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Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FCF-Q3PH
1
Schedules
of
Investments
(unaudited)
Franklin
DynaTech
Fund
2
Franklin
Growth
Fund
6
Franklin
Income
Fund
10
Franklin
U.S.
Government
Securities
Fund
32
Franklin
Utilities
Fund
35
Notes
to
Schedules
of
Investments
37
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
June
30,
2024
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
925,000
$
272,172,000
Automobiles
1.1%
a
Tesla,
Inc.
...........................................
United
States
1,500,000
296,820,000
Biotechnology
0.9%
a
Argenx
SE
..........................................
Netherlands
100,000
43,394,944
a
Ascendis
Pharma
A/S
,
ADR
.............................
Denmark
300,000
40,914,000
a
Crinetics
Pharmaceuticals,
Inc.
...........................
United
States
200,000
8,958,000
a
Insmed,
Inc.
.........................................
United
States
200,000
13,400,000
a
Krystal
Biotech,
Inc.
...................................
United
States
100,000
18,364,000
a
Merus
NV
...........................................
Netherlands
150,000
8,875,500
a
Moderna,
Inc.
........................................
United
States
50,000
5,937,500
a
Natera,
Inc.
..........................................
United
States
700,000
75,803,000
a
Rocket
Pharmaceuticals,
Inc.
............................
United
States
100,000
2,153,000
a
United
Therapeutics
Corp.
...............................
United
States
50,000
15,927,500
233,727,444
Broadline
Retail
8.8%
a
Amazon.com,
Inc.
.....................................
United
States
10,000,000
1,932,500,000
a
MercadoLibre,
Inc.
....................................
Brazil
200,000
328,680,000
2,261,180,000
Capital
Markets
1.4%
Moody's
Corp.
........................................
United
States
150,000
63,139,500
MSCI,
Inc.
,
A
.........................................
United
States
150,000
72,262,500
Tradeweb
Markets,
Inc.
,
A
...............................
United
States
2,100,000
222,600,000
358,002,000
Communications
Equipment
0.3%
a
Arista
Networks,
Inc.
...................................
United
States
200,000
70,096,000
Construction
&
Engineering
0.8%
Quanta
Services,
Inc.
..................................
United
States
800,000
203,272,000
Diversified
Consumer
Services
0.1%
a
Duolingo,
Inc.
,
A
......................................
United
States
150,000
31,300,500
Electrical
Equipment
0.0%
†
Vertiv
Holdings
Co.
,
A
..................................
United
States
100,000
8,657,000
Electronic
Equipment,
Instruments
&
Components
0.7%
Amphenol
Corp.
,
A
....................................
United
States
1,150,000
77,475,500
a
Celestica,
Inc.
........................................
Canada
200,000
11,466,000
Jabil,
Inc.
...........................................
United
States
50,000
5,439,500
Keyence
Corp.
.......................................
Japan
175,000
76,605,594
170,986,594
Energy
Equipment
&
Services
0.5%
Baker
Hughes
Co.
,
A
...................................
United
States
1,000,000
35,170,000
a
Oceaneering
International,
Inc.
...........................
United
States
1,000,000
23,660,000
Schlumberger
NV
.....................................
United
States
750,000
35,385,000
TechnipFMC
plc
......................................
United
Kingdom
1,250,000
32,687,500
126,902,500
Entertainment
0.2%
a
Netflix,
Inc.
..........................................
United
States
30,000
20,246,400
Nintendo
Co.
Ltd.
.....................................
Japan
350,000
18,693,458
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)
Entertainment
(continued)
a
Spotify
Technology
SA
..................................
United
States
35,000
$
10,982,650
49,922,508
Financial
Services
3.9%
Mastercard,
Inc.
,
A
....................................
United
States
1,700,000
749,972,000
Visa,
Inc.
,
A
..........................................
United
States
1,000,000
262,470,000
1,012,442,000
Ground
Transportation
1.0%
a
Uber
Technologies,
Inc.
.................................
United
States
3,500,000
254,380,000
Health
Care
Equipment
&
Supplies
3.2%
a
Boston
Scientific
Corp.
.................................
United
States
200,000
15,402,000
a
Dexcom,
Inc.
.........................................
United
States
250,000
28,345,000
a
IDEXX
Laboratories,
Inc.
................................
United
States
500,000
243,600,000
a
Intuitive
Surgical,
Inc.
..................................
United
States
1,050,000
467,092,500
a
PROCEPT
BioRobotics
Corp.
............................
United
States
350,000
21,381,500
Stryker
Corp.
........................................
United
States
100,000
34,025,000
a
TransMedics
Group,
Inc.
................................
United
States
100,000
15,062,000
824,908,000
Health
Care
Providers
&
Services
0.6%
a
HealthEquity,
Inc.
.....................................
United
States
500,000
43,100,000
UnitedHealth
Group,
Inc.
................................
United
States
200,000
101,852,000
144,952,000
Health
Care
Technology
0.1%
Pro
Medicus
Ltd.
......................................
Australia
250,000
23,743,118
a
Veeva
Systems,
Inc.
,
A
.................................
United
States
50,000
9,150,500
32,893,618
Hotels,
Restaurants
&
Leisure
1.0%
a
Airbnb,
Inc.
,
A
........................................
United
States
125,000
18,953,750
Booking
Holdings,
Inc.
.................................
United
States
40,000
158,460,000
a
DoorDash,
Inc.
,
A
.....................................
United
States
650,000
70,707,000
a
MakeMyTrip
Ltd.
......................................
India
200,000
16,820,000
264,940,750
Interactive
Media
&
Services
8.9%
Alphabet,
Inc.
,
A
......................................
United
States
7,000,000
1,275,050,000
Meta
Platforms,
Inc.
,
A
.................................
United
States
2,000,000
1,008,440,000
2,283,490,000
IT
Services
1.9%
a
Gartner,
Inc.
.........................................
United
States
100,000
44,906,000
a
MongoDB,
Inc.
,
A
.....................................
United
States
450,000
112,482,000
a
Shopify,
Inc.
,
A
.......................................
Canada
5,000,000
330,397,603
a
Wix.com
Ltd.
.........................................
Israel
25,000
3,976,750
491,762,353
Life
Sciences
Tools
&
Services
2.9%
Danaher
Corp.
.......................................
United
States
1,350,000
337,297,500
a,b
Tempus
AI,
Inc.
,
A
.....................................
United
States
396,200
13,867,000
Thermo
Fisher
Scientific,
Inc.
............................
United
States
700,000
387,100,000
738,264,500
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)
Media
0.0%
†
a
Trade
Desk,
Inc.
(The)
,
A
................................
United
States
50,000
$
4,883,500
Pharmaceuticals
3.0%
AstraZeneca
plc
,
ADR
..................................
United
Kingdom
1,000,000
77,990,000
Eli
Lilly
&
Co.
........................................
United
States
700,000
633,766,000
Novo
Nordisk
A/S
,
ADR
.................................
Denmark
350,000
49,959,000
761,715,000
Professional
Services
0.1%
Verisk
Analytics,
Inc.
,
A
.................................
United
States
75,000
20,216,250
Semiconductors
&
Semiconductor
Equipment
27.9%
a
Advanced
Micro
Devices,
Inc.
............................
United
States
1,600,000
259,536,000
Analog
Devices,
Inc.
...................................
United
States
2,000,000
456,520,000
a
ARM
Holdings
plc
,
ADR
................................
United
States
100,000
16,362,000
ASM
International
NV
..................................
Netherlands
250,000
191,120,714
ASML
Holding
NV
,
ADR
................................
Netherlands
750,000
767,047,500
Broadcom,
Inc.
.......................................
United
States
125,000
200,691,250
Entegris,
Inc.
.........................................
United
States
500,000
67,700,000
Intel
Corp.
...........................................
United
States
500,000
15,485,000
KLA
Corp.
...........................................
United
States
550,000
453,480,500
Lam
Research
Corp.
...................................
United
States
535,000
569,694,750
a
Lattice
Semiconductor
Corp.
.............................
United
States
1,000,000
57,990,000
Monolithic
Power
Systems,
Inc.
...........................
United
States
500,000
410,840,000
NVIDIA
Corp.
........................................
United
States
30,000,000
3,706,200,000
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
...........
Taiwan
100,000
17,381,000
7,190,048,714
Software
27.5%
a
Adobe,
Inc.
..........................................
United
States
50,000
27,777,000
a
Appfolio,
Inc.
,
A
.......................................
United
States
150,000
36,685,500
a
AppLovin
Corp.
,
A
.....................................
United
States
350,000
29,127,000
a
Aspen
Technology,
Inc.
.................................
United
States
25,000
4,965,750
a
Atlassian
Corp.
,
A
.....................................
United
States
25,000
4,422,000
a
Cadence
Design
Systems,
Inc.
...........................
United
States
2,300,000
707,825,000
Constellation
Software,
Inc.
..............................
Canada
70,000
201,674,901
a
Crowdstrike
Holdings,
Inc.
,
A
.............................
United
States
100,000
38,319,000
a
Datadog,
Inc.
,
A
......................................
United
States
500,000
64,845,000
a
Descartes
Systems
Group,
Inc.
(The)
......................
Canada
800,000
77,472,000
a
Elastic
NV
...........................................
United
States
50,000
5,695,500
a
Fair
Isaac
Corp.
......................................
United
States
50,000
74,433,000
a
HubSpot,
Inc.
........................................
United
States
500,000
294,895,000
Intuit,
Inc.
...........................................
United
States
1,000,000
657,210,000
a
Klaviyo,
Inc.
,
A
.......................................
United
States
500,000
12,445,000
a,c
Lumine
Group,
Inc.
,
Reg
S
..............................
Canada
500,000
13,495,834
a
Manhattan
Associates,
Inc.
..............................
United
States
300,000
74,004,000
Microsoft
Corp.
.......................................
United
States
4,500,000
2,011,275,000
a
Monday.com
Ltd.
......................................
United
States
500,000
120,380,000
a
Palo
Alto
Networks,
Inc.
................................
United
States
1,000,000
339,010,000
a
Procore
Technologies,
Inc.
..............................
United
States
800,000
53,048,000
Roper
Technologies,
Inc.
................................
United
States
500,000
281,830,000
Salesforce,
Inc.
.......................................
United
States
500,000
128,550,000
a
ServiceNow,
Inc.
......................................
United
States
1,150,000
904,670,500
a
SPS
Commerce,
Inc.
...................................
United
States
100,000
18,816,000
a
Synopsys,
Inc.
.......................................
United
States
1,250,000
743,825,000
a
Tyler
Technologies,
Inc.
.................................
United
States
150,000
75,417,000
a
Workday,
Inc.
,
A
......................................
United
States
350,000
78,246,000
7,080,358,985
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
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Technology
Hardware,
Storage
&
Peripherals
1.9%
Apple,
Inc.
..........................................
United
States
2,250,000
$
473,895,000
a
Pure
Storage,
Inc.
,
A
...................................
United
States
100,000
6,421,000
480,316,000
Trading
Companies
&
Distributors
0.0%
†
Fastenal
Co.
.........................................
United
States
200,000
12,568,000
Total
Common
Stocks
(Cost
$
9,956,118,804
)
....................................
25,681,178,216
Warrants
Warrants
0.0%
Software
0.0%
a,d
Constellation
Software,
Inc.
,
3/31/40
.......................
Canada
50,000
—
Total
Warrants
(Cost
$
–
)
......................................................
—
Total
Long
Term
Investments
(Cost
$
9,956,118,804
)
.............................
25,681,178,216
a
Short
Term
Investments
0.3%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.2%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.972
%
....
United
States
54,691,602
54,691,602
Total
Money
Market
Funds
(Cost
$
54,691,602
)
..................................
54,691,602
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.1%
Money
Market
Funds
0.1%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.972
%
....
United
States
11,217,000
11,217,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
11,217,000
)
...........................................................
11,217,000
Total
Short
Term
Investments
(Cost
$
65,908,602
)
................................
65,908,602
a
Total
Investments
(Cost
$
10,022,027,406
)
100.1
%
...............................
$25,747,086,818
Other
Assets,
less
Liabilities
(
0.1
)
%
...........................................
(21,061,877)
Net
Assets
100.0%
...........................................................
$25,726,024,941
a
a
a
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
June
30,
2024.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
June
30,
2024,
the
value
of
this
security
was
$13,495,834,
representing
0.1%
of
net
assets.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
e
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
June
30,
2024
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
98.5%
Aerospace
&
Defense
3.7%
BWX
Technologies,
Inc.
................................
United
States
1,344,011
$
127,681,045
Curtiss-Wright
Corp.
...................................
United
States
244,600
66,281,708
Lockheed
Martin
Corp.
.................................
United
States
202,955
94,800,280
Northrop
Grumman
Corp.
...............................
United
States
627,397
273,513,722
RTX
Corp.
..........................................
United
States
1,505,110
151,097,993
713,374,748
Beverages
2.3%
Constellation
Brands,
Inc.,
A
.............................
United
States
452,178
116,336,356
a
Monster
Beverage
Corp.
................................
United
States
3,914,026
195,505,598
PepsiCo,
Inc.
........................................
United
States
813,145
134,112,005
445,953,959
Biotechnology
1.6%
AbbVie,
Inc.
.........................................
United
States
435,787
74,746,186
Amgen,
Inc.
.........................................
United
States
509,836
159,298,258
a
Regeneron
Pharmaceuticals,
Inc.
.........................
United
States
72,246
75,932,714
309,977,158
Broadline
Retail
4.6%
a
Amazon.com,
Inc.
.....................................
United
States
4,539,124
877,185,713
Building
Products
1.7%
Trane
Technologies
plc
.................................
United
States
989,869
325,597,610
Capital
Markets
4.2%
BlackRock,
Inc.
.......................................
United
States
123,820
97,485,962
Blackstone,
Inc.
......................................
United
States
798,607
98,867,547
Charles
Schwab
Corp.
(The)
.............................
United
States
2,102,782
154,954,006
Intercontinental
Exchange,
Inc.
...........................
United
States
1,350,590
184,882,265
S&P
Global,
Inc.
......................................
United
States
350,525
156,334,150
Tradeweb
Markets,
Inc.,
A
...............................
United
States
1,129,220
119,697,320
812,221,250
Chemicals
2.9%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
473,767
122,255,574
Ecolab,
Inc.
..........................................
United
States
590,978
140,652,764
Linde
plc
............................................
United
States
664,827
291,732,736
554,641,074
Commercial
Services
&
Supplies
0.6%
Republic
Services,
Inc.,
A
...............................
United
States
616,799
119,868,718
Construction
Materials
0.9%
Martin
Marietta
Materials,
Inc.
............................
United
States
334,397
181,176,295
Consumer
Staples
Distribution
&
Retail
1.1%
Costco
Wholesale
Corp.
................................
United
States
253,449
215,429,115
Electric
Utilities
0.9%
NextEra
Energy,
Inc.
...................................
United
States
2,555,446
180,951,131
Electrical
Equipment
1.3%
AMETEK,
Inc.
........................................
United
States
612,967
102,187,729
Eaton
Corp.
plc
.......................................
United
States
437,964
137,323,612
239,511,341
Electronic
Equipment,
Instruments
&
Components
3.1%
Amphenol
Corp.,
A
....................................
United
States
4,932,630
332,311,283
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)
Electronic
Equipment,
Instruments
&
Components
(continued)
TE
Connectivity
Ltd.
...................................
United
States
1,770,857
$
266,390,019
598,701,302
Entertainment
0.3%
a
ROBLOX
Corp.,
A
.....................................
United
States
1,475,286
54,895,392
Financial
Services
3.6%
Mastercard,
Inc.,
A
....................................
United
States
964,326
425,422,058
Visa,
Inc.,
A
..........................................
United
States
1,011,118
265,388,142
690,810,200
Ground
Transportation
2.9%
Canadian
Pacific
Kansas
City
Ltd.
.........................
Canada
1,346,949
106,045,295
JB
Hunt
Transport
Services,
Inc.
..........................
United
States
359,667
57,546,720
Old
Dominion
Freight
Line,
Inc.
...........................
United
States
103,800
18,331,080
a
Uber
Technologies,
Inc.
.................................
United
States
557,439
40,514,666
Union
Pacific
Corp.
....................................
United
States
1,433,210
324,278,095
546,715,856
Health
Care
Equipment
&
Supplies
4.1%
Abbott
Laboratories
....................................
United
States
741,502
77,049,473
a
Edwards
Lifesciences
Corp.
.............................
United
States
966,324
89,259,348
a
Haemonetics
Corp.
....................................
United
States
737,264
60,993,850
a
Intuitive
Surgical,
Inc.
..................................
United
States
932,640
414,884,904
Stryker
Corp.
........................................
United
States
388,847
132,305,192
774,492,767
Health
Care
Providers
&
Services
1.0%
UnitedHealth
Group,
Inc.
................................
United
States
392,715
199,994,041
Health
Care
Technology
0.4%
a
Veeva
Systems,
Inc.,
A
.................................
United
States
408,813
74,816,867
Hotels,
Restaurants
&
Leisure
1.9%
a
Airbnb,
Inc.,
A
........................................
United
States
579,890
87,928,721
Booking
Holdings,
Inc.
.................................
United
States
28,173
111,607,339
a
Chipotle
Mexican
Grill,
Inc.,
A
............................
United
States
2,460,000
154,119,000
353,655,060
Industrial
REITs
0.5%
Prologis,
Inc.
.........................................
United
States
840,900
94,441,479
Interactive
Media
&
Services
4.3%
Alphabet,
Inc.,
A
......................................
United
States
2,056,520
374,595,118
Alphabet,
Inc.,
C
......................................
United
States
2,401,900
440,556,498
815,151,616
IT
Services
0.5%
a,b,c
Canva,
Inc.,
B
........................................
Australia
25,413
27,107,058
a
MongoDB,
Inc.,
A
.....................................
United
States
133,700
33,419,652
a
Shopify,
Inc.,
A
.......................................
Canada
411,700
27,192,785
87,719,495
Life
Sciences
Tools
&
Services
5.0%
Agilent
Technologies,
Inc.
...............................
United
States
1,169,568
151,611,100
Danaher
Corp.
.......................................
