NPORT-EX 2 FCF.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FCF-Q1PH
1
Schedules
of
Investments
(unaudited)
Franklin
DynaTech
Fund
2
Franklin
Growth
Fund
7
Franklin
Income
Fund
11
Franklin
U.S.
Government
Securities
Fund
33
Franklin
Utilities
Fund
35
Notes
to
Schedules
of
Investments
37
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
December
31,
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
99.6%
Aerospace
&
Defense
2.1%
a
Axon
Enterprise,
Inc.
.................................
United
States
925,000
$
549,746,000
a
Kratos
Defense
&
Security
Solutions,
Inc.
.................
United
States
250,000
6,595,000
556,341,000
Automobiles
2.9%
a
Tesla,
Inc.
.........................................
United
States
1,850,000
747,104,000
Biotechnology
2.0%
a
ADMA
Biologics,
Inc.
.................................
United
States
100,000
1,715,000
a
Argenx
SE
........................................
Netherlands
135,000
83,391,114
a
Ascendis
Pharma
A/S
,
ADR
...........................
Denmark
100,000
13,767,000
a
BioNTech
SE
,
ADR
..................................
Germany
125,000
14,243,750
a
Crinetics
Pharmaceuticals,
Inc.
.........................
United
States
550,000
28,121,500
a
Insmed,
Inc.
.......................................
United
States
300,000
20,712,000
a
Krystal
Biotech,
Inc.
.................................
United
States
100,000
15,666,000
a
Natera,
Inc.
........................................
United
States
1,200,000
189,960,000
a
Ultragenyx
Pharmaceutical,
Inc.
........................
United
States
100,000
4,207,000
a
United
Therapeutics
Corp.
.............................
United
States
200,000
70,568,000
a
Vertex
Pharmaceuticals,
Inc.
...........................
United
States
200,000
80,540,000
522,891,364
Broadline
Retail
9.8%
a
Amazon.com,
Inc.
...................................
United
States
10,000,000
2,193,900,000
a
Global-e
Online
Ltd.
.................................
Israel
300,000
16,359,000
a
MercadoLibre,
Inc.
..................................
Brazil
200,000
340,088,000
2,550,347,000
Capital
Markets
1.6%
a
Coinbase
Global,
Inc.
,
A
..............................
United
States
250,000
62,075,000
Moody's
Corp.
......................................
United
States
150,000
71,005,500
MSCI,
Inc.
,
A
.......................................
United
States
50,000
30,000,500
Tradeweb
Markets,
Inc.
,
A
.............................
United
States
2,000,000
261,840,000
424,921,000
Communications
Equipment
0.5%
a
Arista
Networks,
Inc.
.................................
United
States
1,250,000
138,162,500
Construction
&
Engineering
0.8%
Quanta
Services,
Inc.
................................
United
States
700,000
221,235,000
Diversified
Consumer
Services
0.1%
a
Duolingo,
Inc.
,
A
....................................
United
States
100,000
32,423,000
Electrical
Equipment
0.3%
GE
Vernova,
Inc.
....................................
United
States
150,000
49,339,500
Vertiv
Holdings
Co.
,
A
................................
United
States
300,000
34,083,000
83,422,500
Electronic
Equipment,
Instruments
&
Components
0.9%
Amphenol
Corp.
,
A
..................................
United
States
1,300,000
90,285,000
a
Celestica,
Inc.
......................................
Canada
1,000,000
92,300,000
Keyence
Corp.
.....................................
Japan
100,000
40,647,166
a
Zebra
Technologies
Corp.
,
A
...........................
United
States
50,000
19,311,000
242,543,166
Energy
Equipment
&
Services
0.4%
Baker
Hughes
Co.
,
A
.................................
United
States
1,000,000
41,020,000
a
Oceaneering
International,
Inc.
.........................
United
States
1,000,000
26,080,000
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)
Energy
Equipment
&
Services
(continued)
TechnipFMC
plc
....................................
United
Kingdom
1,250,000
$
36,175,000
103,275,000
Entertainment
1.0%
a
Netflix,
Inc.
........................................
United
States
175,000
155,981,000
a
ROBLOX
Corp.
,
A
...................................
United
States
50,000
2,893,000
a
Sea
Ltd.
,
ADR
......................................
Singapore
335,000
35,543,500
a
Spotify
Technology
SA
................................
United
States
125,000
55,922,500
250,340,000
Financial
Services
4.7%
a
Block,
Inc.
,
A
.......................................
United
States
200,000
16,998,000
Mastercard,
Inc.
,
A
..................................
United
States
1,700,000
895,169,000
a
Toast,
Inc.
,
A
.......................................
United
States
200,000
7,290,000
Visa,
Inc.
,
A
........................................
United
States
1,000,000
316,040,000
1,235,497,000
Ground
Transportation
0.2%
a
Uber
Technologies,
Inc.
...............................
United
States
1,000,000
60,320,000
Health
Care
Equipment
&
Supplies
3.0%
a
Boston
Scientific
Corp.
...............................
United
States
500,000
44,660,000
a
Cooper
Cos.,
Inc.
(The)
...............................
United
States
100,000
9,193,000
a
Globus
Medical,
Inc.
,
A
...............................
United
States
100,000
8,271,000
Hoya
Corp.
........................................
Japan
75,000
9,307,973
a
IDEXX
Laboratories,
Inc.
..............................
United
States
200,000
82,688,000
a
Intuitive
Surgical,
Inc.
................................
United
States
1,050,000
548,058,000
a
PROCEPT
BioRobotics
Corp.
..........................
United
States
650,000
52,338,000
Stryker
Corp.
......................................
United
States
50,000
18,002,500
772,518,473
Health
Care
Providers
&
Services
0.5%
a
HealthEquity,
Inc.
...................................
United
States
500,000
47,975,000
UnitedHealth
Group,
Inc.
..............................
United
States
150,000
75,879,000
123,854,000
Health
Care
Technology
0.5%
a
Doximity,
Inc.
,
A
....................................
United
States
850,000
45,381,500
Pro
Medicus
Ltd.
....................................
Australia
500,000
77,236,267
a
Veeva
Systems,
Inc.
,
A
...............................
United
States
50,000
10,512,500
133,130,267
Hotels,
Restaurants
&
Leisure
1.8%
Booking
Holdings,
Inc.
...............................
United
States
50,000
248,421,000
a
DoorDash,
Inc.
,
A
...................................
United
States
1,000,000
167,750,000
a
MakeMyTrip
Ltd.
....................................
India
550,000
61,754,000
477,925,000
Interactive
Media
&
Services
10.1%
Alphabet,
Inc.
,
A
....................................
United
States
7,000,000
1,325,100,000
Meta
Platforms,
Inc.
,
A
...............................
United
States
2,250,000
1,317,397,500
2,642,497,500
IT
Services
2.9%
a
Cloudflare,
Inc.
,
A
...................................
United
States
850,000
91,528,000
a
Gartner,
Inc.
.......................................
United
States
175,000
84,782,250
a
GoDaddy,
Inc.
,
A
....................................
United
States
125,000
24,671,250
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)
IT
Services
(continued)
a
MongoDB,
Inc.
,
A
...................................
United
States
100,000
$
23,281,000
a
Shopify,
Inc.
,
A
.....................................
Canada
4,800,000
510,871,335
a
Wix.com
Ltd.
.......................................
Israel
125,000
26,818,750
761,952,585
Life
Sciences
Tools
&
Services
1.8%
Danaher
Corp.
.....................................
United
States
900,000
206,595,000
a,b
Tempus
AI,
Inc.
,
A
...................................
United
States
600,000
20,256,000
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
450,000
234,103,500
460,954,500
Media
0.3%
a
Trade
Desk,
Inc.
(The)
,
A
..............................
United
States
650,000
76,394,500
Pharmaceuticals
2.0%
Eli
Lilly
&
Co.
......................................
United
States
650,000
501,800,000
a
Intra-Cellular
Therapies,
Inc.
...........................
United
States
200,000
16,704,000
a
Ligand
Pharmaceuticals,
Inc.
...........................
United
States
160,000
17,144,000
535,648,000
Professional
Services
0.2%
Leidos
Holdings,
Inc.
.................................
United
States
125,000
18,007,500
Verisk
Analytics,
Inc.
,
A
...............................
United
States
130,000
35,805,900
53,813,400
Semiconductors
&
Semiconductor
Equipment
20.9%
a
Advanced
Micro
Devices,
Inc.
..........................
United
States
1,500,000
181,185,000
Analog
Devices,
Inc.
.................................
United
States
1,000,000
212,460,000
Applied
Materials,
Inc.
................................
United
States
100,000
16,263,000
a
ARM
Holdings
plc
,
ADR
..............................
United
States
100,000
12,336,000
ASM
International
NV
................................
Netherlands
200,000
115,637,111
ASML
Holding
NV
,
ADR
..............................
Netherlands
300,000
207,924,000
Broadcom,
Inc.
.....................................
United
States
3,500,000
811,440,000
Intel
Corp.
.........................................
United
States
250,000
5,012,500
KLA
Corp.
.........................................
United
States
200,000
126,024,000
Lam
Research
Corp.
.................................
United
States
2,000,000
144,460,000
Marvell
Technology,
Inc.
..............................
United
States
50,000
5,522,500
Monolithic
Power
Systems,
Inc.
.........................
United
States
350,000
207,095,000
NVIDIA
Corp.
......................................
United
States
24,000,000
3,222,960,000
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.........
Taiwan
1,000,000
197,490,000
5,465,809,111
Software
25.6%
a
Agilysys,
Inc.
.......................................
United
States
300,000
39,513,000
a
Appfolio,
Inc.
,
A
.....................................
United
States
200,000
49,344,000
a
AppLovin
Corp.
,
A
...................................
United
States
650,000
210,489,500
a
Aspen
Technology,
Inc.
...............................
United
States
150,000
37,444,500
a
Cadence
Design
Systems,
Inc.
.........................
United
States
2,000,000
600,920,000
a
Clearwater
Analytics
Holdings,
Inc.
,
A
....................
United
States
750,000
20,640,000
a
Confluent,
Inc.
,
A
....................................
United
States
150,000
4,194,000
Constellation
Software,
Inc.
............................
Canada
75,000
231,916,414
a
Crowdstrike
Holdings,
Inc.
,
A
...........................
United
States
100,000
34,216,000
a
Datadog,
Inc.
,
A
....................................
United
States
500,000
71,445,000
a
Descartes
Systems
Group,
Inc.
(The)
....................
Canada
1,000,000
113,600,000
a
Fair
Isaac
Corp.
....................................
United
States
50,000
99,546,500
a
Fortinet,
Inc.
.......................................
United
States
300,000
28,344,000
a
Gitlab,
Inc.
,
A
......................................
United
States
150,000
8,452,500
a
Guidewire
Software,
Inc.
..............................
United
States
225,000
37,930,500
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
DynaTech
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
a
HubSpot,
Inc.
......................................
United
States
300,000
$
209,031,000
Intuit,
Inc.
.........................................
United
States
650,000
408,525,000
a
Klaviyo,
Inc.
,
A
.....................................
United
States
1,000,000
41,240,000
a
Life360,
Inc.
.......................................
United
States
500,000
20,635,000
a,c
Lumine
Group,
Inc.
,
Reg
S
............................
Canada
500,000
14,310,063
a
Manhattan
Associates,
Inc.
............................
United
States
350,000
94,584,000
Microsoft
Corp.
.....................................
United
States
4,500,000
1,896,750,000
a
Monday.com
Ltd.
....................................
United
States
500,000
117,720,000
a
Palantir
Technologies,
Inc.
,
A
...........................
United
States
500,000
37,815,000
a
Palo
Alto
Networks,
Inc.
..............................
United
States
2,000,000
363,920,000
a
Q2
Holdings,
Inc.
...................................
United
States
100,000
10,065,000
Salesforce,
Inc.
.....................................
United
States
400,000
133,732,000
a
Samsara,
Inc.
,
A
....................................
United
States
1,250,000
54,612,500
a
ServiceNow,
Inc.
....................................
United
States
1,000,000
1,060,120,000
a,b
ServiceTitan,
Inc.
,
A
.................................
United
States
250,000
25,717,500
a
SPS
Commerce,
Inc.
.................................
United
States
100,000
18,399,000
a
Synopsys,
Inc.
.....................................
United
States
1,000,000
485,360,000
a
Tyler
Technologies,
Inc.
...............................
United
States
175,000
100,912,000
a
Vertex,
Inc.
,
A
......................................
United
States
350,000
18,672,500
6,700,116,477
Specialty
Retail
0.1%
a
Carvana
Co.
,
A
.....................................
United
States
125,000
25,420,000
Technology
Hardware,
Storage
&
Peripherals
2.5%
Apple,
Inc.
........................................
United
States
2,600,000
651,092,000
Trading
Companies
&
Distributors
0.1%
Fastenal
Co.
.......................................
United
States
200,000
14,382,000
Total
Common
Stocks
(Cost
$
10,527,983,229
)
.................................
26,064,330,343
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
$
10,527,983,229
)
..........................
26,064,330,343
a
Short
Term
Investments
0.6%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.5%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.183
%
..
United
States
121,464,046
121,464,046
Total
Money
Market
Funds
(Cost
$
121,464,046
)
...............................
121,464,046
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
DynaTech
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
See
Abbreviations
on
page
44
.
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.1%
Money
Market
Funds
0.1%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.183
%
..
United
States
32,444,000
$
32,444,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
32,444,000
)
.........................................................
32,444,000
Total
Short
Term
Investments
(Cost
$
153,908,046
)
.............................
153,908,046
a
Total
Investments
(Cost
$
10,681,891,275
)
100.2
%
.............................
$26,218,238,389
Other
Assets,
less
Liabilities
(
0.2
)
%
.........................................
(55,913,687)
Net
Assets
100.0%
.........................................................
$26,162,324,702
a
a
a
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
December
31,
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
December
31,
2024,
the
value
of
this
security
was
$14,310,063,
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),
December
31,
2024
Franklin
Growth
Fund
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
98.5%
Aerospace
&
Defense
3.7%
BWX
Technologies,
Inc.
..............................
United
States
1,291,198
$
143,826,545
Curtiss-Wright
Corp.
.................................
United
States
273,322
96,993,778
Northrop
Grumman
Corp.
.............................
United
States
540,587
253,692,073
RTX
Corp.
........................................
United
States
1,445,967
167,327,302
661,839,698
Beverages
1.6%
a
Monster
Beverage
Corp.
..............................
United
States
3,581,223
188,229,081
PepsiCo,
Inc.
......................................
United
States
608,393
92,512,239
280,741,320
Biotechnology
1.4%
AbbVie,
Inc.
.......................................
United
States
418,663
74,396,415
Amgen,
Inc.
.......................................
United
States
553,786
144,338,783
a
Regeneron
Pharmaceuticals,
Inc.
.......................
United
States
51,508
36,690,694
255,425,892
Broadline
Retail
5.2%
a
Amazon.com,
Inc.
...................................
United
States
4,264,858
935,667,197
Building
Products
1.8%
Trane
Technologies
plc
...............................
United
States
877,172
323,983,478
Capital
Markets
5.1%
BlackRock,
Inc.
.....................................
United
States
118,955
121,941,960
Blackstone,
Inc.
....................................
United
States
767,226
132,285,107
Charles
Schwab
Corp.
(The)
...........................
United
States
2,020,153
149,511,524
Intercontinental
Exchange,
Inc.
.........................
United
States
1,297,519
193,343,306
S&P
Global,
Inc.
....................................
United
States
336,752
167,712,599
Tradeweb
Markets,
Inc.,
A
.............................
United
States
1,084,847
142,028,169
906,822,665
Chemicals
3.0%
Air
Products
and
Chemicals,
Inc.
........................
United
States
455,151
132,011,996
Ecolab,
Inc.
........................................
United
States
567,756
133,036,586
Linde
plc
..........................................
United
States
638,703
267,405,785
532,454,367
Commercial
Services
&
Supplies
0.7%
Republic
Services,
Inc.,
A
.............................
United
States
592,563
119,211,824
Construction
Materials
0.9%
Martin
Marietta
Materials,
Inc.
..........................
United
States
321,258
165,929,757
Consumer
Staples
Distribution
&
Retail
1.3%
Costco
Wholesale
Corp.
..............................
United
States
243,490
223,102,582
Electric
Utilities
1.0%
NextEra
Energy,
Inc.
.................................
United
States
2,455,029
176,001,029
Electrical
Equipment
1.4%
AMETEK,
Inc.
......................................
United
States
648,444
116,888,515
Eaton
Corp.
plc
.....................................
United
States
420,755
139,635,962
256,524,477
Electronic
Equipment,
Instruments
&
Components
3.1%
Amphenol
Corp.,
A
..................................
United
States
4,381,701
304,309,134
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)
Electronic
Equipment,
Instruments
&
Components
(continued)
TE
Connectivity
plc
..................................
Switzerland
1,701,272
$
243,230,858
547,539,992
Entertainment
0.5%
a
Netflix,
Inc.
........................................
United
States
100,800
89,845,056
Financial
Services
4.3%
Mastercard,
Inc.,
A
..................................
United
States
926,433
487,831,825
Visa,
Inc.,
A
........................................
United
States
902,186
285,126,863
772,958,688
Ground
Transportation
2.8%
Canadian
Pacific
Kansas
City
Ltd.
.......................
Canada
1,294,021
93,648,300
Old
Dominion
Freight
Line,
Inc.
.........................
United
States
368,047
64,923,491
a
Uber
Technologies,
Inc.
...............................
United
States
535,535
32,303,471
Union
Pacific
Corp.
..................................
United
States
1,376,892
313,986,451
504,861,713
Health
Care
Equipment
&
Supplies
3.9%
Abbott
Laboratories
..................................
