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      <regCity>San Mateo</regCity>
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      <regZipOrPostalCode>94403-1906</regZipOrPostalCode>
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      <seriesName>Franklin Utilities Fund</seriesName>
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      <repPdEnd>2020-09-30</repPdEnd>
      <repPdDate>2019-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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        <isRestrictedSec>N</isRestrictedSec>

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        <isRestrictedSec>N</isRestrictedSec>

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        <name>EXELON CORP COM NPV</name>
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        <name>AQUA AMERICA INC COM USD.5</name>
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        <name>EMERA INC ORD CAD NPV</name>
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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>
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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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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CENTERPOINT ENERGY INC COM USD1</name>
        <lei>21TPXMRRHFKOBHDC8J74</lei>
        <title>CENTERPOINT ENERGY INC COM USD1</title>
        <cusip>15189T107</cusip>
        <identifiers>
          <ticker value="CNP"/>
          <other otherDesc="Internal Identifier" value="226113"/>
        </identifiers>
        <balance>6500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>177255000.00000000</valUSD>
        <pctVal>2.528110612456</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>PPL CORP COM USD.01</name>
        <lei>9N3UAJSNOUXFKQLF3V18</lei>
        <title>PPL CORP COM USD.01</title>
        <cusip>69351T106</cusip>
        <identifiers>
          <ticker value="PPL"/>
          <other otherDesc="Internal Identifier" value="32752"/>
        </identifiers>
        <balance>2200000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>78936000.00000000</valUSD>
        <pctVal>1.125829676482</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>NEW JERSEY RESOURCES CORP COM USD2.5</name>
        <lei>549300QKBSQBIX4DQ583</lei>
        <title>NEW JERSEY RESOURCES CORP COM USD2.5</title>
        <cusip>646025106</cusip>
        <identifiers>
          <ticker value="NJR"/>
          <other otherDesc="Internal Identifier" value="32536"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>44570000.00000000</valUSD>
        <pctVal>0.635682434894</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>THE WILLIAMS COS INC COM USD1</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
        <title>THE WILLIAMS COS INC COM USD1</title>
        <cusip>969457100</cusip>
        <identifiers>
          <ticker value="WMB"/>
          <other otherDesc="Internal Identifier" value="26547"/>
        </identifiers>
        <balance>4400000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>104368000.00000000</valUSD>
        <pctVal>1.488555179830</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>273630000.00000000</valUSD>
        <pctVal>3.902665125871</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>121405500.00000000</valUSD>
        <pctVal>1.731553597701</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>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>49480.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>987126.00000000</valUSD>
        <pctVal>0.014078946807</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>38106000.00000000</valUSD>
        <pctVal>0.543489227374</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>ATMOS ENERGY CORP COM NPV</name>
        <lei>QVLWEGTD2S8GJMO8D383</lei>
        <title>ATMOS ENERGY CORP COM NPV</title>
        <cusip>049560105</cusip>
        <identifiers>
          <ticker value="ATO"/>
          <other otherDesc="Internal Identifier" value="199365"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27965000.00000000</valUSD>
        <pctVal>0.398852575539</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>E.ON SE ORD EUR NPV</name>
        <lei>Q9MAIUP40P25UFBFG033</lei>
        <title>E.ON SE ORD EUR NPV</title>
        <cusip>D24914133</cusip>
        <identifiers>
          <ticker value="EOAN"/>
          <other otherDesc="Internal Identifier" value="54491"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89273760"/>
        <valUSD>53403449.38000000</valUSD>
        <pctVal>0.761670063577</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN ELECTRIC POWER CO INC COM USD6.5</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
        <title>AMERICAN ELECTRIC POWER CO INC COM USD6.5</title>
        <cusip>025537101</cusip>
        <identifiers>
          <ticker value="AEP"/>
          <other otherDesc="Internal Identifier" value="11373"/>
        </identifiers>
        <balance>3800000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>359138000.00000000</valUSD>
        <pctVal>5.122228366682</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>ONEOK INC COM USD.01</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK INC COM USD.01</title>
        <cusip>682680103</cusip>
        <identifiers>
          <ticker value="OKE"/>
          <other otherDesc="Internal Identifier" value="5043"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>37835000.00000000</valUSD>
        <pctVal>0.539624072789</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>2020-01-29</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>
  <documents>XXXX</documents>
</edgarSubmission>
