,
Single-family,
30
Year,
3%,
6/20/50
...............................
10,250,082
9,076,381
GNMA
II,
Single-family,
30
Year,
3%,
7/20/51
...............................
86,271,266
78,233,427
GNMA
II,
Single-family,
30
Year,
3%,
8/20/51
...............................
161,824,694
146,872,328
GNMA
II,
Single-family,
30
Year,
3%,
9/20/51
...............................
26,616,011
24,118,715
GNMA
II,
Single-family,
30
Year,
3%,
10/20/51
..............................
115,359,017
104,542,867
GNMA
II,
Single-family,
30
Year,
3%,
2/20/45
-
10/20/50
......................
67,468,921
60,432,066
GNMA
II,
Single-family,
30
Year,
3.5%,
7/20/42
.............................
28,070,269
26,652,791
GNMA
II,
Single-family,
30
Year,
3.5%,
9/20/42
.............................
35,315,068
33,538,410
GNMA
II,
Single-family,
30
Year,
3.5%,
5/20/43
.............................
10,534,572
10,011,053
GNMA
II,
Single-family,
30
Year,
3.5%,
6/20/43
.............................
12,170,062
11,567,842
GNMA
II,
Single-family,
30
Year,
3.5%,
9/20/47
.............................
125,767,080
118,485,737
GNMA
II,
Single-family,
30
Year,
3.5%,
11/20/47
............................
119,566,676
112,626,386
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
U.S.
Government
Securities
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
34
See
Abbreviations
on
page
44
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
(continued)
GNMA
II,
Single-family,
30
Year,
3.5%,
10/20/40
-
1/20/49
.....................
$
45,849,312
$
43,467,455
GNMA
II,
Single-family,
30
Year,
3.5%,
11/20/51
............................
22,738,858
21,208,864
GNMA
II,
Single-family,
30
Year,
3.5%,
2/20/52
.............................
64,669,115
60,211,181
GNMA
II,
Single-family,
30
Year,
4%,
11/20/40
..............................
9,252,997
9,073,040
GNMA
II,
Single-family,
30
Year,
4%,
9/20/41
...............................
9,213,313
9,034,087
GNMA
II,
Single-family,
30
Year,
4%,
10/20/41
..............................
11,372,648
11,151,445
GNMA
II,
Single-family,
30
Year,
4%,
11/20/41
..............................
10,730,972
10,522,231
GNMA
II,
Single-family,
30
Year,
4%,
5/20/47
...............................
30,099,486
29,105,221
GNMA
II,
Single-family,
30
Year,
4%,
6/20/47
...............................
23,102,788
22,280,149
GNMA
II,
Single-family,
30
Year,
4%,
7/20/47
...............................
14,736,640
14,210,596
GNMA
II,
Single-family,
30
Year,
4%,
5/20/40
-
12/20/49
......................
43,625,701
42,228,407
GNMA
II,
Single-family,
30
Year,
4%,
6/20/52
...............................
93,950,747
89,680,998
GNMA
II,
Single-family,
30
Year,
4.5%,
5/20/41
.............................
8,450,119
8,455,124
GNMA
II,
Single-family,
30
Year,
4.5%,
6/20/41
.............................
10,382,989
10,389,128
GNMA
II,
Single-family,
30
Year,
4.5%,
7/20/41
.............................
11,577,964
11,584,812
GNMA
II,
Single-family,
30
Year,
4.5%,
9/20/41
.............................
16,688,374
16,698,254
GNMA
II,
Single-family,
30
Year,
4.5%,
10/20/41
............................
11,885,684
11,892,714
GNMA
II,
Single-family,
30
Year,
4.5%,
5/20/33
-
2/20/44
......................
26,312,456
26,307,848
GNMA
II,
Single-family,
30
Year,
5%,
7/20/33
-
9/20/41
.......................
30,371,004
30,951,095
GNMA
II,
Single-family,
30
Year,
5%,
7/20/53
...............................