United
States
712,365
80,575,605
a
Edwards
Lifesciences
Corp.
...........................
United
States
928,353
68,725,973
a
Intuitive
Surgical,
Inc.
................................
United
States
789,430
412,050,883
Stryker
Corp.
......................................
United
States
373,568
134,503,158
695,855,619
Health
Care
Providers
&
Services
1.2%
UnitedHealth
Group,
Inc.
..............................
United
States
425,127
215,054,744
Health
Care
Technology
0.5%
a
Veeva
Systems,
Inc.,
A
...............................
United
States
392,750
82,575,688
Hotels,
Restaurants
&
Leisure
2.0%
a
Airbnb,
Inc.,
A
......................................
United
States
557,103
73,208,906
Booking
Holdings,
Inc.
...............................
United
States
27,067
134,480,224
a
Chipotle
Mexican
Grill,
Inc.,
A
..........................
United
States
2,363,334
142,509,040
350,198,170
Industrial
REITs
0.5%
Prologis,
Inc.
.......................................
United
States
807,858
85,390,591
Interactive
Media
&
Services
4.5%
Alphabet,
Inc.,
A
....................................
United
States
1,975,709
374,001,714
Alphabet,
Inc.,
C
....................................
United
States
2,307,517
439,443,537
813,445,251
IT
Services
0.6%
a,b,c
Canva,
Inc.,
B
......................................
Australia
25,413
31,314,917
a
MongoDB,
Inc.,
A
...................................
United
States
178,884
41,645,984
a
Shopify,
Inc.,
A
.....................................
Canada
395,523
42,055,961
115,016,862
Life
Sciences
Tools
&
Services
4.6%
Agilent
Technologies,
Inc.
.............................
United
States
997,758
134,038,810
Danaher
Corp.
.....................................
United
States
1,088,164
249,788,046
a
Mettler-Toledo
International,
Inc.
........................
United
States
143,347
175,410,857
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
355,783
185,088,990
West
Pharmaceutical
Services,
Inc.
......................
United
States
260,256
85,249,455
829,576,158
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Growth
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Machinery
3.9%
Deere
&
Co.
.......................................
United
States
339,947
$
144,035,544
Illinois
Tool
Works,
Inc.
...............................
United
States
723,910
183,554,620
Ingersoll
Rand,
Inc.
..................................
United
States
1,902,461
172,096,622
Parker-Hannifin
Corp.
................................
United
States
117,015
74,425,050
Xylem,
Inc.
........................................
United
States
1,049,859
121,804,641
695,916,477
Pharmaceuticals
2.3%
AstraZeneca
plc,
ADR
................................
United
Kingdom
2,027,295
132,828,368
Eli
Lilly
&
Co.
......................................
United
States
370,620
286,118,640
418,947,008
Professional
Services
0.4%
Automatic
Data
Processing,
Inc.
........................
United
States
101,095
29,593,540
Verisk
Analytics,
Inc.,
A
...............................
United
States
171,219
47,158,849
76,752,389
Semiconductors
&
Semiconductor
Equipment
12.9%
a
ARM
Holdings
plc,
ADR
..............................
United
States
342,492
42,249,813
ASML
Holding
NV,
ADR
..............................
Netherlands
398,976
276,522,286
Broadcom,
Inc.
.....................................
United
States
236,800
54,899,712
Lam
Research
Corp.
.................................
United
States
274,282
19,811,389
a
Lattice
Semiconductor
Corp.
...........................
United
States
668,460
37,868,259
Monolithic
Power
Systems,
Inc.
.........................
United
States
332,640
196,823,088
NVIDIA
Corp.
......................................
United
States
9,823,756
1,319,232,193
NXP
Semiconductors
NV
.............................
China
639,186
132,854,810
Texas
Instruments,
Inc.
...............................
United
States
1,274,489
238,979,433
2,319,240,983
Software
17.5%
a
Adobe,
Inc.
........................................
United
States
137,856
61,301,806
a
Autodesk,
Inc.
......................................
United
States
736,342
217,640,605
a,b,c
Checkout
Payments
Group
Ltd.,
B
.......................
United
Kingdom
96,603
10,010,941
a
Crowdstrike
Holdings,
Inc.,
A
...........................
United
States
127,537
43,638,060
Intuit,
Inc.
.........................................
United
States
647,515
406,963,177
a
Manhattan
Associates,
Inc.
............................
United
States
124,221
33,569,483
Microsoft
Corp.
.....................................
United
States
2,683,986
1,131,300,099
a
PTC,
Inc.
.........................................
United
States
986,178
181,328,549
Salesforce,
Inc.
.....................................
United
States
513,173
171,569,129
a
ServiceNow,
Inc.
....................................
United
States
504,366
534,688,484
a,b,c
Stripe,
Inc.,
B
......................................
United
States
540,043
16,871,953
a
Synopsys,
Inc.
.....................................
United
States
516,110
250,499,150
a
Tyler
Technologies,
Inc.
...............................
United
States
138,488
79,857,720
3,139,239,156
Technology
Hardware,
Storage
&
Peripherals
4.4%
Apple,
Inc.
........................................
United
States
3,150,913
789,051,633
Textiles,
Apparel
&
Luxury
Goods
0.5%
NIKE,
Inc.,
B
.......................................
United
States
1,257,982
95,191,498
Trading
Companies
&
Distributors
1.0%
Fastenal
Co.
.......................................
United
States
2,502,937
179,986,200
Total
Common
Stocks
(Cost
$4,370,466,075)
..................................
17,654,348,162
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Growth
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
See
Abbreviations
on
page
44.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Convertible
Preferred
Stocks
0.7%
IT
Services
0.0%
†
a,b,c
Canva,
Inc.,
A
......................................
Australia
2,353
$
2,899,461
a,b,c
Canva,
Inc.,
A-3
....................................
Australia
94
115,831
a,b,c
Canva,
Inc.,
A-4
....................................
Australia
8
9,858
a,b,c
Canva,
Inc.,
A-5
....................................
Australia
5
6,161
3,031,311
Software
0.6%
a,b,c
Gusto,
Inc.,
E
......................................
United
States
822,494
27,871,588
a,b,c
OneTrust
LLC,
C
....................................
United
States
849,894
11,972,803
a,b,c
Stripe,
Inc.,
I
.......................................
United
States
1,759,545
54,971,476
94,815,867
Trading
Companies
&
Distributors
0.1%
a,b,c
Anduril
Industries,
Inc.,
F
..............................
United
States
1,150,134
25,000,003
Total
Convertible
Preferred
Stocks
(Cost
$106,287,288)
........................
122,847,181
Preferred
Stocks
0.6%
Life
Sciences
Tools
&
Services
0.6%
d
Sartorius
AG,
0.34%
.................................
Germany
456,335
101,413,093
Total
Preferred
Stocks
(Cost
$158,101,436)
...................................
101,413,093
Total
Long
Term
Investments
(Cost
$4,634,854,799)
...........................
17,878,608,436
a
Short
Term
Investments
0.3%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.3%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.183%
..
United
States
58,528,652
58,528,652
Total
Money
Market
Funds
(Cost
$58,528,652)
................................
58,528,652
Total
Short
Term
Investments
(Cost
$58,528,652
)
..............................
58,528,652
a
Total
Investments
(Cost
$4,693,383,451)
100.1%
..............................
$17,937,137,088
Other
Assets,
less
Liabilities
(0.1)%
.........................................
(20,689,632)
Net
Assets
100.0%
.........................................................
$17,916,447,456
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),
December
31,
2024
Franklin
Income
Fund
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
25.7%
Aerospace
&
Defense
1.1%
a
Boeing
Co.
(The)
...................................
United
States
1,175,000
$
207,975,000
b
Lockheed
Martin
Corp.
...............................
United
States
1,000,000
485,940,000
RTX
Corp.
........................................
United
States
950,000
109,934,000
803,849,000
Air
Freight
&
Logistics
0.5%
b
United
Parcel
Service,
Inc.
,
B
..........................
United
States
3,030,000
382,083,000
Banks
1.6%
Bank
of
America
Corp.
...............................
United
States
4,000,000
175,800,000
Citigroup,
Inc.
......................................
United
States
2,500,000
175,975,000
b
Fifth
Third
Bancorp
..................................
United
States
4,000,000
169,120,000
PNC
Financial
Services
Group,
Inc.
(The)
.................
United
States
1,250,000
241,062,500
Truist
Financial
Corp.
................................
United
States
1,000,000
43,380,000
US
Bancorp
.......................................
United
States
7,250,000
346,767,500
1,152,105,000
Beverages
1.7%
Coca-Cola
Co.
(The)
.................................
United
States
6,000,000
373,560,000
PepsiCo,
Inc.
......................................
United
States
5,500,000
836,330,000
1,209,890,000
Biotechnology
1.1%
AbbVie,
Inc.
.......................................
United
States
2,500,000
444,250,000
Amgen,
Inc.
.......................................
United
States
1,500,000
390,960,000
835,210,000
Capital
Markets
0.1%
b
BlackRock,
Inc.
.....................................
United
States
100,000
102,511,000
Chemicals
0.7%
b
Air
Products
and
Chemicals,
Inc.
........................
United
States
1,000,000
290,040,000
Albemarle
Corp.
....................................
United
States
1,000,000
86,080,000
LyondellBasell
Industries
NV
,
A
.........................
United
States
1,700,000
126,259,000
502,379,000
Communications
Equipment
0.5%
Cisco
Systems,
Inc.
.................................
United
States
6,395,000
378,584,000
Diversified
Telecommunication
Services
0.3%
Verizon
Communications,
Inc.
..........................
United
States
6,000,000
239,940,000
Electric
Utilities
2.5%
American
Electric
Power
Co.,
Inc.
.......................
United
States
1,500,000
138,345,000
Duke
Energy
Corp.
..................................
United
States
3,000,000
323,220,000
Edison
International
.................................
United
States
1,500,000
119,760,000
b
NextEra
Energy,
Inc.
.................................
United
States
5,000,000
358,450,000
Southern
Co.
(The)
..................................
United
States
8,000,000
658,560,000
Xcel
Energy,
Inc.
....................................
United
States
3,000,000
202,560,000
1,800,895,000
Energy
Equipment
&
Services
0.1%
Schlumberger
NV
...................................
United
States
1,000,000
38,340,000
Food
Products
0.5%
Mondelez
International,
Inc.
,
A
..........................
United
States
600,000
35,838,000
Nestle
SA
,
ADR
....................................
United
States
4,000,000
326,800,000
362,638,000
Ground
Transportation
1.0%
Norfolk
Southern
Corp.
...............................
United
States
300,000
70,410,000
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
Common
Stocks
(continued)
Ground
Transportation
(continued)
Union
Pacific
Corp.
..................................
United
States
3,049,847
$
695,487,110
765,897,110
Health
Care
Equipment
&
Supplies
0.4%
b
Abbott
Laboratories
..................................
United
States
1,000,000
113,110,000
Medtronic
plc
......................................
United
States
2,500,000
199,700,000
312,810,000
Health
Care
Providers
&
Services
0.4%
Cigna
Group
(The)
..................................
United
States
300,000
82,842,000
b
CVS
Health
Corp.
...................................
United
States
2,250,000
101,002,500
UnitedHealth
Group,
Inc.
..............................
United
States
200,000
101,172,000
285,016,500
Hotels,
Restaurants
&
Leisure
0.3%
b
McDonald's
Corp.
...................................
United
States
750,000
217,417,500
Household
Products
1.3%
Procter
&
Gamble
Co.
(The)
...........................
United
States
5,500,000
922,075,000
Industrial
Conglomerates
0.3%
b
Honeywell
International,
Inc.
...........................
United
States
1,000,000
225,890,000
IT
Services
0.2%
International
Business
Machines
Corp.
...................
United
States
500,000
109,915,000
Machinery
0.1%
Illinois
Tool
Works,
Inc.
...............................
United
States
400,000
101,424,000
Media
0.2%
Comcast
Corp.
,
A
...................................
United
States
4,000,000
150,120,000
Metals
&
Mining
0.3%
b
Rio
Tinto
plc
,
ADR
...................................
Australia
3,500,000
205,835,000
Multi-Utilities
0.7%
Dominion
Energy,
Inc.
................................
United
States
5,000,000
269,300,000
Sempra
...........................................
United
States
3,000,000
263,160,000
532,460,000
Oil,
Gas
&
Consumable
Fuels
4.3%
BP
plc
,
ADR
.......................................
United
States
6,649,993
196,573,793
b
Chevron
Corp.
.....................................
United
States
7,500,000
1,086,300,000
b
ConocoPhillips
.....................................
United
States
3,500,000
347,095,000
b
Exxon
Mobil
Corp.
...................................
United
States
9,500,000
1,021,915,000
b
Shell
plc
,
ADR
......................................
United
States
4,000,000
250,600,000
TotalEnergies
SE
,
ADR
...............................
France
4,000,000
218,000,000
3,120,483,793
Pharmaceuticals
3.1%
AstraZeneca
plc
,
ADR
................................
United
Kingdom
1,000,000
65,520,000
a
Bausch
Health
Cos.,
Inc.
..............................
United
States
5,000,000
40,300,000
a,c
Endo,
Inc.
.........................................
United
States
4,484,322
107,399,512
b
Johnson
&
Johnson
.................................
United
States
8,000,000
1,156,960,000
Merck
&
Co.,
Inc.
...................................
United
States
6,000,000
596,880,000
b
Pfizer,
Inc.
.........................................
United
States
10,000,000
265,300,000
2,232,359,512
Semiconductors
&
Semiconductor
Equipment
0.8%
a
Advanced
Micro
Devices,
Inc.
..........................
United
States
1,000,000
120,790,000
Analog
Devices,
Inc.
.................................
United
States
350,000
74,361,000
b
Microchip
Technology,
Inc.
............................
United
States
3,350,000
192,122,500
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
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
b
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.........
Taiwan
1,000,000
$
197,490,000
584,763,500
Software
0.1%
b
Microsoft
Corp.
.....................................
United
States
260,000
109,590,000
Specialty
Retail
0.8%
b
Home
Depot,
Inc.
(The)
...............................
United
States
1,500,000
583,485,000
Textiles,
Apparel
&
Luxury
Goods
0.2%
b
NIKE,
Inc.
,
B
.......................................
United
States
1,500,000
113,505,000
Tobacco
0.5%
Philip
Morris
International,
Inc.
.........................
United
States
3,000,000
361,050,000
Total
Common
Stocks
(Cost
$
17,373,401,193
)
.................................
18,742,520,915
Management
Investment
Companies
0.6%
Capital
Markets
0.6%
d
Clarion
Partners
Real
Estate
Income
Fund,
Inc.
,
Class
I
......
United
States
7,867,833
91,738,930
a,d,e
Franklin
BSP
Real
Estate
Credit
BDC
....................
United
States
12,900,130
347,271,501
439,010,431
Total
Management
Investment
Companies
(Cost
$
432,383,665
)
.................
439,010,431
Equity-Linked
Securities
17.7%
Aerospace
&
Defense
1.0%
f
Barclays
Bank
plc
into
RTX
Corp.
,
144A,
7.5
%
,
10/16/25
......
United
States
2,100,000
242,102,807
f
Citigroup
Global
Markets
Holdings,
Inc.
into
Boeing
Co.
(The)
,
144A,
8.5
%
,
12/08/25
...............................
United
States
1,500,000
241,756,432
f
Wells
Fargo
Bank
NA
into
Boeing
Co.
(The)
,
144A,
9
%
,
6/17/25
United
States
1,350,000
236,050,388
719,909,627
Banks
1.3%
f
BNP
Paribas
Issuance
BV
into
Bank
of
America
Corp.
,
144A,
8.5
%
,
2/26/25
....................................
United
States
6,800,000
252,796,659
f
JPMorgan
Chase
Bank
NA
into
Truist
Financial
Corp.
,
144A,
9.5
%
,
3/02/26
....................................
United
States
5,400,000
230,086,130
f
Merrill
Lynch
International
&
Co.
CV
into
Fifth
Third
Bancorp
,
144A,
10
%
,
3/10/25
................................
United
States
3,150,000
121,379,284
f
Royal
Bank
of
Canada
into
Citigroup,
Inc.
,
144A,
8.5
%
,
8/27/25
.
United
States
3,700,000
241,196,305
f
Royal
Bank
of
Canada
into
Truist
Financial
Corp.
,
144A,
8.5
%
,
8/04/25
.........................................
United
States
2,420,000
104,624,780
950,083,158
Biotechnology
0.3%
f
Merrill
Lynch
International
&
Co.
CV
into
AbbVie,
Inc.
,
144A,
7.5
%
,
4/23/25
....................................
United
States
1,385,000
245,634,137
Capital
Markets
0.6%
f
Merrill
Lynch
International
&
Co.
CV
into
Charles
Schwab
Corp.
(The)
,
144A,
9
%
,
2/25/25
............................
United
States
3,550,000
248,849,175
f
Merrill
Lynch
International
&
Co.
CV
into
Morgan
Stanley
,
144A,
9
%
,
7/14/25
......................................
United
States
1,650,000
175,584,965
424,434,140
Chemicals
0.4%
f
Barclays
Bank
plc
into
Air
Products
and
Chemicals,
Inc.
,
144A,
8.5
%
,
3/10/25
....................................
United
States
730,000
186,600,272
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)
Chemicals
(continued)
f
National
Bank
of
Canada
into
Albemarle
Corp.
,
144A,
12
%
,
3/31/25
.........................................
United
States
830,000
$
73,615,483
260,215,755
Communications
Equipment
0.7%
f
Royal
Bank
of
Canada
into
Cisco
Systems,
Inc.
