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      <regCik>0000038721</regCik>
      <regLei>549300PYEMTLTOE2MK86</regLei>
      <regStreet1>One Franklin Parkway</regStreet1>
      <regCity>San Mateo</regCity>
      <regStateConditional regCountry="US" regState="US-CA"/>
      <regZipOrPostalCode>94403-1906</regZipOrPostalCode>
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      <seriesName>Franklin Utilities Fund</seriesName>
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      <seriesLei>5493004WS5Z50HMQS896</seriesLei>
      <repPdEnd>2019-09-30</repPdEnd>
      <repPdDate>2019-09-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>DUKE ENERGY CORP COM USD.001</name>
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      <invstOrSec>
        <name>PPL CORP COM USD.01</name>
        <lei>9N3UAJSNOUXFKQLF3V18</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CENTERPOINT ENERGY INC COM USD1</name>
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        <name>SEMPRA ENERGY COM USD NPV</name>
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        <name>SOUTHERN CO/THE COM USD5</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>NISOURCE INC COM USD.01</name>
        <lei>549300D8GOWWH0SJB189</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>THE WILLIAMS COS INC COM USD1</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>PG&amp;E CORP COM NPV</name>
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        <name>ENTERGY CORP COM USD0.01</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>EVERSOURCE ENERGY COM USD5</name>
        <lei>SJ7XXD41SQU3ZNWUJ746</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NATIONAL GRID PLC ORD GBP.12431</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>ONEOK INC COM USD.01</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
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        <name>OGE ENERGY CORP COM USD.01</name>
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        <name>DOMINION ENERGY INC COM USD NPV</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
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        <name>DTE ENERGY CO COM NPV</name>
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        <name>PUBLIC SERVICE ENTERPRISE GROUP INC COM NPV</name>
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        <name>EMERA INC ORD CAD NPV</name>
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        <name>FIRSTENERGY CORP COM USD.1</name>
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        <name>CONSOLIDATED EDISON INC COM USD.1</name>
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        <name>CMS ENERGY CORP COM USD.01</name>
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        <name>UNITED UTILITIES GROUP PLC ORD GBP.05</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>BLACK HILLS CORP COM USD1</name>
        <lei>3MGELCRSTNSAMJ962671</lei>
        <title>BLACK HILLS CORP COM USD1</title>
        <cusip>092113109</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TARGA RESOURCES CORP COM USD.001</name>
        <lei>5493003QENHHS261UR94</lei>
        <title>TARGA RESOURCES CORP COM USD.001</title>
        <cusip>87612G101</cusip>
        <identifiers>
          <ticker value="TRGP"/>
          <other otherDesc="Internal Identifier" value="482900"/>
        </identifiers>
        <balance>800000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32136000.00000000</valUSD>
        <pctVal>0.460271886804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHENIERE ENERGY INC COM USD.003</name>
        <lei>MIHC87W9WTYSYZWV1J40</lei>
        <title>CHENIERE ENERGY INC COM USD.003</title>
        <cusip>16411R208</cusip>
        <identifiers>
          <ticker value="LNG"/>
          <other otherDesc="Internal Identifier" value="308613"/>
        </identifiers>
        <balance>805910.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>50820684.60000000</valUSD>
        <pctVal>0.727885623274</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KINDER MORGAN INC COM USD NPV</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>KINDER MORGAN INC COM USD NPV</title>
        <cusip>49456B101</cusip>
        <identifiers>
          <ticker value="KMI"/>
          <other otherDesc="Internal Identifier" value="487783"/>
        </identifiers>
        <balance>1800000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>37098000.00000000</valUSD>
        <pctVal>0.531340753568</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPIRE INC COM USD1</name>
        <lei>549300NXSY15DRY2R511</lei>
