Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FCF-Q3PH
1
Schedules
of
Investments
(unaudited)
Franklin
DynaTech
Fund
2
Franklin
Growth
Fund
6
Franklin
Income
Fund
10
Franklin
U.S.
Government
Securities
Fund
33
Franklin
Utilities
Fund
35
Notes
to
Schedules
of
Investments
37
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
June
30,
2025
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
99.5%
Aerospace
&
Defense
3.4%
a
Axon
Enterprise,
Inc.
.................................
United
States
925,000
$
765,844,500
a,b
Karman
Holdings,
Inc.
................................
United
States
800,000
40,296,000
a
Kratos
Defense
&
Security
Solutions,
Inc.
.................
United
States
2,250,000
104,512,500
a
Rocket
Lab
Corp.
...................................
United
States
600,000
21,462,000
932,115,000
Automobiles
2.4%
BYD
Co.
Ltd.
,
H
....................................
China
600,000
9,342,020
a
Tesla,
Inc.
.........................................
United
States
2,000,000
635,320,000
644,662,020
Biotechnology
2.0%
a
Alnylam
Pharmaceuticals,
Inc.
..........................
United
States
100,000
32,609,000
a
Argenx
SE
........................................
Netherlands
200,000
110,716,585
a
Ascendis
Pharma
A/S
,
ADR
...........................
Denmark
375,000
64,725,000
a
Caris
Life
Sciences,
Inc.
..............................
United
States
204,200
5,456,224
a
Insmed,
Inc.
.......................................
United
States
400,000
40,256,000
a
Natera,
Inc.
........................................
United
States
1,500,000
253,410,000
a
Vertex
Pharmaceuticals,
Inc.
...........................
United
States
100,000
44,520,000
551,692,809
Broadline
Retail
9.9%
a
Amazon.com,
Inc.
...................................
United
States
10,000,000
2,193,900,000
a
MercadoLibre,
Inc.
..................................
Brazil
200,000
522,726,000
2,716,626,000
Capital
Markets
1.6%
Moody's
Corp.
......................................
United
States
50,000
25,079,500
a
Robinhood
Markets,
Inc.
,
A
............................
United
States
1,250,000
117,037,500
Tradeweb
Markets,
Inc.
,
A
.............................
United
States
2,000,000
292,800,000
434,917,000
Communications
Equipment
0.5%
a
Arista
Networks,
Inc.
.................................
United
States
1,400,000
143,234,000
Construction
&
Engineering
0.1%
Quanta
Services,
Inc.
................................
United
States
100,000
37,808,000
Diversified
Consumer
Services
0.2%
a
Duolingo,
Inc.
,
A
....................................
United
States
150,000
61,503,000
Electrical
Equipment
0.2%
GE
Vernova,
Inc.
....................................
United
States
100,000
52,915,000
Electronic
Equipment,
Instruments
&
Components
1.5%
Amphenol
Corp.
,
A
..................................
United
States
1,600,000
158,000,000
a
Celestica,
Inc.
......................................
Canada
1,700,000
265,387,000
423,387,000
Energy
Equipment
&
Services
0.3%
Baker
Hughes
Co.
,
A
.................................
United
States
1,000,000
38,340,000
a
Oceaneering
International,
Inc.
.........................
United
States
1,000,000
20,720,000
TechnipFMC
plc
....................................
United
Kingdom
1,000,000
34,440,000
93,500,000
Entertainment
4.0%
a
Netflix,
Inc.
........................................
United
States
400,000
535,652,000
a
ROBLOX
Corp.
,
A
...................................
United
States
1,500,000
157,800,000
a
Sea
Ltd.
,
ADR
......................................
Singapore
1,500,000
239,910,000
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)
Entertainment
(continued)
a
Spotify
Technology
SA
................................
United
States
200,000
$
153,468,000
1,086,830,000
Financial
Services
5.1%
a
Affirm
Holdings,
Inc.
,
A
...............................
United
States
100,000
6,914,000
a,b
Chime
Financial,
Inc.
,
A
...............................
United
States
331,100
11,426,261
Mastercard,
Inc.
,
A
..................................
United
States
1,700,000
955,298,000
a
Toast,
Inc.
,
A
.......................................
United
States
1,200,000
53,148,000
Visa,
Inc.
,
A
........................................
United
States
1,050,000
372,802,500
1,399,588,761
Ground
Transportation
0.3%
a
Uber
Technologies,
Inc.
...............................
United
States
1,000,000
93,300,000
Health
Care
Equipment
&
Supplies
2.5%
a
Boston
Scientific
Corp.
...............................
United
States
900,000
96,669,000
a
IDEXX
Laboratories,
Inc.
..............................
United
States
50,000
26,817,000
a
Intuitive
Surgical,
Inc.
................................
United
States
1,000,000
543,410,000
a
Kestra
Medical
Technologies
Ltd.
.......................
United
States
300,000
4,974,000
Stryker
Corp.
......................................
United
States
50,000
19,781,500
691,651,500
Health
Care
Providers
&
Services
0.4%
a
Guardant
Health,
Inc.
................................
United
States
1,250,000
65,050,000
a
HealthEquity,
Inc.
...................................
United
States
200,000
20,952,000
a,b
Hinge
Health,
Inc.
,
A
.................................
United
States
520,100
26,915,175
112,917,175
Health
Care
Technology
1.2%
a
Doximity,
Inc.
,
A
....................................
United
States
2,000,000
122,680,000
Pro
Medicus
Ltd.
....................................
Australia
500,000
93,567,343
a
Veeva
Systems,
Inc.
,
A
...............................
United
States
350,000
100,793,000
317,040,343
Hotels,
Restaurants
&
Leisure
2.3%
Booking
Holdings,
Inc.
...............................
United
States
50,000
289,462,000
a
DoorDash,
Inc.
,
A
...................................
United
States
1,200,000
295,812,000
a
MakeMyTrip
Ltd.
....................................
India
500,000
49,010,000
634,284,000
Insurance
0.1%
a
Root,
Inc.
,
A
.......................................
United
States
200,000
25,594,000
Interactive
Media
&
Services
10.0%
Alphabet,
Inc.
,
A
....................................
United
States
6,000,000
1,057,380,000
Meta
Platforms,
Inc.
,
A
...............................
United
States
2,250,000
1,660,702,500
a
Reddit,
Inc.
,
A
......................................
United
States
150,000
22,585,500
c
Scout24
SE
,
144A
,
Reg
S
.............................
Germany
50,000
6,902,442
2,747,570,442
IT
Services
3.6%
a
Cloudflare,
Inc.
,
A
...................................
United
States
2,100,000
411,243,000
a
Shopify,
Inc.
,
A
.....................................
Canada
5,000,000
576,684,413
a
Snowflake,
Inc.
,
A
...................................
United
States
50,000
11,188,500
999,115,913
Life
Sciences
Tools
&
Services
0.2%
a,c
Samsung
Biologics
Co.
Ltd.
,
144A
,
Reg
S
.................
South
Korea
20,000
14,676,353
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)
Life
Sciences
Tools
&
Services
(continued)
a,b
Tempus
AI,
Inc.
,
A
...................................
United
States
540,000
$
34,311,600
48,987,953
Pharmaceuticals
1.8%
a
Corcept
Therapeutics,
Inc.
............................
United
States
200,000
14,680,000
Eli
Lilly
&
Co.
......................................
United
States
600,000
467,718,000
a
Ligand
Pharmaceuticals,
Inc.
...........................
United
States
160,000
18,188,800
500,586,800
Professional
Services
0.2%
Verisk
Analytics,
Inc.
,
A
...............................
United
States
200,000
62,300,000
Semiconductors
&
Semiconductor
Equipment
20.2%
Analog
Devices,
Inc.
.................................
United
States
1,000,000
238,020,000
a
ARM
Holdings
plc
,
ADR
..............................
United
States
200,000
32,348,000
ASM
International
NV
................................
Netherlands
100,000
64,147,763
ASML
Holding
NV
,
ADR
..............................
Netherlands
200,000
160,278,000
Broadcom,
Inc.
.....................................
United
States
4,500,000
1,240,425,000
KLA
Corp.
.........................................
United
States
200,000
179,148,000
Lam
Research
Corp.
.................................
United
States
2,000,000
194,680,000
Monolithic
Power
Systems,
Inc.
.........................
United
States
250,000
182,845,000
NVIDIA
Corp.
......................................
United
States
19,000,000
3,001,810,000
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.........
Taiwan
1,100,000
249,139,000
5,542,840,763
Software
23.3%
a
AppLovin
Corp.
,
A
...................................
United
States
1,100,000
385,088,000
a
Aurora
Innovation,
Inc.
,
A
.............................
United
States
1,500,000
7,860,000
a
Cadence
Design
Systems,
Inc.
.........................
United
States
1,500,000
462,225,000
a,b
Circle
Internet
Group,
Inc.
,
A
...........................
United
States
118,300
21,446,607
Constellation
Software,
Inc.
............................
Canada
85,000
311,673,949
a
Crowdstrike
Holdings,
Inc.
,
A
...........................
United
States
250,000
127,327,500
a
Descartes
Systems
Group,
Inc.
(The)
....................
Canada
900,000
91,480,500
a
Fair
Isaac
Corp.
....................................
United
States
25,000
45,699,000
a
Fortinet,
Inc.
.......................................
United
States
1,100,000
116,292,000
a
Guidewire
Software,
Inc.
..............................
United
States
300,000
70,635,000
a
HubSpot,
Inc.
......................................
United
States
250,000
139,157,500
Intuit,
Inc.
.........................................
United
States
250,000
196,907,500
a
Klaviyo,
Inc.
,
A
.....................................
United
States
1,000,000
33,580,000
a
Life360,
Inc.
.......................................
United
States
350,000
22,837,500
a,c
Lumine
Group,
Inc.
,
Reg
S
............................
Canada
500,000
17,561,961
Microsoft
Corp.
.....................................
United
States
4,500,000
2,238,345,000
a
Monday.com
Ltd.
....................................
United
States
350,000
110,068,000
a
Palantir
Technologies,
Inc.
,
A
...........................
United
States
1,200,000
163,584,000
a
Palo
Alto
Networks,
Inc.
..............................
United
States
2,000,000
409,280,000
Salesforce,
Inc.
.....................................
United
States
100,000
27,269,000
a
ServiceNow,
Inc.
....................................
United
States
800,000
822,464,000
a
ServiceTitan,
Inc.
,
A
.................................
United
States
800,000
85,744,000
a
Synopsys,
Inc.
.....................................
United
States
750,000
384,510,000
a
Tyler
Technologies,
Inc.
...............................
United
States
200,000
118,568,000
6,409,604,017
Specialty
Retail
0.3%
a
Carvana
Co.
,
A
.....................................
United
States
225,000
75,816,000
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
DynaTech
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
See
Abbreviations
on
page
45
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Technology
Hardware,
Storage
&
Peripherals
1.9%
Apple,
Inc.
........................................
United
States
2,500,000
$
512,925,000
Total
Common
Stocks
(Cost
$
10,653,576,508
)
.................................
27,353,312,496
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
$
10,653,576,508
)
..........................
27,353,312,496
a
Short
Term
Investments
0.7%
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
,
4.332
%
..
United
States
141,639,528
141,639,528
Total
Money
Market
Funds
(Cost
$
141,639,528
)
...............................
141,639,528
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.2%
Money
Market
Funds
0.2%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.332
%
..
United
States
50,435,000
50,435,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
50,435,000
)
.........................................................
50,435,000
Total
Short
Term
Investments
(Cost
$
192,074,528
)
.............................
192,074,528
a
Total
Investments
(Cost
$
10,845,651,036
)
100.2
%
.............................
$27,545,387,024
Other
Assets,
less
Liabilities
(
0.2
)
%
.........................................
(56,353,062)
Net
Assets
100.0%
.........................................................
$27,489,033,962
a
a
a
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
June
30,
2025.
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
June
30,
2025,
the
aggregate
value
of
these
securities
was
$39,140,756,
representing
0.1%
of
net
assets.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
e
See
Note
6
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),
June
30,
2025
Franklin
Growth
Fund
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
98.0%
Aerospace
&
Defense
4.5%
BWX
Technologies,
Inc.
..............................
United
States
1,291,198
$
186,009,984
Curtiss-Wright
Corp.
.................................
United
States
273,322
133,531,463
Northrop
Grumman
Corp.
.............................
United
States
540,587
270,282,688
RTX
Corp.
........................................
United
States
1,445,967
211,140,102
800,964,237
Beverages
1.1%
a
Monster
Beverage
Corp.
..............................
United
States
3,089,123
193,502,665
Biotechnology
1.3%
AbbVie,
Inc.
.......................................
United
States
418,663
77,712,226
Amgen,
Inc.
.......................................
United
States
553,786
154,622,589
232,334,815
Broadline
Retail
4.5%
a
Amazon.com,
Inc.
...................................
United
States
3,683,358
808,091,912
Building
Products
2.5%
Johnson
Controls
International
plc
.......................
United
States
1,422,000
150,191,640
Trane
Technologies
plc
...............................
United
States
666,372
291,477,777
441,669,417
Capital
Markets
5.7%
BlackRock,
Inc.
.....................................
United
States
118,955
124,813,534
Blackstone,
Inc.
....................................
United
States
943,026
141,057,829
Charles
Schwab
Corp.