United
States
1,132,672
282,998,099
a
Mettler-Toledo
International,
Inc.
..........................
United
States
166,809
233,130,590
Thermo
Fisher
Scientific,
Inc.
............................
United
States
317,634
175,651,602
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)
Life
Sciences
Tools
&
Services
(continued)
West
Pharmaceutical
Services,
Inc.
........................
United
States
358,800
$
118,185,132
961,576,523
Machinery
3.5%
Deere
&
Co.
.........................................
United
States
377,751
141,139,106
Dover
Corp.
.........................................
United
States
215,744
38,931,005
Illinois
Tool
Works,
Inc.
.................................
United
States
753,519
178,553,862
Ingersoll
Rand,
Inc.
....................................
United
States
1,859,776
168,942,052
Xylem,
Inc.
..........................................
United
States
983,901
133,446,493
661,012,518
Pharmaceuticals
3.8%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
2,110,216
164,575,746
Eli
Lilly
&
Co.
........................................
United
States
629,084
569,560,072
734,135,818
Professional
Services
0.4%
Automatic
Data
Processing,
Inc.
..........................
United
States
105,229
25,117,110
Verisk
Analytics,
Inc.,
A
.................................
United
States
178,221
48,039,470
73,156,580
Semiconductors
&
Semiconductor
Equipment
13.9%
a
ARM
Holdings
plc,
ADR
................................
United
States
356,500
58,330,530
ASML
Holding
NV,
ADR
................................
Netherlands
388,894
397,733,561
Lam
Research
Corp.
...................................
United
States
28,550
30,401,467
a
Lattice
Semiconductor
Corp.
.............................
United
States
695,800
40,349,442
Monolithic
Power
Systems,
Inc.
...........................
United
States
418,345
343,745,720
NVIDIA
Corp.
........................................
United
States
10,870,070
1,342,888,448
NXP
Semiconductors
NV
...............................
China
665,330
179,033,650
Texas
Instruments,
Inc.
.................................
United
States
1,326,618
258,066,999
2,650,549,817
Software
17.9%
a
Adobe,
Inc.
..........................................
United
States
143,493
79,716,101
a
Autodesk,
Inc.
........................................
United
States
790,713
195,661,932
a,b,c
Checkout
Payments
Group
Ltd.,
B
.........................
United
Kingdom
96,603
8,736,028
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
132,753
50,869,622
Intuit,
Inc.
...........................................
United
States
710,431
466,902,357
Microsoft
Corp.
.......................................
United
States
2,793,768
1,248,674,608
a
Procore
Technologies,
Inc.
..............................
United
States
66,651
4,419,628
a
PTC,
Inc.
...........................................
United
States
1,026,515
186,486,980
Salesforce,
Inc.
.......................................
United
States
534,162
137,333,050
a
ServiceNow,
Inc.
......................................
United
States
634,095
498,823,514
a,b,c
Stripe,
Inc.,
B
........................................
United
States
540,043
14,072,149
a
Synopsys,
Inc.
.......................................
United
States
537,220
319,678,133
a
Tyler
Technologies,
Inc.
.................................
United
States
114,252
57,443,621
a
Workday,
Inc.,
A
......................................
United
States
661,601
147,907,520
3,416,725,243
Technology
Hardware,
Storage
&
Peripherals
3.6%
Apple,
Inc.
..........................................
United
States
3,279,793
690,790,002
Textiles,
Apparel
&
Luxury
Goods
0.7%
NIKE,
Inc.,
B
.........................................
United
States
1,757,536
132,465,488
Trading
Companies
&
Distributors
0.9%
Fastenal
Co.
.........................................
United
States
2,605,313
163,717,869
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Growth
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
See
Abbreviations
on
page
44
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Water
Utilities
0.4%
American
Water
Works
Co.,
Inc.
..........................
United
States
579,967
$
74,908,538
Total
Common
Stocks
(Cost
$
4,576,995,409)
....................................
18,826,320,583
Convertible
Preferred
Stocks
0.4%
IT
Services
0.0%
†
a,b,c
Canva,
Inc.,
A
........................................
Australia
2,353
2,509,854
a,b,c
Canva,
Inc.,
A-3
......................................
Australia
94
100,266
a,b,c
Canva,
Inc.,
A-4
......................................
Australia
8
8,533
a,b,c
Canva,
Inc.,
A-5
......................................
Australia
5
5,333
2,623,986
Software
0.4%
a,b,c
Gusto,
Inc.,
E
........................................
United
States
822,494
20,601,898
a,b,c
OneTrust
LLC,
C
......................................
United
States
849,894
13,180,443
a,b,c
Stripe,
Inc.,
I
.........................................
United
States
1,759,545
45,849,273
79,631,614
Total
Convertible
Preferred
Stocks
(Cost
$81,287,285)
...........................
82,255,600
Preferred
Stocks
0.6%
Life
Sciences
Tools
&
Services
0.6%
d
Sartorius
AG,
0.34%
...................................
Germany
475,000
111,206,443
Total
Preferred
Stocks
(Cost
$164,568,096)
.....................................
111,206,443
Total
Long
Term
Investments
(Cost
$4,822,850,790)
.............................
19,019,782,626
a
Short
Term
Investments
0.4%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.4%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
....
United
States
69,430,608
69,430,608
Total
Money
Market
Funds
(Cost
$69,430,608)
..................................
69,430,608
Total
Short
Term
Investments
(Cost
$69,430,608
)
................................
69,430,608
a
Total
Investments
(Cost
$4,892,281,398)
99.9%
..................................
$19,089,213,234
Other
Assets,
less
Liabilities
0.1%
.............................................
26,387,988
Net
Assets
100.0%
...........................................................
$19,115,601,222
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
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
e
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
June
30,
2024
Franklin
Income
Fund
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
21.1%
Aerospace
&
Defense
1.3%
a
Lockheed
Martin
Corp.
.................................
United
States
1,650,000
$
770,715,000
RTX
Corp.
..........................................
United
States
2,000,000
200,780,000
971,495,000
Air
Freight
&
Logistics
0.3%
United
Parcel
Service,
Inc.,
B
............................
United
States
1,500,000
205,275,000
Banks
1.3%
a
Bank
of
America
Corp.
.................................
United
States
8,000,000
318,160,000
Fifth
Third
Bancorp
....................................
United
States
4,000,000
145,960,000
PNC
Financial
Services
Group,
Inc.
(The)
...................
United
States
1,000,000
155,480,000
Truist
Financial
Corp.
..................................
United
States
5,998,900
233,057,265
US
Bancorp
.........................................
United
States
1,500,000
59,550,000
912,207,265
Beverages
0.9%
Coca-Cola
Co.
(The)
...................................
United
States
3,000,000
190,950,000
PepsiCo,
Inc.
........................................
United
States
3,000,000
494,790,000
685,740,000
Biotechnology
0.7%
a
AbbVie,
Inc.
.........................................
United
States
2,000,000
343,040,000
Amgen,
Inc.
.........................................
United
States
500,000
156,225,000
499,265,000
Capital
Markets
0.1%
a
Morgan
Stanley
.......................................
United
States
500,000
48,595,000
Chemicals
0.8%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
1,250,000
322,562,500
Albemarle
Corp.
......................................
United
States
1,000,000
95,520,000
LyondellBasell
Industries
NV,
A
...........................
United
States
1,700,000
162,622,000
580,704,500
Communications
Equipment
0.4%
Cisco
Systems,
Inc.
...................................
United
States
6,595,000
313,328,450
Containers
&
Packaging
0.2%
a
International
Paper
Co.
.................................
United
States
4,000,000
172,600,000
Diversified
Telecommunication
Services
0.3%
Verizon
Communications,
Inc.
............................
United
States
5,000,000
206,200,000
Electric
Utilities
3.1%
American
Electric
Power
Co.,
Inc.
.........................
United
States
3,000,000
263,220,000
Duke
Energy
Corp.
....................................
United
States
4,000,000
400,920,000
Edison
International
...................................
United
States
1,800,000
129,258,000
Entergy
Corp.
........................................
United
States
500,000
53,500,000
a
NextEra
Energy,
Inc.
...................................
United
States
6,300,975
446,172,040
Southern
Co.
(The)
....................................
United
States
10,000,000
775,700,000
Xcel
Energy,
Inc.
......................................
United
States
3,000,000
160,230,000
2,229,000,040
Ground
Transportation
0.4%
Union
Pacific
Corp.
....................................
United
States
1,250,000
282,825,000
Health
Care
Equipment
&
Supplies
0.2%
Medtronic
plc
........................................
United
States
1,500,000
118,065,000
Health
Care
Providers
&
Services
0.4%
a
CVS
Health
Corp.
.....................................
United
States
5,000,000
295,300,000
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
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
(continued)
Hotels,
Restaurants
&
Leisure
0.3%
a
McDonald's
Corp.
.....................................
United
States
500,000
$
127,420,000
a
Starbucks
Corp.
......................................
United
States
1,000,000
77,850,000
205,270,000
Household
Products
0.8%
Procter
&
Gamble
Co.
(The)
.............................
United
States
3,500,000
577,220,000
Industrial
Conglomerates
0.4%
Honeywell
International,
Inc.
.............................
United
States
1,250,000
266,925,000
Insurance
0.1%
a
MetLife,
Inc.
.........................................
United
States
1,000,000
70,190,000
IT
Services
0.1%
International
Business
Machines
Corp.
.....................
United
States
500,000
86,475,000
Media
0.1%
Comcast
Corp.,
A
.....................................
United
States
2,000,000
78,320,000
Metals
&
Mining
0.5%
a
Freeport-McMoRan,
Inc.
................................
United
States
2,500,000
121,500,000
Rio
Tinto
plc,
ADR
.....................................
Australia
3,500,000
230,755,000
352,255,000
Multi-Utilities
0.7%
Dominion
Energy,
Inc.
..................................
United
States
5,000,000
245,000,000
Sempra
.............................................
United
States
3,000,000
228,180,000
473,180,000
Oil,
Gas
&
Consumable
Fuels
3.3%
a
Chevron
Corp.
.......................................
United
States
7,500,000
1,173,150,000
ConocoPhillips
.......................................
United
States
2,500,000
285,950,000
Exxon
Mobil
Corp.
.....................................
United
States
5,000,000
575,600,000
Shell
plc,
ADR
........................................
United
States
4,000,000
288,720,000
TotalEnergies
SE,
ADR
.................................
France
1,500,000
100,020,000
2,423,440,000
Pharmaceuticals
2.6%
b
Bausch
Health
Cos.,
Inc.
................................
United
States
10,000,000
69,700,000
Bristol-Myers
Squibb
Co.
................................
United
States
3,000,000
124,590,000
b
Endo,
Inc.
...........................................
United
States
3,251,038
91,841,823
b,c
Endo,
Inc.,
144A
......................................
United
States
1,233,284
34,686,113
Johnson
&
Johnson
...................................
United
States
7,000,000
1,023,120,000
Pfizer,
Inc.
...........................................
United
States
20,000,000
559,600,000
1,903,537,936
Semiconductors
&
Semiconductor
Equipment
0.3%
a
Broadcom,
Inc.
.......................................
United
States
100,000
160,553,000
Intel
Corp.
...........................................
United
States
3,000,000
92,910,000
253,463,000
Specialty
Retail
0.9%
Home
Depot,
Inc.
(The)
.................................
United
States
1,810,751
623,332,924
Tobacco
0.6%
Philip
Morris
International,
Inc.
...........................
United
States
4,000,000
405,320,000
Total
Common
Stocks
(Cost
$13,690,800,197)
...................................
15,239,529,115
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
Management
Investment
Companies
0.3%
Capital
Markets
0.2%
d
Clarion
Partners
Real
Estate
Income
Fund,
Inc.,
Class
I
........
United
States
7,867,833
$
92,683,071
Financial
Services
0.1%
b,d
Franklin
BSP
Real
Estate
Credit
BDC
......................
United
States
3,988,603
99,715,075
b
Total
Management
Investment
Companies
(Cost
$199,715,075)
...................
192,398,146
Equity-Linked
Securities
17.2%
Aerospace
&
Defense
0.5%
c
Barclays
Bank
plc
into
Northrop
Grumman
Corp.,
144A,
7%,
11/08/24
..........................................
United
States
315,000
139,974,479
c
Wells
Fargo
Bank
NA
into
Boeing
Co.
(The),
144A,
9%,
6/17/25
..
United
States
1,350,000
239,870,451
379,844,930
Air
Freight
&
Logistics
0.3%
c
J.P.
Morgan
Structured
Products
BV
into
United
Parcel
Service,
Inc.,
144A,
9%,
10/22/24
..................................
United
States
1,530,000
212,688,383
Banks
1.9%
c
Barclays
Bank
plc
into
Citigroup,
Inc.,
144A,
9%,
7/03/24
........
United
States
5,110,000
284,420,276
c
Barclays
Bank
plc
into
US
Bancorp,
144A,
10%,
8/23/24
........
United
States
4,320,000
173,259,860
c
BNP
Paribas
Issuance
BV
into
Bank
of
America
Corp.,
144A,
8.5%,
2/26/25
...........................................
United
States
6,800,000
244,655,206
c
Citigroup
Global
Markets
Holdings,
Inc.
into
Bank
of
America
Corp.,
144A,
8%,
8/16/24
...................................
United
States
8,128,000
291,526,909
c
Merrill
Lynch
International
&
Co.
CV
into
Fifth
Third
Bancorp,
144A,
10%,
3/10/25
.......................................
United
States
3,150,000
112,224,667
c
Royal
Bank
of
Canada
into
Citigroup,
Inc.,
144A,
10%,
10/15/24
..
United
States
6,300,000
298,818,963
1,404,905,881
Biotechnology
0.3%
c
Merrill
Lynch
International
&
Co.
CV
into
AbbVie,
Inc.,
144A,
7.5%,
4/23/25
...........................................
United
States
1,385,000
239,764,440
Broadline
Retail
0.4%
c
Goldman
Sachs
International
Bank
into
Amazon.com,
Inc.,
144A,
9%,
11/20/24
.......................................
United
States
2,375,000
312,626,732
Building
Products
0.4%
c
J.P.
Morgan
Structured
Products
BV
into
Johnson
Controls
International
plc,
144A,
8%,
9/09/24
......................
United
States
2,360,000
152,132,208
c
Wells
Fargo
Bank
NA
into
Johnson
Controls
International
plc,
144A,
9%,
12/10/24
.......................................
United
States
2,450,000
139,874,776
292,006,984
Capital
Markets
1.7%
c
BNP
Paribas
Issuance
BV
into
Goldman
Sachs
Group,
Inc.
(The),
144A,
7.5%,
8/19/24
.................................
United
States
690,000
278,665,310
c
Goldman
Sachs
International
Bank
into
Morgan
Stanley,
144A,
9%,
12/24/24
..........................................
United
States
2,812,000
264,811,823
c
Merrill
Lynch
International
&
Co.
CV
into
Charles
Schwab
Corp.
(The),
144A,
9%,
2/25/25
..............................
United
States
3,550,000
242,472,445
c,e
Merrill
Lynch
International
&
Co.
CV
into
Morgan
Stanley,
144A,
9%,
7/14/25
...........................................
United
States
1,650,000
159,494,063
c
UBS
AG
into
Charles
Schwab
Corp.
(The),
144A,
10%,
7/17/24
...
United
States
4,300,000
273,144,098
1,218,587,739
Chemicals
0.4%
c
Barclays
Bank
plc
into
Air
Products
and
Chemicals,
Inc.,
144A,
8.5%,
3/10/25
...........................................
United
States
730,000
177,914,058
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)
Chemicals
(continued)
c
National
Bank
of
Canada
into
Albemarle
Corp.,
144A,
12%,
3/31/25
United
States
830,000
$
85,285,065
263,199,123
Communications
Equipment
0.6%
c
Royal
Bank
of
Canada
into
Cisco
Systems,
Inc.,
144A,
8%,
9/03/24
United
States
4,300,000
205,942,010
c
UBS
AG
into
Cisco
Systems,
Inc.,
144A,
8%,
6/10/25
..........
United
States
5,000,000
238,486,588
444,428,598
Consumer
Staples
Distribution
&
Retail
0.4%
c
UBS
AG
into
Target
Corp.,
144A,
9%,
9/05/24
................
United
States
1,935,000
285,336,875
Containers
&
Packaging
0.2%
c
Mizuho
Markets
Cayman
LP
into
International
Paper
Co.,
144A,
10%,
1/22/25
.......................................
United
States
2,900,000
114,987,984
Electric
Utilities
0.6%
c
Mizuho
Markets
Cayman
LP
into
NextEra
Energy,
Inc.,
144A,
9%,
4/08/25
...........................................
United
States
3,290,000
218,325,612
c
Wells
Fargo
Bank
NA
into
NextEra
Energy,
Inc.,
144A,
8%,
5/20/25
United
States
3,500,000
248,430,690
466,756,302
Ground
Transportation
0.4%
c
Merrill
Lynch
BV
into
Union
Pacific
Corp.,
144A,
8%,
11/05/24
....
United
States
1,300,000
291,196,312
Health
Care
Providers
&
Services
0.3%
c
Wells
Fargo
Bank
NA
into
UnitedHealth
Group,
Inc.,
144A,
7%,
7/14/25
...........................................
United
States
425,000
210,837,662
Hotels,
Restaurants
&
Leisure
0.3%
c
Wells
Fargo
Bank
NA
into
Starbucks
Corp.,
144A,
8%,
3/04/25
...
United
States
2,500,000
201,325,325
Insurance
0.4%
c
BNP
Paribas
Issuance
BV
into
MetLife,
Inc.,
144A,
9%,
10/23/24
..
United
States
3,800,000
259,114,353
Interactive
Media
&
Services
0.4%
c
JPMorgan
Chase
Bank
NA
into
Alphabet,
Inc.,
144A,
8%,
3/18/25
.
United
States
1,805,000
265,616,901
IT
Services
0.3%
c
Barclays
Bank
plc
into
International
Business
Machines
Corp.,
144A,
8.5%,
6/09/25
......................................
United
States
1,340,000
230,398,444
Media
0.5%
c
BNP
Paribas
Issuance
BV
into
Comcast
Corp.,
144A,
8%,
1/15/25
United
States
3,100,000
123,052,781
c
J.P.