,
144A,
8
%
,
9/17/25
.........................................
United
States
5,000,000
267,380,558
f
UBS
AG
into
Cisco
Systems,
Inc.
,
144A,
8
%
,
6/10/25
........
United
States
5,000,000
263,887,866
531,268,424
Consumer
Staples
Distribution
&
Retail
0.7%
f
Barclays
Bank
plc
into
Target
Corp.
,
144A,
10
%
,
12/29/25
.....
United
States
1,700,000
229,666,599
f
UBS
AG
into
Target
Corp.
,
144A,
10
%
,
9/15/25
.............
United
States
1,900,000
258,616,496
488,283,095
Containers
&
Packaging
0.5%
f
BNP
Paribas
SA
into
International
Paper
Co.
,
144A,
9
%
,
10/20/25
United
States
5,100,000
259,908,092
f
Mizuho
Markets
Cayman
LP
into
International
Paper
Co.
,
144A,
10
%
,
1/22/25
.....................................
United
States
2,900,000
121,348,195
381,256,287
Electric
Utilities
0.6%
f
Mizuho
Markets
Cayman
LP
into
NextEra
Energy,
Inc.
,
144A,
9
%
,
4/08/25
.........................................
United
States
3,290,000
223,043,226
f
Wells
Fargo
Bank
NA
into
NextEra
Energy,
Inc.
,
144A,
8
%
,
5/20/25
.........................................
United
States
3,500,000
250,437,669
473,480,895
Energy
Equipment
&
Services
0.5%
f
Merrill
Lynch
International
&
Co.
CV
into
Halliburton
Co.
,
144A,
8.5
%
,
11/13/25
....................................
United
States
5,300,000
147,822,477
f
Wells
Fargo
Bank
NA
into
Schlumberger
NV
,
144A,
10
%
,
11/26/25
........................................
United
States
5,600,000
222,139,302
369,961,779
Health
Care
Providers
&
Services
0.5%
f
JPMorgan
Chase
Bank
NA
into
CVS
Health
Corp.
,
144A,
9
%
,
11/25/25
........................................
United
States
3,639,100
165,407,431
f
Wells
Fargo
Bank
NA
into
UnitedHealth
Group,
Inc.
,
144A,
7
%
,
7/14/25
.........................................
United
States
425,000
207,900,175
373,307,606
Hotels,
Restaurants
&
Leisure
0.5%
f
Toronto-Dominion
Bank
(The)
into
Starbucks
Corp.
,
144A,
9
%
,
1/12/26
.........................................
United
States
1,700,000
159,790,320
f
Wells
Fargo
Bank
NA
into
Starbucks
Corp.
,
144A,
8
%
,
3/04/25
.
United
States
2,500,000
228,240,652
388,030,972
Interactive
Media
&
Services
0.8%
f
Citigroup
Global
Markets
Holdings,
Inc.
into
Alphabet,
Inc.
,
144A,
8.5
%
,
8/20/25
....................................
United
States
1,750,000
314,129,778
f
JPMorgan
Chase
Bank
NA
into
Alphabet,
Inc.
,
144A,
8
%
,
3/18/25
United
States
1,805,000
269,021,956
583,151,734
IT
Services
0.3%
f
Barclays
Bank
plc
into
International
Business
Machines
Corp.
,
144A,
8.5
%
,
6/09/25
...............................
United
States
1,340,000
255,505,387
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
Shares
a
Value
a
a
a
a
a
a
Equity-Linked
Securities
(continued)
Media
0.5%
f
BNP
Paribas
Issuance
BV
into
Comcast
Corp.
,
144A,
8
%
,
1/15/25
United
States
3,100,000
$
115,763,145
f
JPMorgan
Chase
Bank
NA
into
Comcast
Corp.
,
144A,
8.5
%
,
9/02/25
.........................................
United
States
6,100,000
231,453,053
347,216,198
Metals
&
Mining
1.1%
f
BNP
Paribas
Issuance
BV
into
Freeport-McMoRan,
Inc.
,
144A,
10
%
,
8/12/25
.....................................
United
States
3,100,000
122,060,238
f
Citigroup
Global
Markets
Holdings,
Inc.
into
Freeport-McMoRan,
Inc.
,
144A,
10
%
,
5/20/25
............................
United
States
4,100,000
161,258,472
f
Mizuho
Markets
Cayman
LP
into
Barrick
Gold
Corp.
,
144A,
9
%
,
7/01/25
.........................................
Canada
3,225,000
50,485,703
f
Mizuho
Markets
Cayman
LP
into
Freeport-McMoRan,
Inc.
,
144A,
10
%
,
12/24/25
....................................
United
States
6,000,000
235,972,417
f
UBS
AG
into
Newmont
Corp.
,
144A,
11
%
,
1/16/25
...........
United
States
6,000,000
220,641,458
790,418,288
Multi-Utilities
0.2%
f
Wells
Fargo
Bank
NA
into
Dominion
Energy,
Inc.
,
144A,
9
%
,
1/10/25
.........................................
United
States
2,130,000
114,574,131
Oil,
Gas
&
Consumable
Fuels
0.9%
f
BNP
Paribas
Issuance
BV
into
BP
plc
,
144A,
8.5
%
,
5/15/25
....
United
States
4,750,000
143,760,381
f
Citigroup
Global
Markets
Holdings,
Inc.
into
Exxon
Mobil
Corp.
,
144A,
9
%
,
3/12/25
.................................
United
States
2,600,000
275,488,016
f
JPMorgan
Chase
Bank
NA
into
Exxon
Mobil
Corp.
,
144A,
8.5
%
,
11/03/25
........................................
United
States
2,500,000
271,270,714
690,519,111
Pharmaceuticals
0.7%
f
BNP
Paribas
SA
into
Pfizer,
Inc.
,
144A,
10.5
%
,
7/23/25
.......
United
States
9,000,000
242,378,743
f
Mizuho
Markets
Cayman
LP
into
Bristol-Myers
Squibb
Co.
,
144A,
9.5
%
,
5/08/25
....................................
United
States
4,800,000
255,951,469
498,330,212
Semiconductors
&
Semiconductor
Equipment
3.2%
f
Barclays
Bank
plc
into
Microchip
Technology,
Inc.
,
144A,
10
%
,
10/14/25
........................................
United
States
1,950,000
119,421,465
f
BNP
Paribas
Issuance
BV
into
Applied
Materials,
Inc.
,
144A,
10
%
,
12/10/25
....................................
United
States
1,300,000
216,088,809
f
Goldman
Sachs
International
Bank
into
Texas
Instruments,
Inc.
,
144A,
9
%
,
11/10/25
................................
United
States
1,670,000
283,712,891
f
Merrill
Lynch
BV
into
Micron
Technology,
Inc.
,
144A,
10
%
,
8/18/25
United
States
1,615,000
143,082,017
f
Mizuho
Markets
Cayman
LP
into
Intel
Corp.
,
144A,
10
%
,
12/08/25
United
States
11,200,000
234,430,485
f
Morgan
Stanley
Finance
II
Ltd.
into
Microchip
Technology,
Inc.
,
144A,
10
%
,
3/03/25
................................
United
States
1,850,000
106,912,869
f
National
Bank
of
Canada
into
Broadcom,
Inc.
,
144A,
11.5
%
,
5/13/25
.........................................
United
States
200,000
283,155,570
f
Royal
Bank
of
Canada
into
Texas
Instruments,
Inc.
,
144A,
8
%
,
6/11/25
.........................................
United
States
800,000
151,779,130
f
Royal
Bank
of
Canada
into
Texas
Instruments,
Inc.
,
144A,
8.5
%
,
7/15/25
.........................................
United
States
890,000
167,355,602
f
UBS
AG
into
Analog
Devices,
Inc.
,
144A,
9
%
,
9/17/25
........
United
States
1,120,000
241,778,093
f
UBS
AG
into
Intel
Corp.
,
144A,
10
%
,
7/29/25
...............
United
States
5,100,000
109,549,555
f
Wells
Fargo
Bank
NA
into
Intel
Corp.
,
144A,
11
%
,
2/14/25
.....
United
States
4,000,000
81,678,153
f
Wells
Fargo
Bank
NA
into
QUALCOMM,
Inc.
,
144A,
10
%
,
10/22/25
........................................
United
States
1,250,000
198,121,203
2,337,065,842
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
Shares
a
Value
a
a
a
a
a
a
Equity-Linked
Securities
(continued)
Software
0.8%
f
Merrill
Lynch
BV
into
Microsoft
Corp
,
144A,
7.5
%
,
10/06/25
....
United
States
615,000
$
260,651,285
f
Mizuho
Markets
Cayman
LP
into
Oracle
Corp.
,
144A,
8.5
%
,
2/10/25
.........................................
United
States
2,350,000
300,241,581
560,892,866
Specialty
Retail
0.8%
f
Citigroup
Global
Markets
Holdings,
Inc.
into
Home
Depot,
Inc.
(The)
,
144A,
7.5
%
,
7/21/25
..........................
United
States
745,000
269,016,973
f
J.P.
Morgan
Structured
Products
BV
into
Home
Depot,
Inc.
(The)
,
144A,
8
%
,
10/15/25
................................
United
States
735,000
278,911,198
547,928,171
Technology
Hardware,
Storage
&
Peripherals
0.8%
f
Barclays
Bank
plc
into
Dell
Technologies
Inc
,
144A,
12
%
,
9/03/25
United
States
1,635,000
189,755,352
f
Mizuho
Markets
Cayman
LP
into
Hewlett
Packard
Enterprise
Co.
,
144A,
9.5
%
,
9/30/25
...............................
United
States
9,500,000
181,997,042
f
UBS
AG
into
Apple,
Inc.
,
144A,
7
%
,
4/02/25
...............
United
States
1,150,000
220,407,287
592,159,681
Total
Equity-Linked
Securities
(Cost
$
13,080,722,725
)
.........................
12,923,627,496
Convertible
Preferred
Stocks
1.4%
Aerospace
&
Defense
0.4%
Boeing
Co.
(The)
,
6
%
................................
United
States
5,580,000
339,766,200
Capital
Markets
0.1%
Ares
Management
Corp.
,
6.75
%
,
B
......................
United
States
1,000,000
55,040,000
Chemicals
0.3%
Albemarle
Corp.
,
7.25
%
..............................
United
States
5,500,000
223,795,000
Electric
Utilities
0.4%
a
NextEra
Energy,
Inc.
,
7.234
%
..........................
United
States
3,500,000
159,600,000
NextEra
Energy,
Inc.
,
7.299
%
..........................
United
States
2,500,000
121,975,000
281,575,000
Financial
Services
0.2%
a
FNMA
,
5.375
%
.....................................
United
States
4,240
146,810,000
a
Total
Convertible
Preferred
Stocks
(Cost
$
1,239,058,937
)
......................
1,046,986,200
Preferred
Stocks
0.1%
Financial
Services
0.1%
a
FNMA
,
8.25
%
,
S
....................................
United
States
4,000,000
47,720,000
a
Total
Preferred
Stocks
(Cost
$
93,801,501
)
....................................
47,720,000
Principal
Amount
*
Convertible
Bonds
0.1%
Automobiles
0.0%
†
Rivian
Automotive,
Inc.
,
Senior
Note
,
3.625%,
10/15/30
.......
United
States
15,000,000
13,470,000
Pharmaceuticals
0.1%
f
Jazz
Investments
I
Ltd.
,
Senior
Note
,
144A,
3.125%,
9/15/30
...
United
States
50,000,000
54,050,000
Total
Convertible
Bonds
(Cost
$
61,812,971
)
..................................
67,520,000
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
40.9%
Aerospace
&
Defense
1.7%
Boeing
Co.
(The)
,
Senior
Bond
,
3.2%,
3/01/29
..........................
United
States
25,000,000
$
23,051,728
Senior
Bond
,
3.625%,
2/01/31
........................
United
States
59,000,000
53,591,802
Senior
Bond
,
3.6%,
5/01/34
..........................
United
States
25,000,000
20,967,196
Senior
Bond
,
3.25%,
2/01/35
.........................
United
States
25,000,000
19,922,375
Senior
Note
,
2.196%,
2/04/26
........................
United
States
45,000,000
43,666,253
Senior
Note
,
5.04%,
5/01/27
.........................
United
States
165,000,000
165,492,287
Senior
Note
,
5.15%,
5/01/30
.........................
United
States
390,000,000
384,822,536
Senior
Note
,
6.388%,
5/01/31
........................
United
States
30,000,000
31,379,959
Senior
Note
,
6.528%,
5/01/34
........................
United
States
35,000,000
36,684,508
f
Bombardier,
Inc.
,
Senior
Note
,
144A,
7.25%,
7/01/31
.........
Canada
40,000,000
41,301,043
RTX
Corp.
,
Senior
Bond
,
6.1%,
3/15/34
...................
United
States
25,000,000
26,338,336
Textron,
Inc.
,
Senior
Bond
,
2.45%,
3/15/31
................
United
States
40,000,000
34,058,602
f
TransDigm,
Inc.
,
Senior
Secured
Note
,
144A,
6.75%,
8/15/28
.............
United
States
100,000,000
100,997,375
Senior
Secured
Note
,
144A,
6.375%,
3/01/29
............
United
States
135,000,000
135,468,684
Senior
Secured
Note
,
144A,
6.875%,
12/15/30
...........
United
States
50,000,000
50,779,236
Senior
Secured
Note
,
144A,
6.625%,
3/01/32
............
United
States
100,000,000
101,027,569
1,269,549,489
Automobile
Components
0.3%
f
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625%,
10/15/29
........................................
United
States
85,000,000
68,942,132
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Bond
,
5%,
5/31/26
...........................
United
States
57,000,000
56,146,166
Senior
Bond
,
4.875%,
3/15/27
........................
United
States
34,757,000
33,607,023
Senior
Note
,
5%,
7/15/29
...........................
United
States
40,000,000
36,773,760
195,469,081
Automobiles
0.8%
Ford
Motor
Co.
,
Senior
Bond
,
4.346%,
12/08/26
.......................
United
States
50,000,000
49,245,489
Senior
Bond
,
3.25%,
2/12/32
.........................
United
States
120,000,000
99,835,896
Senior
Bond
,
6.1%,
8/19/32
..........................
United
States
195,000,000
194,135,735
General
Motors
Co.
,
g
Senior
Bond
,
5.6%,
10/15/32
.........................
United
States
25,000,000
25,224,300
Senior
Bond
,
5.15%,
4/01/38
.........................
United
States
140,000,000
128,944,487
f
Volkswagen
Group
of
America
Finance
LLC
,
Senior
Note
,
144A,
1.25%,
11/24/25
...................................
Germany
97,000,000
94,007,213
591,393,120
Banks
2.8%
Bank
of
America
Corp.
,
h
AA
,
Junior
Sub.
Bond
,
6.1%
to
3/16/25,
FRN
thereafter
,
Perpetual
.......................................
United
States
70,000,000
69,988,682
Senior
Bond
,
3.419%
to
12/19/27,
FRN
thereafter
,
12/20/28
.
United
States
45,000,000
43,157,065
Senior
Bond
,
4.571%
to
4/26/32,
FRN
thereafter
,
4/27/33
...
United
States
185,000,000
175,890,754
Sub.
Bond
,
5.425%
to
8/14/34,
FRN
thereafter
,
8/15/35
.....
United
States
90,000,000
87,642,701
Barclays
plc
,
Senior
Bond
,
4.337%,
1/10/28
........................
United
Kingdom
31,000,000
30,326,143
Senior
Bond
,
2.645%
to
6/23/30,
FRN
thereafter
,
6/24/31
...
United
Kingdom
49,000,000
42,573,676
Senior
Bond
,
5.746%
to
8/08/32,
FRN
thereafter
,
8/09/33
...
United
Kingdom
100,000,000
100,128,380
Senior
Bond
,
7.437%
to
11/01/32,
FRN
thereafter
,
11/02/33
..
United
Kingdom
75,000,000
82,550,584
Senior
Bond
,
6.692%
to
9/12/33,
FRN
thereafter
,
9/13/34
...
United
Kingdom
70,000,000
74,250,651
Senior
Note
,
7.325%
to
11/01/25,
FRN
thereafter
,
11/02/26
..
United
Kingdom
30,000,000
30,551,085
Senior
Note
,
5.501%
to
8/08/27,
FRN
thereafter
,
8/09/28
....
United
Kingdom
80,000,000
80,885,200
Sub.
Bond
,
7.119%
to
6/26/33,
FRN
thereafter
,
6/27/34
.....
United
Kingdom
55,000,000
58,396,479
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)
Banks
(continued)
Citigroup,
Inc.
,
Senior
Bond
,
6.27%
to
11/16/32,
FRN
thereafter
,
11/17/33
...
United
States
85,000,000
$
89,161,552
Sub.
Bond
,
6.174%
to
5/24/33,
FRN
thereafter
,
5/25/34
.....
United
States
155,000,000
157,969,599
Sub.
Bond
,
5.411%
to
9/18/34,
FRN
thereafter
,
9/19/39
.....
United
States
50,000,000
47,647,349
Fifth
Third
Bancorp
,
Senior
Note
,
6.339%
to
7/26/28,
FRN
thereafter
,
7/27/29
....
United
States
20,000,000
20,756,095
Senior
Note
,
5.631%
to
1/28/31,
FRN
thereafter
,
1/29/32
....
United
States
20,000,000
20,229,780
JPMorgan
Chase
&
Co.
,
h
NN
,
Junior
Sub.
Bond
,
6.875%
to
5/31/29,
FRN
thereafter
,
Perpetual
.......................................
United
States
50,000,000
52,336,917
Senior
Bond
,
6.254%
to
10/22/33,
FRN
thereafter
,
10/23/34
.