(The)
...........................
United
States
2,020,153
184,318,759
Intercontinental
Exchange,
Inc.
.........................
United
States
1,297,519
238,055,811
S&P
Global,
Inc.
....................................
United
States
336,752
177,565,962
Tradeweb
Markets,
Inc.
,
A
.............................
United
States
1,084,847
158,821,601
1,024,633,496
Chemicals
3.2%
Air
Products
and
Chemicals,
Inc.
........................
United
States
455,151
128,379,891
Ecolab,
Inc.
........................................
United
States
567,756
152,976,177
Linde
plc
..........................................
United
States
638,703
299,666,673
581,022,741
Commercial
Services
&
Supplies
0.8%
Republic
Services,
Inc.
,
A
.............................
United
States
592,563
146,131,961
Construction
Materials
1.0%
Martin
Marietta
Materials,
Inc.
..........................
United
States
321,258
176,357,792
Consumer
Staples
Distribution
&
Retail
1.3%
Costco
Wholesale
Corp.
..............................
United
States
243,490
241,040,491
Electric
Utilities
0.9%
NextEra
Energy,
Inc.
.................................
United
States
2,455,029
170,428,113
Electrical
Equipment
1.5%
AMETEK,
Inc.
......................................
United
States
733,544
132,742,122
Eaton
Corp.
plc
.....................................
United
States
399,955
142,779,936
275,522,058
Electronic
Equipment,
Instruments
&
Components
4.2%
Amphenol
Corp.
,
A
..................................
United
States
4,914,601
485,316,849
TE
Connectivity
plc
..................................
Switzerland
1,558,772
262,918,073
748,234,922
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Growth
Fund
(continued)
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
(continued)
Entertainment
1.3%
a
Netflix,
Inc.
........................................
United
States
167,500
$
224,304,275
Financial
Services
4.4%
Mastercard,
Inc.
,
A
..................................
United
States
896,433
503,741,560
Visa,
Inc.
,
A
........................................
United
States
825,886
293,230,824
796,972,384
Ground
Transportation
2.8%
Canadian
Pacific
Kansas
City
Ltd.
.......................
Canada
1,294,021
102,577,045
Old
Dominion
Freight
Line,
Inc.
.........................
United
States
368,047
59,734,028
a
Uber
Technologies,
Inc.
...............................
United
States
535,535
49,965,416
Union
Pacific
Corp.
..................................
United
States
1,259,692
289,829,935
502,106,424
Health
Care
Equipment
&
Supplies
3.4%
Abbott
Laboratories
..................................
United
States
712,365
96,888,764
a
Intuitive
Surgical,
Inc.
................................
United
States
589,930
320,573,861
Stryker
Corp.
......................................
United
States
475,568
188,148,968
605,611,593
Health
Care
Providers
&
Services
0.5%
UnitedHealth
Group,
Inc.
..............................
United
States
315,027
98,278,973
Health
Care
Technology
0.5%
a
Veeva
Systems,
Inc.
,
A
...............................
United
States
300,650
86,581,187
Hotels,
Restaurants
&
Leisure
2.0%
a
Airbnb,
Inc.
,
A
......................................
United
States
557,103
73,727,011
Booking
Holdings,
Inc.
...............................
United
States
27,067
156,697,359
a
Chipotle
Mexican
Grill,
Inc.
,
A
..........................
United
States
2,363,334
132,701,204
363,125,574
Industrial
REITs
0.5%
Prologis,
Inc.
.......................................
United
States
807,858
84,922,033
Interactive
Media
&
Services
4.3%
Alphabet,
Inc.
,
A
....................................
United
States
1,343,809
236,819,460
Alphabet,
Inc.
,
C
....................................
United
States
2,027,217
359,608,024
Meta
Platforms,
Inc.
,
A
...............................
United
States
233,900
172,639,251
769,066,735
IT
Services
0.5%
a,b,c
Canva,
Inc.
,
B
......................................
Australia
25,413
35,621,615
a
Shopify,
Inc.
,
A
.....................................
Canada
395,523
45,623,578
81,245,193
Life
Sciences
Tools
&
Services
3.6%
Agilent
Technologies,
Inc.
.............................
United
States
997,758
117,745,422
Danaher
Corp.
.....................................
United
States
1,088,164
214,955,916
a
Mettler-Toledo
International,
Inc.
........................
United
States
143,347
168,392,588
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
355,783
144,255,775
645,349,701
Machinery
3.5%
Deere
&
Co.
.......................................
United
States
339,947
172,859,650
Ingersoll
Rand,
Inc.
..................................
United
States
1,902,461
158,246,706
Parker-Hannifin
Corp.
................................
United
States
229,615
160,379,189
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)
Machinery
(continued)
Xylem,
Inc.
........................................
United
States
1,049,859
$
135,809,760
627,295,305
Pharmaceuticals
2.4%
AstraZeneca
plc
,
ADR
................................
United
Kingdom
2,027,295
141,667,375
Eli
Lilly
&
Co.
......................................
United
States
370,620
288,909,408
430,576,783
Professional
Services
0.5%
Automatic
Data
Processing,
Inc.
........................
United
States
101,095
31,177,698
Verisk
Analytics,
Inc.
,
A
...............................
United
States
171,219
53,334,718
84,512,416
Semiconductors
&
Semiconductor
Equipment
13.9%
a,d
ARM
Holdings
plc
,
ADR
..............................
United
States
342,492
55,394,656
ASML
Holding
NV
,
ADR
..............................
Netherlands
398,976
319,735,377
Broadcom,
Inc.
.....................................
United
States
1,269,700
349,992,805
Lam
Research
Corp.
.................................
United
States
274,282
26,698,610
Monolithic
Power
Systems,
Inc.
.........................
United
States
332,640
243,286,243
NVIDIA
Corp.
......................................
United
States
8,466,156
1,337,567,986
Texas
Instruments,
Inc.
...............................
United
States
747,789
155,255,952
2,487,931,629
Software
17.6%
a
Autodesk,
Inc.
......................................
United
States
736,342
227,949,393
b,c
Checkout
Payments
Group
Ltd.
,
B
.......................
United
Kingdom
96,603
11,474,006
a
Crowdstrike
Holdings,
Inc.
,
A
...........................
United
States
127,537
64,955,870
Intuit,
Inc.
.........................................
United
States
415,915
327,587,131
Microsoft
Corp.
.....................................
United
States
2,642,586
1,314,448,702
a
Palo
Alto
Networks,
Inc.
..............................
United
States
440,000
90,041,600
a,b,c
Plaid,
Inc.
,
A
.......................................
Japan
98,050
18,973,791
a
PTC,
Inc.
.........................................
United
States
936,078
161,323,683
Salesforce,
Inc.
.....................................
United
States
513,173
139,937,145
a
ServiceNow,
Inc.
....................................
United
States
414,166
425,795,781
a,b,c
Stripe,
Inc.
,
B
......................................
United
States
540,043
19,441,548
a
Synopsys,
Inc.
.....................................
United
States
516,110
264,599,275
a
Tyler
Technologies,
Inc.
...............................
United
States
138,488
82,101,226
3,148,629,151
Technology
Hardware,
Storage
&
Peripherals
2.6%
Apple,
Inc.
........................................
United
States
2,286,313
469,082,838
Trading
Companies
&
Distributors
1.2%
Fastenal
Co.
.......................................
United
States
5,005,874
210,246,708
Total
Common
Stocks
(Cost
$
4,564,868,009
)
..................................
17,555,773,522
Convertible
Preferred
Stocks
0.8%
IT
Services
0.0%
†
a,b,c
Canva,
Inc.
,
A
......................................
Australia
2,353
3,298,220
a,b,c
Canva,
Inc.
,
A-3
....................................
Australia
94
131,761
a,b,c
Canva,
Inc.
,
A-4
....................................
Australia
8
11,214
a,b,c
Canva,
Inc.
,
A-5
....................................
Australia
5
7,008
3,448,203
Software
0.5%
a,b,c
Gusto,
Inc.
,
E
......................................
United
States
822,494
22,809,710
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Growth
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
See
Abbreviations
on
page
44.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Convertible
Preferred
Stocks
(continued)
Software
(continued)
a,b,c
OneTrust
LLC
,
C
....................................
United
States
849,894
$
13,359,715
a,b,c
Stripe,
Inc.
,
I
.......................................
United
States
1,759,545
63,343,620
99,513,045
Trading
Companies
&
Distributors
0.3%
a,b,c
Anduril
Industries,
Inc.
,
F
..............................
United
States
1,150,134
47,020,698
a
Total
Convertible
Preferred
Stocks
(Cost
$
106,287,288
)
........................
149,981,946
Preferred
Stocks
0.7%
Life
Sciences
Tools
&
Services
0.7%
e
Sartorius
AG
,
0
.34
%
.................................
Germany
456,335
116,227,530
Total
Preferred
Stocks
(Cost
$
158,101,436
)
...................................
116,227,530
Total
Long
Term
Investments
(Cost
$
4,829,256,733
)
...........................
17,821,982,998
a
Short
Term
Investments
0.7%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.7%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.332
%
..
United
States
123,202,832
123,202,832
Total
Money
Market
Funds
(Cost
$
123,202,832
)
...............................
123,202,832
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.0%
†
Money
Market
Funds
0.0%
†
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.332
%
..
United
States
1,780,000
1,780,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
1,780,000
)
..........................................................
1,780,000
Total
Short
Term
Investments
(Cost
$
124,982,832
)
.............................
124,982,832
a
Total
Investments
(Cost
$
4,954,239,565
)
100.2
%
..............................
$17,946,965,830
Other
Assets,
less
Liabilities
(
0.2
)
%
.........................................
(32,286,989)
Net
Assets
100.0%
.........................................................
$17,914,678,841
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
7
regarding
fair
value
measurements.
c
See
Note
3
regarding
restricted
securities.
d
A
portion
or
all
of
the
security
is
on
loan
at
June
30,
2025.
e
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
f
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
June
30,
2025
Franklin
Income
Fund
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
25.3%
Aerospace
&
Defense
0.8%
a
Lockheed
Martin
Corp.
...............................
United
States
1,000,000
$
463,140,000
Northrop
Grumman
Corp.
.............................
United
States
250,000
124,995,000
588,135,000
Air
Freight
&
Logistics
0.6%
United
Parcel
Service,
Inc.
,
B
..........................
United
States
4,000,000
403,760,000
Automobiles
0.2%
Mercedes-Benz
Group
AG
............................
Germany
2,500,000
145,650,401
Banks
1.2%
a
Bank
of
America
Corp.
...............................
United
States
1,000,000
47,320,000
Citigroup,
Inc.
......................................
United
States
500,000
42,560,000
Fifth
Third
Bancorp
..................................
United
States
5,000,000
205,650,000
a
PNC
Financial
Services
Group,
Inc.
(The)
.................
United
States
1,250,000
233,025,000
Truist
Financial
Corp.
................................
United
States
1,000,000
42,990,000
a
US
Bancorp
.......................................
United
States
7,500,000
339,375,000
910,920,000
Beverages
1.6%
Coca-Cola
Co.
(The)
.................................
United
States
1,000,000
70,750,000
PepsiCo,
Inc.
......................................
United
States
8,500,000
1,122,340,000
1,193,090,000
Biotechnology
1.4%
a
AbbVie,
Inc.
.......................................
United
States
3,885,157
721,162,842
a
Amgen,
Inc.
.......................................
United
States
1,000,000
279,210,000
1,000,372,842
Capital
Markets
0.5%
a
BlackRock,
Inc.
.....................................
United
States
200,000
209,850,000
a
Morgan
Stanley
.....................................
United
States
987,800
139,141,508
348,991,508
Chemicals
1.1%
a
Air
Products
and
Chemicals,
Inc.
........................
United
States
1,250,000
352,575,000
a
Albemarle
Corp.
....................................
United
States
4,000,000
250,680,000
BASF
SE
.........................................
Germany
2,500,000
123,648,806
LyondellBasell
Industries
NV
,
A
.........................
United
States
1,500,000
86,790,000
813,693,806
Communications
Equipment
0.2%
a
Cisco
Systems,
Inc.
.................................
United
States
2,497,500
173,276,550
Diversified
Telecommunication
Services
0.4%
a
Verizon
Communications,
Inc.
..........................
United
States
7,000,000
302,890,000
Electric
Utilities
2.1%
a
Duke
Energy
Corp.
..................................
United
States
2,250,000
265,500,000
a
NextEra
Energy,
Inc.
.................................
United
States
6,500,315
451,251,867
a
Southern
Co.
(The)
..................................
United
States
7,000,000
642,810,000
Xcel
Energy,
Inc.
....................................
United
States
3,000,000
204,300,000
1,563,861,867
Energy
Equipment
&
Services
0.2%
a
Schlumberger
NV
...................................
United
States
5,000,000
169,000,000
Food
Products
0.6%
Mondelez
International,
Inc.
,
A
..........................
United
States
500,000
33,720,000
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
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
(continued)
Food
Products
(continued)
b
Nestle
SA
,
ADR
....................................
United
States
4,000,000
$
397,280,000
431,000,000
Ground
Transportation
1.0%
a
Norfolk
Southern
Corp.
...............................
United
States
300,000
76,791,000
a
Union
Pacific
Corp.
..................................