Morgan
Structured
Products
BV
into
Comcast
Corp.,
144A,
8%,
8/13/24
...........................................
United
States
5,825,000
228,365,352
351,418,133
Metals
&
Mining
1.2%
c
Citigroup
Global
Markets
Holdings,
Inc.
into
Freeport-McMoRan,
Inc.,
144A,
10%,
5/20/25
..............................
United
States
4,100,000
202,067,273
c
Mizuho
Markets
Cayman
LP
into
Barrick
Gold
Corp.,
144A,
9%,
7/01/25
...........................................
Canada
3,225,000
53,203,451
c
Mizuho
Markets
Cayman
LP
into
Freeport-McMoRan,
Inc.,
144A,
11%,
12/10/24
......................................
United
States
7,539,000
330,010,032
c
UBS
AG
into
Newmont
Corp.,
144A,
11%,
1/16/25
.............
United
States
6,000,000
244,137,771
829,418,527
Multi-Utilities
0.1%
c
Wells
Fargo
Bank
NA
into
Dominion
Energy,
Inc.,
144A,
9%,
1/10/25
United
States
2,130,000
104,825,179
Oil,
Gas
&
Consumable
Fuels
1.4%
c
BNP
Paribas
Issuance
BV
into
BP
plc,
144A,
8.5%,
5/15/25
......
United
States
4,750,000
177,394,241
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)
Oil,
Gas
&
Consumable
Fuels
(continued)
c
Citigroup
Global
Markets
Holdings,
Inc.
into
BP
plc,
144A,
10%,
12/30/24
..........................................
United
States
6,600,000
$
240,783,611
c
Citigroup
Global
Markets
Holdings,
Inc.
into
Exxon
Mobil
Corp.,
144A,
9%,
3/12/25
...................................
United
States
2,600,000
283,350,773
c
J.P.
Morgan
Structured
Products
BV
into
Exxon
Mobil
Corp.,
144A,
9%,
9/24/24
........................................
United
States
2,435,000
280,775,563
982,304,188
Pharmaceuticals
0.3%
c
Mizuho
Markets
Cayman
LP
into
Bristol-Myers
Squibb
Co.,
144A,
9.5%,
5/08/25
......................................
United
States
4,800,000
204,303,710
Semiconductors
&
Semiconductor
Equipment
3.2%
c
Citigroup
Global
Markets
Holdings,
Inc.
into
Intel
Corp.,
144A,
10%,
10/03/24
..........................................
United
States
6,700,000
212,055,639
c
Goldman
Sachs
International
Bank
into
Texas
Instruments,
Inc.,
144A,
9%,
11/10/25
..................................
United
States
1,670,000
288,709,627
c
Mizuho
Markets
Cayman
LP
into
Microchip
Technology,
Inc.,
144A,
10%,
11/12/24
......................................
United
States
3,500,000
302,712,432
c
Morgan
Stanley
Finance
II
Ltd.
into
Microchip
Technology,
Inc.,
144A,
10%,
3/03/25
..................................
United
States
1,850,000
161,788,312
c
National
Bank
of
Canada
into
Analog
Devices,
Inc.,
144A,
8.5%,
7/17/24
...........................................
United
States
1,500,000
320,249,722
c
National
Bank
of
Canada
into
Broadcom,
Inc.,
144A,
11.5%,
5/13/25
United
States
200,000
272,756,540
c
Royal
Bank
of
Canada
into
Texas
Instruments,
Inc.,
144A,
8%,
6/11/25
...........................................
United
States
800,000
157,688,017
c
Royal
Bank
of
Canada
into
Texas
Instruments,
Inc.,
144A,
8.5%,
7/15/25
...........................................
United
States
890,000
172,279,498
c
UBS
AG
into
Texas
Instruments,
Inc.,
144A,
8.5%,
8/07/24
......
United
States
1,583,000
301,606,932
c
Wells
Fargo
Bank
NA
into
Intel
Corp.,
144A,
11%,
2/14/25
.......
United
States
4,000,000
134,386,759
2,324,233,478
Software
0.4%
c
Mizuho
Markets
Cayman
LP
into
Oracle
Corp.,
144A,
8.5%,
2/10/25
United
States
2,350,000
291,347,023
Technology
Hardware,
Storage
&
Peripherals
0.3%
c
UBS
AG
into
Apple,
Inc.,
144A,
7%,
4/02/25
.................
United
States
1,150,000
214,232,620
Total
Equity-Linked
Securities
(Cost
$11,966,150,675)
...........................
12,395,705,826
Convertible
Preferred
Stocks
0.5%
Chemicals
0.3%
Albemarle
Corp.,
7.25%
................................
United
States
5,500,000
256,630,000
Electric
Utilities
0.1%
b
NextEra
Energy,
Inc.,
7.299%
............................
United
States
1,500,000
74,235,000
b
Financial
Services
0.1%
b
FNMA,
5.375%
.......................................
United
States
4,240
61,056,000
b
Total
Convertible
Preferred
Stocks
(Cost
$688,031,139)
..........................
391,921,000
Preferred
Stocks
0.0%
†
Financial
Services
0.0%
†
b
FNMA,
8.25%,
S
......................................
United
States
4,000,000
20,520,000
b
Total
Preferred
Stocks
(Cost
$93,801,500)
......................................
20,520,000
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
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
45.3%
Aerospace
&
Defense
1.8%
Boeing
Co.
(The)
,
Senior
Bond,
3.2%,
3/01/29
............................
United
States
25,000,000
$
22,190,155
Senior
Bond,
3.625%,
2/01/31
..........................
United
States
59,000,000
51,663,284
Senior
Bond,
3.6%,
5/01/34
............................
United
States
25,000,000
20,123,845
Senior
Bond,
3.25%,
2/01/35
...........................
United
States
25,000,000
19,099,889
c
Senior
Bond,
144A,
6.528%,
5/01/34
.....................
United
States
25,000,000
25,610,280
Senior
Note,
2.196%,
2/04/26
..........................
United
States
45,000,000
42,315,515
Senior
Note,
5.04%,
5/01/27
...........................
United
States
180,000,000
176,091,881
Senior
Note,
3.25%,
2/01/28
...........................
United
States
70,000,000
64,127,277
Senior
Note,
5.15%,
5/01/30
...........................
United
States
390,000,000
374,627,401
c
Senior
Note,
144A,
6.388%,
5/01/31
.....................
United
States
20,000,000
20,369,412
c
Bombardier,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
7/01/31
...........
Canada
40,000,000
41,118,800
RTX
Corp.
,
Senior
Bond
,
6.1
%
,
3/15/34
.....................
United
States
25,000,000
26,328,542
Textron,
Inc.
,
Senior
Bond,
3%,
6/01/30
.............................
United
States
30,000,000
26,428,896
Senior
Bond,
2.45%,
3/15/31
...........................
United
States
40,000,000
33,535,616
c
TransDigm,
Inc.
,
Senior
Secured
Note,
144A,
6.75%,
8/15/28
...............
United
States
100,000,000
101,347,400
Senior
Secured
Note,
144A,
6.375%,
3/01/29
..............
United
States
135,000,000
135,849,555
Senior
Secured
Note,
144A,
6.875%,
12/15/30
.............
United
States
50,000,000
51,084,750
Senior
Secured
Note,
144A,
6.625%,
3/01/32
..............
United
States
100,000,000
101,130,941
1,333,043,439
Air
Freight
&
Logistics
0.0%
†
FedEx
Corp.
,
Senior
Bond
,
2.4
%
,
5/15/31
...................
United
States
29,000,000
24,571,482
Automobile
Components
0.4%
c
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
85,000,000
72,377,313
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Bond,
5%,
5/31/26
.............................
United
States
57,000,000
56,081,969
f
Senior
Bond,
4.875%,
3/15/27
..........................
United
States
34,757,000
33,621,284
f
Senior
Bond,
5.25%,
4/30/31
...........................
United
States
45,000,000
41,331,060
Senior
Note,
5%,
7/15/29
.............................
United
States
67,000,000
62,428,771
265,840,397
Automobiles
0.9%
Ford
Motor
Co.
,
Senior
Bond,
4.346%,
12/08/26
.........................
United
States
65,000,000
63,126,784
Senior
Bond,
3.25%,
2/12/32
...........................
United
States
120,000,000
99,233,675
Senior
Bond,
6.1%,
8/19/32
............................
United
States
195,000,000
194,854,333
General
Motors
Co.
,
Senior
Bond,
5%,
10/01/28
............................
United
States
25,000,000
24,774,425
Senior
Bond,
5.6%,
10/15/32
...........................
United
States
25,000,000
25,019,326
Senior
Bond,
5.15%,
4/01/38
...........................
United
States
140,000,000
128,878,235
c
Volkswagen
Group
of
America
Finance
LLC
,
Senior
Note
,
144A,
1.25
%
,
11/24/25
.....................................
Germany
97,000,000
91,554,063
627,440,841
Banks
3.2%
Bank
of
America
Corp.
,
g
AA,
Junior
Sub.
Bond,
6.1%
to
3/16/25,
FRN
thereafter,
Perpetual
United
States
70,000,000
69,970,950
g
X,
Junior
Sub.
Bond,
6.25%
to
9/04/24,
FRN
thereafter,
Perpetual
United
States
50,000,000
49,917,600
Senior
Bond,
3.419%
to
12/19/27,
FRN
thereafter,
12/20/28
...
United
States
45,000,000
42,327,538
Senior
Bond,
4.571%
to
4/26/32,
FRN
thereafter,
4/27/33
.....
United
States
185,000,000
174,535,660
Barclays
plc
,
Senior
Bond,
4.375%,
1/12/26
..........................
United
Kingdom
27,000,000
26,557,099
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)
Banks
(continued)
Barclays
plc,
(continued)
Senior
Bond,
4.337%,
1/10/28
..........................
United
Kingdom
31,000,000
$
29,848,953
Senior
Bond,
2.645%
to
6/23/30,
FRN
thereafter,
6/24/31
.....
United
Kingdom
49,000,000
41,657,439
Senior
Bond,
5.746%
to
8/08/32,
FRN
thereafter,
8/09/33
.....
United
Kingdom
100,000,000
99,795,625
Senior
Bond,
7.437%
to
11/01/32,
FRN
thereafter,
11/02/33
....
United
Kingdom
75,000,000
82,529,748
Senior
Bond,
6.692%
to
9/12/33,
FRN
thereafter,
9/13/34
.....
United
Kingdom
70,000,000
74,249,182
Senior
Note,
7.325%
to
11/01/25,
FRN
thereafter,
11/02/26
....
United
Kingdom
30,000,000
30,533,032
Senior
Note,
5.501%
to
8/08/27,
FRN
thereafter,
8/09/28
......
United
Kingdom
80,000,000
79,876,667
Sub.
Bond,
7.119%
to
6/26/33,
FRN
thereafter,
6/27/34
.......
United
Kingdom
55,000,000
58,381,433
Citigroup,
Inc.
,
g,h
M,
Junior
Sub.
Bond,
FRN,
9.007%,
(3-month
SOFR
+
3.685%),
Perpetual
.........................................
United
States
95,000,000
95,116,615
Senior
Bond,
6.27%
to
11/16/32,
FRN
thereafter,
11/17/33
.....
United
States
85,000,000
89,063,877
Sub.
Bond,
6.174%
to
5/24/33,
FRN
thereafter,
5/25/34
.......
United
States
155,000,000
157,715,479
Fifth
Third
Bancorp
,
Senior
Note,
6.339%
to
7/26/28,
FRN
thereafter,
7/27/29
......
United
States
20,000,000
20,506,763
Senior
Note,
5.631%
to
1/28/31,
FRN
thereafter,
1/29/32
......
United
States
20,000,000
19,834,018
Fifth
Third
Bank
NA
,
Senior
Note
,
5.852%
to
10/26/24,
FRN
thereafter
,
10/27/25
..................................
United
States
65,185,000
65,133,671
JPMorgan
Chase
&
Co.
,
g
Junior
Sub.
Bond,
6.875%
to
5/31/29,
FRN
thereafter,
Perpetual
United
States
50,000,000
51,768,200
Senior
Bond,
6.254%
to
10/22/33,
FRN
thereafter,
10/23/34
...
United
States
90,000,000
95,504,482
Senior
Note,
5.04%
to
1/22/27,
FRN
thereafter,
1/23/28
.......
United
States
40,000,000
39,791,214
KeyBank
NA
,
Senior
Note,
5.85%,
11/15/27
..........................
United
States
50,000,000
49,851,593
Sub.
Bond,
4.9%,
8/08/32
.............................
United
States
35,000,000
31,206,831
Morgan
Stanley
Bank
NA
,
Senior
Note
,
4.952%
to
1/13/27,
FRN
thereafter
,
1/14/28
...................................
United
States
55,000,000
54,597,953
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Bond,
6.037%
to
10/27/32,
FRN
thereafter,
10/28/33
...
United
States
70,000,000
72,157,083
Senior
Note,
5.582%
to
6/11/28,
FRN
thereafter,
6/12/29
......
United
States
20,000,000
20,224,555
Royal
Bank
of
Canada
,
Senior
Bond
,
5
%
,
2/01/33
.............
Canada
50,000,000
49,308,996
Truist
Bank
,
Sub.
Bond
,
2.25
%
,
3/11/30
.....................
United
States
42,645,000
35,582,552
Truist
Financial
Corp.
,
Senior
Note,
6.047%
to
6/07/26,
FRN
thereafter,
6/08/27
......
United
States
45,000,000
45,336,092
Sub.
Bond,
4.916%
to
7/27/32,
FRN
thereafter,
7/28/33
.......
United
States
95,000,000
87,967,550
US
Bancorp
,
Senior
Bond,
5.85%
to
10/20/32,
FRN
thereafter,
10/21/33
....
United
States
45,000,000
45,724,891
Senior
Bond,
5.836%
to
6/09/33,
FRN
thereafter,
6/12/34
.....
United
States
35,000,000
35,503,272
Senior
Note,
5.775%
to
6/11/28,
FRN
thereafter,
6/12/29
......
United
States
40,000,000
40,616,368
Senior
Note,
5.384%
to
1/22/29,
FRN
thereafter,
1/23/30
......
United
States
20,000,000
20,057,595
Wells
Fargo
&
Co.
,
Senior
Bond,
4.897%
to
7/24/32,
FRN
thereafter,
7/25/33
.....
United
States
50,000,000
48,110,389
Senior
Bond,
5.557%
to
7/24/33,
FRN
thereafter,
7/25/34
.....
United
States
90,000,000
89,967,944
Senior
Bond,
6.491%
to
10/22/33,
FRN
thereafter,
10/23/34
...
United
States
60,000,000
63,987,851
2,284,816,760
Beverages
0.2%
Coca-Cola
Co.
(The)
,
Senior
Bond
,
1.65
%
,
6/01/30
............
United
States
110,000,000
92,319,800
Constellation
Brands,
Inc.
,
Senior
Bond
,
3.15
%
,
8/01/29
........
United
States
35,000,000
31,752,011
124,071,811
Biotechnology
0.3%
AbbVie,
Inc.
,
Senior
Bond,
4.5%,
5/14/35
............................
United
States
45,000,000
42,465,608
Senior
Note,
3.2%,
11/21/29
...........................
United
States
65,000,000
59,660,217
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)
Biotechnology
(continued)
Amgen,
Inc.
,
Senior
Bond,
2.45%,
2/21/30
...........................
United
States
25,000,000
$
21,810,585
Senior
Bond,
5.25%,
3/02/33
...........................
United
States
50,000,000
49,878,858
Senior
Note,
5.25%,
3/02/30
...........................
United
States
20,000,000
20,152,817
193,968,085
Broadline
Retail
0.0%
†
Amazon.com,
Inc.
,
Senior
Bond
,
3.6
%
,
4/13/32
...............
United
States
32,500,000
29,862,245
Building
Products
0.4%
c
AmeriTex
HoldCo
Intermediate
LLC
,
Senior
Secured
Note
,
144A,
10.25
%
,
10/15/28
....................................
United
States
39,000,000
41,118,987
c
Camelot
Return
Merger
Sub,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
8/01/28
.....................................
United
States
47,600,000
46,720,661
Carrier
Global
Corp.
,
Senior
Bond,
2.7%,
2/15/31
............................
United
States
5,000,000
4,300,655
Senior
Note,
2.722%,
2/15/30
..........................
United
States
65,000,000
57,446,577
c
EMRLD
Borrower
LP
/
Emerald
Co-Issuer,
Inc.
,
Senior
Secured
Note,
144A,
6.625%,
12/15/30
.............
United
States
50,000,000
50,452,600
e
Senior
Secured
Note,
144A,
6.75%,
7/15/31
...............
United
States
20,000,000
20,262,500
Johnson
Controls
International
plc
/
Tyco
Fire
&
Security
Finance
SCA
,
Senior
Bond
,
4.9
%
,
12/01/32
.......................
United
States
39,500,000
38,543,814
258,845,794
Capital
Markets
1.2%
Brookfield
Finance,
Inc.
,
Senior
Bond
,
4.85
%
,
3/29/29
..........
Canada
25,000,000
24,573,014
Charles
Schwab
Corp.
(The)
,
Senior
Bond,
5.853%
to
5/18/33,
FRN
thereafter,
5/19/34
.....
United
States
30,000,000
30,601,986
Senior
Bond,
6.136%
to
8/23/33,
FRN
thereafter,
8/24/34
.....
United
States
30,000,000
31,251,943
Senior
Note,
5.643%
to
5/18/28,
FRN
thereafter,
5/19/29
......
United
States
25,000,000
25,337,161
Senior
Note,
6.196%
to
11/16/28,
FRN
thereafter,
11/17/29
....
United
States
40,000,000
41,614,840
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond,
2.65%
to
10/20/31,
FRN
thereafter,
10/21/32
....
United
States
100,000,000
83,174,334
Senior
Bond,
6.561%
to
10/23/33,
FRN
thereafter,
10/24/34
...
United
States
100,000,000
107,549,159
Senior
Bond,
5.851%
to
4/24/34,
FRN
thereafter,
4/25/35
.....
United
States
65,000,000
66,607,400
Sub.