26,039,654
25,854,384
GNMA
II,
Single-family,
30
Year,
5.5%,
6/20/34
-
2/20/50
......................
33,002,614
34,159,315
GNMA
II,
Single-family,
30
Year,
5.5%,
7/20/53
.............................
25,448,414
25,641,687
GNMA
II,
Single-family,
30
Year,
6%,
6/20/34
...............................
462,010
477,384
GNMA
II,
Single-family,
30
Year,
6%,
7/20/53
...............................
37,595,964
38,245,294
GNMA
II,
Single-family,
30
Year,
6.5%,
6/20/24
-
1/20/39
......................
6,578,660
6,921,670
GNMA
II,
Single-family,
30
Year,
7%,
2/20/28
-
7/20/33
.......................
1,666,851
1,732,883
GNMA
II,
Single-family,
30
Year,
7.5%,
10/20/25
-
4/20/32
.....................
191,007
196,617
GNMA
II,
Single-family,
30
Year,
8%,
12/20/24
-
6/20/30
......................
91,054
93,552
GNMA
II,
Single-family,
30
Year,
8.5%,
1/20/25
-
6/20/25
......................
38
38
GNMA
II,
Single-family,
30
Year,
9.5%,
1/20/25
.............................
191
191
2,514,723,410
Total
Mortgage-Backed
Securities
(Cost
$2,802,759,561)
.........................
2,514,723,410
Total
Long
Term
Investments
(Cost
$2,821,006,902)
.............................
2,530,597,511
a
a
a
a
a
Short
Term
Investments
1.9%
Shares
a
Money
Market
Funds
1.9%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.034%
..................
49,183,866
49,183,866
Total
Money
Market
Funds
(Cost
$49,183,866)
..................................
49,183,866
Total
Short
Term
Investments
(Cost
$49,183,866
)
................................
49,183,866
a
Total
Investments
(Cost
$2,870,190,768)
99.9%
..................................
$2,579,781,377
Other
Assets,
less
Liabilities
0.1%
.............................................
3,499,645
Net
Assets
100.0%
...........................................................
$2,583,281,022
a
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
December
31,
2023
Franklin
Utilities
Fund
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
35
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
99.5%
Construction
&
Engineering
1.5%
MDU
Resources
Group,
Inc.
.............................
United
States
4,200,000
$
83,160,000
Electric
Utilities
58.3%
Alliant
Energy
Corp.
...................................
United
States
3,600,000
184,680,000
American
Electric
Power
Co.,
Inc.
.........................
United
States
1,300,000
105,586,000
Constellation
Energy
Corp.
..............................
United
States
350,000
40,911,500
Duke
Energy
Corp.
....................................
United
States
2,400,000
232,896,000
Edison
International
...................................
United
States
4,300,000
307,407,000
Entergy
Corp.
........................................
United
States
2,400,000
242,856,000
Evergy
,
Inc.
..........................................
United
States
4,150,000
216,630,000
Eversource
Energy
....................................
United
States
1,600,000
98,752,000
Exelon
Corp.
.........................................
United
States
6,300,000
226,170,000
FirstEnergy
Corp.
.....................................
United
States
3,200,000
117,312,000
NextEra
Energy,
Inc.
...................................
United
States
9,000,000
546,660,000
NRG
Energy,
Inc.
.....................................
United
States
200,000
10,340,000
OGE
Energy
Corp.
....................................
United
States
1,600,000
55,888,000
PG&E
Corp.
.........................................
United
States
11,500,000
207,345,000
Pinnacle
West
Capital
Corp.
.............................
United
States
950,000
68,248,000
PPL
Corp.
...........................................
United
States
7,000,000
189,700,000
Southern
Co.
(The)
....................................
United
States
4,400,000
308,528,000
Xcel
Energy,
Inc.
......................................
United
States
2,000,000
123,820,000
3,283,729,500
Gas
Utilities
0.8%
Spire,
Inc.
