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      <regName>Franklin Custodian Funds</regName>
      <regFileNumber>811-00537</regFileNumber>
      <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>
      <regPhone>650-312-2000</regPhone>
      <seriesName>Franklin Utilities Fund</seriesName>
      <seriesId>S000006758</seriesId>
      <seriesLei>5493004WS5Z50HMQS896</seriesLei>
      <repPdEnd>2020-09-30</repPdEnd>
      <repPdDate>2020-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      </invstOrSec>
      <invstOrSec>
        <name>CHENIERE ENERGY INC COM USD.003</name>
        <lei>MIHC87W9WTYSYZWV1J40</lei>
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        <cusip>16411R208</cusip>
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        <valUSD>40200000.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EMERA INC ORD CAD NPV</name>
        <lei>NQZVQT2P5IUF2PGA1Q48</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AQUILA INC 8.27% 11/15/2021   CORP BOND</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PINNACLE WEST CAPITAL CORP COM NPV</name>
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        <title>PINNACLE WEST CAPITAL CORP COM NPV</title>
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      <invstOrSec>
        <name>NATIONAL GRID PLC ORD GBP.12431</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>NEXTERA ENERGY INC COM USD.01</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CONSOLIDATED EDISON INC COM USD.1</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>PPL CORP COM USD.01</name>
        <lei>9N3UAJSNOUXFKQLF3V18</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>BLACK HILLS CORP COM USD1</name>
        <lei>3MGELCRSTNSAMJ962671</lei>
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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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        <cusip>30040W108</cusip>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>EXELON CORP COM NPV</name>
        <lei>3SOUA6IRML7435B56G12</lei>
        <title>EXELON CORP COM NPV</title>
        <cusip>30161N101</cusip>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>AMERICAN WATER WORKS CO INC COM USD NPV</name>
        <lei>549300DXHIJQMD5WFW18</lei>
        <title>AMERICAN WATER WORKS CO INC COM USD NPV</title>
        <cusip>030420103</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>E.ON SE ORD EUR NPV</name>
        <lei>Q9MAIUP40P25UFBFG033</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>EDISON INTERNATIONAL COM USD4.166</name>
        <lei>549300I7ROF15MAEVP56</lei>
        <title>EDISON INTERNATIONAL COM USD4.166</title>
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          <ticker value="EIX"/>
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        <fairValLevel>1</fairValLevel>
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        <name>AMERICAN ELECTRIC POWER CO INC COM USD6.5</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
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        <name>ATMOS ENERGY CORP COM NPV</name>
        <lei>QVLWEGTD2S8GJMO8D383</lei>
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        <name>UNITED UTILITIES GROUP PLC ORD GBP.05</name>
        <lei>2138002IEYQAOC88ZJ59</lei>
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        <name>NISOURCE INC COM USD.01</name>
        <lei>549300D8GOWWH0SJB189</lei>
        <title>NISOURCE INC COM USD.01</title>
        <cusip>65473P105</cusip>
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        <name>XCEL ENERGY INC COM USD2.5</name>
        <lei>LGJNMI9GH8XIDG5RCM61</lei>
        <title>XCEL ENERGY INC COM USD2.5</title>
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        <name>SOUTHWEST GAS HOLDINGS INC COM USD1</name>
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        <name>THE WILLIAMS COS INC COM USD1</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
        <title>THE WILLIAMS COS INC COM USD1</title>
        <cusip>969457100</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>SEMPRA ENERGY COM USD NPV</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>SEMPRA ENERGY COM USD NPV</title>
        <cusip>816851109</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>ALLIANT ENERGY CORP COM USD.01</name>
        <lei>5493009ML300G373MZ12</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>186248252.30000000</valUSD>
        <pctVal>3.175966069011</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>ORIGIN ENERGY LTD ORD AUD NPV</name>
        <lei>ZSN2LWNPYW6ISMRUC664</lei>
        <title>ORIGIN ENERGY LTD ORD AUD NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000ORG5"/>
          <other otherDesc="Internal Identifier" value="267"/>
        </identifiers>
        <balance>7000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.62127110"/>
        <valUSD>18834438.22000000</valUSD>