Bond,
6.75%,
10/01/37
...........................
United
States
60,000,000
64,771,430
Morgan
Stanley
,
Senior
Bond,
6.342%
to
10/17/32,
FRN
thereafter,
10/18/33
...
United
States
35,000,000
37,170,634
Senior
Bond,
5.25%
to
4/20/33,
FRN
thereafter,
4/21/34
......
United
States
251,000,000
247,188,339
Senior
Bond,
6.627%
to
10/31/33,
FRN
thereafter,
11/01/34
....
United
States
40,000,000
43,217,407
Sub.
Bond,
5.948%
to
1/18/33,
FRN
thereafter,
1/19/38
.......
United
States
67,095,000
66,741,875
869,799,522
Chemicals
0.9%
Celanese
US
Holdings
LLC
,
Senior
Bond,
6.379%,
7/15/32
..........................
United
States
50,000,000
51,412,557
Senior
Note,
6.165%,
7/15/27
..........................
United
States
40,000,000
40,615,791
Senior
Note,
6.55%,
11/15/30
..........................
United
States
20,000,000
20,909,156
c
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
6.5
%
,
5/15/26
Switzerland
100,000,000
96,839,300
c
CVR
Partners
LP
/
CVR
Nitrogen
Finance
Corp.
,
Senior
Secured
Note
,
144A,
6.125
%
,
6/15/28
...........................
United
States
25,000,000
24,040,601
Dow
Chemical
Co.
(The)
,
Senior
Bond
,
6.3
%
,
3/15/33
..........
United
States
35,000,000
36,952,137
Huntsman
International
LLC
,
Senior
Bond
,
4.5
%
,
5/01/29
.......
United
States
25,000,000
23,699,671
c
International
Flavors
&
Fragrances,
Inc.
,
Senior
Bond,
144A,
2.3%,
11/01/30
......................
United
States
75,000,000
62,566,487
Senior
Note,
144A,
1.832%,
10/15/27
....................
United
States
20,000,000
17,865,776
c
Olin
Corp.
,
Senior
Note
,
144A,
9.5
%
,
6/01/25
................
United
States
30,000,000
30,669,179
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)
Chemicals
(continued)
c,f
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
..
United
States
38,000,000
$
40,946,254
c
Rain
CII
Carbon
LLC
/
CII
Carbon
Corp.
,
Secured
Note
,
144A,
7.25
%
,
4/01/25
.....................................
United
States
717,000
703,510
c
SCIH
Salt
Holdings,
Inc.
,
Senior
Note,
144A,
6.625%,
5/01/29
.....................
United
States
112,500,000
105,947,809
Senior
Secured
Note,
144A,
4.875%,
5/01/28
..............
United
States
135,000,000
125,733,816
678,902,044
Commercial
Services
&
Supplies
0.3%
c
ADT
Security
Corp.
(The)
,
Senior
Secured
Note
,
144A,
4.125
%
,
8/01/29
...........................................
United
States
20,000,000
18,459,674
c
APX
Group,
Inc.
,
Senior
Note,
144A,
5.75%,
7/15/29
......................
United
States
80,000,000
76,811,184
Senior
Secured
Note,
144A,
6.75%,
2/15/27
...............
United
States
140,000,000
139,783,546
235,054,404
Communications
Equipment
1.0%
c
CommScope
Technologies
LLC
,
Senior
Bond,
144A,
6%,
6/15/25
........................
United
States
323,000,000
263,564,770
Senior
Bond,
144A,
5%,
3/15/27
........................
United
States
55,000,000
22,850,631
c
CommScope,
Inc.
,
Senior
Note,
144A,
8.25%,
3/01/27
......................
United
States
188,000,000
89,404,810
Senior
Note,
144A,
7.125%,
7/01/28
.....................
United
States
200,000,000
83,111,800
Senior
Secured
Note,
144A,
6%,
3/01/26
..................
United
States
224,085,000
196,925,898
Senior
Secured
Note,
144A,
4.75%,
9/01/29
...............
United
States
70,454,000
48,952,144
704,810,053
Construction
&
Engineering
0.1%
Quanta
Services,
Inc.
,
Senior
Bond
,
2.9
%
,
10/01/30
...........
United
States
96,963,000
85,463,680
Consumer
Finance
2.4%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond,
3.3%,
1/30/32
............................
Ireland
50,000,000
42,976,198
Senior
Bond,
5.3%,
1/19/34
............................
Ireland
45,000,000
44,094,852
Senior
Note,
5.75%,
6/06/28
...........................
Ireland
40,000,000
40,433,479
Capital
One
Financial
Corp.
,
Senior
Bond,
3.8%,
1/31/28
............................
United
States
27,300,000
25,963,038
Senior
Bond,
5.268%
to
5/09/32,
FRN
thereafter,
5/10/33
.....
United
States
50,000,000
48,272,843
Senior
Bond,
5.817%
to
1/31/33,
FRN
thereafter,
2/01/34
.....
United
States
85,000,000
84,173,450
Senior
Note,
4.927%
to
5/09/27,
FRN
thereafter,
5/10/28
......
United
States
159,532,733
157,311,959
Senior
Note,
6.312%
to
6/07/28,
FRN
thereafter,
6/08/29
......
United
States
75,000,000
76,762,095
f
Senior
Note,
5.7%
to
1/31/29,
FRN
thereafter,
2/01/30
........
United
States
20,000,000
20,099,972
Senior
Note,
5.247%
to
7/25/29,
FRN
thereafter,
7/26/30
......
United
States
40,000,000
39,309,822
Senior
Note,
7.624%
to
10/29/30,
FRN
thereafter,
10/30/31
....
United
States
40,000,000
44,048,865
Sub.
Bond,
4.2%,
10/29/25
............................
United
States
43,500,000
42,621,937
Sub.
Bond,
3.75%,
7/28/26
............................
United
States
74,800,000
72,218,903
Ford
Motor
Credit
Co.
LLC
,
Senior
Bond,
4.134%,
8/04/25
..........................
United
States
50,000,000
49,082,138
Senior
Bond,
5.113%,
5/03/29
..........................
United
States
85,000,000
82,151,796
Senior
Note,
5.125%,
6/16/25
..........................
United
States
108,015,000
107,233,414
Senior
Note,
3.375%,
11/13/25
.........................
United
States
32,000,000
30,982,656
Senior
Note,
6.95%,
6/10/26
...........................
United
States
35,000,000
35,686,389
Senior
Note,
2.7%,
8/10/26
............................
United
States
60,000,000
56,373,376
Senior
Note,
4.95%,
5/28/27
...........................
United
States
85,000,000
83,010,692
Senior
Note,
6.8%,
5/12/28
............................
United
States
92,000,000
94,821,123
Senior
Note,
7.35%,
3/06/30
...........................
United
States
45,000,000
47,648,256
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond,
4.35%,
1/17/27
...........................
United
States
20,000,000
19,486,746
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)
Consumer
Finance
(continued)
General
Motors
Financial
Co.,
Inc.,
(continued)
Senior
Bond,
3.6%,
6/21/30
............................
United
States
37,720,000
$
33,892,496
Senior
Bond,
3.1%,
1/12/32
............................
United
States
80,000,000
67,271,309
Senior
Bond,
6.4%,
1/09/33
............................
United
States
50,000,000
51,924,667
Senior
Note,
5%,
4/09/27
.............................
United
States
50,000,000
49,506,290
Senior
Note,
5.8%,
6/23/28
............................
United
States
50,000,000
50,631,165
Senior
Note,
5.8%,
1/07/29
............................
United
States
75,000,000
75,695,291
Senior
Note,
4.3%,
4/06/29
............................
United
States
19,000,000
18,058,075
Senior
Note,
5.85%,
4/06/30
...........................
United
States
20,000,000
20,253,196
John
Deere
Capital
Corp.
,
Senior
Bond
,
4.35
%
,
9/15/32
........
United
States
15,000,000
14,347,371
c
Macquarie
Airfinance
Holdings
Ltd.
,
Senior
Note
,
144A,
6.5
%
,
3/26/31
...........................................
United
Kingdom
15,000,000
15,435,135
1,741,778,994
Consumer
Staples
Distribution
&
Retail
0.1%
c
7-Eleven,
Inc.
,
Senior
Bond
,
144A,
1.8
%
,
2/10/31
.............
United
States
85,000,000
68,115,363
Target
Corp.
,
Senior
Bond
,
4.5
%
,
9/15/32
...................
United
States
30,000,000
28,938,388
97,053,751
Containers
&
Packaging
1.8%
c
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
plc
,
Senior
Note,
144A,
4%,
9/01/29
........................
United
States
124,275,000
105,306,957
Senior
Secured
Note,
144A,
6%,
6/15/27
..................
United
States
20,115,000
19,786,769
c
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note,
144A,
5.25%,
8/15/27
......................
United
States
496,309,000
309,653,041
Senior
Secured
Note,
144A,
4.125%,
8/15/26
..............
United
States
226,100,000
196,503,872
c
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note,
144A,
9.25%,
4/15/27
.....................
United
States
325,000,000
325,608,400
Senior
Secured
Note,
144A,
7.875%,
4/15/27
..............
United
States
255,000,000
260,416,511
c,f
Pactiv
Evergreen
Group
Issuer,
Inc.
/
Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
62,400,000
58,504,300
c
Sealed
Air
Corp.
,
Senior
Note
,
144A,
6.125
%
,
2/01/28
..........
United
States
20,000,000
19,971,170
1,295,751,020
Diversified
REITs
0.3%
VICI
Properties
LP
,
Senior
Bond,
5.125%,
5/15/32
..........................
United
States
60,000,000
57,203,735
Senior
Bond,
5.75%,
4/01/34
...........................
United
States
20,000,000
19,825,782
Senior
Note,
4.95%,
2/15/30
...........................
United
States
63,357,000
61,169,929
c
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
4.25
%
,
12/01/26
..........................................
United
States
100,000,000
96,521,860
234,721,306
Diversified
Telecommunication
Services
0.6%
c
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond,
144A,
5.5%,
5/01/26
.......................
United
States
20,000,000
19,820,102
Senior
Bond,
144A,
5.125%,
5/01/27
.....................
United
States
262,000,000
251,770,472
Senior
Bond,
144A,
5%,
2/01/28
........................
United
States
106,000,000
99,187,009
Verizon
Communications,
Inc.
,
Senior
Bond
,
4.016
%
,
12/03/29
...
United
States
50,000,000
47,269,857
418,047,440
Electric
Utilities
2.2%
American
Electric
Power
Co.,
Inc.
,
Senior
Bond,
5.95%,
11/01/32
..........................
United
States
30,000,000
30,717,162
Senior
Bond,
5.625%,
3/01/33
..........................
United
States
30,000,000
29,909,968
Duke
Energy
Corp.
,
Senior
Bond
,
4.5
%
,
8/15/32
..............
United
States
56,891,000
53,220,921
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)
Electric
Utilities
(continued)
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Bond,
5.25%,
3/15/34
...........................
United
States
92,380,000
$
90,810,606
Senior
Note,
1.875%,
1/15/27
..........................
United
States
30,000,000
27,646,971
NRG
Energy,
Inc.
,
c
Senior
Bond,
144A,
3.625%,
2/15/31
.....................
United
States
65,000,000
55,792,522
Senior
Note,
5.75%,
1/15/28
...........................
United
States
18,075,000
17,946,389
c
Senior
Note,
144A,
3.375%,
2/15/29
.....................
United
States
38,300,000
34,110,566
c
Senior
Secured
Bond,
144A,
7%,
3/15/33
.................
United
States
30,000,000
31,697,310
c
Senior
Secured
Note,
144A,
2.45%,
12/02/27
..............
United
States
30,000,000
27,087,462
Pacific
Gas
and
Electric
Co.
,
Senior
Bond,
4.55%,
7/01/30
...........................
United
States
136,500,000
129,424,510
Senior
Bond,
6.15%,
1/15/33
...........................
United
States
50,000,000
50,829,135
Senior
Bond,
6.4%,
6/15/33
............................
United
States
30,000,000
31,006,331
Senior
Note,
4.95%,
6/08/25
...........................
United
States
19,250,000
19,083,862
Senior
Note,
3.15%,
1/01/26
...........................
United
States
50,000,000
48,182,890
Senior
Note,
6.1%,
1/15/29
............................
United
States
49,000,000
50,174,409
PG&E
Corp.
,
Senior
Secured
Note
,
5
%
,
7/01/28
..............
United
States
107,284,000
103,330,885
Southern
Co.
(The)
,
Senior
Bond,
5.7%,
10/15/32
...........................
United
States
45,000,000
45,928,242
Senior
Bond,
5.2%,
6/15/33
............................
United
States
50,000,000
49,120,904
Senior
Note,
4.85%,
6/15/28
...........................
United
States
40,000,000
39,597,893
c
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
5.5%,
9/01/26
.......................
United
States
109,160,000
107,724,633
Senior
Note,
144A,
5%,
7/31/27
........................
United
States
45,000,000
43,561,683
Senior
Note,
144A,
4.375%,
5/01/29
.....................
United
States
144,000,000
134,179,523
Senior
Note,
144A,
7.75%,
10/15/31
.....................
United
States
79,000,000
82,331,904
Senior
Note,
144A,
6.875%,
4/15/32
.....................
United
States
100,000,000
101,593,700
Senior
Secured
Bond,
144A,
4.3%,
7/15/29
................
United
States
35,000,000
33,090,668
Senior
Secured
Bond,
144A,
6.95%,
10/15/33
..............
United
States
75,000,000
80,324,700
Senior
Secured
Note,
144A,
3.55%,
7/15/24
...............
United
States
25,000,000
24,971,287
Senior
Secured
Note,
144A,
3.7%,
1/30/27
................
United
States
33,500,000
32,032,447
1,605,429,483
Electrical
Equipment
0.1%
Regal
Rexnord
Corp.
,
Senior
Note,
6.3%,
2/15/30
............................
United
States
25,000,000
25,569,775
Senior
Note,
6.4%,
4/15/33
............................
United
States
60,000,000
61,427,232
86,997,007
Electronic
Equipment,
Instruments
&
Components
0.1%
Flex
Ltd.
,
Senior
Note
,
4.75
%
,
6/15/25
.....................
United
States
40,000,000
39,639,464
Energy
Equipment
&
Services
0.5%
c
Schlumberger
Holdings
Corp.
,
Senior
Note
,
144A,
3.9
%
,
5/17/28
..
United
States
42,500,000
40,602,142
c
USA
Compression
Partners
LP
/
USA
Compression
Finance
Corp.
,
Senior
Note
,
144A,
7.125
%
,
3/15/29
......................
United
States
40,000,000
40,337,320
c
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
8.625
%
,
4/30/30
United
States
245,000,000
254,083,865
335,023,327
Entertainment
0.3%
Netflix,
Inc.
,
Senior
Bond,
4.375%,
11/15/26
.........................
United
States
100,000,000
98,217,625
Senior
Bond,
4.875%,
4/15/28
..........................
United
States
89,300,000
88,868,217
Senior
Bond,
5.875%,
11/15/28
.........................
United
States
50,000,000
51,530,336
238,616,178
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)
Financial
Services
0.2%
Fiserv,
Inc.
,
Senior
Bond,
4.2%,
10/01/28
...........................
United
States
52,000,000
$
49,992,840
Senior
Bond,
3.5%,
7/01/29
............................
United
States
40,000,000
36,996,819
Senior
Bond,
2.65%,
6/01/30
...........................
United
States
38,000,000
33,075,580
Senior
Bond,
5.6%,
3/02/33
............................
United
States
30,000,000
30,263,086
150,328,325
Food
Products
0.7%
c
Darling
Ingredients,
Inc.
,
Senior
Note
,
144A,
6
%
,
6/15/30
.......
United
States
30,000,000
29,516,751
JBS
USA
Holding
Lux
SARL
/
JBS
USA
Food
Co.
/
JBS
Lux
Co.
SARL
,
c
Senior
Bond,
144A,
6.75%,
3/15/34
......................
United
States
50,000,000
53,036,650
Senior
Note,
5.125%,
2/01/28
..........................
United
States
30,000,000
29,673,525
Senior
Note,
5.75%,
4/01/33
...........................
United
States
110,000,000
109,952,293
Pilgrim's
Pride
Corp.
,
Senior
Bond,
6.25%,
7/01/33
...........................
United
States
68,000,000
69,353,404
Senior
Bond,
6.875%,
5/15/34
..........................
United
States
40,000,000
42,620,760
c
Post
Holdings,
Inc.
,
Senior
Bond,
144A,
5.625%,
1/15/28
.....................
United
States
59,800,000
58,924,283
Senior
Bond,
144A,
4.5%,
9/15/31
.......................
United
States
50,000,000
44,848,595
Senior
Secured
Note,
144A,
6.25%,
2/15/32
...............
United
States
45,000,000
45,114,705
483,040,966
Ground
Transportation
0.2%
c
Ashtead
Capital,
Inc.
,
Senior
Bond,
144A,
4.375%,
8/15/27
.....................
United
Kingdom
34,500,000
33,243,912
Senior
Bond,
144A,
5.55%,
5/30/33
......................
United
Kingdom
55,000,000
53,626,915
Senior
Bond,
144A,
5.95%,
10/15/33
.....................
United
Kingdom
35,000,000
35,092,470
Union
Pacific
Corp.
,
Senior
Bond
,
4.5
%
,
1/20/33
..............
United
States
25,000,000
24,094,488
146,057,785
Health
Care
Equipment
&
Supplies
0.7%
c
Bausch
+
Lomb
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
..........................................
United
States
15,000,000
15,375,000
DENTSPLY
SIRONA,
Inc.
,
Senior
Bond
,
3.25
%
,
6/01/30
........
United
States
51,249,000
44,802,775
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
5.905
%
,
11/22/32
United
States
105,000,000
108,401,975
c
Medline
Borrower
LP
,
Senior
Note,
144A,
5.25%,
10/01/29
.....................
United
States
65,000,000
62,081,617
Senior
Secured
Note,
144A,
3.875%,
4/01/29
..............
United
States
265,000,000
244,241,145
c
Medline
Borrower
LP
/
Medline
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
4/01/29
.................................