United
States
3,000,000
690,240,000
767,031,000
Health
Care
Equipment
&
Supplies
0.2%
a
Medtronic
plc
......................................
United
States
1,340,000
116,807,800
Health
Care
Providers
&
Services
0.2%
a
Cigna
Group
(The)
..................................
United
States
400,000
132,232,000
Household
Products
1.3%
a
Procter
&
Gamble
Co.
(The)
...........................
United
States
6,000,000
955,920,000
IT
Services
0.3%
a
Accenture
plc
,
A
....................................
Ireland
250,000
74,722,500
a
International
Business
Machines
Corp.
...................
United
States
500,000
147,390,000
222,112,500
Machinery
0.1%
Illinois
Tool
Works,
Inc.
...............................
United
States
400,000
98,900,000
Media
0.1%
a
Comcast
Corp.
,
A
...................................
United
States
2,600,000
92,794,000
Metals
&
Mining
0.3%
Rio
Tinto
plc
,
ADR
...................................
Australia
3,500,000
204,155,000
Multi-Utilities
0.9%
a
Dominion
Energy,
Inc.
................................
United
States
6,750,000
381,510,000
a
Sempra,
Inc.
.......................................
United
States
4,000,000
303,080,000
684,590,000
Oil,
Gas
&
Consumable
Fuels
4.6%
a
BP
plc
,
ADR
.......................................
United
States
11,750,186
351,683,067
a
Chevron
Corp.
.....................................
United
States
8,000,000
1,145,520,000
a
ConocoPhillips
.....................................
United
States
4,000,000
358,960,000
a
Exxon
Mobil
Corp.
...................................
United
States
9,750,000
1,051,050,000
a
Shell
plc
,
ADR
......................................
United
States
4,000,000
281,640,000
TotalEnergies
SE
,
ADR
...............................
France
4,000,000
245,560,000
3,434,413,067
Pharmaceuticals
3.8%
AstraZeneca
plc
,
ADR
................................
United
Kingdom
2,000,000
139,760,000
c
Bausch
Health
Cos.,
Inc.
..............................
United
States
792,748
5,279,702
a
Bristol-Myers
Squibb
Co.
..............................
United
States
4,500,000
208,305,000
c,d
Endo,
Inc.
.........................................
United
States
4,484,322
94,112,466
a
Johnson
&
Johnson
.................................
United
States
8,000,000
1,222,000,000
a
Merck
&
Co.,
Inc.
...................................
United
States
11,000,000
870,760,000
Pfizer,
Inc.
.........................................
United
States
10,000,000
242,400,000
2,782,617,168
Semiconductors
&
Semiconductor
Equipment
0.7%
a
Marvell
Technology,
Inc.
..............................
United
States
1,250,000
96,750,000
a
Microchip
Technology,
Inc.
............................
United
States
3,000,000
211,110,000
a
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.........
Taiwan
1,000,000
226,490,000
534,350,000
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)
Specialty
Retail
0.8%
a
Home
Depot,
Inc.
(The)
...............................
United
States
1,065,000
$
390,471,600
a
Lowe's
Cos.,
Inc.
....................................
United
States
1,000,000
221,870,000
612,341,600
Textiles,
Apparel
&
Luxury
Goods
0.1%
a
NIKE,
Inc.
,
B
.......................................
United
States
1,000,000
71,040,000
Total
Common
Stocks
(Cost
$
17,720,459,189
)
.................................
18,753,946,109
Management
Investment
Companies
0.8%
Capital
Markets
0.8%
e
Clarion
Partners
Real
Estate
Income
Fund,
Inc.
,
Class
I
......
United
States
7,867,833
90,952,147
e,f
Franklin
BSP
Real
Estate
Debt
BDC
.....................
United
States
19,143,066
522,915,156
613,867,303
Total
Management
Investment
Companies
(Cost
$
598,328,345
)
.................
613,867,303
Equity-Linked
Securities
19.8%
Aerospace
&
Defense
1.6%
g
Barclays
Bank
plc
into
RTX
Corp.
,
144A,
7.5
%
,
10/16/25
......
United
States
2,100,000
266,307,539
g
Citigroup
Global
Markets
Holdings,
Inc.
into
Boeing
Co.
(The)
,
144A,
8.5
%
,
12/08/25
...............................
United
States
1,500,000
260,484,832
g
Goldman
Sachs
Bank
USA
into
RTX
Corp.
,
144A,
7.5
%
,
3/31/26
United
States
1,560,000
212,862,658
g
JPMorgan
Chase
Bank
NA
into
Boeing
Co.
(The)
,
144A,
10
%
,
1/22/26
.........................................
United
States
1,275,000
241,650,396
g
Wells
Fargo
Bank
NA
into
Boeing
Co.
(The)
,
144A,
8
%
,
5/14/26
United
States
865,000
169,463,377
1,150,768,802
Banks
1.5%
g
JPMorgan
Chase
Bank
NA
into
Truist
Financial
Corp.
,
144A,
9.5
%
,
3/02/26
....................................
United
States
5,400,000
231,667,891
g
Royal
Bank
of
Canada
into
Citigroup,
Inc.
,
144A,
8.5
%
,
8/27/25
.
United
States
3,700,000
253,146,837
g
Royal
Bank
of
Canada
into
Truist
Financial
Corp.
,
144A,
8.5
%
,
8/04/25
.........................................
United
States
2,420,000
104,737,803
g
UBS
AG
into
Bank
of
America
Corp.
,
144A,
8
%
,
1/28/26
......
United
States
5,000,000
236,100,406
g
Wells
Fargo
Bank
NA
into
Citigroup,
Inc.
,
144A,
8.5
%
,
2/25/26
..
United
States
2,900,000
245,641,667
1,071,294,604
Biotechnology
0.3%
g
Mizuho
Markets
Cayman
LP
into
Amgen,
Inc.
,
144A,
10
%
,
6/15/26
.........................................
United
States
855,000
239,588,844
Broadline
Retail
0.3%
g
Barclays
Bank
plc
into
Amazon.com,
Inc.
,
144A,
10
%
,
3/25/26
..
United
States
1,150,000
243,227,623
Capital
Markets
0.2%
g
Merrill
Lynch
BV
into
Morgan
Stanley
,
144A,
9
%
,
7/14/25
.....
United
States
1,650,000
177,734,133
Communications
Equipment
0.7%
g
Royal
Bank
of
Canada
into
Cisco
Systems,
Inc.
,
144A,
7.5
%
,
3/18/26
.........................................
United
States
4,100,000
274,895,297
g
Royal
Bank
of
Canada
into
Cisco
Systems,
Inc.
,
144A,
8
%
,
9/17/25
.........................................
United
States
5,000,000
273,250,141
548,145,438
Consumer
Staples
Distribution
&
Retail
0.7%
g
Barclays
Bank
plc
into
Target
Corp.
,
144A,
10
%
,
12/29/25
.....
United
States
1,700,000
174,412,645
g
Toronto-Dominion
Bank
(The)
into
Target
Corp.
,
144A,
12
%
,
6/30/26
.........................................
United
States
1,615,000
157,860,493
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
Equity-Linked
Securities
(continued)
Consumer
Staples
Distribution
&
Retail
(continued)
g
UBS
AG
into
Target
Corp.
,
144A,
10
%
,
9/15/25
.............
United
States
1,900,000
$
188,581,613
520,854,751
Containers
&
Packaging
0.3%
g
BNP
Paribas
SA
into
International
Paper
Co.
,
144A,
9
%
,
10/20/25
United
States
5,100,000
238,871,995
Energy
Equipment
&
Services
0.4%
g
Merrill
Lynch
BV
into
Halliburton
Co.
,
144A,
8.5
%
,
11/13/25
....
United
States
5,300,000
111,558,626
g
Wells
Fargo
Bank
NA
into
Schlumberger
NV
,
144A,
10
%
,
11/26/25
........................................
United
States
5,600,000
196,032,777
307,591,403
Health
Care
Equipment
&
Supplies
0.2%
g
Toronto-Dominion
Bank
(The)
into
Medtronic
plc
,
144A,
8
%
,
4/13/26
.........................................
United
States
1,850,000
165,599,141
Health
Care
Providers
&
Services
1.2%
g
Citigroup
Global
Markets
Holdings,
Inc.
into
UnitedHealth
Group,
Inc.
,
144A,
9
%
,
1/27/26
.............................
United
States
400,000
132,758,211
g
JPMorgan
Chase
Bank
NA
into
CVS
Health
Corp.
,
144A,
9
%
,
11/25/25
........................................
United
States
3,639,100
237,508,377
g
Merrill
Lynch
BV
into
UnitedHealth
Group,
Inc.
,
144A,
10
%
,
7/01/26
.........................................
United
States
520,000
162,029,480
g
Wells
Fargo
Bank
NA
into
CVS
Health
Corp.
,
144A,
10
%
,
4/09/26
United
States
3,500,000
241,733,777
g
Wells
Fargo
Bank
NA
into
UnitedHealth
Group,
Inc.
,
144A,
7
%
,
7/14/25
.........................................
United
States
425,000
133,082,217
907,112,062
Hotels,
Restaurants
&
Leisure
0.2%
g
Toronto-Dominion
Bank
(The)
into
Starbucks
Corp.
,
144A,
9
%
,
1/12/26
.........................................
United
States
1,700,000
158,188,955
Interactive
Media
&
Services
0.8%
g
Barclays
Bank
plc
into
Alphabet,
Inc.
,
144A,
8.5
%
,
4/23/26
....
United
States
1,750,000
291,641,599
g
Citigroup
Global
Markets
Holdings,
Inc.
into
Alphabet,
Inc.
,
144A,
8.5
%
,
8/20/25
....................................
United
States
1,750,000
305,602,127
597,243,726
IT
Services
0.3%
g
UBS
AG
into
Accenture
plc
,
144A,
8
%
,
7/13/26
.............
Ireland
805,000
241,258,871
Machinery
0.3%
g
Toronto-Dominion
Bank
(The)
into
Caterpillar,
Inc.
,
144A,
7.5
%
,
2/25/26
.........................................
United
States
480,000
179,497,351
Media
0.6%
g
JPMorgan
Chase
Bank
NA
into
Comcast
Corp.
,
144A,
8.5
%
,
9/02/25
.........................................
United
States
6,100,000
218,642,509
g
Merrill
Lynch
BV
into
Comcast
Corp.
,
144A,
8.5
%
,
6/22/26
.....
United
States
6,900,000
242,071,308
460,713,817
Metals
&
Mining
1.1%
g
BNP
Paribas
Issuance
BV
into
Freeport-McMoRan,
Inc.
,
144A,
10
%
,
8/12/25
.....................................
United
States
3,100,000
134,246,906
g
Citigroup
Global
Markets
Holdings,
Inc.
into
Freeport-McMoRan,
Inc.
,
144A,
12
%
,
6/09/26
............................
United
States
2,575,000
106,425,638
g
Citigroup
Global
Markets
Holdings,
Inc.
into
Newmont
Corp.
,
144A,
9.5
%
,
2/18/26
...............................
United
States
5,600,000
269,826,098
g
Mizuho
Markets
Cayman
LP
into
Barrick
Gold
Corp.
,
144A,
9
%
,
7/01/25
.........................................
Canada
3,225,000
63,018,677
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)
Metals
&
Mining
(continued)
g
Mizuho
Markets
Cayman
LP
into
Freeport-McMoRan,
Inc.
,
144A,
10
%
,
12/24/25
....................................
United
States
6,000,000
$
257,864,249
831,381,568
Oil,
Gas
&
Consumable
Fuels
0.7%
g
JPMorgan
Chase
Bank
NA
into
Exxon
Mobil
Corp.
,
144A,
8.5
%
,
11/03/25
........................................
United
States
2,500,000
270,777,903
g
Mizuho
Markets
Cayman
LP
into
Exxon
Mobil
Corp.
,
144A,
8.5
%
,
4/07/26
.........................................
United
States
2,225,000
243,352,867
514,130,770
Pharmaceuticals
0.3%
g
BNP
Paribas
SA
into
Pfizer,
Inc.
,
144A,
10.5
%
,
7/23/25
.......
United
States
9,000,000
219,594,992
Semiconductors
&
Semiconductor
Equipment
4.5%
g
Barclays
Bank
plc
into
Microchip
Technology,
Inc.
,
144A,
10
%
,
10/14/25
........................................
United
States
1,950,000
139,074,798
g
BNP
Paribas
Issuance
BV
into
Advanced
Micro
Devices,
Inc.
,
144A,
10
%
,
3/02/26
................................
United
States
1,650,000
209,633,157
g
BNP
Paribas
Issuance
BV
into
Applied
Materials,
Inc.
,
144A,
10
%
,
12/10/25
....................................
United
States
1,300,000
234,533,966
g
BNP
Paribas
SA
into
Texas
Instruments,
Inc.
,
144A,
9
%
,
7/01/26
United
States
1,300,000
265,194,718
g
Citigroup
Global
Markets
Holdings,
Inc.
into
Intel
Corp.
,
144A,
10
%
,
3/03/26
.....................................
United
States
6,500,000
152,726,639
g
Goldman
Sachs
International
Bank
into
Texas
Instruments,
Inc.
,
144A,
9
%
,
11/10/25
................................
United
States
1,670,000
294,159,634
g
J.P.