        <pctVal>0.321170996113</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</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>2500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>137625000.00000000</valUSD>
        <pctVal>2.346826479443</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>PUBLIC SERVICE ENTERPRISE GROUP INC COM NPV</name>
        <lei>PUSS41EMO3E6XXNV3U28</lei>
        <title>PUBLIC SERVICE ENTERPRISE GROUP INC COM NPV</title>
        <cusip>744573106</cusip>
        <identifiers>
          <ticker value="PEG"/>
          <other otherDesc="Internal Identifier" value="22764"/>
        </identifiers>
        <balance>2100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>94311000.00000000</valUSD>
        <pctVal>1.608221995297</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>1600000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>116528000.00000000</valUSD>
        <pctVal>1.987073540392</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>FIRSTENERGY CORP COM USD.1</name>
        <lei>549300SVYJS666PQJH88</lei>
        <title>FIRSTENERGY CORP COM USD.1</title>
        <cusip>337932107</cusip>
        <identifiers>
          <ticker value="FE"/>
          <other otherDesc="Internal Identifier" value="49994"/>
        </identifiers>
        <balance>4400000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>176308000.00000000</valUSD>
        <pctVal>3.006461638057</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>DUKE ENERGY CORP COM USD.001</name>
        <lei>I1BZKREC126H0VB1BL91</lei>
        <title>DUKE ENERGY CORP COM USD.001</title>
        <cusip>26441C204</cusip>
        <identifiers>
          <ticker value="DUK"/>
          <other otherDesc="Internal Identifier" value="358486"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>242640000.00000000</valUSD>
        <pctVal>4.137576581087</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>800000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>59584000.00000000</valUSD>
        <pctVal>1.016045841606</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>NORTHWESTERN CORP COM USD1</name>
        <lei>3BPWMBHR1R9SHUN7J795</lei>
        <title>NORTHWESTERN CORP COM USD1</title>
        <cusip>668074305</cusip>
        <identifiers>
          <ticker value="NWE"/>
          <other otherDesc="Internal Identifier" value="320029"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>59830000.00000000</valUSD>
        <pctVal>1.020240714006</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>SOUTHERN CO/THE COM USD5</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>SOUTHERN CO/THE COM USD5</title>
        <cusip>842587107</cusip>
        <identifiers>
          <ticker value="SO"/>
          <other otherDesc="Internal Identifier" value="1134"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>216560000.00000000</valUSD>
        <pctVal>3.692851897462</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>1300000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>114569000.00000000</valUSD>
        <pctVal>1.953668032140</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>1000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13920000.00000000</valUSD>
        <pctVal>0.237368389419</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>IFT MONEY MARKET PORTFOLIO OEMF-SWEEP MONEY MARKET PORTFOLIO</name>
        <lei>N/A</lei>
        <title>IFT MONEY MARKET PORTFOLIO OEMF-SWEEP MONEY MARKET PORTFOLIO</title>
        <cusip>457756500</cusip>
        <identifiers>
          <ticker value="INFXX"/>
          <other otherDesc="Internal Identifier" value="170875"/>
        </identifiers>
        <balance>26935393.96300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26935393.96000000</valUSD>
        <pctVal>0.459311140995</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Clearway Energy Inc COM USD NPV CL C</name>
        <lei>549300LHAZ9HA9G3XC48</lei>
        <title>Clearway Energy Inc COM USD NPV CL C</title>
        <cusip>18539C204</cusip>
        <identifiers>
          <ticker value="CWEN"/>
          <other otherDesc="Internal Identifier" value="604396"/>
        </identifiers>
        <balance>2537458.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>47704210.40000000</valUSD>
        <pctVal>0.813467786722</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>DOMINION ENERGY INC COM USD NPV</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>DOMINION ENERGY INC COM USD NPV</title>
        <cusip>25746U109</cusip>
        <identifiers>
          <ticker value="D"/>
          <other otherDesc="Internal Identifier" value="182154"/>
        </identifiers>
        <balance>4250000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>306807500.00000000</valUSD>
        <pctVal>5.231781762701</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>2020-04-30</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>