United
States
25,000,000
25,314,200
500,216,712
Health
Care
Providers
&
Services
7.1%
Centene
Corp.
,
Senior
Note,
4.25%,
12/15/27
..........................
United
States
81,745,000
78,116,867
Senior
Note,
4.625%,
12/15/29
.........................
United
States
166,100,000
157,222,819
Senior
Note,
3.375%,
2/15/30
..........................
United
States
47,000,000
41,753,089
c
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.875%,
4/15/29
....................
United
States
500,000,000
382,954,150
Secured
Note,
144A,
6.125%,
4/01/30
....................
United
States
600,000,000
420,489,744
Senior
Note,
144A,
6.875%,
4/01/28
.....................
United
States
435,000,000
323,300,904
Senior
Secured
Note,
144A,
5.625%,
3/15/27
..............
United
States
25,000,000
23,302,800
Senior
Secured
Note,
144A,
8%,
12/15/27
.................
United
States
330,000,000
327,511,998
Senior
Secured
Note,
144A,
10.875%,
1/15/32
.............
United
States
540,000,000
562,699,737
CVS
Health
Corp.
,
Senior
Bond,
1.875%,
2/28/31
..........................
United
States
35,000,000
28,096,440
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
Providers
&
Services
(continued)
CVS
Health
Corp.,
(continued)
Senior
Bond,
5.25%,
2/21/33
...........................
United
States
145,000,000
$
141,653,239
Senior
Bond,
4.78%,
3/25/38
...........................
United
States
61,925,000
55,320,119
Senior
Bond,
5.05%,
3/25/48
...........................
United
States
40,000,000
34,489,885
c
DaVita,
Inc.
,
Senior
Bond,
144A,
3.75%,
2/15/31
......................
United
States
75,000,000
64,048,041
Senior
Note,
144A,
4.625%,
6/01/30
.....................
United
States
285,000,000
257,773,779
c
Fresenius
Medical
Care
US
Finance
III,
Inc.
,
Senior
Bond
,
144A,
2.375
%
,
2/16/31
.....................................
Germany
30,000,000
23,702,998
HCA,
Inc.
,
Senior
Bond,
5.625%,
9/01/28
..........................
United
States
115,000,000
116,062,345
Senior
Bond,
4.125%,
6/15/29
..........................
United
States
38,500,000
36,467,709
Senior
Bond,
2.375%,
7/15/31
..........................
United
States
28,716,000
23,589,041
Senior
Bond,
5.5%,
6/01/33
............................
United
States
80,000,000
79,375,647
Senior
Note,
3.625%,
3/15/32
..........................
United
States
82,954,000
73,095,012
Humana,
Inc.
,
Senior
Bond
,
5.875
%
,
3/01/33
.................
United
States
35,000,000
35,619,890
c
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
........
Italy
35,000,000
32,127,813
c
MPH
Acquisition
Holdings
LLC
,
Senior
Note,
144A,
5.75%,
11/01/28
.....................
United
States
140,000,000
75,478,900
Senior
Secured
Note,
144A,
5.5%,
9/01/28
................
United
States
175,000,000
132,319,845
Quest
Diagnostics,
Inc.
,
Senior
Bond
,
2.95
%
,
6/30/30
..........
United
States
58,755,000
52,188,618
Tenet
Healthcare
Corp.
,
Secured
Note,
6.25%,
2/01/27
..........................
United
States
150,000,000
150,030,600
Senior
Bond,
6.875%,
11/15/31
.........................
United
States
55,258,000
58,364,660
Senior
Note,
6.125%,
10/01/28
.........................
United
States
510,000,000
507,834,795
Senior
Secured
Note,
4.25%,
6/01/29
....................
United
States
130,000,000
121,170,244
Senior
Secured
Note,
4.375%,
1/15/30
...................
United
States
30,000,000
27,832,395
Senior
Secured
Note,
6.125%,
6/15/30
...................
United
States
425,000,000
422,661,467
Senior
Secured
Note,
6.75%,
5/15/31
....................
United
States
159,775,000
162,305,435
UnitedHealth
Group,
Inc.
,
Senior
Bond
,
5.35
%
,
2/15/33
.........
United
States
125,000,000
126,716,751
5,155,677,776
Health
Care
Technology
0.1%
c,i
Multiplan
Corp.
,
Senior
Note
,
144A,
PIK,
6
%
,
10/15/27
.........
United
States
100,000,000
70,500,000
Hotels,
Restaurants
&
Leisure
2.9%
c
Caesars
Entertainment,
Inc.
,
Senior
Note,
144A,
8.125%,
7/01/27
.....................
United
States
99,750,000
101,845,947
Senior
Note,
144A,
4.625%,
10/15/29
....................
United
States
115,000,000
105,511,419
Senior
Secured
Note,
144A,
6.25%,
7/01/25
...............
United
States
194,759,000
194,759,000
Senior
Secured
Note,
144A,
7%,
2/15/30
..................
United
States
52,000,000
53,159,912
Senior
Secured
Note,
144A,
6.5%,
2/15/32
................
United
States
45,000,000
45,250,155
c
Carnival
Corp.
,
Senior
Note,
144A,
7.625%,
3/01/26
.....................
United
States
150,000,000
151,588,500
Senior
Note,
144A,
5.75%,
3/01/27
......................
United
States
220,000,000
217,480,538
Senior
Note,
144A,
10.5%,
6/01/30
......................
United
States
65,000,000
70,656,300
Expedia
Group,
Inc.
,
Senior
Bond,
3.8%,
2/15/28
............................
United
States
57,000,000
54,270,561
Senior
Note,
5%,
2/15/26
.............................
United
States
30,000,000
29,789,061
Senior
Note,
3.25%,
2/15/30
...........................
United
States
60,000,000
54,106,269
c
Senior
Note,
144A,
6.25%,
5/01/25
......................
United
States
54,596,000
54,691,669
c
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note,
144A,
6.75%,
1/15/30
......................
United
States
75,000,000
65,920,988
Senior
Secured
Note,
144A,
4.625%,
1/15/29
..............
United
States
140,000,000
127,601,726
c
Hilton
Domestic
Operating
Co.,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
4/01/32
...........................................
United
States
40,000,000
40,219,040
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)
Hotels,
Restaurants
&
Leisure
(continued)
Marriott
International,
Inc.
,
Senior
Note,
5%,
10/15/27
............................
United
States
25,000,000
$
24,942,974
Senior
Note,
4.9%,
4/15/29
............................
United
States
20,000,000
19,794,946
McDonald's
Corp.
,
Senior
Bond
,
4.6
%
,
9/09/32
...............
United
States
10,000,000
9,666,638
c
Penn
Entertainment,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
7/01/29
...
United
States
20,000,000
17,168,308
c
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note
,
144A,
5.5
%
,
4/01/28
..
United
States
50,000,000
49,396,185
c
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
,
Senior
Bond,
144A,
5.5%,
3/01/25
.......................
United
States
367,152,000
366,967,543
Senior
Bond,
144A,
5.25%,
5/15/27
......................
United
States
135,000,000
131,770,219
c
Wynn
Macau
Ltd.
,
Senior
Note
,
144A,
5.5
%
,
1/15/26
...........
Macau
50,000,000
48,985,700
c
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125
%
,
2/15/31
...........................
United
States
30,000,000
31,128,113
2,066,671,711
Household
Durables
0.1%
KB
Home
,
Senior
Note
,
7.25
%
,
7/15/30
.....................
United
States
20,000,000
20,629,300
Shea
Homes
LP
/
Shea
Homes
Funding
Corp.
,
Senior
Note,
4.75%,
2/15/28
...........................
United
States
34,630,000
32,771,380
Senior
Note,
4.75%,
4/01/29
...........................
United
States
49,895,000
46,586,373
99,987,053
Household
Products
0.1%
c
Energizer
Holdings,
Inc.
,
Senior
Note,
144A,
6.5%,
12/31/27
......................
United
States
20,000,000
19,995,018
Senior
Note,
144A,
4.75%,
6/15/28
......................
United
States
24,000,000
22,490,513
42,485,531
Independent
Power
and
Renewable
Electricity
Producers
0.5%
c
Calpine
Corp.
,
Senior
Note,
144A,
5.125%,
3/15/28
.....................
United
States
170,000,000
163,624,762
Senior
Secured
Bond,
144A,
3.75%,
3/01/31
...............
United
States
40,000,000
35,383,500
Senior
Secured
Note,
144A,
4.5%,
2/15/28
................
United
States
106,000,000
100,797,223
c,g
Vistra
Corp.
,
Junior
Sub.
Bond
,
144A,
7%
to
12/14/26,
FRN
thereafter
,
Perpetual
.................................
United
States
90,000,000
89,303,949
389,109,434
Insurance
0.2%
c
Five
Corners
Funding
Trust
III
,
Senior
Note
,
144A,
5.791
%
,
2/15/33
United
States
30,000,000
30,528,477
c
Northwestern
Mutual
Global
Funding
,
Secured
Note
,
144A,
4.35
%
,
9/15/27
...........................................
United
States
40,000,000
39,148,167
Prudential
Financial,
Inc.
,
Junior
Sub.
Bond
,
5.7%
to
9/14/28,
FRN
thereafter
,
9/15/48
...................................
United
States
65,000,000
63,889,696
133,566,340
Interactive
Media
&
Services
0.1%
Meta
Platforms,
Inc.
,
Senior
Note
,
3.85
%
,
8/15/32
.............
United
States
35,000,000
32,552,909
c
ZipRecruiter,
Inc.
,
Senior
Note
,
144A,
5
%
,
1/15/30
.............
United
States
30,000,000
26,092,484
58,645,393
IT
Services
0.0%
†
Twilio,
Inc.
,
Senior
Bond
,
3.875
%
,
3/15/31
...................
United
States
40,000,000
35,220,780
Machinery
0.1%
Parker-Hannifin
Corp.
,
Senior
Bond
,
3.25
%
,
6/14/29
...........
United
States
10,000,000
9,188,243
c
TK
Elevator
US
Newco,
Inc.
,
Senior
Secured
Note
,
144A,
5.25
%
,
7/15/27
...........................................
Germany
35,000,000
33,967,192
43,155,435
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)
Media
0.8%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
,
Senior
Secured
Note
,
4.908
%
,
7/23/25
.....
United
States
150,000,000
$
148,601,600
c
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
179,000,000
156,829,794
Senior
Secured
Note,
144A,
5.125%,
8/15/27
..............
United
States
90,000,000
86,035,041
c
Stagwell
Global
LLC
,
Senior
Note
,
144A,
5.625
%
,
8/15/29
.......
United
States
55,000,000
50,844,092
c
Univision
Communications,
Inc.
,
Senior
Secured
Note,
144A,
6.625%,
6/01/27
..............
United
States
60,000,000
57,498,990
Senior
Secured
Note,
144A,
8%,
8/15/28
..................
United
States
30,000,000
29,283,990
Senior
Secured
Note,
144A,
7.375%,
6/30/30
..............
United
States
20,000,000
18,619,374
547,712,881
Metals
&
Mining
1.1%
c
Alcoa
Nederland
Holding
BV
,
Senior
Note,
144A,
5.5%,
12/15/27
......................
United
States
104,742,000
103,237,067
Senior
Note,
144A,
4.125%,
3/31/29
.....................
United
States
101,547,000
94,289,172
ArcelorMittal
SA
,
Senior
Bond,
6.8%,
11/29/32
...........................
Luxembourg
55,000,000
57,979,327
Senior
Note,
6.55%,
11/29/27
..........................
Luxembourg
25,000,000
25,789,542
c
Cleveland-Cliffs,
Inc.
,
Senior
Bond
,
144A,
4.875
%
,
3/01/31
......
United
States
25,000,000
22,161,943
c
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond,
144A,
4.375%,
4/01/31
.....................
Australia
198,000,000
177,216,653
Senior
Bond,
144A,
6.125%,
4/15/32
.....................
Australia
32,500,000
32,159,390
Senior
Note,
144A,
4.5%,
9/15/27
.......................
Australia
16,000,000
15,303,933
Senior
Note,
144A,
5.875%,
4/15/30
.....................
Australia
62,035,000
60,668,952
Freeport-McMoRan,
Inc.
,
Senior
Bond,
5.25%,
9/01/29
...........................
United
States
61,402,000
61,086,621
Senior
Bond,
5.4%,
11/14/34
...........................
United
States
47,000,000
46,263,627
c
Glencore
Funding
LLC
,
Senior
Bond
,
144A,
2.5
%
,
9/01/30
......
Australia
95,000,000
80,379,801
c
Mineral
Resources
Ltd.
,
Senior
Note,
144A,
8%,
11/01/27
........................
Australia
20,000,000
20,483,440
f
Senior
Note,
144A,
8.5%,
5/01/30
.......................
Australia
35,000,000
36,273,335
833,292,803
Multi-Utilities
0.2%
Dominion
Energy,
Inc.
,
Senior
Note,
5.375%,
11/15/32
.........................
United
States
32,854,000
32,587,661
A,
Senior
Note,
4.35%,
8/15/32
.........................
United
States
30,000,000
28,064,190
C,
Senior
Note,
3.375%,
4/01/30
........................
United
States
30,000,000
27,107,419
NiSource,
Inc.
,
Senior
Bond
,
3.6
%
,
5/01/30
..................
United
States
20,000,000
18,361,861
Sempra
,
Senior
Bond
,
5.5
%
,
8/01/33
.......................
United
States
35,000,000
34,963,333
Southern
Co.
Gas
Capital
Corp.
,
Senior
Bond
,
5.15
%
,
9/15/32
...
United
States
40,000,000
39,777,327
180,861,791
Oil,
Gas
&
Consumable
Fuels
2.6%
BP
Capital
Markets
America,
Inc.
,
Senior
Bond,
4.234%,
11/06/28
.........................
United
States
28,705,000
27,818,570
Senior
Bond,
3.633%,
4/06/30
..........................
United
States
46,500,000
43,345,022
Senior
Bond,
2.721%,
1/12/32
..........................
United
States
15,000,000
12,747,904
c
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note,
144A,
11%,
4/15/25
........................
United
States
224,172,000
225,450,004
Senior
Note,
144A,
8.125%,
1/15/27
.....................
United
States
124,000,000
117,034,176
Senior
Note,
144A,
9.75%,
7/15/28
......................
United
States
73,565,000
69,736,766
Senior
Secured
Note,
144A,
9.25%,
7/15/29
...............
United
States
140,000,000
142,800,000
Cheniere
Corpus
Christi
Holdings
LLC
,
Senior
Secured
Note,
5.125%,
6/30/27
...................
United
States
87,973,000
87,856,671
Senior
Secured
Note,
3.7%,
11/15/29
....................
United
States
92,245,000
85,271,931
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)
Oil,
Gas
&
Consumable
Fuels
(continued)
Cheniere
Energy
Partners
LP
,
Senior
Note
,
5.95
%
,
6/30/33
......
United
States
30,000,000
$
30,437,070
c
Cheniere
Energy,
Inc.
,
Senior
Bond
,
144A,
5.65
%
,
4/15/34
......
United
States
40,000,000
40,056,600
c
CITGO
Petroleum
Corp.
,
Senior
Secured
Note,
144A,
7%,
6/15/25
..................
United
States
33,224,000
33,246,034
Senior
Secured
Note,
144A,
6.375%,
6/15/26
..............
United
States
65,000,000
64,694,695
c
Civitas
Resources,
Inc.
,
Senior
Note
,
144A,
8.75
%
,
7/01/31
......
United
States
25,000,000
26,805,000
Energy
Transfer
LP
,
Senior
Bond,
5.75%,
2/15/33
...........................
United
States
30,000,000
30,327,720
Senior
Bond,
6.55%,
12/01/33
..........................
United
States
25,000,000
26,510,050
c
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Note
,
144A,
6
%
,
4/15/30
...........................................
United
States
25,000,000
24,165,592
Kinder
Morgan,
Inc.
,
Senior
Bond,
5.2%,
6/01/33
............................
United
States
87,000,000
84,465,707
Senior
Bond,
5.4%,
2/01/34
............................
United
States
50,000,000
49,253,921
Senior
Note,
5%,
2/01/29
.............................
United
States
40,000,000
39,564,680
c
Matador
Resources
Co.
,
Senior
Note
,
144A,
6.5
%
,
4/15/32
......
United
States
35,000,000
35,028,665
Occidental
Petroleum
Corp.
,
Senior
Bond,
6.625%,
9/01/30
..........................
United
States
80,000,000
83,947,680
Senior
Bond,
6.125%,
1/01/31
..........................
United
States
52,000,000
53,256,060
Senior
Note,
5.5%,
12/01/25
...........................
United
States
30,000,000
29,944,800
Senior
Note,
6.375%,
9/01/28
..........................
United
States
60,000,000
61,952,804
c
Tennessee
Gas
Pipeline
Co.
LLC
,
Senior
Bond
,
144A,
2.9
%
,
3/01/30
United
States
40,050,000
35,014,361
c
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note,
144A,
8.125%,
6/01/28
..............
United
States
14,500,000
14,949,602
Senior
Secured
Note,
144A,
8.375%,
6/01/31
..............
United
States
50,000,000
51,898,800
Williams
Cos.,
Inc.
(The)
,
Senior
Bond,
3.5%,
11/15/30
...........................
United
States
130,000,000
117,894,369
Senior
Bond,
2.6%,
3/15/31
............................
United
States
61,000,000
51,554,536
Senior
Bond,
4.65%,
8/15/32
...........................
United
States
35,000,000
33,260,362
Senior
Bond,
5.65%,
3/15/33
...........................
United
States
55,000,000
55,531,004
1,885,821,156
Passenger
Airlines
1.6%
c
American
Airlines
Group,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
3/01/25
.
United
States
64,000,000
63,042,784
c
American
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
5/15/29
United
States
75,000,000
77,969,400
c
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note,
144A,
5.5%,
4/20/26
................
United
States
171,999,999
170,630,157
Senior
Secured
Note,
144A,
5.75%,
4/20/29
...............
United
States
152,850,000
148,845,903
c
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note,
144A,
4.5%,
10/20/25
...............
United
States
46,816,160
46,257,984
Senior
Secured
Note,
144A,
4.75%,
10/20/28
..............