        <title>SPIRE INC COM USD1</title>
        <cusip>84857L101</cusip>
        <identifiers>
          <ticker value="SR"/>
          <other otherDesc="Internal Identifier" value="203978"/>
        </identifiers>
        <balance>700000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>61068000.00000000</valUSD>
        <pctVal>0.874654082131</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>XCEL ENERGY INC COM USD2.5</name>
        <lei>LGJNMI9GH8XIDG5RCM61</lei>
        <title>XCEL ENERGY INC COM USD2.5</title>
        <cusip>98389B100</cusip>
        <identifiers>
          <ticker value="XEL"/>
          <other otherDesc="Internal Identifier" value="911"/>
        </identifiers>
        <balance>4300000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>279027000.00000000</valUSD>
        <pctVal>3.996399171006</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EXELON CORP COM NPV</name>
        <lei>3SOUA6IRML7435B56G12</lei>
        <title>EXELON CORP COM NPV</title>
        <cusip>30161N101</cusip>
        <identifiers>
          <ticker value="EXC"/>
          <other otherDesc="Internal Identifier" value="195688"/>
        </identifiers>
        <balance>6600000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>318846000.00000000</valUSD>
        <pctVal>4.566711788030</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EVERGY INC COM USD NPV</name>
        <lei>549300PGTHDQY6PSUI61</lei>
        <title>EVERGY INC COM USD NPV</title>
        <cusip>30034W106</cusip>
        <identifiers>
          <ticker value="EVRG"/>
          <other otherDesc="Internal Identifier" value="876117"/>
        </identifiers>
        <balance>4100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>272896000.00000000</valUSD>
        <pctVal>3.908587155260</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AQUA AMERICA INC COM USD.5</name>
        <lei>549300ILTEOF3E3QY357</lei>
        <title>AQUA AMERICA INC COM USD.5</title>
        <cusip>03836W103</cusip>
        <identifiers>
          <ticker value="WTR"/>
          <other otherDesc="Internal Identifier" value="203752"/>
        </identifiers>
        <balance>1750000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>78452500.00000000</valUSD>
        <pctVal>1.123645761748</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WEC ENERGY GROUP INC COM USD.01</name>
        <lei>549300IGLYTZUK3PVP70</lei>
        <title>WEC ENERGY GROUP INC COM USD.01</title>
        <cusip>92939U106</cusip>
        <identifiers>
          <ticker value="WEC"/>
          <other otherDesc="Internal Identifier" value="30501"/>
        </identifiers>
        <balance>1750000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>166425000.00000000</valUSD>
        <pctVal>2.383642916401</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMEREN CORP COM USD.01</name>
        <lei>XRZQ5S7HYJFPHJ78L959</lei>
        <title>AMEREN CORP COM USD.01</title>
        <cusip>023608102</cusip>
        <identifiers>
          <ticker value="AEE"/>
          <other otherDesc="Internal Identifier" value="63796"/>
        </identifiers>
        <balance>1100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>88055000.00000000</valUSD>
        <pctVal>1.261178771240</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALLIANT ENERGY CORP COM USD.01</name>
        <lei>N/A</lei>
        <title>ALLIANT ENERGY CORP COM USD.01</title>
        <cusip>018802108</cusip>
        <identifiers>
          <ticker value="LNT"/>
          <other otherDesc="Internal Identifier" value="14101"/>
        </identifiers>
        <balance>3856870.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>208000999.10000000</valUSD>
        <pctVal>2.979120373196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PINNACLE WEST CAPITAL CORP COM NPV</name>
        <lei>TWSEY0NEDUDCKS27AH81</lei>
        <title>PINNACLE WEST CAPITAL CORP COM NPV</title>
        <cusip>723484101</cusip>
        <identifiers>
          <ticker value="PNW"/>
          <other otherDesc="Internal Identifier" value="8144"/>
        </identifiers>
        <balance>1350000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>131044500.00000000</valUSD>
        <pctVal>1.876901271794</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2019-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Robert Kubilis</ncom:nameOfApplicant>
      <ncom:signature>Robert Kubilis</ncom:signature>
      <ncom:signerName>Robert Kubilis</ncom:signerName>
      <ncom:title>Chief Financial Officer, Chief Accounting Officer and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