United
States
90,000,000
95,162,118
Senior
Note
,
5.04%
to
1/22/27,
FRN
thereafter
,
1/23/28
.....
United
States
30,000,000
30,115,285
KeyBank
NA
,
Senior
Note
,
5.85%,
11/15/27
........................
United
States
50,000,000
51,252,459
Sub.
Bond
,
4.9%,
8/08/32
...........................
United
States
35,000,000
33,185,229
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Bond
,
6.037%
to
10/27/32,
FRN
thereafter
,
10/28/33
.
United
States
70,000,000
72,469,160
Senior
Note
,
5.582%
to
6/11/28,
FRN
thereafter
,
6/12/29
....
United
States
20,000,000
20,353,205
Truist
Bank
,
Sub.
Bond
,
2.25%,
3/11/30
...................
United
States
15,000,000
12,886,202
Truist
Financial
Corp.
,
Senior
Note
,
6.047%
to
6/07/26,
FRN
thereafter
,
6/08/27
....
United
States
45,000,000
45,749,633
Sub.
Bond
,
4.916%
to
7/27/32,
FRN
thereafter
,
7/28/33
.....
United
States
95,000,000
89,794,701
US
Bancorp
,
Senior
Bond
,
5.85%
to
10/20/32,
FRN
thereafter
,
10/21/33
..
United
States
45,000,000
46,008,104
Senior
Bond
,
5.836%
to
6/09/33,
FRN
thereafter
,
6/12/34
...
United
States
35,000,000
35,692,606
Senior
Note
,
5.775%
to
6/11/28,
FRN
thereafter
,
6/12/29
....
United
States
40,000,000
40,910,514
Senior
Note
,
5.384%
to
1/22/29,
FRN
thereafter
,
1/23/30
....
United
States
20,000,000
20,171,066
Wells
Fargo
&
Co.
,
Senior
Bond
,
4.897%
to
7/24/32,
FRN
thereafter
,
7/25/33
...
United
States
50,000,000
48,304,933
Senior
Bond
,
5.557%
to
7/24/33,
FRN
thereafter
,
7/25/34
...
United
States
90,000,000
89,915,023
Senior
Bond
,
6.491%
to
10/22/33,
FRN
thereafter
,
10/23/34
.
United
States
60,000,000
63,803,974
2,060,216,904
Beverages
0.1%
Coca-Cola
Co.
(The)
,
Senior
Bond
,
1.65%,
6/01/30
..........
United
States
20,000,000
17,062,207
Constellation
Brands,
Inc.
,
Senior
Bond
,
3.15%,
8/01/29
......
United
States
25,000,000
23,063,115
40,125,322
Biotechnology
0.0%
†
AbbVie,
Inc.
,
Senior
Note
,
3.2%,
11/21/29
.................
United
States
30,000,000
27,857,740
Building
Products
0.2%
f
AmeriTex
HoldCo
Intermediate
LLC
,
Senior
Secured
Note
,
144A,
10.25%,
10/15/28
..................................
United
States
20,000,000
21,344,460
f
Camelot
Return
Merger
Sub,
Inc.
,
Senior
Secured
Note
,
144A,
8.75%,
8/01/28
...................................
United
States
47,600,000
45,664,499
f
EMRLD
Borrower
LP
/
Emerald
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
6.625%,
12/15/30
...........
United
States
50,000,000
50,129,177
Senior
Secured
Note
,
144A,
6.75%,
7/15/31
.............
United
States
20,000,000
20,170,660
137,308,796
Capital
Markets
1.1%
Brookfield
Finance,
Inc.
,
Senior
Bond
,
4.85%,
3/29/29
........
Canada
15,000,000
14,904,368
Charles
Schwab
Corp.
(The)
,
Senior
Bond
,
5.853%
to
5/18/33,
FRN
thereafter
,
5/19/34
...
United
States
30,000,000
30,894,664
Senior
Bond
,
6.136%
to
8/23/33,
FRN
thereafter
,
8/24/34
...
United
States
30,000,000
31,512,682
Senior
Note
,
5.643%
to
5/18/28,
FRN
thereafter
,
5/19/29
....
United
States
25,000,000
25,525,490
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)
Capital
Markets
(continued)
Charles
Schwab
Corp.
(The),
(continued)
Senior
Note
,
6.196%
to
11/16/28,
FRN
thereafter
,
11/17/29
..
United
States
40,000,000
$
41,706,800
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond
,
2.65%
to
10/20/31,
FRN
thereafter
,
10/21/32
..
United
States
80,000,000
67,654,511
Senior
Bond
,
6.561%
to
10/23/33,
FRN
thereafter
,
10/24/34
.
United
States
100,000,000
107,541,776
Senior
Bond
,
5.851%
to
4/24/34,
FRN
thereafter
,
4/25/35
...
United
States
65,000,000
66,256,035
Sub.
Bond
,
6.75%,
10/01/37
.........................
United
States
60,000,000
64,292,182
Morgan
Stanley
,
Senior
Bond
,
6.342%
to
10/17/32,
FRN
thereafter
,
10/18/33
.
United
States
35,000,000
37,035,758
Senior
Bond
,
5.25%
to
4/20/33,
FRN
thereafter
,
4/21/34
....
United
States
220,000,000
216,716,403
Senior
Bond
,
6.627%
to
10/31/33,
FRN
thereafter
,
11/01/34
..
United
States
30,000,000
32,250,398
Sub.
Bond
,
5.948%
to
1/18/33,
FRN
thereafter
,
1/19/38
.....
United
States
67,095,000
67,191,940
803,483,007
Chemicals
0.9%
Celanese
US
Holdings
LLC
,
Senior
Bond
,
6.379%,
7/15/32
........................
United
States
68,000,000
69,103,623
Senior
Note
,
6.165%,
7/15/27
........................
United
States
40,000,000
40,609,392
Senior
Note
,
6.8%,
11/15/30
.........................
United
States
30,000,000
31,068,744
f
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
6.5%,
5/15/26
.........................................
Switzerland
90,500,000
89,166,084
f
CVR
Partners
LP
/
CVR
Nitrogen
Finance
Corp.
,
Senior
Secured
Note
,
144A,
6.125%,
6/15/28
.........................
United
States
25,000,000
24,355,494
Dow
Chemical
Co.
(The)
,
Senior
Bond
,
6.3%,
3/15/33
........
United
States
35,000,000
37,178,419
Huntsman
International
LLC
,
Senior
Bond
,
4.5%,
5/01/29
.....
United
States
25,000,000
23,863,504
f
International
Flavors
&
Fragrances,
Inc.
,
Senior
Bond
,
144A,
2.3%,
11/01/30
....................
United
States
55,000,000
46,733,996
Senior
Note
,
144A,
1.832%,
10/15/27
..................
United
States
20,000,000
18,385,927
f
Olin
Corp.
,
Senior
Note
,
144A,
9.5%,
6/01/25
..............
United
States
30,000,000
30,251,579
f
,g
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25%,
9/01/29
United
States
38,000,000
40,209,562
f
Rain
CII
Carbon
LLC
/
CII
Carbon
Corp.
,
Secured
Note
,
144A,
7.25%,
4/01/25
...................................
United
States
717,000
711,129
f
SCIH
Salt
Holdings,
Inc.
,
Senior
Note
,
144A,
6.625%,
5/01/29
...................
United
States
100,000,000
95,050,920
Senior
Secured
Note
,
144A,
4.875%,
5/01/28
............
United
States
135,000,000
127,147,495
673,835,868
Communications
Equipment
0.9%
f
CommScope
LLC
,
Senior
Note
,
144A,
8.25%,
3/01/27
....................
United
States
163,000,000
156,080,130
Senior
Note
,
144A,
7.125%,
7/01/28
...................
United
States
200,000,000
176,270,334
Senior
Secured
Note
,
144A,
6%,
3/01/26
................
United
States
224,085,000
223,244,681
Senior
Secured
Note
,
144A,
4.75%,
9/01/29
.............
United
States
53,454,000
47,676,788
f
CommScope
Technologies
LLC
,
Senior
Bond
,
144A,
5%,
3/15/27
United
States
27,500,000
24,616,195
627,888,128
Construction
&
Engineering
0.1%
Quanta
Services,
Inc.
,
Senior
Bond
,
2.9%,
10/01/30
.........
United
States
90,000,000
80,353,620
Consumer
Finance
2.2%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
3.3%,
1/30/32
..........................
Ireland
50,000,000
43,583,885
Senior
Bond
,
5.3%,
1/19/34
..........................
Ireland
45,000,000
44,149,870
Senior
Bond
,
4.95%,
9/10/34
.........................
Ireland
35,000,000
33,348,438
Senior
Note
,
5.75%,
6/06/28
.........................
Ireland
40,000,000
40,772,181
Capital
One
Financial
Corp.
,
Senior
Bond
,
5.268%
to
5/09/32,
FRN
thereafter
,
5/10/33
...
United
States
50,000,000
48,717,844
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)
Consumer
Finance
(continued)
Capital
One
Financial
Corp.,
(continued)
Senior
Bond
,
5.817%
to
1/31/33,
FRN
thereafter
,
2/01/34
...
United
States
85,000,000
$
85,404,665
Senior
Note
,
4.927%
to
5/09/27,
FRN
thereafter
,
5/10/28
....
United
States
79,532,733
79,302,068
Senior
Note
,
6.312%
to
6/07/28,
FRN
thereafter
,
6/08/29
....
United
States
75,000,000
77,469,847
Senior
Note
,
5.247%
to
7/25/29,
FRN
thereafter
,
7/26/30
....
United
States
40,000,000
39,891,531
Senior
Note
,
7.624%
to
10/29/30,
FRN
thereafter
,
10/30/31
..
United
States
40,000,000
44,178,122
Sub.
Bond
,
4.2%,
10/29/25
..........................
United
States
10,000,000
9,938,602
Sub.
Bond
,
3.75%,
7/28/26
..........................
United
States
64,800,000
63,642,376
Ford
Motor
Credit
Co.
LLC
,
Senior
Bond
,
4.134%,
8/04/25
........................
United
States
50,000,000
49,704,385
Senior
Bond
,
5.113%,
5/03/29
........................
United
States
85,000,000
82,867,591
Senior
Note
,
5.125%,
6/16/25
........................
United
States
108,015,000
107,977,834
Senior
Note
,
3.375%,
11/13/25
.......................
United
States
32,000,000
31,512,270
Senior
Note
,
6.95%,
6/10/26
.........................
United
States
35,000,000
35,815,182
Senior
Note
,
2.7%,
8/10/26
..........................
United
States
60,000,000
57,665,004
Senior
Note
,
4.95%,
5/28/27
.........................
United
States
85,000,000
84,262,112
Senior
Note
,
6.8%,
5/12/28
..........................
United
States
92,000,000
95,104,987
Senior
Note
,
7.35%,
3/06/30
.........................
United
States
45,000,000
47,672,958
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond
,
3.6%,
6/21/30
..........................
United
States
37,720,000
34,596,113
Senior
Bond
,
3.1%,
1/12/32
..........................
United
States
80,000,000
68,503,691
Senior
Bond
,
6.4%,
1/09/33
..........................
United
States
50,000,000
51,850,726
Senior
Note
,
5%,
4/09/27
...........................
United
States
50,000,000
50,067,655
Senior
Note
,
5.8%,
6/23/28
..........................
United
States
50,000,000
51,020,139
Senior
Note
,
5.8%,
1/07/29
..........................
United
States
75,000,000
76,546,758
Senior
Note
,
5.85%,
4/06/30
.........................
United
States
20,000,000
20,435,865
f
Macquarie
Airfinance
Holdings
Ltd.
,
Senior
Note
,
144A,
6.5%,
3/26/31
.........................................
United
Kingdom
15,000,000
15,544,380
1,571,547,079
Consumer
Staples
Distribution
&
Retail
0.1%
f
7-Eleven,
Inc.
,
Senior
Bond
,
144A,
1.8%,
2/10/31
...........
United
States
75,000,000
60,575,086
Containers
&
Packaging
1.7%
f
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
plc
,
Senior
Note
,
144A,
4%,
9/01/29
......................
United
States
124,275,000
106,894,266
Senior
Secured
Note
,
144A,
6%,
6/15/27
................
United
States
20,115,000
19,975,929
f
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note
,
144A,
5.25%,
8/15/27
....................
United
States
508,009,000
290,929,292
Senior
Secured
Note
,
144A,
4.125%,
8/15/26
............
United
States
226,100,000
203,734,188
f
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note
,
144A,
9.25%,
4/15/27
...................
United
States
325,000,000
330,253,950
Senior
Secured
Note
,
144A,
7.875%,
4/15/27
............
United
States
245,000,000
250,257,700
f
Pactiv
Evergreen
Group
Issuer,
Inc.
/
Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4%,
10/15/27
......
United
States
40,000,000
39,701,643
f
Sealed
Air
Corp.
,
Senior
Note
,
144A,
6.125%,
2/01/28
........
United
States
20,000,000
20,082,651
1,261,829,619
Diversified
REITs
0.3%
VICI
Properties
LP
,
Senior
Bond
,
5.125%,
5/15/32
........................
United
States
60,000,000
58,463,851
g
Senior
Bond
,
5.75%,
4/01/34
.........................
United
States
20,000,000
20,197,740
Senior
Note
,
4.95%,
2/15/30
.........................
United
States
50,000,000
49,047,136
f
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
4.25%,
12/01/26
...................................
United
States
100,000,000
98,408,171
226,116,898
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)
Diversified
Telecommunication
Services
0.8%
f
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
144A,
5.5%,
5/01/26
.....................
United
States
20,000,000
$
19,959,746
Senior
Bond
,
144A,
5.125%,
5/01/27
...................
United
States
310,100,000
304,972,540
Senior
Bond
,
144A,
5%,
2/01/28
......................
United
States
200,700,000
193,623,057
Senior
Bond
,
144A,
4.75%,
3/01/30
....................
United
States
20,000,000
18,286,424
Verizon
Communications,
Inc.
,
Senior
Bond
,
4.016%,
12/03/29
.
United
States
50,000,000
48,011,364
584,853,131
Electric
Utilities
2.4%
American
Electric
Power
Co.,
Inc.
,
Senior
Bond
,
5.95%,
11/01/32
........................
United
States
30,000,000
30,937,837
Senior
Bond
,
5.625%,
3/01/33
........................
United
States
30,000,000
30,322,666
Duke
Energy
Corp.
,
Senior
Bond
,
4.5%,
8/15/32
............
United
States
56,891,000
54,218,175
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Bond
,
5.25%,
3/15/34
.........................................
United
States
85,000,000
84,124,961
NRG
Energy,
Inc.
,
f
Senior
Bond
,
144A,
3.625%,
2/15/31
...................
United
States
65,000,000
56,884,872
f
Senior
Bond
,
144A,
6.25%,
11/01/34
...................
United
States
65,000,000
63,806,281
Senior
Note
,
5.75%,
1/15/28
.........................
United
States
18,075,000
18,025,178
f
Senior
Note
,
144A,
3.375%,
2/15/29
...................
United
States
48,300,000
43,865,504
f
Senior
Note
,
144A,
5.75%,
7/15/29
....................
United
States
80,000,000
78,169,567
f
Senior
Note
,
144A,
6%,
2/01/33
......................
United
States
75,000,000
72,901,531
f
Senior
Secured
Bond
,
144A,
7%,
3/15/33
...............
United
States
30,000,000
32,402,675
f
Senior
Secured
Note
,
144A,
2.45%,
12/02/27
............
United
States
30,000,000
27,869,826
Pacific
Gas
and
Electric
Co.
,
Senior
Bond
,
4.55%,
7/01/30
.........................
United
States
136,500,000
132,199,658
Senior
Bond
,
6.15%,
1/15/33
.........................
United
States
50,000,000
51,989,975
Senior
Bond
,
6.4%,
6/15/33
..........................
United
States
30,000,000
31,640,197
Senior
Note
,
3.15%,
1/01/26
.........................
United
States
50,000,000
49,149,667
Senior
Note
,
6.1%,
1/15/29
..........................
United
States
49,000,000
50,742,684
PG&E
Corp.
,
Senior
Secured
Bond
,
5.25%,
7/01/30
..................
United
States
20,000,000
19,589,430
Senior
Secured
Note
,
5%,
7/01/28
.....................
United
States
107,284,000
104,896,310
Southern
Co.
(The)
,
Senior
Bond
,
5.7%,
10/15/32
.........................
United
States
45,000,000
46,345,735
Senior
Bond
,
5.2%,
6/15/33
..........................
United
States
50,000,000
49,462,779
f
Vistra
Operations
Co.
LLC
,
Senior
Note
,
144A,
5.5%,
9/01/26
.....................
United
States
109,160,000
108,905,698
Senior
Note
,
144A,
5%,
7/31/27
......................
United
States
66,250,000
65,059,057
Senior
Note
,
144A,
4.375%,
5/01/29
...................
United
States
154,000,000
145,133,065
Senior
Note
,
144A,
7.75%,
10/15/31
...................
United
States
79,000,000
82,949,655
Senior
Note
,
144A,
6.875%,
4/15/32
...................
United
States
100,000,000
102,486,656
Senior
Secured
Bond
,
144A,
4.3%,
7/15/29
..............
United
States
35,000,000
33,449,094
Senior
Secured
Bond
,
144A,
6.95%,
10/15/33
............
United
States
75,000,000
80,890,725
Senior
Secured
Note
,
144A,
3.7%,
1/30/27
..............
United
States
33,500,000
32,637,176
1,781,056,634
Electrical
Equipment
0.1%
Regal
Rexnord
Corp.
,
Senior
Note
,
6.3%,
2/15/30
..........................