United
States
341,718,000
332,934,699
c
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets
Ltd.
,
Senior
Secured
Note
,
144A,
6.5
%
,
6/20/27
.......
United
States
117,300,000
117,627,384
c
United
Airlines,
Inc.
,
Senior
Secured
Note,
144A,
4.375%,
4/15/26
..............
United
States
107,762,000
104,223,883
Senior
Secured
Note,
144A,
4.625%,
4/15/29
..............
United
States
136,643,000
127,368,370
1,188,900,564
Personal
Care
Products
0.2%
c
BellRing
Brands,
Inc.
,
Senior
Note
,
144A,
7
%
,
3/15/30
.........
United
States
30,000,000
30,773,640
Haleon
US
Capital
LLC
,
Senior
Note,
3.375%,
3/24/29
..........................
United
States
30,000,000
27,865,304
Senior
Note,
3.625%,
3/24/32
..........................
United
States
65,043,000
58,296,481
116,935,425
Pharmaceuticals
1.7%
c,f
1375209
BC
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
1/30/28
......
Canada
467,060,000
449,700,080
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)
Pharmaceuticals
(continued)
c
Bausch
Health
Cos.,
Inc.
,
Secured
Note,
144A,
14%,
10/15/30
.....................
United
States
100,000,000
$
77,500,000
Senior
Secured
Note,
144A,
6.125%,
2/01/27
..............
United
States
130,000,000
108,371,250
Senior
Secured
Note,
144A,
11%,
9/30/28
.................
United
States
300,000,000
267,750,000
c
Endo
Finance
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
4/15/31
...........................................
United
States
50,000,000
51,661,350
Royalty
Pharma
plc
,
Senior
Note
,
2.2
%
,
9/02/30
..............
United
States
10,000,000
8,337,322
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note,
7.125%,
1/31/25
..........................
Israel
27,220,000
27,312,412
f
Senior
Note,
6.75%,
3/01/28
...........................
Israel
26,000,000
26,639,080
Senior
Note,
7.875%,
9/15/29
..........................
Israel
25,000,000
26,882,900
Senior
Note,
8.125%,
9/15/31
..........................
Israel
30,000,000
33,393,249
Utah
Acquisition
Sub,
Inc.
,
Senior
Note
,
3.95
%
,
6/15/26
.........
United
States
96,500,000
93,606,560
Viatris,
Inc.
,
Senior
Note
,
2.7
%
,
6/22/30
.....................
United
States
40,000,000
33,966,778
1,205,120,981
Semiconductors
&
Semiconductor
Equipment
0.9%
Broadcom,
Inc.
,
Senior
Bond,
4.15%,
11/15/30
..........................
United
States
20,000,000
18,897,403
Senior
Bond,
4.3%,
11/15/32
...........................
United
States
140,000,000
130,913,241
c
Senior
Bond,
144A,
2.45%,
2/15/31
......................
United
States
80,000,000
67,399,489
c
Senior
Bond,
144A,
4.15%,
4/15/32
......................
United
States
35,000,000
32,307,649
c
Senior
Bond,
144A,
3.469%,
4/15/34
.....................
United
States
66,000,000
56,287,174
c
Senior
Note,
144A,
4%,
4/15/29
........................
United
States
28,000,000
26,686,995
c
Entegris,
Inc.
,
Senior
Secured
Note
,
144A,
4.75
%
,
4/15/29
......
United
States
60,000,000
57,451,644
Intel
Corp.
,
Senior
Bond,
5.2%,
2/10/33
............................
United
States
25,000,000
24,972,956
Senior
Note,
5.125%,
2/10/30
..........................
United
States
30,000,000
30,137,087
Micron
Technology,
Inc.
,
Senior
Bond,
5.327%,
2/06/29
..........................
United
States
25,000,000
25,127,043
Senior
Bond,
4.663%,
2/15/30
..........................
United
States
34,000,000
32,963,744
Senior
Bond,
5.875%,
2/09/33
..........................
United
States
40,000,000
40,882,062
Senior
Note,
6.75%,
11/01/29
..........................
United
States
55,000,000
58,517,034
NXP
BV
/
NXP
Funding
LLC
,
Senior
Note
,
5.55
%
,
12/01/28
......
China
20,000,000
20,274,241
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
,
Senior
Note
,
3.4
%
,
5/01/30
...........................................
China
31,200,000
28,278,887
c
Qorvo,
Inc.
,
Senior
Bond
,
144A,
3.375
%
,
4/01/31
.............
United
States
30,800,000
26,431,540
677,528,189
Software
0.8%
c
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
............
United
States
55,000,000
50,849,579
Oracle
Corp.
,
Senior
Bond,
2.65%,
7/15/26
...........................
United
States
100,000,000
94,795,645
Senior
Bond,
3.25%,
11/15/27
..........................
United
States
40,000,000
37,723,773
Senior
Bond,
2.95%,
4/01/30
...........................
United
States
30,000,000
26,689,503
Senior
Bond,
2.875%,
3/25/31
..........................
United
States
101,000,000
87,248,383
Senior
Bond,
6.25%,
11/09/32
..........................
United
States
95,000,000
100,597,358
Senior
Note,
6.15%,
11/09/29
..........................
United
States
20,000,000
20,926,641
Roper
Technologies,
Inc.
,
Senior
Bond,
2%,
6/30/30
.............................
United
States
20,000,000
16,718,157
Senior
Bond,
1.75%,
2/15/31
...........................
United
States
20,000,000
16,107,695
Workday,
Inc.
,
Senior
Bond
,
3.8
%
,
4/01/32
..................
United
States
155,000,000
139,343,110
590,999,844
Specialized
REITs
0.6%
American
Tower
Corp.
,
Senior
Bond,
3.55%,
7/15/27
...........................
United
States
20,000,000
18,983,929
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)
Specialized
REITs
(continued)
American
Tower
Corp.,
(continued)
Senior
Bond,
2.9%,
1/15/30
............................
United
States
30,000,000
$
26,458,625
Senior
Bond,
5.65%,
3/15/33
...........................
United
States
105,000,000
105,709,318
Senior
Note,
5.5%,
3/15/28
............................
United
States
20,000,000
20,128,076
Senior
Note,
4.05%,
3/15/32
...........................
United
States
10,000,000
9,147,122
Crown
Castle,
Inc.
,
Senior
Bond,
3.3%,
7/01/30
............................
United
States
74,583,000
66,495,548
Senior
Bond,
5.1%,
5/01/33
............................
United
States
60,000,000
57,905,003
c
Iron
Mountain,
Inc.
,
Senior
Note
,
144A,
4.875
%
,
9/15/27
........
United
States
65,000,000
63,080,665
Weyerhaeuser
Co.
,
Senior
Bond
,
3.375
%
,
3/09/33
............
United
States
42,300,000
36,304,594
404,212,880
Specialty
Retail
0.7%
AutoNation,
Inc.
,
Senior
Bond,
4.75%,
6/01/30
...........................
United
States
40,959,000
39,165,404
Senior
Bond,
2.4%,
8/01/31
............................
United
States
44,451,000
35,858,975
Senior
Bond,
3.85%,
3/01/32
...........................
United
States
32,953,000
29,282,607
Bath
&
Body
Works,
Inc.
,
Senior
Bond
,
6.875
%
,
11/01/35
.......
United
States
40,000,000
40,381,600
Home
Depot,
Inc.
(The)
,
Senior
Bond,
1.375%,
3/15/31
..........................
United
States
40,000,000
31,886,532
Senior
Bond,
5.875%,
12/16/36
.........................
United
States
20,000,000
21,200,367
Senior
Note,
4.5%,
9/15/32
............................
United
States
30,000,000
29,099,025
Lowe's
Cos.,
Inc.
,
Senior
Bond,
3.65%,
4/05/29
...........................
United
States
10,000,000
9,410,689
Senior
Bond,
2.625%,
4/01/31
..........................
United
States
40,000,000
34,141,132
Senior
Bond,
3.75%,
4/01/32
...........................
United
States
88,000,000
79,932,051
Senior
Bond,
5%,
4/15/33
.............................
United
States
115,000,000
113,293,067
f
Senior
Bond,
5.15%,
7/01/33
...........................
United
States
35,000,000
34,846,592
TJX
Cos.,
Inc.
(The)
,
Senior
Bond
,
1.6
%
,
5/15/31
.............
United
States
20,000,000
16,116,964
514,615,005
Technology
Hardware,
Storage
&
Peripherals
0.4%
f
Apple,
Inc.
,
Senior
Bond
,
4.3
%
,
5/10/33
.....................
United
States
40,000,000
39,449,954
Dell
International
LLC
/
EMC
Corp.
,
Senior
Bond,
5.75%,
2/01/33
...........................
United
States
40,000,000
41,144,893
Senior
Note,
5.3%,
10/01/29
...........................
United
States
55,000,000
55,328,341
HP,
Inc.
,
Senior
Bond,
5.5%,
1/15/33
............................
United
States
70,000,000
70,500,980
Senior
Note,
4%,
4/15/29
.............................
United
States
123,630,000
117,817,232
324,241,400
Textiles,
Apparel
&
Luxury
Goods
0.1%
c,f
Hanesbrands,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/31
............
United
States
19,200,000
20,133,235
Tapestry,
Inc.
,
Senior
Bond
,
7.85
%
,
11/27/33
.................
United
States
30,000,000
31,613,168
51,746,403
Tobacco
0.7%
BAT
Capital
Corp.
,
Senior
Bond,
2.726%,
3/25/31
..........................
United
Kingdom
25,000,000
21,092,706
Senior
Bond,
6.421%,
8/02/33
..........................
United
Kingdom
53,500,000
55,959,675
Senior
Bond,
6%,
2/20/34
.............................
United
Kingdom
40,000,000
40,484,768
Senior
Note,
3.557%,
8/15/27
..........................
United
Kingdom
212,000,000
201,431,457
Senior
Note,
2.259%,
3/25/28
..........................
United
Kingdom
37,812,000
33,889,158
Philip
Morris
International,
Inc.
,
Senior
Bond,
5.75%,
11/17/32
..........................
United
States
41,000,000
41,881,596
Senior
Bond,
5.375%,
2/15/33
..........................
United
States
70,000,000
69,542,645
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)
Tobacco
(continued)
Philip
Morris
International,
Inc.,
(continued)
Senior
Bond,
5.625%,
9/07/33
..........................
United
States
25,000,000
$
25,228,599
489,510,604
Trading
Companies
&
Distributors
0.4%
United
Rentals
North
America,
Inc.
,
Senior
Bond,
4.875%,
1/15/28
..........................
United
States
140,000,000
135,810,892
Senior
Bond,
3.875%,
2/15/31
..........................
United
States
45,000,000
40,187,749
Senior
Bond,
3.75%,
1/15/32
...........................
United
States
31,000,000
27,000,436
c
Senior
Secured
Note,
144A,
6%,
12/15/29
.................
United
States
73,800,000
74,191,804
277,190,881
Water
Utilities
0.0%
†
American
Water
Capital
Corp.
,
Senior
Bond
,
4.45
%
,
6/01/32
.....
United
States
40,336,000
38,407,156
Wireless
Telecommunication
Services
0.4%
Sprint
LLC
,
Senior
Note
,
7.625
%
,
3/01/26
...................
United
States
86,300,000
88,754,372
c
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
67,500,000
67,208,656
T-Mobile
USA,
Inc.
,
Senior
Bond,
5.2%,
1/15/33
............................
United
States
45,000,000
44,541,351
Senior
Note,
3.375%,
4/15/29
..........................
United
States
68,000,000
62,849,572
263,353,951
Total
Corporate
Bonds
(Cost
$33,099,731,596)
..................................
32,774,663,682
Senior
Floating
Rate
Interests
0.1%
Building
Products
0.1%
e,j
EMRLD
Borrower
LP
,
First
Lien,
Term
Loan,
B
,
7.728
%
,
(
12-month
SOFR
+
2.5
%
),
6/18/31
...............................
United
States
70,000,000
70,087,500
Total
Senior
Floating
Rate
Interests
(Cost
$69,825,000)
..........................
70,087,500
U.S.
Government
and
Agency
Securities
10.8%
U.S.
Treasury
Bonds
,
3.375%,
8/15/42
.....................................
United
States
600,000,000
506,953,128
3.875%,
5/15/43
.....................................
United
States
250,000,000
225,639,648
4.125%,
8/15/53
.....................................
United
States
1,500,000,000
1,397,167,965
U.S.
Treasury
Notes
,
4.125%,
10/31/27
....................................
United
States
1,250,000,000
1,236,181,638
4%,
10/31/29
.......................................
United
States
1,000,000,000
983,281,250
2.75%,
8/15/32
.....................................
United
States
2,250,000,000
2,002,543,942
3.875%,
8/15/33
.....................................
United
States
1,500,000,000
1,443,398,430
Total
U.S.
Government
and
Agency
Securities
(Cost
$7,988,025,974)
..............
7,795,166,001
Asset-Backed
Securities
0.2%
Passenger
Airlines
0.2%
United
Airlines
Pass-Through
Trust
,
2020-1,
A,
5.875%,
10/15/27
...........................
United
States
55,095,833
55,311,660
2023-1,
A,
5.8%,
1/15/36
..............................
United
States
50,000,000
50,945,190
106,256,850
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$104,916,772)
..............................
106,256,850
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
Mortgage-Backed
Securities
1.3%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
0.6%
FHLMC
Pool,
30
Year,
5%,
5/01/53
........................
United
States
169,328,505
$
163,745,546
FHLMC
Pool,
30
Year,
5.5%,
6/01/53
-
11/01/53
..............
United
States
253,853,557
250,516,125
414,261,671
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.6%
FNMA,
30
Year,
4%,
8/01/49
.............................
United
States
24,018,922
22,403,597
FNMA,
30
Year,
5%,
5/01/53
-
11/01/53
.....................
United
States
374,032,301
361,681,569
FNMA,
30
Year,
5.5%,
7/01/53
...........................
United
States
82,296,561
81,209,581
465,294,747
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
0.1%
GNMA
II,
Single-family,
30
Year,
5.5%,
5/20/53
...............
United
States
81,824,993
81,267,282
Total
Mortgage-Backed
Securities
(Cost
$958,926,059)
...........................
960,823,700
Shares
a
Escrows
and
Litigation
Trusts
0.0%
b,k
Endo,
Inc.,
Escrow
Account
..............................
United
States
47,500,000
—
b,k
Endo,
Inc.,
Escrow
Account
..............................
United
States
66,355,000
—
k
Par
Pharmaceutical,
Inc.,
Escrow
Account
...................
United
States
193,401,000
—
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
—
Total
Long
Term
Investments
(Cost
$68,859,923,987)
............................
69,947,071,820
a
Short
Term
Investments
3.2%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
3.1%
d,l
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
....
United
States
2,245,356,897
2,245,356,897
Total
Money
Market
Funds
(Cost
$2,245,356,897)
................................
2,245,356,897
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.1%
Money
Market
Funds
0.1%
d,l
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
....
United
States
61,120,000
61,120,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$61,120,000)
...........................................................
61,120,000
Total
Short
Term
Investments
(Cost
$2,306,476,897
)
.............................
2,306,476,897
a
Total
Investments
(Cost
$71,166,400,884)
100.0%
...............................
$72,253,548,717
Options
Written
(0.1)%
.......................................................
(52,980,000)
Other
Assets,
less
Liabilities
0.1%
.............................................
82,469,299
Net
Assets
100.0%
...........................................................
$72,283,038,016
a
a
a
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
a
Number
of
Contracts
Notional
Amount
#
a
Value
Options
Written
(0.1)%
Calls
-
Exchange-Traded
Equity
Options
AbbVie,
Inc.,
August
Strike
Price
$185.00,
Expires
8/16/24
......
10,000
171,520,000
$
(820,000)
AbbVie,
Inc.,
September
Strike
Price
$185.00,
Expires
9/20/24
...
10,000
171,520,000
(1,460,000)
Bank
of
America
Corp.,
July
Strike
Price
$40.00,
Expires
7/19/24
..
20,000
79,540,000
(1,860,000)
Broadcom,
Inc.,
July
Strike
Price
$1,500.00,
Expires
7/19/24
.....
1,000
160,553,000
(13,078,000)
Chevron
Corp.,
August
Strike
Price
$170.00,
Expires
8/16/24
....
10,000
156,420,000
(750,000)
CVS
Health
Corp.,
August
Strike
Price
$65.00,
Expires
8/16/24
...
10,000
59,060,000
(810,000)
CVS
Health
Corp.,
September
Strike
Price
$67.50,
Expires
9/20/24
10,000
59,060,000
(730,000)
Freeport-McMoRan,
Inc.,
August
Strike
Price
$55.00,
Expires
8/16/24
...........................................
10,000
48,600,000
(690,000)
International
Paper
Co.,
July
Strike
Price
$50.00,
Expires
7/19/24
.
10,000
43,150,000
(100,000)
Lockheed
Martin
Corp.,
July
Strike
Price
$475.00,
Expires
7/19/24
2,500
116,775,000
(625,000)
Lockheed
Martin
Corp.,
July
Strike
Price
$485.00,
Expires
7/19/24
2,000
93,420,000
(162,000)
McDonald's
Corp.,
August
Strike
Price
$270.00,
Expires
8/16/24
..
5,000
127,420,000
(1,050,000)
MetLife,
Inc.,
August
Strike
Price
$75.00,
Expires
8/16/24
.......
10,000
70,190,000
(500,000)
Morgan
Stanley,
July
Strike
Price
$100.00,
Expires
7/19/24
......
5,000
48,595,000
(775,000)
NextEra
Energy,
Inc.,
September
Strike
Price
$80.00,
Expires
9/20/24
...........................................
10,000
70,810,000
(650,000)
Starbucks
Corp.,
August
Strike
Price
$90.00,
Expires
8/16/24
....
10,000
77,850,000
(660,000)
(24,720,000)
Puts
-
Exchange-Traded
Equity
Options
Abbott
Laboratories,
Inc.,
August
Strike
Price
$100.00,
Expires
8/16/24
...........................................
5,000
51,955,000
(830,000)
BlackRock,
Inc.,
August
Strike
Price
$720.00,
Expires
8/16/24
....