...........................................
United
States
700,000
43,638,000
Independent
Power
and
Renewable
Electricity
Producers
4.0%
Clearway
Energy,
Inc.,
C
................................
United
States
900,000
24,687,000
Drax
Group
plc
.......................................
United
Kingdom
8,000,000
49,941,563
Vistra
Corp.
..........................................
United
States
3,900,000
150,228,000
224,856,563
Multi-Utilities
29.3%
Ameren
Corp.
........................................
United
States
1,900,000
137,446,000
CenterPoint
Energy,
Inc.
................................
United
States
6,000,000
171,420,000
CMS
Energy
Corp.
....................................
United
States
3,000,000
174,210,000
Dominion
Energy,
Inc.
..................................
United
States
2,700,000
126,900,000
DTE
Energy
Co.
......................................
United
States
1,500,000
165,390,000
E.ON
SE
............................................
Germany
9,000,000
120,931,998
National
Grid
plc
......................................
United
Kingdom
5,000,000
67,364,545
NiSource,
Inc.
........................................
United
States
6,300,000
167,265,000
Northwestern
Energy
Group,
Inc.
.........................
United
States
1,300,000
66,157,000
Public
Service
Enterprise
Group,
Inc.
......................
United
States
1,900,000
116,185,000
Sempra
.............................................
United
States
3,600,000
269,028,000
WEC
Energy
Group,
Inc.
................................
United
States
800,000
67,336,000
1,649,633,543
Oil,
Gas
&
Consumable
Fuels
4.3%
Cheniere
Energy,
Inc.
..................................
United
States
650,000
110,961,500
DT
Midstream,
Inc.
....................................
United
States
1,500,000
82,200,000
Williams
Cos.,
Inc.
(The)
................................
United
States
1,400,000
48,762,000
241,923,500
Water
Utilities
1.3%
Essential
Utilities,
Inc.
..................................
United
States
1,200,000
44,820,000
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Utilities
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
36
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Water
Utilities
(continued)
United
Utilities
Group
plc
................................
United
Kingdom
2,000,000
$
27,019,727
71,839,727
Total
Common
Stocks
(Cost
$2,912,085,782)
....................................
5,598,780,833
Short
Term
Investments
0.4%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
0.4%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.034%
....
United
States
20,075,287
20,075,287
Total
Money
Market
Funds
(Cost
$20,075,287)
..................................
20,075,287
Total
Short
Term
Investments
(Cost
$20,075,287
)
................................
20,075,287
a
Total
Investments
(Cost
$2,932,161,069)
99.9%
..................................
$5,618,856,120
Other
Assets,
less
Liabilities
0.1%
.............................................
6,618,637
Net
Assets
100.0%
...........................................................
$5,625,474,757
a
a
a
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
37
franklintempleton.com
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 five
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.
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. 
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
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
38
franklintempleton.com
Quarterly
Schedules
of
Investments
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
December
31,
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
December
31,
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
$
43,323,04
0
$
27,390,436
2,353
Canva,
Inc.,
A
..............................
11/08/21
4,011,298
2,536,092
94
Canva,
Inc.,
A-3
.............................
11/08/21
160,247
101,314
8
Canva,
Inc.,
A-4
.............................
11/08/21
13,638
8,622
5
Canva,
Inc.,
A-5
.............................
11/08/21
8,524
5,389
96,603
Checkout
Payments
Group
Ltd.,
B
...............
1/11/22
30,000,062
9,086,187
822,494
Gusto,
Inc.,
E
...............................
7/13/21
24,999,977
25,355,583
849,894
OneTrust
LLC,
C
............................
4/01/21
16,666,676
14,997,674
540,043
Stripe,
Inc.,
B
...............................
5/18/21
21,671,052
13,403,929
1,759,545
Stripe,
Inc.,
I
...............................