United
States
25,000,000
25,728,524
Senior
Note
,
6.4%,
4/15/33
..........................
United
States
60,000,000
61,936,549
87,665,073
Energy
Equipment
&
Services
0.4%
f
Schlumberger
Holdings
Corp.
,
Senior
Note
,
144A,
3.9%,
5/17/28
United
States
22,500,000
21,851,444
f
USA
Compression
Partners
LP
/
USA
Compression
Finance
Corp.
,
Senior
Note
,
144A,
7.125%,
3/15/29
..............
United
States
40,000,000
40,744,096
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)
Energy
Equipment
&
Services
(continued)
f
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
8.625%,
4/30/30
.........................................
United
States
245,000,000
$
253,168,276
315,763,816
Entertainment
0.3%
Netflix,
Inc.
,
Senior
Bond
,
4.375%,
11/15/26
.......................
United
States
90,000,000
89,750,842
Senior
Bond
,
4.875%,
4/15/28
........................
United
States
89,300,000
89,709,454
Senior
Bond
,
5.875%,
11/15/28
.......................
United
States
50,000,000
51,840,071
231,300,367
Financial
Services
0.1%
Fiserv,
Inc.
,
Senior
Bond
,
4.2%,
10/01/28
.........................
United
States
52,000,000
50,600,361
Senior
Bond
,
2.65%,
6/01/30
.........................
United
States
25,000,000
22,107,617
Senior
Bond
,
5.6%,
3/02/33
..........................
United
States
30,000,000
30,398,783
103,106,761
Food
Products
0.5%
JBS
USA
Holding
Lux
SARL
/
JBS
USA
Food
Co.
/
JBS
Lux
Co.
SARL
,
Senior
Note
,
5.125%,
2/01/28
........................
United
States
30,000,000
29,812,684
Senior
Note
,
5.75%,
4/01/33
.........................
United
States
110,000,000
109,569,041
Senior
Note
,
6.75%,
3/15/34
.........................
United
States
50,000,000
52,898,924
Pilgrim's
Pride
Corp.
,
Senior
Bond
,
6.25%,
7/01/33
.........................
United
States
68,000,000
69,368,007
Senior
Bond
,
6.875%,
5/15/34
........................
United
States
40,000,000
42,583,960
f
Post
Holdings,
Inc.
,
Senior
Bond
,
144A,
4.5%,
9/15/31
.....................
United
States
22,000,000
19,727,793
Senior
Secured
Note
,
144A,
6.25%,
2/15/32
.............
United
States
45,000,000
44,718,165
368,678,574
Ground
Transportation
0.2%
f
Ashtead
Capital,
Inc.
,
Senior
Bond
,
144A,
4.375%,
8/15/27
...................
United
Kingdom
20,000,000
19,664,375
Senior
Bond
,
144A,
5.55%,
5/30/33
....................
United
Kingdom
55,000,000
54,248,387
Senior
Bond
,
144A,
5.95%,
10/15/33
...................
United
Kingdom
35,000,000
35,418,536
109,331,298
Health
Care
Equipment
&
Supplies
0.6%
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
5.905%,
11/22/32
United
States
105,000,000
109,140,623
f
Medline
Borrower
LP
,
Senior
Note
,
144A,
5.25%,
10/01/29
...................
United
States
45,000,000
43,470,629
Senior
Secured
Note
,
144A,
3.875%,
4/01/29
............
United
States
265,000,000
245,630,374
f
Medline
Borrower
LP
/
Medline
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
6.25%,
4/01/29
..........................
United
States
25,000,000
25,294,851
423,536,477
Health
Care
Providers
&
Services
6.8%
Centene
Corp.
,
Senior
Note
,
4.25%,
12/15/27
........................
United
States
81,745,000
79,247,592
Senior
Note
,
4.625%,
12/15/29
.......................
United
States
166,100,000
157,221,138
Senior
Note
,
3.375%,
2/15/30
........................
United
States
47,000,000
41,891,323
f
CHS/Community
Health
Systems,
Inc.
,
Secured
Note
,
144A,
6.875%,
4/15/29
..................
United
States
480,000,000
363,112,330
Secured
Note
,
144A,
6.125%,
4/01/30
..................
United
States
600,000,000
412,280,988
Senior
Note
,
144A,
6.875%,
4/01/28
...................
United
States
435,000,000
317,546,315
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)
Health
Care
Providers
&
Services
(continued)
f
CHS/Community
Health
Systems,
Inc.,
(continued)
Senior
Secured
Note
,
144A,
8%,
12/15/27
...............
United
States
300,000,000
$
299,790,393
Senior
Secured
Note
,
144A,
10.875%,
1/15/32
...........
United
States
500,000,000
516,489,020
CVS
Health
Corp.
,
Senior
Bond
,
5.25%,
2/21/33
.........................
United
States
145,000,000
139,065,998
Senior
Bond
,
4.78%,
3/25/38
.........................
United
States
61,925,000
53,597,540
f
DaVita,
Inc.
,
Senior
Bond
,
144A,
3.75%,
2/15/31
....................
United
States
65,000,000
56,303,656
Senior
Note
,
144A,
4.625%,
6/01/30
...................
United
States
285,000,000
262,252,759
Senior
Note
,
144A,
6.875%,
9/01/32
...................
United
States
50,000,000
50,443,749
f
Fresenius
Medical
Care
US
Finance
III,
Inc.
,
Senior
Bond
,
144A,
2.375%,
2/16/31
...................................
Germany
10,000,000
8,233,136
HCA,
Inc.
,
Senior
Bond
,
5.625%,
9/01/28
........................
United
States
115,000,000
116,589,270
Senior
Bond
,
4.125%,
6/15/29
........................
United
States
38,500,000
36,745,683
Senior
Bond
,
2.375%,
7/15/31
........................
United
States
28,716,000
23,845,618
Senior
Bond
,
5.5%,
6/01/33
..........................
United
States
100,000,000
98,973,947
Senior
Note
,
3.625%,
3/15/32
........................
United
States
82,954,000
73,135,755
Humana,
Inc.
,
Senior
Bond
,
5.875%,
3/01/33
...............
United
States
35,000,000
35,146,333
f
,g
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5%,
9/01/29
......
Italy
50,000,000
47,183,225
f
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75%,
11/01/28
...................
United
States
115,000,000
75,040,950
Senior
Secured
Note
,
144A,
5.5%,
9/01/28
..............
United
States
170,000,000
145,924,835
Tenet
Healthcare
Corp.
,
Secured
Note
,
6.25%,
2/01/27
........................
United
States
150,000,000
149,999,490
Senior
Bond
,
6.875%,
11/15/31
.......................
United
States
55,258,000
57,479,427
Senior
Note
,
6.125%,
10/01/28
.......................
United
States
510,000,000
509,510,339
Senior
Secured
Note
,
4.25%,
6/01/29
..................
United
States
130,000,000
122,162,828
Senior
Secured
Note
,
4.375%,
1/15/30
.................
United
States
50,000,000
46,477,054
Senior
Secured
Note
,
6.125%,
6/15/30
.................
United
States
425,000,000
422,181,408
Senior
Secured
Note
,
6.75%,
5/15/31
..................
United
States
159,775,000
161,535,880
UnitedHealth
Group,
Inc.
,
Senior
Bond
,
5.35%,
2/15/33
.......
United
States
110,000,000
110,732,823
4,990,140,802
Health
Care
Technology
0.1%
f
,i
Multiplan
Corp.
,
Senior
Note
,
144A,
PIK,
6%,
10/15/27
.......
United
States
100,000,000
67,500,000
Hotels,
Restaurants
&
Leisure
2.3%
f
Caesars
Entertainment,
Inc.
,
Senior
Note
,
144A,
8.125%,
7/01/27
...................
United
States
33,690,000
34,054,439
Senior
Note
,
144A,
4.625%,
10/15/29
..................
United
States
100,000,000
93,706,302
g
Senior
Note
,
144A,
6%,
10/15/32
.....................
United
States
90,000,000
86,859,741
Senior
Secured
Note
,
144A,
7%,
2/15/30
................
United
States
52,000,000
53,002,542
Senior
Secured
Note
,
144A,
6.5%,
2/15/32
..............
United
States
45,000,000
45,239,785
f
Carnival
Corp.
,
Senior
Note
,
144A,
7.625%,
3/01/26
...................
United
States
165,000,000
165,366,534
Senior
Note
,
144A,
5.75%,
3/01/27
....................
United
States
230,000,000
229,661,723
Senior
Note
,
144A,
6%,
5/01/29
......................
United
States
30,000,000
29,951,976
Senior
Note
,
144A,
10.5%,
6/01/30
....................
United
States
97,000,000
103,697,732
Expedia
Group,
Inc.
,
Senior
Bond
,
3.8%,
2/15/28
..........................
United
States
57,000,000
55,082,694
Senior
Note
,
5%,
2/15/26
...........................
United
States
30,000,000
30,055,966
Senior
Note
,
3.25%,
2/15/30
.........................
United
States
60,000,000
55,343,818
f
Senior
Note
,
144A,
6.25%,
5/01/25
....................
United
States
54,596,000
54,634,974
f
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75%,
1/15/30
....................
United
States
75,000,000
69,254,144
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)
Hotels,
Restaurants
&
Leisure
(continued)
f
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.,
(continued)
Senior
Secured
Note
,
144A,
4.625%,
1/15/29
............
United
States
120,000,000
$
111,774,576
f
Hilton
Domestic
Operating
Co.,
Inc.
,
Senior
Note
,
144A,
6.125%,
4/01/32
.........................................
United
States
40,000,000
39,916,360
Marriott
International,
Inc.
,
Senior
Note
,
5%,
10/15/27
........
United
States
15,000,000
15,123,203
f
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note
,
144A,
4.25%,
7/01/26
....................
United
States
20,000,000
19,637,462
Senior
Note
,
144A,
5.5%,
4/01/28
.....................
United
States
50,000,000
49,661,730
f
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
,
Senior
Bond
,
144A,
5.25%,
5/15/27
..........................
United
States
135,000,000
133,640,231
f
Wynn
Macau
Ltd.
,
g
Senior
Bond
,
144A,
5.5%,
10/01/27
....................
Macau
51,457,000
50,118,468
Senior
Note
,
144A,
5.5%,
1/15/26
.....................
Macau
50,000,000
49,549,148
f
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125%,
2/15/31
...................
United
States
30,000,000
31,263,448
Senior
Note
,
144A,
6.25%,
3/15/33
....................
United
States
100,000,000
98,562,600
1,705,159,596
Household
Durables
0.1%
KB
Home
,
Senior
Note
,
7.25%,
7/15/30
...................
United
States
20,000,000
20,529,780
Shea
Homes
LP
/
Shea
Homes
Funding
Corp.
,
Senior
Note
,
4.75%,
2/15/28
.........................
United
States
25,000,000
23,971,967
Senior
Note
,
4.75%,
4/01/29
.........................
United
States
40,000,000
37,907,448
82,409,195
Household
Products
0.1%
f
Energizer
Holdings,
Inc.
,
Senior
Note
,
144A,
6.5%,
12/31/27
....................
United
States
20,000,000
20,089,300
g
Senior
Note
,
144A,
4.75%,
6/15/28
....................
United
States
24,000,000
22,891,566
42,980,866
Independent
Power
and
Renewable
Electricity
Producers
0.7%
f
Calpine
Corp.
,
Senior
Note
,
144A,
5.125%,
3/15/28
...................
United
States
240,000,000
232,947,924
Senior
Note
,
144A,
4.625%,
2/01/29
...................
United
States
22,000,000
20,786,469
Senior
Secured
Bond
,
144A,
3.75%,
3/01/31
.............
United
States
40,000,000
35,779,841
Senior
Secured
Note
,
144A,
4.5%,
2/15/28
..............
United
States
132,175,000
126,877,294
f
,h
Vistra
Corp.
,
Junior
Sub.
Bond
,
144A,
8%
to
10/14/26,
FRN
thereafter
,
Perpetual
.......................................
United
States
10,000,000
10,239,380
Junior
Sub.
Bond
,
144A,
7%
to
12/14/26,
FRN
thereafter
,
Perpetual
.......................................
United
States
90,000,000
90,613,591
517,244,499
Insurance
0.1%
f
Five
Corners
Funding
Trust
III
,
Senior
Note
,
144A,
5.791%,
2/15/33
.........................................
United
States
30,000,000
30,813,847
Prudential
Financial,
Inc.
,
Junior
Sub.
Bond
,
5.7%
to
9/14/28,
FRN
thereafter
,
9/15/48
.............................
United
States
65,000,000
64,596,630
95,410,477
Interactive
Media
&
Services
0.0%
†
Meta
Platforms,
Inc.
,
Senior
Note
,
3.85%,
8/15/32
...........
United
States
15,000,000
13,944,670
IT
Services
0.0%
†
Twilio,
Inc.
,
Senior
Bond
,
3.875%,
3/15/31
.................
United
States
35,000,000
31,421,914
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)
Media
0.7%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
,
Senior
Secured
Note
,
4.908%,
7/23/25
...................................
United
States
150,000,000
$
149,874,180
f
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75%,
4/15/28
....................
United
States
179,000,000
161,718,180
Senior
Secured
Note
,
144A,
5.125%,
8/15/27
............
United
States
80,417,564
77,499,066
f
Stagwell
Global
LLC
,
Senior
Note
,
144A,
5.625%,
8/15/29
.....
United
States
55,000,000
52,430,911
f
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
6.625%,
6/01/27
............
United
States
60,000,000
59,828,832
Senior
Secured
Note
,
144A,
8%,
8/15/28
................
United
States
20,000,000
20,386,520
521,737,689
Metals
&
Mining
1.2%
f
Alcoa
Nederland
Holding
BV
,
Senior
Note
,
144A,
5.5%,
12/15/27
....................
United
States
104,742,000
105,202,328
Senior
Note
,
144A,
4.125%,
3/31/29
...................
United
States
101,547,000
94,817,913
ArcelorMittal
SA
,
g
Senior
Bond
,
6.8%,
11/29/32
.........................
Luxembourg
55,000,000
58,795,879
Senior
Note
,
6.55%,
11/29/27
........................
Luxembourg
25,000,000
26,013,015
f
Cleveland-Cliffs,
Inc.
,
Senior
Bond
,
144A,
4.875%,
3/01/31
...................
United
States
25,000,000
22,459,905
Senior
Note
,
144A,
7.375%,
5/01/33
...................
United
States
40,000,000
39,335,481
f
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond
,
144A,
4.375%,
4/01/31
...................
Australia
198,000,000
178,405,611
Senior
Bond
,
144A,
6.125%,
4/15/32
...................
Australia
32,500,000
32,132,055
Senior
Note
,
144A,
4.5%,
9/15/27
.....................
Australia
16,000,000
15,495,632
Senior
Note
,
144A,
5.875%,
4/15/30
...................
Australia
62,035,000
61,022,350
Freeport-McMoRan,
Inc.
,
Senior
Bond
,
5.25%,
9/01/29
.........................
United
States
61,402,000
61,715,457
Senior
Bond
,
5.4%,
11/14/34
.........................
United
States
59,500,000
58,901,948
f
Glencore
Funding
LLC
,
Senior
Bond
,
144A,
2.5%,
9/01/30
....
Australia
55,000,000
47,706,962
f
Mineral
Resources
Ltd.
,
Senior
Note
,
144A,
8%,
11/01/27
......................
Australia
20,000,000
20,469,466
g
Senior
Note
,
144A,
8.5%,
5/01/30
.....................
Australia
35,000,000
35,743,103
858,217,105
Multi-Utilities
0.2%
Dominion
Energy,
Inc.
,
Senior
Note
,
5.375%,
11/15/32
........
United
States
32,854,000
32,939,190
Sempra
,
Senior
Bond
,
5.5%,
8/01/33
.....................
United
States
35,000,000
35,099,058
Southern
Co.
Gas
Capital
Corp.
,
Senior
Bond
,
5.15%,
9/15/32
.
United
States
40,000,000
39,947,932
107,986,180
Oil,
Gas
&
Consumable
Fuels
3.2%
BP
Capital
Markets
America,
Inc.
,
Senior
Bond
,
3.633%,
4/06/30
United
States
46,500,000
43,832,397
f
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
144A,
11%,
4/15/26
......................
United
States
224,172,000
226,232,141
Senior
Note
,
144A,
8.125%,
1/15/27
...................
United
States
130,000,000
129,722,645
Senior
Note
,
144A,
9.75%,
7/15/28
....................
United
States
73,565,000
75,138,776
Senior
Secured
Note
,
144A,
9.25%,
7/15/29
.............
United
States
140,000,000
145,248,317
Cheniere
Corpus
Christi
Holdings
LLC
,
Senior
Secured
Note
,
5.125%,
6/30/27
.................
United
States
87,973,000
88,472,346
Senior
Secured
Note
,
3.7%,
11/15/29
..................
United
States
60,000,000
56,372,023
Cheniere
Energy
Partners
LP
,
Senior
Note
,
5.95%,
6/30/33
....
United
States
30,000,000
30,730,196
Cheniere
Energy,
Inc.
,
Senior
Note
,
5.65%,
4/15/34
..........
United
States
40,000,000
40,256,360
f
CITGO
Petroleum
Corp.
,
Senior
Secured
Note
,
144A,
7%,
6/15/25
................
United
States
33,224,000
33,356,431
Senior
Secured
Note
,
144A,
6.375%,
6/15/26
............
United
States
77,000,000
77,329,714
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)
Oil,
Gas
&
Consumable
Fuels
(continued)
f
Civitas
Resources,
Inc.
,
Senior
Note
,
144A,
8.75%,
7/01/31
....
United
States
25,000,000
$
26,094,588
Energy
Transfer
LP
,
Senior
Bond
,
5.75%,
2/15/33
.........................