Morgan
Structured
Products
BV
into
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
144A,
10
%
,
4/15/26
..............
Taiwan
615,000
123,623,267
g
Merrill
Lynch
BV
into
Micron
Technology,
Inc.
,
144A,
10
%
,
8/18/25
United
States
1,615,000
196,466,974
g
Mizuho
Markets
Cayman
LP
into
Analog
Devices,
Inc.
,
144A,
8.5
%
,
5/18/26
....................................
United
States
800,000
173,442,752
g
Mizuho
Markets
Cayman
LP
into
Intel
Corp.
,
144A,
10
%
,
12/08/25
United
States
11,200,000
255,459,517
g
Mizuho
Markets
Cayman
LP
into
Microchip
Technology,
Inc.
,
144A,
10
%
,
4/15/26
................................
United
States
3,010,000
188,838,073
g
Royal
Bank
of
Canada
into
Texas
Instruments,
Inc.
,
144A,
8.5
%
,
7/15/25
.........................................
United
States
890,000
184,429,882
g
UBS
AG
into
Analog
Devices,
Inc.
,
144A,
9
%
,
9/17/25
........
United
States
1,120,000
263,040,814
g
UBS
AG
into
Intel
Corp.
,
144A,
10
%
,
7/29/25
...............
United
States
5,100,000
113,809,651
g
UBS
AG
into
Marvell
Technology,
Inc.
,
144A,
12
%
,
5/14/26
....
United
States
4,500,000
309,556,194
g
Wells
Fargo
Bank
NA
into
QUALCOMM,
Inc.
,
144A,
10
%
,
10/22/25
........................................
United
States
1,250,000
202,409,789
3,306,399,825
Software
1.7%
g
Barclays
Bank
plc
into
Salesforce,
Inc.
,
144A,
10
%
,
4/01/26
...
United
States
450,000
124,284,971
g
Merrill
Lynch
BV
into
Microsoft
Corp
,
144A,
7.5
%
,
10/06/25
....
United
States
615,000
283,451,305
g
Merrill
Lynch
BV
into
Microsoft
Corp.
,
144A,
7
%
,
3/09/26
......
United
States
725,000
317,617,852
g
Royal
Bank
of
Canada
into
Oracle
Corp.
,
144A,
10
%
,
5/13/26
..
United
States
1,625,000
266,063,241
g
Wells
Fargo
Bank
NA
into
Salesforce,
Inc.
,
144A,
9
%
,
6/15/26
..
United
States
880,000
236,325,016
1,227,742,385
Specialty
Retail
1.2%
g
Citigroup
Global
Markets
Holdings,
Inc.
into
Home
Depot,
Inc.
(The)
,
144A,
7.5
%
,
7/21/25
..........................
United
States
745,000
272,037,211
g
Goldman
Sachs
Bank
USA
into
Home
Depot,
Inc.
(The)
,
144A,
8
%
,
5/18/27
......................................
United
States
850,000
315,493,599
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)
Specialty
Retail
(continued)
g
J.P.
Morgan
Structured
Products
BV
into
Home
Depot,
Inc.
(The)
,
144A,
8
%
,
10/15/25
................................
United
States
735,000
$
270,448,375
857,979,185
Technology
Hardware,
Storage
&
Peripherals
0.5%
g
Barclays
Bank
plc
into
Dell
Technologies
Inc
,
144A,
12
%
,
9/03/25
United
States
1,635,000
201,426,872
g
Mizuho
Markets
Cayman
LP
into
Hewlett
Packard
Enterprise
Co.
,
144A,
9.5
%
,
9/30/25
...............................
United
States
9,500,000
183,858,222
385,285,094
Textiles,
Apparel
&
Luxury
Goods
0.2%
g
Goldman
Sachs
International
Bank
into
NIKE,
Inc.
,
144A,
9
%
,
3/31/26
.........................................
United
States
2,450,000
178,353,203
Total
Equity-Linked
Securities
(Cost
$
14,577,823,450
)
.........................
14,728,558,538
Convertible
Preferred
Stocks
1.7%
Aerospace
&
Defense
0.5%
Boeing
Co.
(The)
,
6
%
................................
United
States
5,580,000
379,440,000
Capital
Markets
0.1%
Ares
Management
Corp.
,
B
,
6.75
%
......................
United
States
1,000,000
53,000,000
Chemicals
0.3%
b
Albemarle
Corp.
,
7.25
%
..............................
United
States
7,000,000
224,700,000
Electric
Utilities
0.5%
NextEra
Energy,
Inc.
,
7.234
%
..........................
United
States
4,500,000
199,125,000
NextEra
Energy,
Inc.
,
7.299
%
..........................
United
States
3,500,000
164,815,000
363,940,000
Financial
Services
0.3%
c
FNMA
,
5.375
%
.....................................
United
States
4,240
203,520,000
c
Total
Convertible
Preferred
Stocks
(Cost
$
1,383,852,637
)
......................
1,224,600,000
Preferred
Stocks
0.1%
Financial
Services
0.1%
c
FNMA
,
8.25
%
,
S
....................................
United
States
4,000,000
60,000,000
c
Total
Preferred
Stocks
(Cost
$
93,801,501
)
....................................
60,000,000
Principal
Amount
*
Convertible
Bonds
0.2%
Electric
Utilities
0.1%
g
Southern
Co.
(The)
,
Senior
Note
,
144A,
3.25
%
,
6/15/28
......
United
States
90,000,000
90,675,000
Pharmaceuticals
0.1%
g
Jazz
Investments
I
Ltd.
,
Senior
Note
,
144A,
3.125
%
,
9/15/30
...
United
States
40,000,000
42,600,000
Total
Convertible
Bonds
(Cost
$
130,000,000
)
.................................
133,275,000
Corporate
Bonds
35.5%
Aerospace
&
Defense
1.4%
Boeing
Co.
(The)
,
Senior
Bond
,
3.625
%
,
2/01/31
........................
United
States
29,000,000
27,334,430
Senior
Bond
,
3.6
%
,
5/01/34
..........................
United
States
25,000,000
22,045,563
Senior
Bond
,
3.25
%
,
2/01/35
.........................
United
States
25,000,000
21,070,065
Senior
Note
,
5.04
%
,
5/01/27
.........................
United
States
20,000,000
20,157,595
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
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Aerospace
&
Defense
(continued)
Boeing
Co.
(The),
(continued)
Senior
Note
,
5.15
%
,
5/01/30
.........................
United
States
250,000,000
$
254,640,380
Senior
Note
,
6.388
%
,
5/01/31
........................
United
States
30,000,000
32,254,188
Senior
Note
,
6.528
%
,
5/01/34
........................
United
States
35,000,000
38,051,413
g
Bombardier,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
7/01/31
.........
Canada
40,000,000
42,038,000
RTX
Corp.
,
Senior
Bond
,
6.1
%
,
3/15/34
...................
United
States
25,000,000
27,039,625
Textron,
Inc.
,
Senior
Bond
,
2.45
%
,
3/15/31
................
United
States
40,000,000
35,479,740
g
TransDigm,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
5/31/33
...................
United
States
30,000,000
30,102,194
Senior
Secured
Note
,
144A,
6.75
%
,
8/15/28
.............
United
States
100,000,000
102,239,000
Senior
Secured
Note
,
144A,
6.375
%
,
3/01/29
............
United
States
100,000,000
102,719,150
Senior
Secured
Note
,
144A,
6.875
%
,
12/15/30
...........
United
States
50,000,000
51,915,138
Senior
Secured
Note
,
144A,
6.625
%
,
3/01/32
............
United
States
100,000,000
103,664,350
Senior
Secured
Note
,
144A,
6
%
,
1/15/33
................
United
States
105,000,000
105,638,275
1,016,389,106
Automobile
Components
0.2%
g
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
........................................
United
States
85,000,000
65,929,060
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Bond
,
5
%
,
5/31/26
...........................
United
States
31,667,000
31,769,509
Senior
Bond
,
4.875
%
,
3/15/27
........................
United
States
34,757,000
34,608,331
132,306,900
Automobiles
0.7%
Ford
Motor
Co.
,
Senior
Bond
,
4.346
%
,
12/08/26
.......................
United
States
50,000,000
49,673,144
Senior
Bond
,
3.25
%
,
2/12/32
.........................
United
States
120,000,000
101,216,460
Senior
Bond
,
6.1
%
,
8/19/32
..........................
United
States
155,000,000
154,849,559
General
Motors
Co.
,
Senior
Bond
,
5.6
%
,
10/15/32
.........................
United
States
25,000,000
25,412,969
Senior
Bond
,
5.15
%
,
4/01/38
.........................
United
States
140,000,000
130,372,091
g
Rivian
Holdings
LLC
/
Rivian
LLC
/
Rivian
Automotive
LLC
,
Senior
Secured
Note
,
144A,
10
%
,
1/15/31
.....................
United
States
55,000,000
54,073,098
515,597,321
Banks
2.7%
Bank
of
America
Corp.
,
Senior
Bond
,
3.419%
to
12/19/27,
FRN
thereafter
,
12/20/28
.
United
States
45,000,000
43,995,457
Senior
Bond
,
4.571%
to
4/26/32,
FRN
thereafter
,
4/27/33
...
United
States
120,000,000
118,122,713
Sub.
Bond
,
5.425%
to
8/14/34,
FRN
thereafter
,
8/15/35
.....
United
States
90,000,000
90,009,992
Barclays
plc
,
h
Junior
Sub.
Bond
,
7.625%
to
9/14/35,
FRN
thereafter
,
Perpetual
.......................................
United
Kingdom
20,000,000
20,135,860
Senior
Bond
,
4.337
%
,
1/10/28
........................
United
Kingdom
31,000,000
30,927,966
Senior
Bond
,
2.645%
to
6/23/30,
FRN
thereafter
,
6/24/31
...
United
Kingdom
49,000,000
44,270,710
Senior
Bond
,
5.746%
to
8/08/32,
FRN
thereafter
,
8/09/33
...
United
Kingdom
100,000,000
103,694,171
Senior
Bond
,
7.437%
to
11/01/32,
FRN
thereafter
,
11/02/33
..
United
Kingdom
65,000,000
73,795,703
Senior
Bond
,
6.692%
to
9/12/33,
FRN
thereafter
,
9/13/34
...
United
Kingdom
70,000,000
76,447,220
Senior
Note
,
5.501%
to
8/08/27,
FRN
thereafter
,
8/09/28
....
United
Kingdom
80,000,000
81,607,715
Sub.
Bond
,
7.119%
to
6/26/33,
FRN
thereafter
,
6/27/34
.....
United
Kingdom
55,000,000
60,105,037
Citigroup,
Inc.
,
Senior
Bond
,
6.27%
to
11/16/32,
FRN
thereafter
,
11/17/33
...
United
States
75,000,000
80,784,962
Sub.
Bond
,
6.174%
to
5/24/33,
FRN
thereafter
,
5/25/34
.....
United
States
155,000,000
162,320,774
Sub.
Bond
,
6.02%
to
1/23/35,
FRN
thereafter
,
1/24/36
......
United
States
85,000,000
87,332,851
Sub.
Bond
,
5.411%
to
9/18/34,
FRN
thereafter
,
9/19/39
.....
United
States
30,000,000
29,149,720
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
(continued)
Banks
(continued)
Fifth
Third
Bancorp
,
Senior
Note
,
6.339%
to
7/26/28,
FRN
thereafter
,
7/27/29
....
United
States
20,000,000
$
21,069,453
Senior
Note
,
5.631%
to
1/28/31,
FRN
thereafter
,
1/29/32
....
United
States
20,000,000
20,819,458
JPMorgan
Chase
&
Co.
,
h
NN
,
Junior
Sub.
Bond
,
6.875%
to
5/31/29,
FRN
thereafter
,
Perpetual
.......................................
United
States
50,000,000
52,901,000
h
OO
,
Junior
Sub.
Bond
,
6.5%
to
3/31/30,
FRN
thereafter
,
Perpetual
.......................................
United
States
100,000,000
103,527,400
Senior
Bond
,
6.254%
to
10/22/33,
FRN
thereafter
,
10/23/34
.
United
States
90,000,000
97,851,730
KeyBank
NA
,
Senior
Note
,
5.85
%
,
11/15/27
........................
United
States
50,000,000
51,633,506
Sub.
Bond
,
4.9
%
,
8/08/32
...........................
United
States
35,000,000
33,789,037
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Bond
,
6.037%
to
10/27/32,
FRN
thereafter
,
10/28/33
...................
United
States
70,000,000
74,467,160
Truist
Financial
Corp.
,
Senior
Note
,
6.047%
to
6/07/26,
FRN
thereafter
,
6/08/27
....
United
States
45,000,000
45,613,478
Sub.
Bond
,
4.916%
to
7/27/32,
FRN
thereafter
,
7/28/33
.....
United
States
95,000,000
92,739,959
US
Bancorp
,
Senior
Bond
,
5.85%
to
10/20/32,
FRN
thereafter
,
10/21/33
..
United
States
45,000,000
47,359,434
Senior
Bond
,
5.836%
to
6/09/33,
FRN
thereafter
,
6/12/34
...
United
States
35,000,000
36,777,203
Senior
Note
,
5.775%
to
6/11/28,
FRN
thereafter
,
6/12/29
....
United
States
40,000,000
41,542,428
Wells
Fargo
&
Co.