3/15/23
-
5/08/23
35,426,925
43,672,109
Total
Restricted
Securities
(Value
is
0.8%
of
Net
Assets)
..............
$176,281,439
$136,557,335
2. Financial
Instrument
Valuation
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
39
franklintempleton.com
Quarterly
Schedules
of
Investments
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies 
The
1940
Act
defines
"affiliated
companies"
to
include
investments
in
portfolio
companies
in
which
a
fund
owns
5%
or
more
of
the
outstanding
voting
securities.
Additionally,
as
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
companies’
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
company.
During
the
period
ended
December
31,
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
December
31,
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
Growth
Fund
Non-Controlled
Affiliates
Dividends
OneTrust
LLC,
C
.....
$
12,730,065
$
$
$
$
2,267,609
$
14,997,674
849,894
$
Total
Affiliated
Securities
(Value
is
0.1%
of
Net
Assets)
..........
$12,730,065
$—
$—
$—
$2,267,609
$14,997,674
$—
    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,
5.034%
$93,924,605
$666,439,711
$(692,432,987)
$—
$—
$67,931,329
67,931,329
$1,551,585
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.034%
$—
$6,000
$(6,000)
$—
$—
$—
$1
Total
Affiliated
Securities
...
$93,924,605
$666,445,711
$(692,438,987)
$—
$—
$67,931,329
$1,551,586
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
40
franklintempleton.com
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.)
    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
Growth
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.034%
$69,954,846
$422,157,856
$(427,713,698)
$—
$—
$64,399,004
64,399,004
$1,721,218
Total
Affiliated
Securities
...
$69,954,846
$422,157,856
$(427,713,698)
$—
$—
$64,399,004
$1,721,218
Franklin
Income
Fund
Non-Controlled
Affiliates
Dividends
Clarion
Partners
Real
Estate
Income
Fund,
Inc.,
Class
I
....
$94,020,602
$—
$—
$—
$(472,070)
$93,548,532
7,867,833
$1,581,434
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.034%
645,794,493
5,107,352,102
(3,203,840,675)
2,549,305,920
2,549,305,920
10,944,066
Total
Affiliated
Securities
...
$739,815,095
$5,107,352,102
$(3,203,840,675)
$—
$(472,070)
$2,642,854,452
$12,525,500
Franklin
U.S.
Government
Securities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.034%
$67,238,754
$105,653,049
$(123,707,937)
$—
$—
$49,183,866
49,183,866
$627,649
Total
Affiliated
Securities
...
$67,238,754
$105,653,049
$(123,707,937)
$—
$—
$49,183,866
$627,649
Franklin
Utilities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.034%
$20,399,531
$160,022,955
$(160,347,199)
$—
$—
$20,075,287
20,075,287
$136,541
Total
Affiliated
Securities
...
$20,399,531
$160,022,955
$(160,347,199)
$—
$—
$20,075,287
$136,541
5.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
41
franklintempleton.com
Quarterly
Schedules
of
Investments
Level
3
significant
unobservable
inputs
(including
the
Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level. 
A
summary
of
inputs
used
as
of
December
31,
2023,
in
valuing
the
Funds’
assets
and
liabilities
carried
at
fair
value,
is
as
follows:  
Level
1
Level
2
Level
3
Total
Franklin
DynaTech
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
250,384,000
$
$
$
250,384,000
Automobile
Components
.................
25,992,000
25,992,000
Automobiles
..........................
621,200,000
621,200,000
Biotechnology
.........................
13,768,600
114,126,093
127,894,693
Broadline
Retail
.......................
1,833,708,000
1,833,708,000
Capital
Markets
........................
407,668,500
407,668,500
Commercial
Services
&
Supplies
...........
41,130,000
41,130,000
Communications
Equipment
..............
23,551,000
23,551,000
Construction
&
Engineering
...............
194,220,000
194,220,000
Diversified
Consumer
Services
............