United
States
30,000,000
30,431,335
Senior
Bond
,
6.55%,
12/01/33
........................
United
States
25,000,000
26,630,500
f
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond
,
144A,
7.25%,
2/15/35
....................
United
States
60,000,000
56,460,930
Senior
Note
,
144A,
6%,
4/15/30
......................
United
States
25,000,000
23,619,995
Kinder
Morgan,
Inc.
,
Senior
Bond
,
5.2%,
6/01/33
..........................
United
States
87,000,000
85,038,538
Senior
Bond
,
5.4%,
2/01/34
..........................
United
States
50,000,000
49,268,896
Senior
Note
,
5%,
2/01/29
...........................
United
States
40,000,000
39,880,996
f
Matador
Resources
Co.
,
Senior
Note
,
144A,
6.5%,
4/15/32
.....................
United
States
35,000,000
34,663,202
Senior
Note
,
144A,
6.25%,
4/15/33
....................
United
States
40,000,000
38,864,904
Occidental
Petroleum
Corp.
,
Senior
Bond
,
6.625%,
9/01/30
........................
United
States
80,000,000
83,778,868
Senior
Bond
,
6.125%,
1/01/31
........................
United
States
52,000,000
53,242,553
Senior
Bond
,
5.55%,
10/01/34
........................
United
States
30,000,000
29,199,872
Senior
Note
,
5.5%,
12/01/25
.........................
United
States
30,000,000
30,104,349
Senior
Note
,
6.375%,
9/01/28
........................
United
States
60,000,000
61,903,860
f
Tennessee
Gas
Pipeline
Co.
LLC
,
Senior
Bond
,
144A,
2.9%,
3/01/30
.........................................
United
States
40,050,000
35,926,343
f
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Note
,
144A,
6.25%,
1/15/30
...................................
United
States
25,000,000
25,250,800
f
Venture
Global
LNG,
Inc.
,
h
Junior
Sub.
Bond
,
144A,
9%
to
9/29/29,
FRN
thereafter
,
Perpetual
.......................................
United
States
234,000,000
245,028,186
Senior
Secured
Note
,
144A,
8.125%,
6/01/28
............
United
States
44,500,000
46,326,855
Senior
Secured
Note
,
144A,
7%,
1/15/30
................
United
States
35,000,000
35,558,044
Senior
Secured
Note
,
144A,
8.375%,
6/01/31
............
United
States
90,000,000
93,956,541
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
3.5%,
11/15/30
.........................
United
States
130,000,000
119,507,185
Senior
Bond
,
2.6%,
3/15/31
..........................
United
States
35,000,000
30,155,445
Senior
Bond
,
5.65%,
3/15/33
.........................
United
States
55,000,000
55,520,253
2,303,104,384
Passenger
Airlines
2.0%
f
,i
American
Airlines
Group,
Inc.
,
Senior
Secured
Note
,
144A,
PIK,
10.75%,
2/15/26
...................................
United
States
145,000,000
148,625,000
f
American
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
8.5%,
5/15/29
.........................................
United
States
135,000,000
141,825,385
f
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5%,
4/20/26
..............
United
States
128,999,999
128,684,914
Senior
Secured
Note
,
144A,
5.75%,
4/20/29
.............
United
States
185,795,000
184,397,307
f
Avianca
Midco
2
plc
,
Senior
Secured
Note
,
144A,
9%,
12/01/28
United
Kingdom
60,000,000
58,642,338
f
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.5%,
10/20/25
.............
United
States
31,210,773
31,024,853
Senior
Secured
Note
,
144A,
4.75%,
10/20/28
............
United
States
341,718,000
337,251,113
f
JetBlue
Airways
Corp.
/
JetBlue
Loyalty
LP
,
Senior
Secured
Note
,
144A,
9.875%,
9/20/31
..............................
United
States
70,000,000
74,447,608
f
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets
Ltd.
,
Senior
Secured
Note
,
144A,
6.5%,
6/20/27
.....
United
States
97,750,000
98,436,492
f
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.375%,
4/15/26
............
United
States
107,762,000
106,040,916
Senior
Secured
Note
,
144A,
4.625%,
4/15/29
............
United
States
136,643,000
130,028,973
1,439,404,899
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)
Personal
Care
Products
0.1%
f
BellRing
Brands,
Inc.
,
Senior
Note
,
144A,
7%,
3/15/30
.......
United
States
30,000,000
$
30,776,490
Haleon
US
Capital
LLC
,
Senior
Note
,
3.375%,
3/24/29
.......
United
States
30,000,000
28,236,624
59,013,114
Pharmaceuticals
1.1%
f
1375209
BC
Ltd.
,
Senior
Secured
Note
,
144A,
9%,
1/30/28
....
Canada
467,060,000
468,294,066
f
Bausch
Health
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
11%,
9/30/28
.........................................
United
States
150,000,000
142,675,500
f
Endo
Finance
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
8.5%,
4/15/31
.........................................
United
States
50,000,000
53,039,150
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
7.125%,
1/31/25
........................
Israel
27,220,000
27,238,077
Senior
Note
,
6.75%,
3/01/28
.........................
Israel
26,000,000
26,570,050
Senior
Note
,
7.875%,
9/15/29
........................
Israel
25,000,000
26,974,850
Senior
Note
,
8.125%,
9/15/31
........................
Israel
30,000,000
33,567,270
Viatris,
Inc.
,
Senior
Note
,
2.7%,
6/22/30
...................
United
States
40,000,000
34,707,471
813,066,434
Semiconductors
&
Semiconductor
Equipment
0.7%
Broadcom,
Inc.
,
Senior
Bond
,
4.15%,
11/15/30
........................
United
States
20,000,000
19,145,310
Senior
Bond
,
4.3%,
11/15/32
.........................
United
States
140,000,000
132,122,703
f
Senior
Bond
,
144A,
4.15%,
4/15/32
....................
United
States
25,000,000
23,452,559
f
Senior
Bond
,
144A,
3.469%,
4/15/34
...................
United
States
35,000,000
30,348,759
f
Senior
Note
,
144A,
4%,
4/15/29
......................
United
States
28,000,000
26,948,375
f
Entegris,
Inc.
,
Senior
Secured
Note
,
144A,
4.75%,
4/15/29
....
United
States
60,000,000
57,502,653
Intel
Corp.
,
g
Senior
Bond
,
5.2%,
2/10/33
..........................
United
States
25,000,000
24,180,569
Senior
Note
,
5.125%,
2/10/30
........................
United
States
20,000,000
19,830,718
Micron
Technology,
Inc.
,
Senior
Bond
,
5.327%,
2/06/29
........................
United
States
25,000,000
25,134,595
Senior
Bond
,
4.663%,
2/15/30
........................
United
States
20,000,000
19,535,748
Senior
Bond
,
5.875%,
2/09/33
........................
United
States
40,000,000
40,984,868
Senior
Note
,
6.75%,
11/01/29
........................
United
States
55,000,000
58,582,614
477,769,471
Software
0.5%
f
McAfee
Corp.
,
Senior
Note
,
144A,
7.375%,
2/15/30
..........
United
States
50,000,000
48,624,573
Oracle
Corp.
,
Senior
Bond
,
2.65%,
7/15/26
.........................
United
States
85,000,000
82,465,321
Senior
Bond
,
3.25%,
11/15/27
........................
United
States
40,000,000
38,468,849
Senior
Bond
,
2.875%,
3/25/31
........................
United
States
25,000,000
22,009,808
Senior
Bond
,
6.25%,
11/09/32
........................
United
States
95,000,000
100,715,773
Roper
Technologies,
Inc.
,
Senior
Bond
,
1.75%,
2/15/31
.......
United
States
20,000,000
16,436,378
Workday,
Inc.
,
Senior
Bond
,
3.8%,
4/01/32
................
United
States
30,000,000
27,311,910
336,032,612
Specialized
REITs
0.5%
American
Tower
Corp.
,
Senior
Bond
,
2.9%,
1/15/30
..........................
United
States
20,000,000
18,022,093
Senior
Bond
,
5.65%,
3/15/33
.........................
United
States
105,000,000
106,392,710
Senior
Note
,
5.5%,
3/15/28
..........................
United
States
20,000,000
20,302,899
Crown
Castle,
Inc.
,
Senior
Bond
,
3.3%,
7/01/30
..........................
United
States
41,400,000
37,677,478
Senior
Bond
,
5.1%,
5/01/33
..........................
United
States
60,000,000
58,552,075
f
Iron
Mountain,
Inc.
,
Senior
Note
,
144A,
4.875%,
9/15/27
......
United
States
65,000,000
63,423,993
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)
Specialized
REITs
(continued)
Weyerhaeuser
Co.
,
Senior
Bond
,
3.375%,
3/09/33
..........
United
States
30,000,000
$
26,059,740
330,430,988
Specialty
Retail
0.4%
AutoNation,
Inc.
,
Senior
Bond
,
4.75%,
6/01/30
.........................
United
States
40,959,000
39,581,461
Senior
Bond
,
2.4%,
8/01/31
..........................
United
States
44,451,000
36,706,770
Senior
Bond
,
3.85%,
3/01/32
.........................
United
States
32,953,000
29,551,678
Home
Depot,
Inc.
(The)
,
Senior
Bond
,
5.875%,
12/16/36
......
United
States
20,000,000
21,048,712
Lowe's
Cos.,
Inc.
,
Senior
Bond
,
2.625%,
4/01/31
........................
United
States
40,000,000
34,764,690
Senior
Bond
,
3.75%,
4/01/32
.........................
United
States
63,000,000
57,719,648
Senior
Bond
,
5%,
4/15/33
...........................
United
States
50,000,000
49,246,033
Senior
Bond
,
5.15%,
7/01/33
.........................
United
States
35,000,000
34,813,140
303,432,132
Technology
Hardware,
Storage
&
Peripherals
0.4%
Dell
International
LLC
/
EMC
Corp.
,
Senior
Bond
,
5.75%,
2/01/33
.........................
United
States
40,000,000
41,107,100
Senior
Note
,
5.3%,
10/01/29
.........................
United
States
55,000,000
55,573,394
Hewlett
Packard
Enterprise
Co.
,
Senior
Bond
,
5%,
10/15/34
..........................
United
States
30,000,000
28,851,007
Senior
Note
,
4.85%,
10/15/31
........................
United
States
30,000,000
29,271,354
HP,
Inc.
,
Senior
Bond
,
5.5%,
1/15/33
..........................
United
States
70,000,000
70,664,321
Senior
Note
,
4%,
4/15/29
...........................
United
States
88,630,000
84,999,681
310,466,857
Textiles,
Apparel
&
Luxury
Goods
0.0%
†
f
,g
Hanesbrands,
Inc.
,
Senior
Note
,
144A,
9%,
2/15/31
..........
United
States
19,200,000
20,490,924
Tobacco
0.4%
BAT
Capital
Corp.
,
Senior
Bond
,
2.726%,
3/25/31
........................
United
Kingdom
25,000,000
21,586,640
Senior
Bond
,
6.421%,
8/02/33
........................
United
Kingdom
53,500,000
56,572,069
Senior
Note
,
3.557%,
8/15/27
........................
United
Kingdom
90,000,000
87,110,998
Senior
Note
,
2.259%,
3/25/28
........................
United
Kingdom
37,812,000
34,750,985
Philip
Morris
International,
Inc.
,
Senior
Bond
,
5.75%,
11/17/32
........................
United
States
41,000,000
42,176,784
Senior
Bond
,
5.375%,
2/15/33
........................
United
States
55,000,000
55,132,311
297,329,787
Trading
Companies
&
Distributors
0.4%
United
Rentals
North
America,
Inc.
,
Senior
Bond
,
4.875%,
1/15/28
........................
United
States
140,000,000
136,363,254
Senior
Bond
,
3.875%,
2/15/31
........................
United
States
30,000,000
26,824,383
Senior
Bond
,
3.75%,
1/15/32
.........................
United
States
31,000,000
27,177,380
f
Senior
Secured
Note
,
144A,
6%,
12/15/29
...............
United
States
73,800,000
74,509,441
264,874,458
Water
Utilities
0.0%
†
American
Water
Capital
Corp.
,
Senior
Bond
,
4.45%,
6/01/32
...
United
States
30,000,000
28,608,229
Wireless
Telecommunication
Services
0.3%
Sprint
LLC
,
Senior
Note
,
7.625%,
3/01/26
.................
United
States
86,300,000
88,273,680
f
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
58,500,000
58,760,561
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
Corporate
Bonds
(continued)
Wireless
Telecommunication
Services
(continued)
T-Mobile
USA,
Inc.
,
Senior
Bond
,
5.2%,
1/15/33
..........................
United
States
45,000,000
$
44,562,414
Senior
Note
,
3.375%,
4/15/29
........................
United
States
30,000,000
28,022,679
219,619,334
Total
Corporate
Bonds
(Cost
$
29,778,859,873
)
................................
29,870,638,504
Senior
Floating
Rate
Interests
0.1%
Building
Products
0.1%
j
EMRLD
Borrower
LP,
First
Lien,
Second
Amendment
Incremental
CME
Term
Loan
,
6.829
%
,
(
3-month
SOFR
+
2.5
%
),
8/04/31
..
United
States
34,912,500
35,094,394
Total
Senior
Floating
Rate
Interests
(Cost
$
34,828,405
)
........................
35,094,394
U.S.
Government
and
Agency
Securities
7.6%
U.S.
Treasury
Bonds
,
4.125
%,
8/15/53
...................................
United
States
1,500,000,000
1,336,434,345
4.625
%,
5/15/54
...................................
United
States
600,000,000
583,146,144
U.S.
Treasury
Notes
,
4.125
%,
10/31/27
..................................
United
States
1,250,000,000
1,245,263,425
4
%,
10/31/29
.....................................
United
States
1,000,000,000
983,366,070
3.875
%,
8/15/33
...................................
United
States
1,500,000,000
1,428,047,685
Total
U.S.
Government
and
Agency
Securities
(Cost
$
5,639,472,434
)
............
5,576,257,669
Asset-Backed
Securities
0.1%
Passenger
Airlines
0.1%
United
Airlines
Pass-Through
Trust
,
2020-1
,
A
,
5.875%,
10/15/27
.........................
United
States
45,493,333
46,502,871
2023-1
,
A
,
5.8%,
1/15/36
............................
United
States
48,882,850
50,026,562
96,529,433
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$
94,228,330
)
.............................
96,529,433
Mortgage-Backed
Securities
3.5%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
2.4%
FHLMC
Pool,
30
Year
,
5
%,
11/01/54
.....................
United
States
594,888,133
574,498,378
FHLMC
Pool,
30
Year
,
5
%,
5/01/53
-
12/01/54
..............
United
States
427,620,031
413,120,812
FHLMC
Pool,
30
Year
,
5.5
%,
6/01/53
-
12/01/54
............
United
States
782,634,486
773,048,441
1,760,667,631
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
1.0%
FNMA,
30
Year
,
4
%,
8/01/49
...........................
United
States
22,921,542
21,321,680
FNMA,
30
Year
,
5
%,
5/01/53
-
11/01/53
...................
United
States
360,342,763
348,503,254
FNMA,
30
Year
,
5.5
%,
7/01/53
-
11/01/54
.................
United
States
313,423,770
309,581,479
679,406,413
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
0.1%
GNMA
II,
Single-family,
30
Year
,
5.5
%,
5/20/53
.............
United
States
74,525,113
74,151,193
Total
Mortgage-Backed
Securities
(Cost
$
2,524,656,803
)
.......................
2,514,225,237
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
Country
Shares
a
Value
a
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.0%
a,c,e
Endo,
Inc.,
Escrow
Account
............................
United
States
307,256,000
$
—
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
.................................
—
Total
Long
Term
Investments
(Cost
$
70,353,226,837
)
..........................
71,360,130,279
a
Short
Term
Investments
1.4%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
1.3%
d,k
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.183
%
..
United
States
957,623,823
957,623,823
Total
Money
Market
Funds
(Cost
$
957,623,823
)
...............................
957,623,823
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.1%
Money
Market
Funds
0.1%
d,k
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.183
%
..
United
States
39,436,000
39,436,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
39,436,000
)
.........................................................
39,436,000
Total
Short
Term
Investments
(Cost
$
997,059,823
)
.............................
997,059,823
a
Total
Investments
(Cost
$
71,350,286,660
)
99.2
%
..............................
$72,357,190,102
Options
Written
(
0.1
)
%
.....................................................
(37,703,850)
Other
Assets,
less
Liabilities
0.9
%
...........................................
641,516,899
Net
Assets
100.0%
.........................................................
$72,961,003,151
a
a
a
Number
of
Contracts
Notional
Amount
#
Options
Written
(0.1)%
Calls
-
Exchange-Traded
Equity
Options
Abbott
Laboratories
,
February
Strike
Price
$
125.00
,
Expires
2/21/25
.........................................
10,000
113,110,000
(
350,000
)
Air
Products
and
Chemicals,
Inc.
,
January
Strike
Price
$
340.00
,
Expires
1/17/25
...................................
5,000
145,020,000
(
290,000
)
BlackRock,
Inc.
,
January
Strike
Price
$
1,100.00
,
Expires
1/17/25
1,000
102,511,000
(
210,000
)
Chevron
Corp.
,
January
Strike
Price
$
170.00
,
Expires
1/17/25
..
10,000
144,840,000
(
10,000
)
Chevron
Corp.
,
February
Strike
Price
$
175.00
,
Expires
2/21/25
.
10,000
144,840,000
(
80,000
)
Chevron
Corp.
,
March
Strike
Price
$
175.00
,
Expires
3/21/25
...