,
Senior
Bond
,
4.897%
to
7/24/32,
FRN
thereafter
,
7/25/33
...
United
States
50,000,000
50,025,547
Senior
Bond
,
5.557%
to
7/24/33,
FRN
thereafter
,
7/25/34
...
United
States
90,000,000
92,916,452
Senior
Bond
,
6.491%
to
10/22/33,
FRN
thereafter
,
10/23/34
.
United
States
60,000,000
65,605,877
2,031,339,973
Building
Products
0.2%
g
Camelot
Return
Merger
Sub,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
8/01/28
...................................
United
States
47,600,000
43,933,848
g
EMRLD
Borrower
LP
/
Emerald
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
6.625
%
,
12/15/30
...........
United
States
50,000,000
51,171,100
Senior
Secured
Note
,
144A,
6.75
%
,
7/15/31
.............
United
States
20,000,000
20,715,200
g
MIWD
Holdco
II
LLC
/
MIWD
Finance
Corp.
,
Senior
Note
,
144A,
5.5
%
,
2/01/30
....................................
United
States
10,000,000
9,531,157
g
Quikrete
Holdings,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
3/01/33
....................
United
States
20,000,000
20,649,020
Senior
Secured
Note
,
144A,
6.375
%
,
3/01/32
............
United
States
30,000,000
30,868,348
176,868,673
Capital
Markets
1.1%
Charles
Schwab
Corp.
(The)
,
Senior
Bond
,
5.853%
to
5/18/33,
FRN
thereafter
,
5/19/34
...
United
States
30,000,000
31,880,527
Senior
Bond
,
6.136%
to
8/23/33,
FRN
thereafter
,
8/24/34
...
United
States
16,500,000
17,859,221
Senior
Note
,
5.643%
to
5/18/28,
FRN
thereafter
,
5/19/29
....
United
States
25,000,000
25,919,648
Senior
Note
,
6.196%
to
11/16/28,
FRN
thereafter
,
11/17/29
..
United
States
40,000,000
42,455,198
Goldman
Sachs
Group,
Inc.
(The)
,
h
Junior
Sub.
Bond
,
6.85%
to
2/09/30,
FRN
thereafter
,
Perpetual
United
States
10,000,000
10,344,882
h
Y
,
Junior
Sub.
Bond
,
6.125%
to
11/09/34,
FRN
thereafter
,
Perpetual
.......................................
United
States
25,000,000
25,095,375
Senior
Bond
,
2.65%
to
10/20/31,
FRN
thereafter
,
10/21/32
..
United
States
40,000,000
35,356,248
Senior
Bond
,
6.561%
to
10/23/33,
FRN
thereafter
,
10/24/34
.
United
States
100,000,000
110,610,633
Senior
Bond
,
5.851%
to
4/24/34,
FRN
thereafter
,
4/25/35
...
United
States
65,000,000
68,195,084
Sub.
Bond
,
6.75
%
,
10/01/37
.........................
United
States
60,000,000
65,914,250
Morgan
Stanley
,
Senior
Bond
,
6.342%
to
10/17/32,
FRN
thereafter
,
10/18/33
.
United
States
35,000,000
38,010,934
Senior
Bond
,
5.25%
to
4/20/33,
FRN
thereafter
,
4/21/34
....
United
States
220,000,000
223,877,177
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)
Capital
Markets
(continued)
Morgan
Stanley,
(continued)
Senior
Bond
,
6.627%
to
10/31/33,
FRN
thereafter
,
11/01/34
..
United
States
30,000,000
$
33,081,608
Sub.
Bond
,
5.948%
to
1/18/33,
FRN
thereafter
,
1/19/38
.....
United
States
67,095,000
69,048,442
797,649,227
Chemicals
0.7%
Celanese
US
Holdings
LLC
,
Senior
Bond
,
6.629
%
,
7/15/32
........................
United
States
105,000,000
110,152,560
Senior
Note
,
6.415
%
,
7/15/27
........................
United
States
40,000,000
41,449,951
Senior
Note
,
7.05
%
,
11/15/30
........................
United
States
30,000,000
31,595,288
g
CVR
Partners
LP
/
CVR
Nitrogen
Finance
Corp.
,
Senior
Secured
Note
,
144A,
6.125
%
,
6/15/28
.........................
United
States
25,000,000
25,058,677
Dow
Chemical
Co.
(The)
,
Senior
Bond
,
6.3
%
,
3/15/33
........
United
States
35,000,000
37,552,379
Huntsman
International
LLC
,
Senior
Bond
,
4.5
%
,
5/01/29
.....
United
States
25,000,000
23,727,892
g
International
Flavors
&
Fragrances,
Inc.
,
Senior
Bond
,
144A,
2.3
%
,
11/01/30
....................
United
States
24,549,000
21,704,477
Senior
Note
,
144A,
1.832
%
,
10/15/27
..................
United
States
5,206,000
4,907,526
b
,g
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
United
States
38,000,000
40,800,638
g
SCIH
Salt
Holdings,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
5/01/29
...................
United
States
100,000,000
97,853,863
Senior
Secured
Note
,
144A,
4.875
%
,
5/01/28
............
United
States
115,000,000
112,115,110
546,918,361
Commercial
Services
&
Supplies
0.1%
g
RR
Donnelley
&
Sons
Co.
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/01/29
.........................................
United
States
45,000,000
45,033,975
Communications
Equipment
1.1%
g
CommScope
LLC
,
Senior
Note
,
144A,
8.25
%
,
3/01/27
....................
United
States
292,000,000
291,099,618
Senior
Note
,
144A,
7.125
%
,
7/01/28
...................
United
States
220,000,000
216,379,790
Senior
Secured
Note
,
144A,
4.75
%
,
9/01/29
.............
United
States
150,000,000
146,629,982
b
Senior
Secured
Note
,
144A,
9.5
%
,
12/15/31
.............
United
States
155,000,000
162,431,859
816,541,249
Consumer
Finance
1.4%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
5.3
%
,
1/19/34
..........................
Ireland
30,000,000
30,201,334
Capital
One
Financial
Corp.
,
Senior
Bond
,
5.268%
to
5/09/32,
FRN
thereafter
,
5/10/33
...
United
States
50,000,000
50,455,253
Senior
Bond
,
5.817%
to
1/31/33,
FRN
thereafter
,
2/01/34
...
United
States
85,000,000
87,722,482
Senior
Note
,
6.312%
to
6/07/28,
FRN
thereafter
,
6/08/29
....
United
States
75,000,000
78,740,707
Senior
Note
,
5.247%
to
7/25/29,
FRN
thereafter
,
7/26/30
....
United
States
40,000,000
40,929,890
Senior
Note
,
7.624%
to
10/29/30,
FRN
thereafter
,
10/30/31
..
United
States
40,000,000
45,204,947
Ford
Motor
Credit
Co.
LLC
,
Senior
Bond
,
5.113
%
,
5/03/29
........................
United
States
70,000,000
68,472,159
Senior
Note
,
6.95
%
,
6/10/26
.........................
United
States
35,000,000
35,484,737
Senior
Note
,
4.95
%
,
5/28/27
.........................
United
States
85,000,000
84,474,339
Senior
Note
,
6.8
%
,
5/12/28
..........................
United
States
92,000,000
95,109,048
Senior
Note
,
7.35
%
,
3/06/30
.........................
United
States
45,000,000
47,522,646
Senior
Note
,
6.532
%
,
3/19/32
........................
United
States
75,000,000
76,192,704
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond
,
3.1
%
,
1/12/32
..........................
United
States
80,000,000
70,325,042
Senior
Bond
,
6.4
%
,
1/09/33
..........................
United
States
50,000,000
52,631,963
Senior
Note
,
5
%
,
4/09/27
...........................
United
States
20,000,000
20,132,251
Senior
Note
,
5.8
%
,
6/23/28
..........................
United
States
50,000,000
51,511,554
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)
Consumer
Finance
(continued)
General
Motors
Financial
Co.,
Inc.,
(continued)
Senior
Note
,
5.8
%
,
1/07/29
..........................
United
States
75,000,000
$
77,269,016
1,012,380,072
Consumer
Staples
Distribution
&
Retail
0.0%
†
g
7-Eleven,
Inc.
,
Senior
Bond
,
144A,
1.8
%
,
2/10/31
...........
United
States
40,000,000
33,892,681
Containers
&
Packaging
1.7%
g
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
plc
,
Senior
Note
,
144A,
4
%
,
9/01/29
......................
United
States
124,275,000
113,564,608
Senior
Secured
Note
,
144A,
6
%
,
6/15/27
................
United
States
20,115,000
20,189,767
g
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note
,
144A,
5.25
%
,
8/15/27
....................
United
States
499,409,000
223,103,480
Senior
Secured
Note
,
144A,
4.125
%
,
8/15/26
............
United
States
260,000,000
244,322,000
g
Clydesdale
Acquisition
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/32
...............................
United
States
40,000,000
41,075,754
g
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note
,
144A,
9.25
%
,
4/15/27
...................
United
States
300,000,000
298,117,050
Senior
Secured
Note
,
144A,
7.875
%
,
4/15/27
............
United
States
260,000,000
264,586,920
g
Sealed
Air
Corp.
,
Senior
Note
,
144A,
6.125
%
,
2/01/28
........
United
States
20,000,000
20,305,740
1,225,265,319
Diversified
REITs
0.2%
VICI
Properties
LP
,
Senior
Bond
,
5.125
%
,
5/15/32
........................
United
States
50,000,000
49,847,061
Senior
Note
,
4.95
%
,
2/15/30
.........................
United
States
30,000,000
30,188,649
g
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
4.25
%
,
12/01/26
...................................
United
States
100,000,000
99,425,185
179,460,895
Diversified
Telecommunication
Services
0.9%
g
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
144A,
5.125
%
,
5/01/27
...................
United
States
272,600,000
271,909,785
Senior
Bond
,
144A,
5
%
,
2/01/28
......................
United
States
165,700,000
164,286,592
Senior
Bond
,
144A,
4.75
%
,
3/01/30
....................
United
States
82,500,000
79,987,656
Senior
Note
,
144A,
6.375
%
,
9/01/29
...................
United
States
102,000,000
104,117,139
g
Connect
Holding
II
LLC
,
Senior
Secured
Note
,
144A,
10.5
%
,
4/03/31
.........................................
United
States
55,000,000
56,399,750
676,700,922
Electric
Utilities
2.4%
American
Electric
Power
Co.,
Inc.
,
Senior
Bond
,
5.95
%
,
11/01/32
........................
United
States
30,000,000
31,822,662
Senior
Bond
,
5.625
%
,
3/01/33
........................
United
States
30,000,000
31,202,181
b
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Bond
,
5.25
%
,
3/15/34
.........................................
United
States
75,000,000
75,752,911
NRG
Energy,
Inc.
,
g
Senior
Bond
,
144A,
3.625
%
,
2/15/31
...................
United
States
65,000,000
59,865,299
g
Senior
Bond
,
144A,
6.25
%
,
11/01/34
...................
United
States
75,000,000
76,460,477
Senior
Note
,
5.75
%
,
1/15/28
.........................
United
States
18,075,000
18,177,738
g
Senior
Note
,
144A,
3.375
%
,
2/15/29
...................
United
States
48,300,000
45,577,749
g
Senior
Note
,
144A,
5.75
%
,
7/15/29
....................
United
States
100,000,000
100,628,482
g
Senior
Note
,
144A,
6
%
,
2/01/33
......................
United
States
125,000,000
126,323,875
g
Senior
Secured
Bond
,
144A,
7
%
,
3/15/33
...............
United
States
30,000,000
32,957,700
g
Senior
Secured
Note
,
144A,
2.45
%
,
12/02/27
............
United
States
30,000,000
28,483,587
Pacific
Gas
and
Electric
Co.
,
Senior
Bond
,
4.55
%
,
7/01/30
.........................
United
States
116,500,000
113,765,588
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)
Electric
Utilities
(continued)
Pacific
Gas
and
Electric
Co.,
(continued)
Senior
Bond
,
6.15
%
,
1/15/33
.........................
United
States
50,000,000
$
51,528,560
Senior
Bond
,
6.4
%
,
6/15/33
..........................
United
States
30,000,000
31,376,396
Senior
Note
,
6.1
%
,
1/15/29
..........................
United
States
49,000,000
50,784,498
PG&E
Corp.
,
Senior
Secured
Bond
,
5.25
%
,
7/01/30
..................
United
States
10,000,000
9,532,674
Senior
Secured
Note
,
5
%
,
7/01/28
.....................
United
States
107,284,000
104,567,299
Southern
Co.
(The)
,
2025
,
Junior
Sub.
Bond
,
6.375%
to
3/14/35,
FRN
thereafter
,
3/15/55
.........................................
United
States
100,000,000
103,147,300
Senior
Bond
,
5.7
%
,
10/15/32
.........................
United
States
45,000,000
47,313,078
Senior
Bond
,
5.2
%
,
6/15/33
..........................
United
States
50,000,000
50,905,278
g
Vistra
Operations
Co.
LLC
,
Senior
Note
,
144A,
5.5
%
,
9/01/26
.....................
United
States
109,160,000
109,332,364
Senior
Note
,
144A,
5
%
,
7/31/27
......................
United
States
51,250,000
51,221,102
Senior
Note
,
144A,
4.375
%
,
5/01/29
...................
