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    <accessionNumber>0001752724-20-042770</accessionNumber>
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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 Growth Fund</seriesName>
      <seriesId>S000006755</seriesId>
      <seriesLei>549300HNBBCTK2YQED48</seriesLei>
      <repPdEnd>2020-09-30</repPdEnd>
      <repPdDate>2019-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>NORTHROP GRUMMAN CORP COM USD1</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AGILENT TECHNOLOGIES INC COM USD.01</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Lyft Inc COM USD 0.00001 CL A</name>
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        <name>MARTIN MARIETTA MATERIALS INC COM USD.01</name>
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        <name>GILEAD SCIENCES INC COM USD0.001</name>
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        <name>NIKE INC COM B NPV</name>
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        <name>ASTRAZENECA PLC SPONSORED ADR</name>
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        <name>CANADIAN NATIONAL RAILWAY CO ORD NPV USD</name>
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        <name>EQUIFAX INC COM USD1.25</name>
        <lei>5493004MCF8JDC86VS77</lei>
        <title>EQUIFAX INC COM USD1.25</title>
        <cusip>294429105</cusip>
        <identifiers>
          <ticker value="EFX"/>
          <other otherDesc="Internal Identifier" value="15152"/>
        </identifiers>
        <balance>544440.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>76286932.80000000</valUSD>
        <pctVal>0.446311764705</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>CATALENT INC COM USD.01</name>
        <lei>N/A</lei>
        <title>CATALENT INC COM USD.01</title>
        <cusip>148806102</cusip>
        <identifiers>
          <ticker value="CTLT"/>
          <other otherDesc="Internal Identifier" value="582351"/>
        </identifiers>
        <balance>3365622.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>189484518.60000000</valUSD>
        <pctVal>1.108566916728</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>QUEST DIAGNOSTICS INC COM USD.01</name>
        <lei>8MCWUBXQ0WE04KMXBX50</lei>
        <title>QUEST DIAGNOSTICS INC COM USD.01</title>
        <cusip>74834L100</cusip>
        <identifiers>
          <ticker value="DGX"/>
          <other otherDesc="Internal Identifier" value="43932"/>
        </identifiers>
        <balance>890901.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>95139317.79000000</valUSD>
        <pctVal>0.556606423370</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>INGERSOLL-RAND PLC ORD USD1</name>
        <lei>549300BURLR9SLYY2705</lei>
        <title>INGERSOLL-RAND PLC ORD USD1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE00B6330302"/>
          <other otherDesc="Internal Identifier" value="226223"/>
        </identifiers>
        <balance>1088879.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>144733796.68000000</valUSD>
        <pctVal>0.846755713434</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STRYKER CORP COM USD.1</name>
        <lei>5493002F0SC4JTBU5137</lei>
        <title>STRYKER CORP COM USD.1</title>
        <cusip>863667101</cusip>
        <identifiers>
          <ticker value="SYK"/>
          <other otherDesc="Internal Identifier" value="1157"/>
        </identifiers>
        <balance>395957.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>83127212.58000000</valUSD>
        <pctVal>0.486330379003</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>CELANESE CORP COM USD .0001</name>
        <lei>549300FHJQTDPPN41627</lei>
        <title>CELANESE CORP COM USD .0001</title>
        <cusip>150870103</cusip>
        <identifiers>
          <ticker value="CE"/>
          <other otherDesc="Internal Identifier" value="326085"/>
        </identifiers>
        <balance>1237362.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>152344009.44000000</valUSD>
        <pctVal>0.891278770818</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>TWILIO INC COM USD NPV CL A</name>
        <lei>5493004W8TRGD63APX93</lei>
        <title>TWILIO INC COM USD NPV CL A</title>
        <cusip>90138F102</cusip>
        <identifiers>
          <ticker value="TWLO"/>
          <other otherDesc="Internal Identifier" value="638664"/>
        </identifiers>
        <balance>397509.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>39067184.52000000</valUSD>
        <pctVal>0.228560035450</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>REATA PHARMACEUTICALS INC COM USD.001</name>
        <lei>5299005F094GH9QDDD80</lei>
        <title>REATA PHARMACEUTICALS INC COM USD.001</title>
        <cusip>75615P103</cusip>
        <identifiers>
          <ticker value="RETA"/>
          <other otherDesc="Internal Identifier" value="634806"/>
        </identifiers>
        <balance>96100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19645723.00000000</valUSD>
        <pctVal>0.114936031365</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>