45,370,000
45,370,000
Electronic
Equipment,
Instruments
&
Components
........................
49,565,000
87,886,878
137,451,878
Energy
Equipment
&
Services
.............
254,434,000
254,434,000
Financial
Services
......................
985,417,000
985,417,000
Ground
Transportation
..................
200,102,500
200,102,500
Health
Care
Equipment
&
Supplies
.........
873,854,000
873,854,000
Health
Care
Providers
&
Services
..........
286,440,000
286,440,000
Health
Care
Technology
.................
57,756,000
57,756,000
Hotels,
Restaurants
&
Leisure
.............
152,600,200
152,600,200
Interactive
Media
&
Services
..............
1,261,945,000
1,261,945,000
IT
Services
...........................
822,644,319
822,644,319
Life
Sciences
Tools
&
Services
............
877,800,000
877,800,000
Media
...............................
25,186,000
25,186,000
Pharmaceuticals
.......................
367,868,000
367,868,000
Professional
Services
...................
27,755,600
27,755,600
Semiconductors
&
Semiconductor
Equipment
.
4,366,450,100
130,136,337
4,496,586,437
Software
.............................
7,036,478,971
7,036,478,971
Technology
Hardware,
Storage
&
Peripherals
.
481,325,000
481,325,000
Trading
Companies
&
Distributors
..........
22,669,500
22,669,500
Warrants
...............................
a
Short
Term
Investments
...................
67,931,329
67,931,329
Total
Investments
in
Securities
...........
$21,675,214,619
$332,149,308
b
$—
$22,007,363,927
Franklin
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
746,451,747
746,451,747
Automobiles
..........................
119,067,392
119,067,392
Beverages
...........................
553,533,394
553,533,394
Biotechnology
.........................
289,399,072
289,399,072
Broadline
Retail
.......................
689,674,501
689,674,501
Building
Products
......................
241,429,049
241,429,049
Capital
Markets
........................
780,235,166
780,235,166
Chemicals
...........................
519,988,988
519,988,988
6. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
42
franklintempleton.com
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Growth
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Commercial
Services
&
Supplies
...........
$
101,716,323
$
$
$
101,716,323
Construction
Materials
..................
150,170,413
150,170,413
Consumer
Staples
Distribution
&
Retail
......
35,148,600
35,148,600
Electric
Utilities
........................
155,217,790
155,217,790
Electrical
Equipment
....................
195,082,764
195,082,764
Electronic
Equipment,
Instruments
&
Components
........................
520,879,094
520,879,094
Entertainment
.........................
67,450,076
67,450,076
Financial
Services
......................
715,284,029
715,284,029
Food
Products
........................
56,159,132
56,159,132
Ground
Transportation
..................
612,593,285
612,593,285
Health
Care
Equipment
&
Supplies
.........
728,588,277
728,588,277
Health
Care
Providers
&
Services
..........
165,228,411
165,228,411
Health
Care
Technology
.................
50,384,987
50,384,987
Hotels,
Restaurants
&
Leisure
.............
231,763,752
231,763,752
Industrial
REITs
.......................
62,637,670
62,637,670
Interactive
Media
&
Services
..............
625,775,046
625,775,046
IT
Services
...........................
106,493,251
27,390,436
133,883,687
Life
Sciences
Tools
&
Services
............
833,246,330
833,246,330
Machinery
............................
683,253,117
683,253,117
Media
...............................
33,368,885
33,368,885
Personal
Care
Products
.................
26,062,920
26,062,920
Pharmaceuticals
.......................
656,935,622
656,935,622
Professional
Services
...................
67,085,068
67,085,068
Semiconductors
&
Semiconductor
Equipment
.
1,672,908,307
1,672,908,307
Software
.............................
3,283,678,741
22,490,116
3,306,168,857
Specialized
REITs
......................
86,187,347
86,187,347
Technology
Hardware,
Storage
&
Peripherals
.