United
States
137,000,000
133,615,867
Senior
Note
,
144A,
7.75
%
,
10/15/31
...................
United
States
79,000,000
84,020,726
Senior
Note
,
144A,
6.875
%
,
4/15/32
...................
United
States
100,000,000
104,613,200
Senior
Secured
Bond
,
144A,
4.3
%
,
7/15/29
..............
United
States
35,000,000
34,498,817
Senior
Secured
Bond
,
144A,
6.95
%
,
10/15/33
............
United
States
75,000,000
82,423,125
Senior
Secured
Note
,
144A,
3.7
%
,
1/30/27
..............
United
States
28,500,000
28,135,392
1,818,033,925
Electrical
Equipment
0.1%
Regal
Rexnord
Corp.
,
Senior
Note
,
6.3
%
,
2/15/30
..........................
United
States
25,000,000
26,199,277
Senior
Note
,
6.4
%
,
4/15/33
..........................
United
States
60,000,000
63,382,738
89,582,015
Energy
Equipment
&
Services
0.4%
g
USA
Compression
Partners
LP
/
USA
Compression
Finance
Corp.
,
Senior
Note
,
144A,
7.125
%
,
3/15/29
..............
United
States
40,000,000
41,022,280
g
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
8.625
%
,
4/30/30
.........................................
United
States
245,000,000
252,689,866
293,712,146
Entertainment
0.2%
Netflix,
Inc.
,
Senior
Bond
,
4.375
%
,
11/15/26
.......................
United
States
43,000,000
43,231,512
Senior
Bond
,
4.875
%
,
4/15/28
........................
United
States
79,300,000
80,979,237
124,210,749
Financial
Services
0.0%
†
Fiserv,
Inc.
,
Senior
Bond
,
5.6
%
,
3/02/33
..................
United
States
22,500,000
23,340,247
Food
Products
0.3%
JBS
USA
Holding
Lux
SARL
/
JBS
USA
Food
Co.
/
JBS
Lux
Co.
SARL
,
Senior
Note
,
5.75
%
,
4/01/33
....................
United
States
85,000,000
87,426,325
Pilgrim's
Pride
Corp.
,
Senior
Bond
,
6.25
%
,
7/01/33
.........................
United
States
68,000,000
71,980,040
Senior
Bond
,
6.875
%
,
5/15/34
........................
United
States
40,000,000
43,858,120
g
Post
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
2/15/32
United
States
45,000,000
46,302,039
249,566,524
Ground
Transportation
0.1%
g
Ashtead
Capital,
Inc.
,
Senior
Bond
,
144A,
5.55
%
,
5/30/33
....................
United
Kingdom
55,000,000
55,575,679
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)
Ground
Transportation
(continued)
g
Ashtead
Capital,
Inc.,
(continued)
Senior
Bond
,
144A,
5.95
%
,
10/15/33
...................
United
Kingdom
35,000,000
$
36,273,344
91,849,023
Health
Care
Equipment
&
Supplies
0.6%
GE
HealthCare
Technologies,
Inc.
,
Senior
Bond
,
5.5
%
,
6/15/35
..........................
United
States
20,000,000
20,488,369
Senior
Note
,
5.905
%
,
11/22/32
.......................
United
States
105,000,000
111,666,872
g
Medline
Borrower
LP
,
Senior
Note
,
144A,
5.25
%
,
10/01/29
...................
United
States
90,000,000
89,364,132
Senior
Secured
Note
,
144A,
3.875
%
,
4/01/29
............
United
States
150,000,000
143,990,415
g
Medline
Borrower
LP
/
Medline
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
4/01/29
..........................
United
States
75,000,000
77,140,050
442,649,838
Health
Care
Providers
&
Services
6.3%
Centene
Corp.
,
Senior
Note
,
4.25
%
,
12/15/27
........................
United
States
52,000,000
51,244,565
Senior
Note
,
4.625
%
,
12/15/29
.......................
United
States
141,100,000
137,332,263
Senior
Note
,
3.375
%
,
2/15/30
........................
United
States
47,000,000
43,322,884
g
CHS/Community
Health
Systems,
Inc.
,
144A,
10.75
%
,
6/15/33
.............................
United
States
600,000,000
616,380,000
Secured
Note
,
144A,
6.875
%
,
4/15/29
..................
United
States
500,000,000
399,090,000
Secured
Note
,
144A,
6.125
%
,
4/01/30
..................
United
States
600,000,000
444,231,900
Senior
Secured
Note
,
144A,
10.875
%
,
1/15/32
...........
United
States
575,000,000
610,142,275
CVS
Health
Corp.
,
Senior
Bond
,
5.25
%
,
2/21/33
.........................
United
States
95,000,000
95,671,266
Senior
Bond
,
4.78
%
,
3/25/38
.........................
United
States
61,925,000
56,868,260
g
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
...................
United
States
220,000,000
210,935,252
Senior
Note
,
144A,
6.875
%
,
9/01/32
...................
United
States
70,000,000
72,576,350
Senior
Note
,
144A,
6.75
%
,
7/15/33
....................
United
States
40,000,000
41,328,882
HCA,
Inc.
,
Senior
Bond
,
5.625
%
,
9/01/28
........................
United
States
115,000,000
118,419,365
Senior
Bond
,
5.5
%
,
6/01/33
..........................
United
States
100,000,000
102,424,119
Humana,
Inc.
,
Senior
Bond
,
5.875
%
,
3/01/33
...............
United
States
35,000,000
36,185,416
g
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
......
Italy
50,000,000
48,019,467
g
MPH
Acquisition
Holdings
LLC
,
Senior
Secured
Note
,
144A,
5.75
%
,
12/31/30
............
United
States
20,000,000
16,491,800
i
Senior
Secured
Note
,
144A,
PIK,
11.5
%
,
12/31/30
.........
United
States
48,577,703
47,185,898
Tenet
Healthcare
Corp.
,
Secured
Note
,
6.25
%
,
2/01/27
........................
United
States
158,000,000
158,092,659
Senior
Bond
,
6.875
%
,
11/15/31
.......................
United
States
55,258,000
59,442,688
Senior
Note
,
6.125
%
,
10/01/28
.......................
United
States
510,000,000
511,033,214
Senior
Secured
Note
,
4.25
%
,
6/01/29
..................
United
States
130,000,000
126,174,984
Senior
Secured
Note
,
4.375
%
,
1/15/30
.................
United
States
50,000,000
48,439,261
Senior
Secured
Note
,
6.125
%
,
6/15/30
.................
United
States
425,000,000
432,919,518
Senior
Secured
Note
,
6.75
%
,
5/15/31
..................
United
States
159,775,000
165,403,714
4,649,356,000
Health
Care
Technology
0.1%
g
,i
Claritev
Corp.
,
Senior
Secured
Note
,
144A,
PIK,
6.75
%
,
3/31/31
United
States
77,334,408
54,275,865
Hotels,
Restaurants
&
Leisure
2.3%
g
Caesars
Entertainment,
Inc.
,
Senior
Note
,
144A,
8.125
%
,
7/01/27
...................
United
States
33,690,000
33,721,163
Senior
Note
,
144A,
4.625
%
,
10/15/29
..................
United
States
105,000,000
100,293,902
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)
Hotels,
Restaurants
&
Leisure
(continued)
g
Caesars
Entertainment,
Inc.,
(continued)
b
Senior
Note
,
144A,
6
%
,
10/15/32
.....................
United
States
145,000,000
$
142,293,851
Senior
Secured
Note
,
144A,
7
%
,
2/15/30
................
United
States
95,000,000
98,439,665
Senior
Secured
Note
,
144A,
6.5
%
,
2/15/32
..............
United
States
142,500,000
146,310,558
g
Carnival
Corp.
,
Senior
Note
,
144A,
5.75
%
,
3/01/27
....................
United
States
260,000,000
262,309,250
Senior
Note
,
144A,
6
%
,
5/01/29
......................
United
States
30,000,000
30,332,010
Senior
Note
,
144A,
6.125
%
,
2/15/33
...................
United
States
115,000,000
117,734,355
Expedia
Group,
Inc.
,
Senior
Bond
,
3.8
%
,
2/15/28
..........................
United
States
36,500,000
35,969,935
Senior
Note
,
3.25
%
,
2/15/30
.........................
United
States
60,000,000
56,622,582
g
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
1/15/30
....................
United
States
75,000,000
69,270,488
Senior
Secured
Note
,
144A,
4.625
%
,
1/15/29
............
United
States
95,000,000
91,051,953
g
Hilton
Domestic
Operating
Co.,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
4/01/32
.........................................
United
States
40,000,000
40,991,800
g
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
6.75
%
,
2/01/32
..........
United
States
35,000,000
35,778,872
g
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note
,
144A,
5.5
%
,
4/01/28
United
States
50,000,000
50,653,400
g
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
,
Senior
Bond
,
144A,
5.25
%
,
5/15/27
..........................
United
States
135,000,000
135,192,839
g
Wynn
Macau
Ltd.
,
Senior
Bond
,
144A,
5.5
%
,
10/01/27
....................
Macau
51,457,000
51,365,849
Senior
Note
,
144A,
5.5
%
,
1/15/26
.....................
Macau
50,000,000
50,053,035
g
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125
%
,
2/15/31
...................
United
States
75,000,000
80,031,450
Senior
Note
,
144A,
6.25
%
,
3/15/33
....................
United
States
110,000,000
110,774,070
1,739,191,027
Household
Durables
0.2%
KB
Home
,
Senior
Note
,
7.25
%
,
7/15/30
...................
United
States
20,000,000
20,717,580
g
Newell
Brands,
Inc.
,
Senior
Note
,
144A,
8.5
%
,
6/01/28
.......
United
States
35,000,000
36,844,885
Shea
Homes
LP
/
Shea
Homes
Funding
Corp.
,
Senior
Note
,
4.75
%
,
2/15/28
.........................
United
States
25,000,000
24,644,375
Senior
Note
,
4.75
%
,
4/01/29
.........................
United
States
40,000,000
39,021,052
121,227,892
Household
Products
0.1%
g
Energizer
Holdings,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
12/31/27
....................
United
States
20,000,000
20,246,940
Senior
Note
,
144A,
4.75
%
,
6/15/28
....................
United
States
24,000,000
23,391,007
43,637,947
Independent
Power
and
Renewable
Electricity
Producers
0.6%
g
Calpine
Corp.
,
Senior
Note
,
144A,
5.125
%
,
3/15/28
...................
United
States
170,000,000
169,915,782
Senior
Secured
Bond
,
144A,
3.75
%
,
3/01/31
.............
United
States
40,000,000
37,975,124
Senior
Secured
Note
,
144A,
4.5
%
,
2/15/28
..............
United
States
145,175,000
144,088,895
g
,h
Vistra
Corp.
,
Junior
Sub.
Bond
,
144A,
8%
to
10/14/26,
FRN
thereafter
,
Perpetual
.......................................
United
States
10,000,000
10,248,730
Junior
Sub.
Bond
,
144A,
7%
to
12/14/26,
FRN
thereafter
,
Perpetual
.......................................
United
States
97,750,000
98,989,275
461,217,806
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)
Insurance
0.1%
g
Five
Corners
Funding
Trust
III
,
Senior
Note
,
144A,
5.791
%
,
2/15/33
.........................................
United
States
30,000,000
$
31,222,339
Prudential
Financial,
Inc.
,
Junior
Sub.
Bond
,
5.7%
to
9/14/28,
FRN
thereafter
,
9/15/48
.............................
United
States
65,000,000
65,910,138
97,132,477
IT
Services
0.0%
†
Twilio,
Inc.
,
Senior
Bond
,
3.875
%
,
3/15/31
.................
United
States
25,000,000
23,404,650
Media
0.4%
g
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75
%
,
4/15/28
....................
United
States
144,500,000
136,664,488
Senior
Secured
Note
,
144A,
5.125
%
,
8/15/27
............
United
States
55,417,564
54,821,769
g
Stagwell
Global
LLC
,
Senior
Note
,
144A,
5.625
%
,
8/15/29
.....
United
States
55,000,000
52,666,058
g
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
6.625
%
,
6/01/27
............
United
States
50,000,000
49,909,600
Senior
Secured
Note
,
144A,
8
%
,
8/15/28
................
United
States
20,000,000
20,312,180
314,374,095
Metals
&
Mining
1.1%
g
Alcoa
Nederland
Holding
BV
,
Senior
Note
,
144A,
4.125
%
,
3/31/29
United
States
101,547,000
96,867,460
ArcelorMittal
SA
,
Senior
Bond
,
6.8
%
,
11/29/32
..............
Luxembourg
55,000,000
60,486,921
g
Cleveland-Cliffs,
Inc.
,
Senior
Bond
,
144A,
4.875
%
,
3/01/31
...................
United
States
25,000,000
21,409,116
Senior
Note
,
144A,
6.875
%
,
11/01/29
..................
United
States
59,265,000
58,401,746
b
Senior
Note
,
144A,
7
%
,
3/15/32
......................
United
States
97,000,000
91,559,396
Senior
Note
,
144A,
7.375
%
,
5/01/33
...................
United
States
55,000,000
51,680,298
g
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond
,
144A,
4.375
%
,
4/01/31
...................
Australia
175,500,000
164,113,802
Senior
Bond
,
144A,
6.125
%
,
4/15/32
...................