2,500
196,830,000
(1,025,000)
Boeing
Co.
(The),
July
Strike
Price
$160.00,
Expires
7/19/24
.....
10,000
182,010,000
(270,000)
Boeing
Co.
(The),
August
Strike
Price
$160.00,
Expires
8/16/24
...
10,000
182,010,000
(1,530,000)
Broadcom,
Inc.,
July
Strike
Price
$1,200.00,
Expires
7/19/24
.....
1,000
160,553,000
(30,000)
Broadcom,
Inc.,
August
Strike
Price
$1,500.00,
Expires
8/16/24
...
1,000
160,553,000
(4,200,000)
Broadcom,
Inc.,
July
Strike
Price
$1,535.00,
Expires
7/05/24
.....
1,000
160,553,000
(550,000)
Caterpillar,
Inc.,
July
Strike
Price
$300.00,
Expires
7/19/24
......
5,000
166,550,000
(200,000)
Dell
Technologies,
Inc.,
August
Strike
Price
$115.00,
Expires
8/16/24
10,000
137,910,000
(1,550,000)
Exxon
Mobil
Corp.,
July
Strike
Price
$110.00,
Expires
7/19/24
....
10,000
115,120,000
(500,000)
Home
Depot,
Inc.
(The),
August
Strike
Price
$315.00,
Expires
8/16/24
...........................................
5,000
172,120,000
(1,250,000)
Home
Depot,
Inc.
(The),
August
Strike
Price
$330.00,
Expires
8/16/24
...........................................
5,000
172,120,000
(2,670,000)
International
Business
Machines
Corp.,
August
Strike
Price
$155.00,
Expires
8/16/24
.....................................
10,000
172,950,000
(1,250,000)
JPMorgan
Chase
&
Co.,
July
Strike
Price
$185.00,
Expires
7/19/24
10,000
202,260,000
(490,000)
JPMorgan
Chase
&
Co.,
August
Strike
Price
$185.00,
Expires
8/16/24
...........................................
10,000
202,260,000
(1,170,000)
Microchip
Technology,
Inc.,
July
Strike
Price
$85.00,
Expires
7/19/24
5,000
45,750,000
(250,000)
Micron
Technology,
Inc.,
August
Strike
Price
$115.00,
Expires
8/16/24
...........................................
10,000
131,530,000
(1,790,000)
NVIDIA
Corp.,
September
Strike
Price
$90.00,
Expires
9/20/24
...
10,000
123,540,000
(1,470,000)
NVIDIA
Corp.,
August
Strike
Price
$100.00,
Expires
8/16/24
.....
10,000
123,540,000
(1,250,000)
PepsiCo,
Inc.,
July
Strike
Price
$160.00,
Expires
7/19/24
........
5,000
82,465,000
(470,000)
PepsiCo,
Inc.,
July
Strike
Price
$165.00,
Expires
7/19/24
........
5,000
82,465,000
(1,235,000)
QUALCOMM,
Inc.,
August
Strike
Price
$170.00,
Expires
8/16/24
..
10,000
199,180,000
(1,820,000)
Salesforce,
Inc.,
July
Strike
Price
$200.00,
Expires
7/19/24
......
10,000
257,100,000
(60,000)
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
July
Strike
Price
$150.00,
Expires
7/19/24
..............................
10,000
173,810,000
(680,000)
UnitedHealth
Group,
Inc.,
August
Strike
Price
$450.00,
Expires
8/16/24
...........................................
2,500
127,315,000
(840,000)
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
31
At
June
30,
2024,
the
Fund
had
the
following futures
contracts
outstanding.
See
Abbreviations
on
page
44
.
a
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
a
a
Options
Written
(continued)
Puts
-
Exchange-Traded
(continued)
Equity
Options
(continued)
Workday,
Inc.,
July
Strike
Price
$210.00,
Expires
7/19/24
.......
10,000
223,560,000
$
(880,000)
(28,260,000)
Total
Options
Written
(Premiums
received
$65,607,701)
..........................
$
(52,980,000)
#
Notional
amount
is
the
number
of
contracts
multiplied
by
contract
size,
and
may
be
multiplied
by
the
underlying
price.
May
include
currency
units,
bushels,
shares,
pounds,
barrels
or
other
units.
Currency
units
are
stated
in
U.S.
dollars
unless
otherwise
indicated.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
A
portion
or
all
of
the
security
is
held
in
connection
with
written
option
contracts
open
at
period
end.
b
Non-income
producing.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
June
30,
2024,
the
aggregate
value
of
these
securities
was
$28,115,599,158,
representing
38.9%
of
net
assets.
d
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
e
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
f
A
portion
or
all
of
the
security
is
on
loan
at
June
30,
2024.
g
Perpetual
security
with
no
stated
maturity
date.
h
The
coupon
rate
shown
represents
the
rate
at
period
end.
i
Income
may
be
received
in
additional
securities
and/or
cash.
j
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
k
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
l
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
12,000
$
1,319,812,500
9/19/24
$
16,400,100
U.S.
Treasury
Ultra
Bonds
......................
Long
5,000
626,718,750
9/19/24
9,768,330
Total
Futures
Contracts
......................................................................
$26,168,430
*
As
of
period
end.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
June
30,
2024
Franklin
U.S.
Government
Securities
Fund
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
32
a
a
Principal
Amount
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
3.3%
U.S.
Treasury
Bonds
,
4.75
%,
2/15/37
...................................................
$
37,500,000
$
38,939,942
4.5
%,
2/15/44
....................................................
33,400,000
32,773,750
4.625
%,
5/15/54
...................................................
6,000,000
6,083,906
Total
U.S.
Government
and
Agency
Securities
(Cost
$
80,438,693
)
.................
77,797,598
Mortgage-Backed
Securities
95.3%
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
95.3%
GNMA
I,
30
Year
,
4.5
%,
4/15/40
........................................
3,096,328
3,015,807
GNMA
I,
30
Year
,
5
%,
9/15/40
..........................................
107,696,800
107,216,600
GNMA
I,
30
Year
,
5.5
%,
2/15/40
........................................
46,913,127
47,780,325
GNMA
I,
30
Year
,
6
%,
12/15/39
.........................................
42,794,035
44,171,729
GNMA
I,
30
Year
,
6.5
%,
8/15/37
........................................
9,812,259
10,003,053
GNMA
I,
30
Year
,
7
%,
9/15/32
..........................................
6,041,099
6,268,862
GNMA
I,
30
Year
,
7.5
%,
7/15/26
-
8/15/33
.................................
436,047
449,573
GNMA
I,
30
Year
,
8
%,
10/15/29
.........................................
862
887
GNMA
I,
30
Year
,
8.5
%,
11/15/24
........................................
5
5
GNMA
I,
Single-family,
30
Year
,
3.5
%,
4/15/43
-
5/15/43
......................
10,024,895
9,228,527
GNMA
I,
Single-family,
30
Year
,
4
%,
10/15/40
-
8/15/46
.......................
30,147,015
28,349,375
GNMA
I,
Single-family,
30
Year
,
4.5
%,
2/15/39
-
6/15/41
......................
57,183,229
55,592,244
GNMA
I,
Single-family,
30
Year
,
5
%,
2/15/35
...............................
3,964
3,941
GNMA
I,
Single-family,
30
Year
,
5.5
%,
10/15/48
.............................
545,122
545,830
GNMA
I,
Single-family,
30
Year
,
7.25
%,
12/15/25
............................
13,082
13,052
GNMA
I,
Single-family,
30
Year
,
7.5
%,
8/15/25
-
7/15/31
......................
655,446
659,503
GNMA
I,
Single-family,
30
Year
,
8
%,
7/15/24
-
9/15/30
........................
224,889
225,514
GNMA
I,
Single-family,
30
Year
,
8.5
%,
7/15/24
-
11/15/24
......................
188
188
GNMA
I,
Single-family,
30
Year
,
10
%,
2/15/25
..............................
661
662
GNMA
II,
30
Year
,
4.5
%,
5/20/34
-
6/20/41
.................................
2,573,124
2,511,338
GNMA
II,
30
Year
,
6
%,
3/20/34
-
9/20/34
..................................
822,034
820,530
GNMA
II,
30
Year
,
6
%,
7/20/39
.........................................
19,230,593
19,840,957
GNMA
II,
30
Year
,
6.5
%,
9/20/31
-
9/20/32
.................................
747,320
760,972
GNMA
II,
30
Year
,
7
%,
7/20/32
.........................................
213,956
220,668
GNMA
II,
30
Year
,
8
%,
12/20/28
........................................
17,391
17,400
GNMA
II,
Single-family,
30
Year
,
2
%,
8/20/51
...............................
160,157,655
129,720,364
GNMA
II,
Single-family,
30
Year
,
2
%,
2/20/51
-
5/20/52
.......................
69,864,322
56,594,917
GNMA
II,
Single-family,
30
Year
,
2.5
%,
11/20/50
............................
13,509,322
11,028,434
GNMA
II,
Single-family,
30
Year
,
2.5
%,
7/20/51
.............................
66,501,904
55,928,863
GNMA
II,
Single-family,
30
Year
,
2.5
%,
8/20/51
.............................
200,279,660
168,483,157
GNMA
II,
Single-family,
30
Year
,
2.5
%,
9/20/51
.............................
82,349,666
69,275,171
GNMA
II,
Single-family,
30
Year
,
2.5
%,
10/20/51
............................
85,584,152
71,976,659
GNMA
II,
Single-family,
30
Year
,
2.5
%,
12/20/51
............................
79,986,688
67,282,486
GNMA
II,
Single-family,
30
Year
,
2.5
%,
1/20/52
.............................
32,607,993
27,424,709
GNMA
II,
Single-family,
30
Year
,
2.5
%,
6/20/52
.............................
709,013
596,293
GNMA
II,
Single-family,
30
Year
,
3
%,
10/20/44
..............................
17,221,245
15,316,078
GNMA
II,
Single-family,
30
Year
,
3
%,
5/20/45
...............................
12,451,159
11,062,097
GNMA
II,
Single-family,
30
Year
,
3
%,
4/20/46
...............................
16,705,585
14,785,518
GNMA
II,
Single-family,
30
Year
,
3
%,
9/20/47
...............................
13,470,421
11,894,223
GNMA
II,
Single-family,
30
Year
,
3
%,
10/20/47
..............................
21,598,520
19,068,446
GNMA
II,
Single-family,
30
Year
,
3
%,
6/20/50
...............................
10,127,902
8,626,729
GNMA
II,
Single-family,
30
Year
,
3
%,
8/20/51
...............................
119,195,820
104,067,973
GNMA
II,
Single-family,
30
Year
,
3
%,
9/20/51
...............................
25,433,764
22,188,244
GNMA
II,
Single-family,
30
Year
,
3
%,
12/20/44
-
10/20/50
......................
73,072,450
63,182,875
GNMA
II,
Single-family,
30
Year
,
3.5
%,
7/20/42
.............................
26,728,018
24,520,854
GNMA
II,
Single-family,
30
Year
,
3.5
%,
9/20/42
.............................
33,527,505
30,763,891
GNMA
II,
Single-family,
30
Year
,
3.5
%,
5/20/43
.............................
10,056,071
9,229,778
GNMA
II,
Single-family,
30
Year
,
3.5
%,
6/20/43
.............................
11,612,262
10,658,676
GNMA
II,
Single-family,
30
Year
,
3.5
%,
9/20/47
.............................
119,924,789
108,987,186
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
U.S.
Government
Securities
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
33
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
%,
11/20/47
............................
$
79,990,848
$
72,622,826
GNMA
II,
Single-family,
30
Year
,
3.5
%,
10/20/40
-
1/20/49
.....................
43,700,104
40,015,687
GNMA
II,
Single-family,
30
Year
,
4
%,
11/20/40
..............................
8,782,504
8,347,557
GNMA
II,
Single-family,
30
Year
,
4
%,
10/20/41
..............................
10,760,510
10,227,695
GNMA
II,
Single-family,
30
Year
,
4
%,
11/20/41
..............................
10,203,381
9,698,148
GNMA
II,
Single-family,
30
Year
,
4
%,
5/20/47
...............................
28,740,631
26,819,989
GNMA
II,
Single-family,
30
Year
,
4
%,
6/20/47
...............................
22,005,378
20,561,914
GNMA
II,
Single-family,
30
Year
,
4
%,
7/20/47
...............................
14,001,145
13,140,237
GNMA
II,
Single-family,
30
Year
,
4
%,
6/20/52
...............................
34,277,883
31,709,978
GNMA
II,
Single-family,
30
Year
,
4
%,
5/20/40
-
2/20/54
.......................
53,216,861
49,973,501
GNMA
II,
Single-family,
30
Year
,
4.5
%,
6/20/41
.............................
9,851,743
9,613,078
GNMA
II,
Single-family,
30
Year
,
4.5
%,
7/20/41
.............................
10,986,711
10,720,546
GNMA
II,
Single-family,
30
Year
,
4.5
%,
9/20/41
.............................
15,803,286
15,420,427
GNMA
II,
Single-family,
30
Year
,
4.5
%,
10/20/41
............................
11,228,324
10,956,293
GNMA
II,
Single-family,
30
Year
,
4.5
%,
5/20/52
.............................
35,631,688
33,954,863
GNMA
II,
Single-family,
30
Year
,
4.5
%,
5/20/33
-
4/20/54
......................
39,447,800
38,312,221
GNMA
II,
Single-family,
30
Year
,
5
%,
7/20/53
...............................
25,433,457
24,782,024
GNMA
II,
Single-family,
30
Year
,
5
%,
8/20/53
...............................
29,904,104
29,138,165
GNMA
II,
Single-family,
30
Year
,
5
%,
7/20/33
-
2/20/54
.......................
40,279,065
39,974,193
GNMA
II,
Single-family,
30
Year
,
5.5
%,
7/20/53
.............................
24,551,684
24,379,128
GNMA
II,
Single-family,
30
Year
,
5.5
%,
1/20/54
.............................
49,224,422
48,870,769
GNMA
II,
Single-family,
30
Year
,
5.5
%,
6/20/34
-
2/20/50
......................
30,500,618
31,073,059
GNMA
II,
Single-family,
30
Year
,
6
%,
6/20/34
-
1/20/54
.......................
5,702,417
5,737,635
GNMA
II,
Single-family,
30
Year
,
6
%,
2/20/54
...............................
37,614,561
37,803,858
GNMA
II,
Single-family,
30
Year
,
6
%,
5/20/54
...............................
59,873,188
60,174,502
GNMA
II,
Single-family,
30
Year
,
6.5
%,
2/20/54
.............................
39,788,349
40,393,700
GNMA
II,
Single-family,
30
Year
,
6.5
%,
8/20/25
-
5/20/54
......................
24,057,290
24,554,693
GNMA
II,
Single-family,
30
Year
,
7
%,
2/20/28
-
7/20/33
.......................
1,484,475
1,518,845
GNMA
II,
Single-family,
30
Year
,
7
%,
2/20/54
...............................
36,246,880
37,005,521
GNMA
II,
Single-family,
30
Year
,
7.5
%,
10/20/25
-
4/20/32
.....................
154,633
157,884
GNMA
II,
Single-family,
30
Year
,
8
%,
12/20/24
-
6/20/30
......................
73,907
75,551
GNMA
II,
Single-family,
30
Year
,
8.5
%,
1/20/25
-
6/20/25
......................
22
22
GNMA
II,
Single-family,
30
Year
,
9.5
%,
1/20/25
.............................
75
75
2,258,095,747
Total
Mortgage-Backed
Securities
(Cost
$
2,542,621,022
)
.........................
2,258,095,747
Total
Long
Term
Investments
(Cost
$
2,623,059,715
)
.............................
2,335,893,345
a
a
a
a
a
Short
Term
Investments
1.2%
Shares
a
Money
Market
Funds
1.2%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.972
%
..................
27,898,657
27,898,657
Total
Money
Market
Funds
(Cost
$
27,898,657
)
..................................
27,898,657
Total
Short
Term
Investments
(Cost
$
27,898,657
)
................................
27,898,657
a
Total
Investments
(Cost
$
2,650,958,372
)
99.8
%
..................................
$2,363,792,002
Other
Assets,
less
Liabilities
0.2
%
.............................................
5,510,528
Net
Assets
100.0%
...........................................................
$2,369,302,530
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
a
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
June
30,
2024
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
99.1%
Construction
&
Engineering
0.3%
MDU
Resources
Group,
Inc.
.............................
United
States
801,000
$
20,105,100
Electric
Utilities
57.5%
Alliant
Energy
Corp.
...................................
United
States
3,500,000
178,150,000
American
Electric
Power
Co.,
Inc.
.........................
United
States
1,000,000
87,740,000
Constellation
Energy
Corp.
..............................
United
States
100,000
20,027,000
Duke
Energy
Corp.
....................................
United
States
2,400,000
240,552,000
Edison
International
...................................
United
States
3,950,000
283,649,500
Entergy
Corp.
........................................
United
States
2,400,000
256,800,000
Evergy,
Inc.
..........................................
United
States
4,250,000
225,122,500
Eversource
Energy
....................................
United
States
1,500,000
85,065,000
Exelon
Corp.
.........................................
United
States
5,350,000
185,163,500
FirstEnergy
Corp.
.....................................
United
States
3,200,000
122,464,000
NextEra
Energy,
Inc.
...................................
United
States
8,550,000
605,425,500
NRG
Energy,
Inc.
.....................................
United
States
800,000
62,288,000
OGE
Energy
Corp.
....................................
United
States
1,600,000
57,120,000
PG&E
Corp.
.........................................
United
States
11,700,000
204,282,000
Pinnacle
West
Capital
Corp.
.............................
United
States
775,000
59,194,500
PNM
Resources,
Inc.
..................................
United
States
1,600,000
59,136,000
PPL
Corp.
...........................................
United
States
7,000,000
193,550,000
Southern
Co.
(The)
....................................
United
States
4,350,000
337,429,500
Xcel
Energy,
Inc.
......................................
United
States
800,000
42,728,000
3,305,887,000
Gas
Utilities
1.5%
ONE
Gas,
Inc.
.......................................
United
States
649,615
41,477,918
Spire,
Inc.
...........................................