10,000
144,840,000
(
160,000
)
ConocoPhillips
,
January
Strike
Price
$
120.00
,
Expires
1/17/25
.
10,000
99,170,000
(
30,000
)
CVS
Health
Corp.
,
February
Strike
Price
$
65.00
,
Expires
2/21/25
20,000
89,780,000
(
220,000
)
Exxon
Mobil
Corp.
,
January
Strike
Price
$
130.00
,
Expires
1/17/25
10,000
107,570,000
(
20,000
)
Exxon
Mobil
Corp.
,
March
Strike
Price
$
130.00
,
Expires
3/21/25
10,000
107,570,000
(
270,000
)
Fifth
Third
Bancorp
,
January
Strike
Price
$
47.00
,
Expires
1/17/25
10,000
42,280,000
(
30,000
)
Home
Depot,
Inc.
(The)
,
February
Strike
Price
$
460.00
,
Expires
2/21/25
.........................................
5,000
194,495,000
(
160,000
)
Honeywell
International,
Inc.
,
January
Strike
Price
$
220.00
,
Expires
1/17/25
...................................
10,000
225,890,000
(
8,060,000
)
Johnson
&
Johnson
,
January
Strike
Price
$
170.00
,
Expires
1/17/25
.........................................
10,000
144,620,000
(
20,000
)
Lockheed
Martin
Corp.
,
January
Strike
Price
$
600.00
,
Expires
1/17/25
.........................................
2,500
121,485,000
(
12,500
)
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
31
See
Abbreviations
on
page
44
.
a
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
a
a
Options
Written
(continued)
Calls
-
Exchange-Traded
(continued)
Equity
Options
(continued)
McDonald's
Corp.
,
March
Strike
Price
$
330.00
,
Expires
3/21/25
7,500
217,417,500
$
(
502,500
)
Microchip
Technology,
Inc.
,
February
Strike
Price
$
75.00
,
Expires
2/21/25
.........................................
10,000
57,350,000
(
190,000
)
Microchip
Technology,
Inc.
,
January
Strike
Price
$
80.00
,
Expires
1/17/25
.........................................
8,000
45,880,000
(
8,000
)
Microsoft
Corp.
,
February
Strike
Price
$
475.00
,
Expires
2/21/25
2,600
109,590,000
(
496,600
)
NextEra
Energy,
Inc.
,
January
Strike
Price
$
85.00
,
Expires
1/17/25
.........................................
10,000
71,690,000
(
30,000
)
NextEra
Energy,
Inc.
,
March
Strike
Price
$
87.50
,
Expires
3/21/25
10,000
71,690,000
(
290,000
)
NIKE,
Inc.
,
January
Strike
Price
$
90.00
,
Expires
1/17/25
......
10,000
75,670,000
(
30,000
)
Pfizer,
Inc.
,
January
Strike
Price
$
30.00
,
Expires
1/17/25
......
20,000
53,060,000
(
40,000
)
Rio
Tinto
plc
,
January
Strike
Price
$
70.00
,
Expires
1/17/25
....
5,000
29,405,000
(
20,000
)
Shell
plc
,
January
Strike
Price
$
70.00
,
Expires
1/17/25
.......
10,000
62,650,000
(
40,000
)
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
January
Strike
Price
$
220.00
,
Expires
1/17/25
........................
10,000
197,490,000
(
1,580,000
)
United
Parcel
Service,
Inc.
,
March
Strike
Price
$
150.00
,
Expires
3/21/25
.........................................
10,000
126,100,000
(
590,000
)
(
13,739,600
)
Puts
-
Exchange-Traded
Equity
Options
Amgen,
Inc.
,
February
Strike
Price
$
235.00
,
Expires
2/21/25
...
5,000
130,320,000
(
1,070,000
)
Applied
Materials,
Inc.
,
March
Strike
Price
$
150.00
,
Expires
3/21/25
.........................................
10,000
162,630,000
(
5,950,000
)
BlackRock,
Inc.
,
January
Strike
Price
$
960.00
,
Expires
1/17/25
.
1,000
102,511,000
(
360,000
)
Citigroup,
Inc.
,
January
Strike
Price
$
55.00
,
Expires
1/17/25
...
25,000
175,975,000
(
150,000
)
Eli
Lilly
&
Co.
,
January
Strike
Price
$
620.00
,
Expires
1/17/25
...
2,500
193,000,000
(
131,250
)
Exxon
Mobil
Corp.
,
February
Strike
Price
$
110.00
,
Expires
2/21/25
.........................................
10,000
107,570,000
(
5,180,000
)
Home
Depot,
Inc.
(The)
,
February
Strike
Price
$
360.00
,
Expires
2/21/25
.........................................
5,000
194,495,000
(
1,675,000
)
Honeywell
International,
Inc.
,
January
Strike
Price
$
190.00
,
Expires
1/17/25
...................................
10,000
225,890,000
(
120,000
)
JPMorgan
Chase
&
Co.
,
January
Strike
Price
$
225.00
,
Expires
1/17/25
.........................................
10,000
239,710,000
(
1,380,000
)
McDonald's
Corp.
,
March
Strike
Price
$
275.00
,
Expires
3/21/25
7,500
217,417,500
(
3,450,000
)
Merck
&
Co.,
Inc.
,
January
Strike
Price
$
90.00
,
Expires
1/17/25
.
10,000
99,480,000
(
170,000
)
Microchip
Technology,
Inc.
,
February
Strike
Price
$
50.00
,
Expires
2/21/25
.........................................
15,000
86,025,000
(
1,725,000
)
Microsoft
Corp.
,
February
Strike
Price
$
390.00
,
Expires
2/21/25
2,600
109,590,000
(
1,313,000
)
Oracle
Corp.
,
January
Strike
Price
$
160.00
,
Expires
1/17/25
...
10,000
166,640,000
(
1,220,000
)
Target
Corp.
,
January
Strike
Price
$
115.00
,
Expires
1/17/25
...
10,000
135,180,000
(
70,000
)
(
23,964,250
)
Total
Options
Written
(Premiums
received
$
79,163,889
)
........................
$
(
37,703,850
)
#
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.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
32
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
held
in
connection
with
written
option
contracts
open
at
period
end.
c
See
Note
4
regarding
holdings
of
5%
voting
securities.
d
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
f
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
December
31,
2024,
the
aggregate
value
of
these
securities
was
$28,286,336,342,
representing
38.8%
of
net
assets.
g
A
portion
or
all
of
the
security
is
on
loan
at
December
31,
2024.
h
Perpetual
security
with
no
stated
maturity
date.
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
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
December
31,
2024
Franklin
U.S.
Government
Securities
Fund
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
33
a
a
Principal
Amount
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
3.4%
U.S.
Treasury
Bonds
,
4.75
%,
2/15/37
...................................................
$
37,500,000
$
38,051,146
4.5
%,
2/15/44
....................................................
33,400,000
31,889,717
4.625
%,
5/15/54
...................................................
6,000,000
5,831,461
Total
U.S.
Government
and
Agency
Securities
(Cost
$
80,305,722
)
.................
75,772,324
Mortgage-Backed
Securities
95.2%
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
95.2%
GNMA
I,
30
Year
,
4.5
%,
4/15/40
........................................
2,937,191
2,848,390
GNMA
I,
30
Year
,
5
%,
9/15/40
..........................................
100,848,987
100,055,732
GNMA
I,
30
Year
,
5.5
%,
2/15/40
........................................
43,207,706
43,995,858
GNMA
I,
30
Year
,
6
%,
12/15/39
.........................................
39,742,532
41,448,653
GNMA
I,
30
Year
,
6.5
%,
8/15/37
........................................
8,686,391
8,901,676
GNMA
I,
30
Year
,
7
%,
9/15/32
..........................................
5,301,585
5,531,142
GNMA
I,
30
Year
,
7.5
%,
7/15/26
-
8/15/33
.................................
335,471
348,209
GNMA
I,
30
Year
,
8
%,
10/15/29
.........................................
608
627
GNMA
I,
Single-family,
30
Year
,
3.5
%,
4/15/43
-
5/15/43
......................
9,551,285
8,771,262
GNMA
I,
Single-family,
30
Year
,
4
%,
10/15/40
-
8/15/46
.......................
28,889,769
27,136,368
GNMA
I,
Single-family,
30
Year
,
4.5
%,
2/15/39
-
6/15/41
......................
54,088,339
52,337,399
GNMA
I,
Single-family,
30
Year
,
5.5
%,
10/15/48
.............................
540,006
540,569
GNMA
I,
Single-family,
30
Year
,
7.25
%,
12/15/25
............................
8,475
8,470
GNMA
I,
Single-family,
30
Year
,
7.5
%,
8/15/25
-
7/15/31
......................
571,459
577,904
GNMA
I,
Single-family,
30
Year
,
8
%,
1/15/25
-
9/15/30
........................
185,724
186,824
GNMA
II,
30
Year
,
4.5
%,
5/20/34
-
6/20/41
.................................
2,433,984
2,365,469
GNMA
II,
30
Year
,
6
%,
3/20/34
-
9/20/34
..................................
758,052
761,365
GNMA
II,
30
Year
,
6
%,
7/20/39
.........................................
17,790,735
18,487,560
GNMA
II,
30
Year
,
6.5
%,
9/20/31
-
9/20/32
.................................
659,965
675,891
GNMA
II,
30
Year
,
7
%,
7/20/32
.........................................
191,552
198,678
GNMA
II,
30
Year
,
8
%,
12/20/28
........................................
11,657
11,682
GNMA
II,
Single-family,
30
Year
,
2
%,
8/20/51
...............................
152,910,837
122,511,174
GNMA
II,
Single-family,
30
Year
,
2
%,
9/20/50
-
4/20/52
.......................
83,742,748
67,103,811
GNMA
II,
Single-family,
30
Year
,
2.5
%,
11/20/50
............................
13,333,412
10,886,535
GNMA
II,
Single-family,
30
Year
,
2.5
%,
7/20/51
.............................
63,333,668
52,958,143
GNMA
II,
Single-family,
30
Year
,
2.5
%,
8/20/51
.............................
189,330,166
158,312,996
GNMA
II,
Single-family,
30
Year
,
2.5
%,
9/20/51
.............................
76,123,595
63,652,424
GNMA
II,
Single-family,
30
Year
,
2.5
%,
10/20/51
............................
47,901,642
40,053,961
GNMA
II,
Single-family,
30
Year
,
2.5
%,
12/20/51
............................
76,309,592
63,807,512
GNMA
II,
Single-family,
30
Year
,
2.5
%,
1/20/52
.............................
31,185,931
26,075,865
GNMA
II,
Single-family,
30
Year
,
3
%,
10/20/44
..............................
16,230,329
14,377,695
GNMA
II,
Single-family,
30
Year
,
3
%,
5/20/45
...............................
11,813,441
10,454,105
GNMA
II,
Single-family,
30
Year
,
3
%,
4/20/46
...............................
15,881,763
13,995,575
GNMA
II,
Single-family,
30
Year
,
3
%,
9/20/47
...............................
12,823,441
11,262,803
GNMA
II,
Single-family,
30
Year
,
3
%,
10/20/47
..............................
20,497,673
18,007,110
GNMA
II,
Single-family,
30
Year
,
3
%,
6/20/50
...............................
9,877,461
8,378,342
GNMA
II,
Single-family,
30
Year
,
3
%,
8/20/51
...............................
113,687,375
98,702,804
GNMA
II,
Single-family,
30
Year
,
3
%,
9/20/51
...............................
24,199,206
21,035,837
GNMA
II,
Single-family,
30
Year
,
3
%,
12/20/44
-
10/20/50
......................
69,631,998
59,948,764
GNMA
II,
Single-family,
30
Year
,
3.5
%,
7/20/42
.............................
25,287,671
23,152,576
GNMA
II,
Single-family,
30
Year
,
3.5
%,
9/20/42
.............................
31,864,084
29,144,156
GNMA
II,
Single-family,
30
Year
,
3.5
%,
5/20/43
.............................
9,519,696
8,704,502
GNMA
II,
Single-family,
30
Year
,
3.5
%,
6/20/43
.............................
11,005,653
10,064,303
GNMA
II,
Single-family,
30
Year
,
3.5
%,
9/20/47
.............................
113,769,944
102,624,082
GNMA
II,
Single-family,
30
Year
,
3.5
%,
11/20/47
............................
76,073,916
68,871,486
GNMA
II,
Single-family,
30
Year
,
3.5
%,
10/20/40
-
10/20/54
....................
43,435,967
39,603,487
GNMA
II,
Single-family,
30
Year
,
4
%,
10/20/41
..............................
10,155,366
9,627,422
GNMA
II,
Single-family,
30
Year
,
4
%,
11/20/41
..............................
9,659,121
9,156,969
GNMA
II,
Single-family,
30
Year
,
4
%,
5/20/47
...............................
27,319,466
25,425,909
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
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
,
4
%,
6/20/47
...............................
$
20,919,468
$
19,547,733
GNMA
II,
Single-family,
30
Year
,
4
%,
7/20/47
...............................
13,308,912
12,457,557
GNMA
II,
Single-family,
30
Year
,
4
%,
5/20/40
-
12/20/49
......................
56,001,581
52,541,815
GNMA
II,
Single-family,
30
Year
,
4
%,
6/20/52
...............................
32,560,280
30,040,647
GNMA
II,
Single-family,
30
Year
,
4.5
%,
6/20/41
.............................
9,350,167
9,026,326
GNMA
II,
Single-family,
30
Year
,
4.5
%,
7/20/41
.............................
10,403,738
10,100,856
GNMA
II,
Single-family,
30
Year
,
4.5
%,
9/20/41
.............................
14,999,308
14,562,629
GNMA
II,
Single-family,
30
Year
,
4.5
%,
10/20/41
............................
10,650,959
10,340,866
GNMA
II,
Single-family,
30
Year
,
4.5
%,
5/20/52
.............................
33,879,164
32,119,793
GNMA
II,
Single-family,
30
Year
,
4.5
%,
5/20/33
-
2/20/44
......................
31,226,851
30,300,360
GNMA
II,
Single-family,
30
Year
,
5
%,
7/20/53
...............................
24,190,036
23,515,769
GNMA
II,
Single-family,
30
Year
,
5
%,
8/20/53
...............................
28,473,343
27,666,869
GNMA
II,
Single-family,
30
Year
,
5
%,
7/20/33
-
9/20/41
.......................
26,232,952
26,170,107
GNMA
II,
Single-family,
30
Year
,
5.5
%,
7/20/53
.............................
22,205,900
22,085,390
GNMA
II,
Single-family,
30
Year
,
5.5
%,
1/20/54
.............................
44,366,379
44,084,718
GNMA
II,
Single-family,
30
Year
,
5.5
%,
6/20/34
-
3/20/54
......................
29,664,638
30,191,198
GNMA
II,
Single-family,
30
Year
,
6
%,
6/20/34
...............................
361,457
366,004
GNMA
II,
Single-family,
30
Year
,
6
%,
8/20/54
...............................
37,157,059
37,441,127
GNMA
II,
Single-family,
30
Year
,
6
%,
12/20/54
..............................
68,730,000
69,280,857
GNMA
II,
Single-family,
30
Year
,
6.5
%,
8/20/54
.............................
41,875,000
42,634,533
GNMA
II,
Single-family,
30
Year
,
6.5
%,
8/20/25
-
9/20/54
......................
32,511,816
33,218,676
GNMA
II,
Single-family,
30
Year
,
6.5
%,
12/20/54
............................
14,490,000
14,772,883
GNMA
II,
Single-family,
30
Year
,
7
%,
2/20/28
-
7/20/33
.......................
1,348,841
1,386,864
GNMA
II,
Single-family,
30
Year
,
7
%,
7/20/54
...............................
35,215,090
36,109,990
GNMA
II,
Single-family,
30
Year
,
7.5
%,
10/20/25
-
4/20/32
.....................
116,414
119,306
GNMA
II,
Single-family,
30
Year
,
8
%,
3/20/25
-
6/20/30
.......................
56,587
58,186
GNMA
II,
Single-family,
30
Year
,
8.5
%,
1/20/25
.............................
1
1
2,133,231,136
Total
Mortgage-Backed
Securities
(Cost
$
2,407,528,171
)
.........................
2,133,231,136
Total
Long
Term
Investments
(Cost
$
2,487,833,893
)
.............................
2,209,003,460
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
,
4.183
%
..................
26,254,559
26,254,559
Total
Money
Market
Funds
(Cost
$
26,254,559
)
..................................
26,254,559
Total
Short
Term
Investments
(Cost
$
26,254,559
)
................................
26,254,559
a
Total
Investments
(Cost
$
2,514,088,452
)
99.8
%
..................................
$2,235,258,019
Other
Assets,
less
Liabilities
0.2
%
.............................................
5,284,513
Net
Assets
100.0%
...........................................................
$2,240,542,532
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),
December
31,
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
99.6%
Electric
Utilities
58.2%
Alliant
Energy
Corp.
.................................
United
States
3,500,000
$
206,990,000
American
Electric
Power
Co.,
Inc.
.......................
United
States
650,000
59,949,500
Constellation
Energy
Corp.
............................
United
States
300,000
67,113,000
Duke
Energy
Corp.
..................................
United
States
2,600,000
280,124,000
Edison
International
.................................
United
States
3,200,000
255,488,000
Entergy
Corp.
......................................
United
States
4,200,000
318,444,000
Evergy,
Inc.
........................................
United
States
4,250,000
261,587,500
Eversource
Energy
..................................
United
States
1,500,000
86,145,000
Exelon
Corp.
.......................................
United
States
5,150,000
193,846,000
FirstEnergy
Corp.
...................................
United
States
3,200,000
127,296,000
a
Hawaiian
Electric
Industries,
Inc.