Australia
75,000,000
76,340,700
Senior
Note
,
144A,
5.875
%
,
4/15/30
...................
Australia
62,035,000
62,858,453
Freeport-McMoRan,
Inc.
,
Senior
Bond
,
5.25
%
,
9/01/29
.......
United
States
50,000,000
50,853,750
g
Mineral
Resources
Ltd.
,
Senior
Note
,
144A,
8
%
,
11/01/27
......................
Australia
20,000,000
20,107,800
Senior
Note
,
144A,
8.5
%
,
5/01/30
.....................
Australia
35,000,000
34,854,151
789,533,593
Multi-Utilities
0.0%
†
Sempra,
Inc.
,
Senior
Bond
,
5.5
%
,
8/01/33
.................
United
States
35,000,000
35,746,121
Oil,
Gas
&
Consumable
Fuels
3.1%
g
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
144A,
11
%
,
4/15/26
......................
United
States
119,306,000
119,417,909
Senior
Note
,
144A,
8.125
%
,
1/15/27
...................
United
States
125,000,000
124,348,525
Senior
Note
,
144A,
9.75
%
,
7/15/28
....................
United
States
83,565,000
83,374,121
Senior
Secured
Note
,
144A,
9.25
%
,
7/15/29
.............
United
States
140,000,000
144,200,000
Cheniere
Energy
Partners
LP
,
Senior
Note
,
5.95
%
,
6/30/33
....
United
States
30,000,000
31,328,569
Cheniere
Energy,
Inc.
,
Senior
Note
,
5.65
%
,
4/15/34
..........
United
States
40,000,000
40,986,470
g
CITGO
Petroleum
Corp.
,
Senior
Secured
Note
,
144A,
6.375
%
,
6/15/26
.........................................
United
States
77,000,000
77,024,501
Energy
Transfer
LP
,
Senior
Bond
,
5.75
%
,
2/15/33
.........................
United
States
30,000,000
31,153,986
Senior
Bond
,
6.55
%
,
12/01/33
........................
United
States
25,000,000
27,138,330
Senior
Bond
,
5.6
%
,
9/01/34
..........................
United
States
24,400,000
24,793,247
g
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond
,
144A,
7.25
%
,
2/15/35
....................
United
States
107,000,000
104,729,588
Senior
Note
,
144A,
6
%
,
4/15/30
......................
United
States
27,000,000
26,272,855
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)
Oil,
Gas
&
Consumable
Fuels
(continued)
Kinder
Morgan,
Inc.
,
Senior
Bond
,
5.2
%
,
6/01/33
..........................
United
States
77,000,000
$
77,404,363
Senior
Bond
,
5.4
%
,
2/01/34
..........................
United
States
40,000,000
40,527,607
g
Matador
Resources
Co.
,
Senior
Note
,
144A,
6.875
%
,
4/15/28
...................
United
States
30,000,000
30,612,536
Senior
Note
,
144A,
6.5
%
,
4/15/32
.....................
United
States
35,000,000
35,041,326
Senior
Note
,
144A,
6.25
%
,
4/15/33
....................
United
States
40,000,000
39,804,284
Occidental
Petroleum
Corp.
,
Senior
Bond
,
6.625
%
,
9/01/30
........................
United
States
80,000,000
84,644,000
Senior
Bond
,
6.125
%
,
1/01/31
........................
United
States
52,000,000
53,868,272
Senior
Note
,
6.375
%
,
9/01/28
........................
United
States
60,000,000
62,384,640
g
Rockies
Express
Pipeline
LLC
,
Senior
Note
,
144A,
6.75
%
,
3/15/33
.........................................
United
States
20,000,000
20,898,380
g
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond
,
144A,
3.875
%
,
11/01/33
...........
United
States
15,000,000
13,129,634
Senior
Secured
Note
,
144A,
6.25
%
,
1/15/30
.............
United
States
46,445,000
47,936,581
g
Venture
Global
LNG,
Inc.
,
h
Junior
Sub.
Bond
,
144A,
9%
to
9/29/29,
FRN
thereafter
,
Perpetual
.......................................
United
States
308,000,000
299,729,830
Senior
Secured
Note
,
144A,
8.125
%
,
6/01/28
............
United
States
150,000,000
155,125,350
Senior
Secured
Note
,
144A,
7
%
,
1/15/30
................
United
States
105,000,000
106,237,738
Senior
Secured
Note
,
144A,
8.375
%
,
6/01/31
............
United
States
135,000,000
140,312,342
g
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Bond
,
144A,
7.75
%
,
5/01/35
.............
United
States
25,000,000
27,082,300
Senior
Secured
Note
,
144A,
7.5
%
,
5/01/33
..............
United
States
50,000,000
53,575,900
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
3.5
%
,
11/15/30
.........................
United
States
90,000,000
85,121,139
Senior
Bond
,
2.6
%
,
3/15/31
..........................
United
States
20,000,000
17,927,097
Senior
Bond
,
5.65
%
,
3/15/33
.........................
United
States
40,000,000
41,589,604
2,267,721,024
Passenger
Airlines
1.8%
g
,i
American
Airlines
Group,
Inc.
,
Senior
Secured
Note
,
144A,
PIK,
10.75
%
,
2/15/26
...................................
United
States
145,000,000
145,244,833
b
,g
American
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
5/15/29
.........................................
United
States
150,000,000
157,373,850
g
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
..............
United
States
82,833,333
82,695,026
Senior
Secured
Note
,
144A,
5.75
%
,
4/20/29
.............
United
States
255,000,000
254,935,664
g
Avianca
Midco
2
plc
,
Senior
Secured
Note
,
144A,
9
%
,
12/01/28
United
States
60,000,000
56,918,797
g
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
..............................
United
States
150,000,000
150,418,386
g
JetBlue
Airways
Corp.
/
JetBlue
Loyalty
LP
,
Senior
Secured
Note
,
144A,
9.875
%
,
9/20/31
..............................
United
States
100,000,000
97,350,627
g
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets
Ltd.
,
Senior
Secured
Note
,
144A,
6.5
%
,
6/20/27
.....
United
States
78,200,000
78,351,473
g
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
4/15/26
............
United
States
107,762,000
107,116,947
Senior
Secured
Note
,
144A,
4.625
%
,
4/15/29
............
United
States
186,643,000
181,296,649
1,311,702,252
Personal
Care
Products
0.1%
g
BellRing
Brands,
Inc.
,
Senior
Note
,
144A,
7
%
,
3/15/30
.......
United
States
30,000,000
31,271,370
g
Opal
Bidco
SAS
,
Senior
Secured
Note
,
144A,
6.5
%
,
3/31/32
...
France
65,000,000
66,382,095
97,653,465
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)
Pharmaceuticals
0.5%
g
1261229
BC
Ltd.
,
Senior
Secured
Note
,
144A,
10
%
,
4/15/32
...
United
States
32,000,000
$
32,303,679
g
Bausch
Health
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
11
%
,
9/30/28
.........................................
United
States
150,000,000
148,606,500
g
Endo
Finance
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
4/15/31
.........................................
United
States
50,000,000
52,990,400
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
6.75
%
,
3/01/28
.........................
Israel
26,000,000
27,018,108
Senior
Note
,
7.875
%
,
9/15/29
........................
Israel
25,000,000
27,303,050
Senior
Note
,
8.125
%
,
9/15/31
........................
Israel
30,000,000
34,008,300
Viatris,
Inc.
,
Senior
Note
,
2.7
%
,
6/22/30
...................
United
States
40,000,000
35,643,572
357,873,609
Semiconductors
&
Semiconductor
Equipment
0.3%
Broadcom,
Inc.
,
Senior
Bond
,
4.3
%
,
11/15/32
.........................
United
States
80,000,000
77,626,445
g
Senior
Bond
,
144A,
3.469
%
,
4/15/34
...................
United
States
35,000,000
31,278,314
g
Senior
Note
,
144A,
4
%
,
4/15/29
......................
United
States
28,000,000
27,627,148
Micron
Technology,
Inc.
,
Senior
Bond
,
5.327
%
,
2/06/29
........................
United
States
13,000,000
13,311,297
Senior
Bond
,
5.875
%
,
2/09/33
........................
United
States
40,000,000
41,732,469
Senior
Note
,
6.75
%
,
11/01/29
........................
United
States
55,000,000
59,462,885
251,038,558
Software
0.2%
g
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
..........
United
States
50,000,000
47,268,187
Oracle
Corp.
,
Senior
Bond
,
6.25
%
,
11/09/32
...............
United
States
95,000,000
102,838,761
150,106,948
Specialized
REITs
0.3%
American
Tower
Corp.
,
Senior
Bond
,
5.65
%
,
3/15/33
.........
United
States
105,000,000
109,506,931
Crown
Castle,
Inc.
,
Senior
Bond
,
5.1
%
,
5/01/33
.............
United
States
60,000,000
59,787,642
g
Iron
Mountain,
Inc.
,
Senior
Note
,
144A,
4.875
%
,
9/15/27
......
United
States
30,000,000
29,850,438
199,145,011
Specialty
Retail
0.2%
AutoNation,
Inc.
,
Senior
Bond
,
4.75
%
,
6/01/30
.............
United
States
16,000,000
15,917,711
Home
Depot,
Inc.
(The)
,
Senior
Bond
,
5.875
%
,
12/16/36
......
United
States
20,000,000
21,460,875
Lowe's
Cos.,
Inc.
,
Senior
Bond
,
2.625
%
,
4/01/31
........................
United
States
40,000,000
36,095,522
Senior
Bond
,
3.75
%
,
4/01/32
.........................
United
States
48,000,000
45,289,851
Senior
Bond
,
5
%
,
4/15/33
...........................
United
States
30,000,000
30,342,087
149,106,046
Technology
Hardware,
Storage
&
Peripherals
0.2%
Dell
International
LLC
/
EMC
Corp.
,
Senior
Bond
,
5.75
%
,
2/01/33
.........................
United
States
40,000,000
42,044,115
Senior
Note
,
5.3
%
,
10/01/29
.........................
United
States
55,000,000
56,619,509
HP,
Inc.
,
Senior
Bond
,
5.5
%
,
1/15/33
..........................
United
States
50,000,000
51,059,240
Senior
Note
,
4
%
,
4/15/29
...........................
United
States
20,000,000
19,581,579
169,304,443
Textiles,
Apparel
&
Luxury
Goods
0.3%
g
,i
,j
Beach
Acquisition
Bidco
LLC
,
Senior
Note
,
144A,
PIK,
10
%
,
7/15/33
.........................................
United
States
190,000,000
197,412,850
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)
Tobacco
0.3%
BAT
Capital
Corp.
,
Senior
Bond
,
2.726
%
,
3/25/31
........................
United
Kingdom
25,000,000
$
22,523,863
Senior
Bond
,
6.421
%
,
8/02/33
........................
United
Kingdom
53,500,000
58,130,187
Senior
Note
,
2.259
%
,
3/25/28
........................
United
Kingdom
37,812,000
35,783,540
Philip
Morris
International,
Inc.
,
Senior
Bond
,
5.75
%
,
11/17/32
........................
United
States
41,000,000
43,364,495
Senior
Bond
,
5.375
%
,
2/15/33
........................
United
States
25,000,000
25,828,086
185,630,171
Trading
Companies
&
Distributors
0.5%
g
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
7
%
,
6/15/30
......................
United
States
35,000,000
36,574,382
Senior
Note
,
144A,
7.25
%
,
6/15/33
....................
United
States
30,000,000
31,453,538
United
Rentals
North
America,
Inc.
,
Senior
Bond
,
4.875
%
,
1/15/28
........................
United
States
150,000,000
149,503,020
Senior
Bond
,
3.875
%
,
2/15/31
........................
United
States
30,000,000
28,231,287
Senior
Bond
,
3.75
%
,
1/15/32
.........................
United
States
31,000,000
28,497,742
g
Senior
Secured
Note
,
144A,
6
%
,
12/15/29
...............
United
States
73,800,000
75,640,203
349,900,172
Total
Corporate
Bonds
(Cost
$
25,758,824,700
)
................................
26,354,981,163
Senior
Floating
Rate
Interests
1.0%
Aerospace
&
Defense
0.0%
†
k
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
J
,
6.796
%
,
(
3-month
SOFR
+
2.5
%
),
2/28/31
.............................
United
States
19,899,497
19,957,306
k
Building
Products
0.1%
EMRLD
Borrower
LP,
First
Lien,
Second
Amendment
Incremental
CME
Term
Loan
,
6.827
%
,
(
1-month
SOFR
+
2.5
%
),
8/04/31
..
United
States
54,637,249
54,617,853
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B3
,
6.577
%
,
(
1-month
SOFR
+
2.25
%
),
2/10/32
.....................
United
States
39,900,000
39,895,013
94,512,866
a
a
a
a
a
a
Chemicals
0.0%
†
k
SCIH
Salt
Holdings,
Inc.,
First
Lien,
Incremental
CME
Term
Loan,
B1
,
7.28
%
,
(
3-month
SOFR
+
3
%
),
1/31/29
..............
United
States
19,950,000
19,980,125
Communications
Equipment
0.0%
†
k
CommScope,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
9.577
%
,
(
1-month
SOFR
+
5.25
%
),
12/18/29
....................