United
States
700,000
42,511,000
83,988,918
Independent
Power
and
Renewable
Electricity
Producers
5.7%
AES
Corp.
(The)
......................................
United
States
600,000
10,542,000
Clearway
Energy,
Inc.
,
C
................................
United
States
900,000
22,221,000
Drax
Group
plc
.......................................
United
Kingdom
10,000,000
62,280,959
Vistra
Corp.
..........................................
United
States
2,700,000
232,146,000
327,189,959
Multi-Utilities
28.7%
Ameren
Corp.
........................................
United
States
1,800,000
127,998,000
CenterPoint
Energy,
Inc.
................................
United
States
5,600,000
173,488,000
CMS
Energy
Corp.
....................................
United
States
2,700,000
160,731,000
Dominion
Energy,
Inc.
..................................
United
States
2,000,000
98,000,000
DTE
Energy
Co.
......................................
United
States
1,500,000
166,515,000
E.ON
SE
............................................
Germany
9,000,000
118,300,732
National
Grid
plc
......................................
United
Kingdom
7,458,333
83,284,084
NiSource,
Inc.
........................................
United
States
6,300,000
181,503,000
Northwestern
Energy
Group,
Inc.
.........................
United
States
1,300,000
65,104,000
Public
Service
Enterprise
Group,
Inc.
......................
United
States
2,200,000
162,140,000
Sempra
.............................................
United
States
3,550,000
270,013,000
WEC
Energy
Group,
Inc.
................................
United
States
500,000
39,230,000
1,646,306,816
Oil,
Gas
&
Consumable
Fuels
4.4%
Cheniere
Energy,
Inc.
..................................
United
States
650,000
113,639,500
DT
Midstream,
Inc.
....................................
United
States
1,200,000
85,236,000
Williams
Cos.,
Inc.
(The)
................................
United
States
1,300,000
55,250,000
254,125,500
Water
Utilities
1.0%
Essential
Utilities,
Inc.
..................................
United
States
900,000
33,597,000
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
$
24,846,233
58,443,233
Total
Common
Stocks
(Cost
$
2,830,178,102
)
....................................
5,696,046,526
Short
Term
Investments
0.8%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.8%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.972
%
....
United
States
44,812,587
44,812,587
Total
Money
Market
Funds
(Cost
$
44,812,587
)
..................................
44,812,587
Total
Short
Term
Investments
(Cost
$
44,812,587
)
................................
44,812,587
a
Total
Investments
(Cost
$
2,874,990,689
)
99.9
%
..................................
$5,740,859,113
Other
Assets,
less
Liabilities
0.1
%
.............................................
4,475,021
Net
Assets
100.0%
...........................................................
$5,745,334,134
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
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
38
franklintempleton.com
Quarterly
Schedules
of
Investments
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Funds’
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
June
30,
2024,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds’
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds’
portfolio securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Funds for
financial
reporting
purposes.
Derivative
financial
instruments
listed
on
an
exchange
are
valued
at
the
official
closing
price
of
the
day.
Certain
derivative
financial
instruments
are
centrally
cleared
or trade
in
the
OTC
market.
The Funds'
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The Funds'
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets.
3.
Restricted
Securities
At
June
30,
2024,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies 
The
1940
Act
defines
"affiliated
companies"
to
include
investments
in
portfolio
companies
in
which
a
fund
owns
5%
or
more
of
the
outstanding
voting
securities.
Additionally,
as
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
companies’
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
company.
During
the
period
ended
June
30,
2024,
investments
in
“affiliated
companies”
were
as
follows: 
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Growth
Fund
2,353
Canva,
Inc.,
A
..............................
11/08/21
$
4,011,298
$
2,509,854
94
Canva,
Inc.,
A-3
.............................
11/08/21
160,247
100,266
8
Canva,
Inc.,
A-4
.............................
11/08/21
13,638
8,533
5
Canva,
Inc.,
A-5
.............................
11/08/21
8,524
5,333
25,413
Canva,
Inc.,
B
..............................
11/08/21
43,323,040
27,107,058
96,603
Checkout
Payments
Group
Ltd.,
B
...............
1/11/22
30,000,062
8,736,028
822,494
Gusto,
Inc.,
E
...............................
7/13/21
24,999,977
20,601,898
849,894
OneTrust
LLC,
C
............................
4/01/21
16,666,676
13,180,443
540,043
Stripe,
Inc.,
B
...............................
5/18/21
21,671,052
14,072,149
1,759,545
Stripe,
Inc.,
I
...............................
3/15/23
-
5/08/23
35,426,925
45,849,273
Total
Restricted
Securities
(Value
is
0.7%
of
Net
Assets)
..............
$176,281,439
$132,170,835
2. Financial
Instrument
Valuation
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
39
franklintempleton.com
Quarterly
Schedules
of
Investments
5.
Investments
in
Affiliated
Management
Investment
Companies 
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
June
30,
2024,
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
$
—
$
—
$
—
$
—
a
$
—
a
—
a
$
—
Total
Affiliated
Securities
(Value
is
—%
of
Net
Assets)
..........
$12,730,065
$—
$—
$—
$—
$—
$—
a
As
of
June
30,
2024,
no
longer
an
affiliate.
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
DynaTech
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
$93,924,605
$1,856,778,510
$(1,896,011,513)
$—
$—
$54,691,602
54,691,602
$3,552,296
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
$—
$76,554,000
$(65,337,000)
$—
$—
$11,217,000
11,217,000
$65,618
Total
Affiliated
Securities
...
$93,924,605
$1,933,332,510
$(1,961,348,513)
$—
$—
$65,908,602
$3,617,914
Franklin
Growth
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
$69,954,846
$1,182,791,317
$(1,183,315,555)
$—
$—
$69,430,608
69,430,608
$4,497,811
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies 
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
40
franklintempleton.com
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Growth
Fund
(continued)
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
$—
$263,817,000
$(263,817,000)
$—
$—
$—
—
$169,106
Total
Affiliated
Securities
...
$69,954,846
$1,446,608,317
$(1,447,132,555)
$—
$—
$69,430,608
$4,666,917
Franklin
Income
Fund
Non-Controlled
Affiliates
Dividends
Clarion
Partners
Real
Estate
Income
Fund,
Inc.,
Class
I
....
$94,020,602
$—
$—
$—
$(1,337,531)
$92,683,071
7,867,833
$4,744,303
Franklin
BSP
Real
Estate
Credit
BDC
..................
—
99,715,075
—
—
—
99,715,075
3,988,603
—
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
645,794,493
13,393,652,786
(11,794,090,382)
—
—
2,245,356,897
2,245,356,897
40,715,020
Total
Non-Controlled
Affiliates
$739,815,095
$13,493,367,861
$(11,794,090,382)
$—
$(1,337,531)
$2,437,755,043
$45,459,323
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
$—
$280,000,000
$(218,880,000)
$—
$—
$61,120,000
61,120,000
$1,372,291
Total
Affiliated
Securities
...
$739,815,095
$13,773,367,861
$(12,012,970,382)
$—
$(1,337,531)
$2,498,875,043
$46,831,614
Franklin
U.S.
Government
Securities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
$67,238,754
$365,487,433
$(404,827,530)
$—
$—
$27,898,657
27,898,657
$1,654,214
Total
Affiliated
Securities
...
$67,238,754
$365,487,433
$(404,827,530)
$—
$—
$27,898,657
$1,654,214
Franklin
Utilities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.972%
$20,399,531
$565,097,990
$(540,684,934)
$—
$—
$44,812,587
44,812,587
$581,662
Total
Affiliated
Securities
...
$20,399,531
$565,097,990
$(540,684,934)
$—
$—
$44,812,587
$581,662
5.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
41
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.)
Level
3
–
significant
unobservable
inputs
(including
the Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
June
30,
2024,
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
...................
$
272,172,000
$
—
$
—
$
272,172,000
Automobiles
..........................
296,820,000
—
—
296,820,000
Biotechnology
.........................
190,332,500
43,394,944
—
233,727,444
Broadline
Retail
.......................
2,261,180,000
—
—
2,261,180,000
Capital
Markets
........................
358,002,000
—
—
358,002,000
Communications
Equipment
..............
70,096,000
—
—
70,096,000
Construction
&
Engineering
...............
203,272,000
—
—
203,272,000
Diversified
Consumer
Services
............
31,300,500
—
—
31,300,500
Electrical
Equipment
....................
8,657,000
—
—
8,657,000
Electronic
Equipment,
Instruments
&
Components
........................
94,381,000
76,605,594
—
170,986,594
Energy
Equipment
&
Services
.............
126,902,500
—
—
126,902,500
Entertainment
.........................
31,229,050
18,693,458
—
49,922,508
Financial
Services
......................
1,012,442,000
—
—
1,012,442,000
Ground
Transportation
..................
254,380,000
—
—
254,380,000
Health
Care
Equipment
&
Supplies
.........
824,908,000
—
—
824,908,000
Health
Care
Providers
&
Services
..........
144,952,000
—
—
144,952,000
Health
Care
Technology
.................
9,150,500
23,743,118
—
32,893,618
Hotels,
Restaurants
&
Leisure
.............
264,940,750
—
—
264,940,750
Interactive
Media
&
Services
..............
2,283,490,000
—
—
2,283,490,000
IT
Services
...........................
491,762,353
—
—
491,762,353
Life
Sciences
Tools
&
Services
............
738,264,500
—
—
738,264,500
Media
...............................
4,883,500
—
—
4,883,500
Pharmaceuticals
.......................
761,715,000
—
—
761,715,000
Professional
Services
...................
20,216,250
—
—
20,216,250
Semiconductors
&
Semiconductor
Equipment
.
6,998,928,000
191,120,714
—
7,190,048,714
Software
.............................
7,080,358,985
—
—
7,080,358,985
Technology
Hardware,
Storage
&
Peripherals
.
480,316,000
—
—
480,316,000
Trading
Companies
&
Distributors
..........
12,568,000
—
—
12,568,000
Warrants
...............................
—
—
—
a
—
Short
Term
Investments
...................
65,908,602
—
—
65,908,602
Total
Investments
in
Securities
...........
$25,393,528,990
$353,557,828
b
$—
$25,747,086,818
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
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
713,374,748
$
—
$
—
$
713,374,748
Beverages
...........................
445,953,959
—
—
445,953,959
Biotechnology
.........................
309,977,158
—
—
309,977,158
Broadline
Retail
.......................
877,185,713
—
—
877,185,713
Building
Products
......................
325,597,610
—
—
325,597,610
Capital
Markets
........................
812,221,250
—
—
812,221,250
Chemicals
...........................
554,641,074
—
—
554,641,074
Commercial
Services
&
Supplies
...........
119,868,718
—
—
119,868,718
Construction
Materials
..................
181,176,295
—
—
181,176,295
Consumer
Staples
Distribution
&
Retail
......
215,429,115
—
—
215,429,115
Electric
Utilities
........................
180,951,131
—
—
180,951,131
Electrical
Equipment
....................
239,511,341
—
—
239,511,341
Electronic
Equipment,
Instruments
&
Components
........................
598,701,302
—
—
598,701,302
Entertainment
.........................
54,895,392
—
—
54,895,392
Financial
Services
......................
690,810,200
—
—
690,810,200
Ground
Transportation
..................
546,715,856
—
—
546,715,856
Health
Care
Equipment
&
Supplies
.........
774,492,767
—
—
774,492,767
Health
Care
Providers
&
Services
..........
199,994,041
—
—
199,994,041
Health
Care
Technology
.................
74,816,867
—
—
74,816,867
Hotels,
Restaurants
&
Leisure
.............
353,655,060
—
—
353,655,060
Industrial
REITs
.......................
94,441,479
—
—
94,441,479
Interactive
Media
&
Services
..............
815,151,616
—
—
815,151,616
IT
Services
...........................
60,612,437
—
27,107,058
87,719,495
Life
Sciences
Tools
&
Services
............
961,576,523
—
—
961,576,523
Machinery
............................
661,012,518
—
—
661,012,518
Pharmaceuticals
.......................
734,135,818
—
—
734,135,818
Professional
Services
...................
73,156,580
—
—
73,156,580
Semiconductors
&
Semiconductor
Equipment
.
2,650,549,817
—
—
2,650,549,817
Software
.............................
3,393,917,066
—
22,808,177
3,416,725,243
Technology
Hardware,
Storage
&
Peripherals
.
690,790,002
—
—
690,790,002
Textiles,
Apparel
&
Luxury
Goods
..........
132,465,488
—
—
132,465,488
Trading
Companies
&
Distributors
..........
163,717,869
—
—
163,717,869
Water
Utilities
.........................
74,908,538
—
—
74,908,538
Convertible
Preferred
Stocks
................
—
—
82,255,600
82,255,600
Preferred
Stocks
.........................
—
111,206,443
—
111,206,443
Short
Term
Investments
...................
69,430,608
—
—
69,430,608
Total
Investments
in
Securities
...........
$18,845,835,956
$111,206,443
c
$132,170,835
$19,089,213,234
Franklin
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
971,495,000
—
—
971,495,000
Air
Freight
&
Logistics
...................
205,275,000
—
—
205,275,000
Banks
...............................
912,207,265
—
—
912,207,265
Beverages
...........................
685,740,000
—
—
685,740,000
Biotechnology
.........................
499,265,000
—
—
499,265,000
Capital
Markets
........................
48,595,000
—
—
48,595,000
Chemicals
...........................
580,704,500
—
—
580,704,500
Communications
Equipment
..............
313,328,450
—
—
313,328,450
Containers
&
Packaging
.................
172,600,000
—
—
172,600,000
Diversified
Telecommunication
Services
.....
206,200,000
—
—
206,200,000
Electric
Utilities
........................
2,229,000,040
—
—
2,229,000,040
6. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
43
franklintempleton.com
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Ground
Transportation
..................
$
282,825,000
$
—
$
—
$
282,825,000
Health
Care
Equipment
&
Supplies
.........
118,065,000
—
—
118,065,000
Health
Care
Providers
&
Services
..........
295,300,000
—
—
295,300,000
Hotels,
Restaurants
&
Leisure
.............
205,270,000
—
—
205,270,000
Household
Products
....................
577,220,000
—
—
577,220,000
Industrial
Conglomerates
................
266,925,000
—
—
266,925,000
Insurance
............................
70,190,000
—
—
70,190,000
IT
Services
...........................
86,475,000
—
—
86,475,000
Media
...............................
78,320,000
—
—
78,320,000
Metals
&
Mining
.......................
352,255,000
—
—
352,255,000
Multi-Utilities
..........................
473,180,000
—
—
473,180,000
Oil,
Gas
&
Consumable
Fuels
.............
2,423,440,000
—
—
2,423,440,000
Pharmaceuticals
.......................
1,868,851,823
34,686,113
—
1,903,537,936
Semiconductors
&
Semiconductor
Equipment
.
253,463,000
—
—
253,463,000
Specialty
Retail
........................
623,332,924
—
—
623,332,924
Tobacco
.............................
405,320,000
—
—
405,320,000
Management
Investment
Companies
.........
—
192,398,146
—
192,398,146
Equity-Linked
Securities
...................
—
12,395,705,826
—
12,395,705,826
Convertible
Preferred
Stocks
:
Chemicals
...........................
256,630,000
—
—
256,630,000
Electric
Utilities
........................
74,235,000
—
—
74,235,000
Financial
Services
......................
—
61,056,000
—
61,056,000
Preferred
Stocks
.........................
20,520,000
—
—
20,520,000
Corporate
Bonds
........................
—
32,774,663,682
—
32,774,663,682
Senior
Floating
Rate
Interests
...............
—
70,087,500
—
70,087,500
U.S.
Government
and
Agency
Securities
.......
—
7,795,166,001
—
7,795,166,001
Asset-Backed
Securities
...................
—
106,256,850
—
106,256,850
Mortgage-Backed
Securities
................
—
960,823,700
—
960,823,700
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
2,306,476,897
—
—
2,306,476,897
Total
Investments
in
Securities
...........
$17,862,704,899
$54,390,843,818
$—
$72,253,548,717
Other
Financial
Instruments:
Futures
Contracts
.......................
$26,168,430
$—
$—
$26,168,430
Total
Other
Financial
Instruments
.........
$26,168,430
$—
$—
$26,168,430
Liabilities:
Other
Financial
Instruments:
Options
Written
..........................
$52,980,000
$—
$—
$52,980,000
Total
Other
Financial
Instruments
.........
$52,980,000
$—
$—
$52,980,000
Franklin
U.S.
Government
Securities
Fund
Assets:
Investments
in
Securities:
d
U.S.
Government
and
Agency
Securities
.......
$
—
$
77,797,598
$
—
$
77,797,598
Mortgage-Backed
Securities
................
—
2,258,095,747
—
2,258,095,747
Short
Term
Investments
...................
27,898,657
—
—
27,898,657
Total
Investments
in
Securities
...........
$27,898,657
$2,335,893,345
$—
$2,363,792,002
Franklin
Utilities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Construction
&
Engineering
...............
20,105,100
—
—
20,105,100
Electric
Utilities
........................
3,305,887,000
—
—
3,305,887,000
6. Fair
Value
Measurements 
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
44
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.
Abbreviations
Level
1
Level
2
Level
3
Total
Franklin
Utilities
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Gas
Utilities
..........................
$
83,988,918
$
—
$
—
$
83,988,918
Independent
Power
and
Renewable
Electricity
Producers
..........................
264,909,000
62,280,959
—
327,189,959
Multi-Utilities
..........................
1,444,722,000
201,584,816
—
1,646,306,816
Oil,
Gas
&
Consumable
Fuels
.............
254,125,500
—
—
254,125,500
Water
Utilities
.........................
33,597,000
24,846,233
—
58,443,233
Short
Term
Investments
...................
44,812,587
—
—
44,812,587
Total
Investments
in
Securities
...........
$5,452,147,105
$288,712,008
e
$—
$5,740,859,113
a
Includes
financial
instruments
determined
to
have
no
value.
b
Includes
foreign
securities
valued
at
$353,557,828,
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
$111,206,443,
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
$288,712,008,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Selected
Portfolio
ADR
American
Depositary
Receipt
BDC
Business
Development
Company
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
6. Fair
Value
Measurements 
(continued)
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.