........................
United
States
2,702,702
26,297,291
NextEra
Energy,
Inc.
.................................
United
States
8,400,000
602,196,000
NRG
Energy,
Inc.
...................................
United
States
800,000
72,176,000
OGE
Energy
Corp.
..................................
United
States
1,600,000
66,000,000
PG&E
Corp.
.......................................
United
States
14,800,000
298,664,000
Pinnacle
West
Capital
Corp.
...........................
United
States
750,000
63,577,500
PPL
Corp.
.........................................
United
States
7,000,000
227,220,000
Southern
Co.
(The)
..................................
United
States
4,100,000
337,512,000
TXNM
Energy,
Inc.
..................................
United
States
1,600,000
78,672,000
Xcel
Energy,
Inc.
....................................
United
States
1,563,358
105,557,932
3,734,855,723
Gas
Utilities
1.5%
ONE
Gas,
Inc.
.....................................
United
States
700,000
48,475,000
Spire,
Inc.
.........................................
United
States
650,000
44,089,500
92,564,500
Independent
Power
and
Renewable
Electricity
Producers
7.8%
AES
Corp.
(The)
....................................
United
States
1,300,000
16,731,000
Clearway
Energy,
Inc.
,
C
..............................
United
States
1,400,000
36,400,000
Drax
Group
plc
.....................................
United
Kingdom
12,500,000
101,247,839
Vistra
Corp.
........................................
United
States
2,500,000
344,675,000
499,053,839
Multi-Utilities
27.5%
Ameren
Corp.
......................................
United
States
1,800,000
160,452,000
CenterPoint
Energy,
Inc.
..............................
United
States
5,300,000
168,169,000
CMS
Energy
Corp.
..................................
United
States
1,700,000
113,305,000
Dominion
Energy,
Inc.
................................
United
States
2,300,000
123,878,000
DTE
Energy
Co.
....................................
United
States
1,400,000
169,050,000
E.ON
SE
..........................................
Germany
9,000,000
104,832,497
National
Grid
plc
....................................
United
Kingdom
7,458,333
88,606,892
NiSource,
Inc.
......................................
United
States
6,300,000
231,588,000
Northwestern
Energy
Group,
Inc.
.......................
United
States
1,300,000
69,498,000
Public
Service
Enterprise
Group,
Inc.
....................
United
States
2,000,000
168,980,000
Sempra
...........................................
United
States
3,550,000
311,406,000
WEC
Energy
Group,
Inc.
..............................
United
States
550,000
51,722,000
1,761,487,389
Oil,
Gas
&
Consumable
Fuels
3.7%
Cheniere
Energy,
Inc.
................................
United
States
375,000
80,576,250
DT
Midstream,
Inc.
..................................
United
States
900,000
89,487,000
Williams
Cos.,
Inc.
(The)
..............................
United
States
1,250,000
67,650,000
237,713,250
Water
Utilities
0.9%
Essential
Utilities,
Inc.
................................
United
States
900,000
32,688,000
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
$
26,309,525
58,997,525
Total
Common
Stocks
(Cost
$
2,895,107,159
)
..................................
6,384,672,226
Short
Term
Investments
0.3%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.3%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.183
%
..
United
States
21,294,234
21,294,234
Total
Money
Market
Funds
(Cost
$
21,294,234
)
................................
21,294,234
Total
Short
Term
Investments
(Cost
$
21,294,234
)
..............................
21,294,234
a
Total
Investments
(Cost
$
2,916,401,393
)
99.9
%
................................
$6,405,966,460
Other
Assets,
less
Liabilities
0.1
%
...........................................
6,545,930
Net
Assets
100.0%
.........................................................
$6,412,512,390
a
a
a
a
Non-income
producing.
b
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
c
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
of
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
38
franklintempleton.com
Quarterly
Schedules
of
Investments
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
December
31,
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
December
31,
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
December
31,
2024,
investments
in
“affiliated
companies”
were
as
follows: 
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Growth
Fund
1,150,134
Anduril
Industries,
Inc.,
F
......................
7/17/24
$
25,000,003
$
25,000,003
2,353
Canva,
Inc.,
A
..............................
11/08/21
4,011,298
2,899,461
94
Canva,
Inc.,
A-3
.............................
11/08/21
160,247
115,831
8
Canva,
Inc.,
A-4
.............................
11/08/21
13,638
9,858
5
Canva,
Inc.,
A-5
.............................
11/08/21
8,524
6,161
25,413
Canva,
Inc.,
B
..............................
11/08/21
43,323,040
31,314,917
96,603
Checkout
Payments
Group
Ltd.,
B
...............
1/11/22
30,000,062
10,010,941
822,494
Gusto,
Inc.,
E
...............................
7/13/21
24,999,977
27,871,588
849,894
OneTrust
LLC,
C
............................
4/01/21
16,666,676
11,972,803
540,043
Stripe,
Inc.,
B
...............................
5/18/21
21,671,052
16,871,953
1,759,545
Stripe,
Inc.,
I
...............................
3/15/23
-
5/08/23
35,426,925
54,971,476
Total
Restricted
Securities
(Value
is
1.0%
of
Net
Assets)
...............
$201,281,442
$181,044,992
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
December
31,
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
Income
Fund
Non-Controlled
Affiliates
Dividends
Endo,
Inc.
..........
$
114,260,525
$
—
$
—
$
—
$
(6,861,013)
$
107,399,512
4,484,322
$
—
Endo,
Inc.,
Escrow
Account
.........
—
—
—
—
—
—
307,256,000
—
Total
Affiliated
Securities
(Value
is
0.2%
of
Net
Assets)
..........
$114,260,525
$—
$—
$—
$(6,861,013)
$107,399,512
$—
    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,
4.183%
$220,607,622
$928,980,336
$(1,028,123,912)
$—
$—
$121,464,046
121,464,046
$1,335,544
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.183%
$19,487,000
$124,797,000
$(111,840,000)
$—
$—
$32,444,000
32,444,000
$237,055
Total
Affiliated
Securities
...
$240,094,622
$1,053,777,336
$(1,139,963,912)
$—
$—
$153,908,046
$1,572,599
Franklin
Growth
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.183%
$132,381,860
$385,969,588
$(459,822,796)
$—
$—
$58,528,652
58,528,652
$1,034,476
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,
4.183%
$3,085,000
$7,667,000
$(10,752,000)
$—
$—
$—
—
$9,135
Total
Affiliated
Securities
...
$135,466,860
$393,636,588
$(470,574,796)
$—
$—
$58,528,652
$1,043,611
Franklin
Income
Fund
Non-Controlled
Affiliates
Dividends
Clarion
Partners
Real
Estate
Income
Fund,
Inc.,
Class
I
....
$91,974,965
$—
$—
$—
$(236,035)
$91,738,930
7,867,833
$1,581,434
Franklin
BSP
Real
Estate
Credit
BDC
..................
265,381,931
71,225,071
—
—
10,664,499
347,271,501
12,900,130
—
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.183%
298,170,275
5,737,213,904
(5,077,760,356)
—
—
957,623,823
957,623,823
10,015,413
Total
Non-Controlled
Affiliates
$655,527,171
$5,808,438,975
$(5,077,760,356)
$—
$10,428,464
$1,396,634,254
$11,596,847
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.183%
$177,261,000
$89,527,000
$(227,352,000)
$—
$—
$39,436,000
39,436,000
$945,762
Total
Affiliated
Securities
...
$832,788,171
$5,897,965,975
$(5,305,112,356)
$—
$10,428,464
$1,436,070,254
$12,542,609
Franklin
U.S.
Government
Securities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.183%
$36,624,604
$64,695,895
$(75,065,940)
$—
$—
$26,254,559
26,254,559
$432,359
Total
Affiliated
Securities
...
$36,624,604
$64,695,895
$(75,065,940)
$—
$—
$26,254,559
$432,359
Franklin
Utilities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.183%
$31,088,886
$192,584,269
$(202,378,921)
$—
$—
$21,294,234
21,294,234
$273,370
Total
Affiliated
Securities
...
$31,088,886
$192,584,269
$(202,378,921)
$—
$—
$21,294,234
$273,370
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
December
31,
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
...................
$
556,341,000
$
—
$
—
$
556,341,000
Automobiles
..........................
747,104,000
—
—
747,104,000
Biotechnology
.........................
439,500,250
83,391,114
—
522,891,364
Broadline
Retail
.......................
2,550,347,000
—
—
2,550,347,000
Capital
Markets
........................
424,921,000
—
—
424,921,000
Communications
Equipment
..............
138,162,500
—
—
138,162,500
Construction
&
Engineering
...............
221,235,000
—
—
221,235,000
Diversified
Consumer
Services
............
32,423,000
—
—
32,423,000
Electrical
Equipment
....................
83,422,500
—
—
83,422,500
Electronic
Equipment,
Instruments
&
Components
........................
201,896,000
40,647,166
—
242,543,166
Energy
Equipment
&
Services
.............
103,275,000
—
—
103,275,000
Entertainment
.........................
250,340,000
—
—
250,340,000
Financial
Services
......................
1,235,497,000
—
—
1,235,497,000
Ground
Transportation
..................
60,320,000
—
—
60,320,000
Health
Care
Equipment
&
Supplies
.........
763,210,500
9,307,973
—
772,518,473
Health
Care
Providers
&
Services
..........
123,854,000
—
—
123,854,000
Health
Care
Technology
.................
55,894,000
77,236,267
—
133,130,267
Hotels,
Restaurants
&
Leisure
.............
477,925,000
—
—
477,925,000
Interactive
Media
&
Services
..............
2,642,497,500
—
—
2,642,497,500
IT
Services
...........................
761,952,585
—
—
761,952,585
Life
Sciences
Tools
&
Services
............
460,954,500
—
—
460,954,500
Media
...............................
76,394,500
—
—
76,394,500
Pharmaceuticals
.......................
535,648,000
—
—
535,648,000
Professional
Services
...................
53,813,400
—
—
53,813,400
Semiconductors
&
Semiconductor
Equipment
.
5,350,172,000
115,637,111
—
5,465,809,111
Software
.............................
6,700,116,477
—
—
6,700,116,477
Specialty
Retail
........................
25,420,000
—
—
25,420,000
Technology
Hardware,
Storage
&
Peripherals
.
651,092,000
—
—
651,092,000
Trading
Companies
&
Distributors
..........
14,382,000
—
—
14,382,000
Warrants
...............................
—
—
—
a
—
Short
Term
Investments
...................
153,908,046
—
—
153,908,046
Total
Investments
in
Securities
...........
$25,892,018,758
$326,219,631
b
$—
$26,218,238,389
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
...................
$
661,839,698
$
—
$
—
$
661,839,698
Beverages
...........................
280,741,320
—
—
280,741,320
Biotechnology
.........................
255,425,892
—
—
255,425,892
Broadline
Retail
.......................
935,667,197
—
—
935,667,197
Building
Products
......................
323,983,478
—
—
323,983,478
Capital
Markets
........................
906,822,665
—
—
906,822,665
Chemicals
...........................
532,454,367
—
—
532,454,367
Commercial
Services
&
Supplies
...........
119,211,824
—
—
119,211,824
Construction
Materials
..................
165,929,757
—
—
165,929,757
Consumer
Staples
Distribution
&
Retail
......
223,102,582
—
—
223,102,582
Electric
Utilities
........................
176,001,029
—
—
176,001,029
Electrical
Equipment
....................
256,524,477
—
—
256,524,477
Electronic
Equipment,
Instruments
&
Components
........................
547,539,992
—
—
547,539,992
Entertainment
.........................
89,845,056
—
—
89,845,056
Financial
Services
......................
772,958,688
—
—
772,958,688
Ground
Transportation
..................
504,861,713
—
—
504,861,713
Health
Care
Equipment
&
Supplies
.........
695,855,619
—
—
695,855,619
Health
Care
Providers
&
Services
..........
215,054,744
—
—
215,054,744
Health
Care
Technology
.................
82,575,688
—
—
82,575,688
Hotels,
Restaurants
&
Leisure
.............
350,198,170
—
—
350,198,170
Industrial
REITs
.......................
85,390,591
—
—
85,390,591
Interactive
Media
&
Services
..............
813,445,251
—
—
813,445,251
IT
Services
...........................
83,701,945
—
31,314,917
115,016,862
Life
Sciences
Tools
&
Services
............
829,576,158
—
—
829,576,158
Machinery
............................
695,916,477
—
—
695,916,477
Pharmaceuticals
.......................
418,947,008
—
—
418,947,008
Professional
Services
...................
76,752,389
—
—
76,752,389
Semiconductors
&
Semiconductor
Equipment
.
2,319,240,983
—
—
2,319,240,983
Software
.............................
3,112,356,262
—
26,882,894
3,139,239,156
Technology
Hardware,
Storage
&
Peripherals
.
789,051,633
—
—
789,051,633
Textiles,
Apparel
&
Luxury
Goods
..........
95,191,498
—
—
95,191,498
Trading
Companies
&
Distributors
..........
179,986,200
—
—
179,986,200
Convertible
Preferred
Stocks
................
—
—
122,847,181
122,847,181
Preferred
Stocks
.........................
—
101,413,093
—
101,413,093
Short
Term
Investments
...................
58,528,652
—
—
58,528,652
Total
Investments
in
Securities
...........
$17,654,679,003
$101,413,093
c
$181,044,992
$17,937,137,088
Franklin
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
.........................
18,742,520,915
—
—
18,742,520,915
Management
Investment
Companies
:
Capital
Markets
........................
91,738,930
—
347,271,501
439,010,431
Equity-Linked
Securities
...................
—
12,923,627,496
—
12,923,627,496
Convertible
Preferred
Stocks
:
Aerospace
&
Defense
...................
339,766,200
—
—
339,766,200
Capital
Markets
........................
55,040,000
—
—
55,040,000
Chemicals
...........................
223,795,000
—
—
223,795,000
Electric
Utilities
........................
281,575,000
—
—
281,575,000
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:
(continued)
Convertible
Preferred
Stocks:
(continued)
Financial
Services
......................
$
—
$
146,810,000
$
—
$
146,810,000
Preferred
Stocks
.........................
47,720,000
—
—
47,720,000
Convertible
Bonds
.......................
—
67,520,000
—
67,520,000
Corporate
Bonds
........................
—
29,870,638,504
—
29,870,638,504
Senior
Floating
Rate
Interests
...............
—
35,094,394
—
35,094,394
U.S.
Government
and
Agency
Securities
.......
—
5,576,257,669
—
5,576,257,669
Asset-Backed
Securities
...................
—
96,529,433
—
96,529,433
Mortgage-Backed
Securities
................
—
2,514,225,237
—
2,514,225,237
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
997,059,823
—
—
997,059,823
Total
Investments
in
Securities
...........
$20,779,215,868
$51,230,702,733
$347,271,501
$72,357,190,102
Liabilities:
Other
Financial
Instruments:
Options
Written
..........................
$
37,703,850
$
—
$
—
$
37,703,850
Total
Other
Financial
Instruments
.........
$37,703,850
$—
$—
$37,703,850
Franklin
U.S.
Government
Securities
Fund
Assets:
Investments
in
Securities:
d
U.S.
Government
and
Agency
Securities
.......
—
75,772,324
—
75,772,324
Mortgage-Backed
Securities
................
—
2,133,231,136
—
2,133,231,136
Short
Term
Investments
...................
26,254,559
—
—
26,254,559
Total
Investments
in
Securities
...........
$26,254,559
$2,209,003,460
$—
$2,235,258,019
Franklin
Utilities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Electric
Utilities
........................
3,734,855,723
—
—
3,734,855,723
Gas
Utilities
..........................
92,564,500
—
—
92,564,500
Independent
Power
and
Renewable
Electricity
Producers
..........................
397,806,000
101,247,839
—
499,053,839
Multi-Utilities
..........................
1,568,048,000
193,439,389
—
1,761,487,389
Oil,
Gas
&
Consumable
Fuels
.............
237,713,250
—
—
237,713,250
Water
Utilities
.........................
32,688,000
26,309,525
—
58,997,525
Short
Term
Investments
...................
21,294,234
—
—
21,294,234
Total
Investments
in
Securities
...........
$6,084,969,707
$320,996,753
e
$—
$6,405,966,460
a
Includes
financial
instruments
determined
to
have
no
value.
b
Includes
foreign
securities
valued
at
$326,219,631,
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
$101,413,093,
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
$320,996,753,
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.
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.
At
December
31,
2024,
the
reconciliation
is
as
follows:
Level
3
financial
instruments,
for
the
Franklin
Growth
Fund,
include
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
May
also
include
values
derived
using
recent
transactions,
private
transaction
prices
or
non-public
third-party
pricing
information
which
is
unobservable.
Abbreviations
Balance
at
Beginning
of
Period
Purchases
Sales
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(
Amortiza
-
tion
)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
IT
Services
........
$
31,148,647
$
—
$
—
$
—
$
—
$
—
$
—
$
166,270
$
31,314,917
$
166,270
Software
..........
23,735,324
—
—
—
—
—
—
3,147,570
26,882,894
3,147,570
Convertible
Preferred
Stocks
:
IT
Services
........
3,015,216
—
—
—
—
—
—
16,095
3,031,311
16,095
Software
..........
89,474,848
—
—
—
—
—
—
5,341,019
94,815,867
5,341,019
Trading
Companies
&
Distributors
......
25,000,003
—
—
—
—
—
—
—
25,000,003
—
Total
Investments
in
Securities
............
$172,374,038
$—
$—
$—
$—
$—
$—
$8,670,954
$181,044,992
$8,670,954
Selected
Portfolio
ADR
American
Depositary
Receipt
BDC
Business
Development
Company
CME
Chicago
Mercantile
Exchange
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.