730,572,990
730,572,990
Textiles,
Apparel
&
Luxury
Goods
..........
190,815,684
190,815,684
Trading
Companies
&
Distributors
..........
168,746,123
168,746,123
Water
Utilities
.........................
76,549,844
76,549,844
Convertible
Preferred
Stocks
................
86,676,783
86,676,783
Preferred
Stocks
.........................
157,338,740
157,338,740
Short
Term
Investments
...................
64,399,004
64,399,004
Total
Investments
in
Securities
...........
$17,094,162,191
$157,338,740
c
$136,557,335
$17,388,058,266
Franklin
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
.........................
12,971,636,689
12,971,636,689
Management
Investment
Companies
.........
93,548,532
93,548,532
Equity-Linked
Securities
...................
11,405,092,776
11,405,092,776
Convertible
Preferred
Stocks
................
38,584,000
38,584,000
Preferred
Stocks
.........................
12,880,000
12,880,000
Convertible
Bonds
.......................
24,843,750
24,843,750
Corporate
Bonds
........................
34,933,286,532
34,933,286,532
Senior
Floating
Rate
Interests
...............
342,353,774
342,353,774
U.S.
Government
and
Agency
Securities
.......
9,111,206,056
9,111,206,056
Asset-Backed
Securities
...................
116,478,284
116,478,284
Mortgage-Backed
Securities
................
281,919,740
281,919,740
Short
Term
Investments
...................
2,549,305,920
2,549,305,920
Total
Investments
in
Securities
...........
$15,627,371,141
$56,253,764,912
$—
$71,881,136,053
6. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
43
franklintempleton.com
Quarterly
Schedules
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
Level
1
Level
2
Level
3
Total
Franklin
Income
Fund
(continued)
Assets:
(continued)
Other
Financial
Instruments:
Futures
contracts
........................
$175,062,712
$—
$—
$175,062,712
Total
Other
Financial
Instruments
.........
$175,062,712
$—
$—
$175,062,712
Liabilities:
Other
Financial
Instruments:
Options
written
..........................
$
181,306,444
$
$
$
181,306,444
Total
Other
Financial
Instruments
.........
$181,306,444
$—
$—
$181,306,444
Franklin
U.S.
Government
Securities
Fund
Assets:
Investments
in
Securities:
d
U.S.
Government
and
Agency
Securities
.......
15,874,101
15,874,101
Mortgage-Backed
Securities
................
2,514,723,410
2,514,723,410
Short
Term
Investments
...................
49,183,866
49,183,866
Total
Investments
in
Securities
...........
$49,183,866
$2,530,597,511
$—
$2,579,781,377
Franklin
Utilities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Construction
&
Engineering
...............
83,160,000
83,160,000
Electric
Utilities
........................
3,283,729,500
3,283,729,500
Gas
Utilities
..........................
43,638,000
43,638,000
Independent
Power
and
Renewable
Electricity
Producers
..........................
224,856,563
224,856,563
Multi-Utilities
..........................
1,461,337,000
188,296,543
1,649,633,543
Oil,
Gas
&
Consumable
Fuels
.............
241,923,500
241,923,500
Water
Utilities
.........................
44,820,000
27,019,727
71,839,727
Short
Term
Investments
...................
20,075,287
20,075,287
Total
Investments
in
Securities
...........
$5,403,539,850
$215,316,270
e
$—
$5,618,856,120
a
Includes
financial
instruments
determined
to
have
no
value.
b
Includes
foreign
securities
valued
at
$332,149,308,
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
$157,338,740,
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
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
e
Includes
foreign
securities
valued
at
$215,316,270,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
6. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
44
franklintempleton.com
Quarterly
Schedules
of
Investments
Abbreviations
Currency
USD
United
States
Dollar
Selected
Portfolio
ADR
American
Depositary
Receipt
CME
Chicago
Mercantile
Exchange
FHLMC
Federal
Home
Loan
Mortgage
Corp.
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
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.