United
States
20,000,000
20,272,900
k
Containers
&
Packaging
0.2%
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Closing
Date
CME
Term
Loan,
B
,
7.577
%
,
(
1-month
SOFR
+
3.25
%
),
4/01/32
...................................
United
States
90,419,244
90,168,330
j
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Delayed
Draw
CME
Term
Loan,
B
,
7.577
%
,
(
1-month
SOFR
+
3.25
%
),
4/01/32
...................................
United
States
47,423
47,291
Mauser
Packaging
Solutions
Holding
Co.,
First
Lien,
Initial
CME
Term
Loan
,
7.324
%
,
(
1-month
SOFR
+
3
%
),
4/15/27
.......
United
States
19,949,109
19,975,642
110,191,263
a
a
a
a
a
a
Health
Care
Equipment
&
Supplies
0.0%
†
k
Medline
Borrower
LP,
First
Lien,
Dollar
Incremental
CME
Term
Loan
,
6.577
%
,
(
1-month
SOFR
+
2.25
%
),
10/23/28
........
United
States
19,899,749
19,945,021
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
Senior
Floating
Rate
Interests
(continued)
k
Health
Care
Providers
&
Services
0.1%
DaVita,
Inc.,
First
Lien,
Extended
CME
Term
Loan,
B1
,
6.327
%
,
(
1-month
SOFR
+
2
%
),
4/25/31
.......................
United
States
19,899,749
$
20,029,197
MPH
Acquisition
Holdings
LLC,
First
Lien,
Exchange
First
Out
CME
Term
Loan
,
8.03
%
,
(
3-month
SOFR
+
3.75
%
),
12/31/30
.
United
States
30,376,594
29,981,699
50,010,896
a
a
a
a
a
a
IT
Services
0.3%
k
X
Corp.,
First
Lien,
CME
Term
Loan,
B1
,
10.949
%
,
(
3-month
SOFR
+
6.5
%
),
10/26/29
............................
United
States
179,081,633
175,178,548
Media
0.0%
†
k
Charter
Communications
Operating
LLC,
First
Lien,
CME
Term
Loan
B5
,
6.548
%
,
(
3-month
SOFR
+
2.25
%
),
12/15/31
......
United
States
19,899,875
19,953,405
Personal
Care
Products
0.2%
k
Opal
LLC,
First
Lien,
CME
Term
Loan,
B2
,
7.435
%
,
(
6-month
SOFR
+
3.25
%
),
3/31/32
............................
United
States
140,000,000
140,744,100
Textiles,
Apparel
&
Luxury
Goods
0.1%
j,k
Beach
Acquisition
Bidco
LLC,
First
Lien,
CME
Term
Loan,
B
,
7.316
%
,
(
12-month
SOFR
+
3.25
%
),
6/25/32
.............
United
States
45,000,000
45,281,250
Trading
Companies
&
Distributors
0.0%
†
k
United
Rentals,
Inc.,
First
Lien,
Restatement
CME
Term
Loan
,
6.077
%
,
(
1-month
SOFR
+
1.75
%
),
2/14/31
..............
United
States
4,974,811
5,028,713
Total
Senior
Floating
Rate
Interests
(Cost
$
718,389,989
)
.......................
721,056,393
U.S.
Government
and
Agency
Securities
6.9%
U.S.
Treasury
Bonds
,
4.125
%,
8/15/53
..................................
United
States
1,500,000,000
1,340,332,035
4.625
%,
5/15/54
..................................
United
States
600,000,000
582,937,500
l
4
.89
%
,
11/15/54
..................................
United
States
1,000,000,000
245,854,460
4.5
%,
11/15/54
...................................
United
States
250,000,000
238,320,313
U.S.
Treasury
Notes
,
3.875
%,
8/15/33
..................................
United
States
1,500,000,000
1,477,617,180
4.25
%,
5/15/35
...................................
United
States
1,250,000,000
1,252,050,775
Total
U.S.
Government
and
Agency
Securities
(Cost
$
5,086,524,962
)
............
5,137,112,263
Asset-Backed
Securities
0.1%
Passenger
Airlines
0.1%
United
Airlines
Pass-Through
Trust
,
2020-1
,
A
,
5.875
%
,
10/15/27
.........................
United
States
39,749,583
40,595,605
2023-1
,
A
,
5.8
%
,
1/15/36
............................
United
States
47,765,700
48,891,672
89,487,277
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$
87,386,097
)
.............................
89,487,277
Mortgage-Backed
Securities
6.2%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
3.3%
FHLMC
Pool,
30
Year
,
5
%,
11/01/54
.....................
United
States
574,520,991
563,573,183
FHLMC
Pool,
30
Year
,
5
%,
5/01/53
-
12/01/54
..............
United
States
412,000,077
404,429,005
FHLMC
Pool,
30
Year
,
5.5
%,
6/01/53
-
2/01/55
.............
United
States
1,137,249,785
1,138,378,277
FHLMC
Pool,
30
Year
,
6
%,
1/01/55
-
2/01/55
...............
United
States
372,901,704
379,204,987
2,485,585,452
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.9%
FNMA,
30
Year
,
4
%,
8/01/49
...........................
United
States
21,660,886
20,499,175
FNMA,
30
Year
,
5
%,
5/01/53
-
11/01/53
...................
United
States
346,282,460
340,423,258
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
Mortgage-Backed
Securities
(continued)
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(continued)
FNMA,
30
Year
,
5.5
%,
7/01/53
-
11/01/54
.................
United
States
299,153,810
$
299,459,878
660,382,311
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
2.0%
GNMA
II,
Single-family,
30
Year
,
5.5
%,
5/20/53
-
6/20/55
......
United
States
586,257,038
587,885,505
GNMA
II,
Single-family,
30
Year
,
6
%,
1/20/55
...............
United
States
357,381,896
362,991,737
GNMA
II,
Single-family,
30
Year
,
6
%,
3/20/55
...............
United
States
287,468,094
291,980,495
GNMA
II,
Single-family,
30
Year
,
6
%,
5/20/55
-
6/20/55
.......
United
States
224,730,851
228,309,800
1,471,167,537
Total
Mortgage-Backed
Securities
(Cost
$
4,569,155,302
)
.......................
4,617,135,300
Shares
a
Escrows
and
Litigation
Trusts
0.0%
c,d,f
Endo,
Inc.,
Escrow
Account
............................
United
States
307,256,000
—
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
.................................
—
Total
Long
Term
Investments
(Cost
$
70,724,546,172
)
..........................
72,434,019,346
a
Short
Term
Investments
2.0%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
1.8%
l
U.S.
Treasury
Bills
,
3.88
%,
7/15/25
...................................
United
States
200,000,000
199,677,416
3.98
%,
7/22/25
...................................
United
States
250,000,000
249,393,770
4.02
%,
7/29/25
...................................
United
States
250,000,000
249,194,027
4.15
%,
8/05/25
...................................
United
States
250,000,000
248,967,015
4.21
%,
8/12/25
...................................
United
States
250,000,000
248,748,203
4.25
%,
8/19/25
...................................
United
States
125,000,000
124,267,126
1,320,247,557
Total
U.S.
Government
and
Agency
Securities
(Cost
$
1,320,212,154
)
............
1,320,247,557
Shares
Money
Market
Funds
0.1%
e,m
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.332
%
..
United
States
108,742,749
108,742,749
Total
Money
Market
Funds
(Cost
$
108,742,749
)
...............................
108,742,749
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
29
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,m
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.332
%
..
United
States
64,273,000
$
64,273,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
64,273,000
)
.........................................................
64,273,000
Total
Short
Term
Investments
(Cost
$
1,493,227,903
)
...........................
1,493,263,306
a
Total
Investments
(Cost
$
72,217,774,075
)
99.6
%
..............................
$73,927,282,652
Options
Written
(
0.2
)
%
.....................................................
(116,344,875)
Other
Assets,
less
Liabilities
0.6
%
...........................................
410,018,697
Net
Assets
100.0%
.........................................................
$74,220,956,474
a
a
a
Number
of
Contracts
Notional
Amount
#
Options
Written
(0.2)%
Calls
-
Exchange-Traded
Equity
Options
(0.1)%
AbbVie,
Inc.
,
August
Strike
Price
$
200.00
,
Expires
8/15/25
....
10,000
185,620,000
(
1,830,000
)
AbbVie,
Inc.
,
August
Strike
Price
$
210.00
,
Expires
8/15/25
....
10,000
185,620,000
(
460,000
)
AbbVie,
Inc.
,
September
Strike
Price
$
220.00
,
Expires
9/19/25
.
5,000
92,810,000
(
275,000
)
Accenture
plc
,
July
Strike
Price
$
335.00
,
Expires
7/18/25
.....
2,500
74,722,500
(
300,000
)
Air
Products
and
Chemicals,
Inc.
,
September
Strike
Price
$
310.00
,
Expires
9/19/25
............................
10,000
282,060,000
(
3,600,000
)
Albemarle
Corp.
,
September
Strike
Price
$
80.00
,
Expires
9/19/25
15,000
94,005,000
(
2,955,000
)
Amgen,
Inc.
,
August
Strike
Price
$
315.00
,
Expires
8/15/25
....
5,000
139,605,000
(
550,000
)
Bank
of
America
Corp.
,
September
Strike
Price
$
47.00
,
Expires
9/19/25
.........................................
10,000
47,320,000
(
2,450,000
)
BlackRock,
Inc.
,
July
Strike
Price
$
1,070.00
,
Expires
7/18/25
...
2,000
209,850,000
(
2,290,000
)
BP
plc
,
August
Strike
Price
$
35.00
,
Expires
8/15/25
..........
20,000
59,860,000
(
140,000
)
Bristol-Myers
Squibb
Co.
,
July
Strike
Price
$
48.00
,
Expires
7/18/25
.........................................
10,000
46,290,000
(
250,000
)
Bristol-Myers
Squibb
Co.
,
August
Strike
Price
$
50.00
,
Expires
8/15/25
.........................................
10,000
46,290,000
(
680,000
)
Chevron
Corp.
,
September
Strike
Price
$
155.00
,
Expires
9/19/25
15,000
214,785,000
(
3,225,000
)
Cigna
Group
(The)
,
September
Strike
Price
$
340.00
,
Expires
9/19/25
.........................................
4,000
132,232,000
(
5,000,000
)
Cisco
Systems,
Inc.
,
July
Strike
Price
$
65.00
,
Expires
7/18/25
..
9,975
69,206,550
(
4,438,875
)
Cisco
Systems,
Inc.
,
September
Strike
Price
$
70.00
,
Expires
9/19/25
.........................................
15,000
104,070,000
(
4,050,000
)
Comcast
Corp.
,
September
Strike
Price
$
37.50
,
Expires
9/19/25
15,000
53,535,000
(
1,350,000
)
ConocoPhillips
,
September
Strike
Price
$
100.00
,
Expires
9/19/25
10,000
89,740,000
(
1,480,000
)
ConocoPhillips
,
August
Strike
Price
$
105.00
,
Expires
8/15/25
..
10,000
89,740,000
(
340,000
)
Dominion
Energy,
Inc.
,
September
Strike
Price
$
60.00
,
Expires
9/19/25
.........................................
10,000
56,520,000
(
840,000
)
Duke
Energy
Corp.
,
September
Strike
Price
$
125.00
,
Expires
9/19/25
.........................................
5,000
59,000,000
(
700,000
)
Exxon
Mobil
Corp.
,
August
Strike
Price
$
120.00
,
Expires
8/15/25
10,000
107,800,000
(
450,000
)
Exxon
Mobil
Corp.
,
September
Strike
Price
$
120.00
,
Expires
9/19/25
.........................................
15,000
161,700,000
(
1,410,000
)
Home
Depot,
Inc.
(The)
,
September
Strike
Price
$
410.00
,
Expires
9/19/25
.........................................
5,000
183,320,000
(
1,190,000
)
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
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
a
a
Options
Written
(continued)
Calls
-
Exchange-Traded
(continued)
Equity
Options
(0.1)%
(continued)
International
Business
Machines
Corp.
,
August
Strike
Price
$
315.00
,
Expires
8/15/25
............................
5,000
147,390,000
$
(
2,785,000
)
Johnson
&
Johnson
,
September
Strike
Price
$
165.00
,
Expires
9/19/25
.........................................
10,000
152,750,000
(
940,000
)
Lockheed
Martin
Corp.
,
September
Strike
Price
$
515.00
,
Expires
9/19/25
.........................................
2,000
92,628,000
(
1,090,000
)
Lowe's
Cos.,
Inc.
,
September
Strike
Price
$
250.00
,
Expires
9/19/25
.........................................
5,000
110,935,000
(
865,000
)
Marvell
Technology,
Inc.
,
July
Strike
Price
$
85.00
,
Expires
7/18/25
12,500
96,750,000
(
1,075,000
)
Medtronic
plc
,
July
Strike
Price
$
90.00
,
Expires
7/18/25
.......
5,000
43,585,000
(
270,000
)
Merck
&
Co.,
Inc.
,
September
Strike
Price
$
90.00
,
Expires
9/19/25
.........................................
10,000
79,160,000
(
1,220,000
)
Microchip
Technology,
Inc.
,
August
Strike
Price
$
70.00
,
Expires
8/15/25
.........................................
10,000
70,370,000
(
5,000,000
)
Microchip
Technology,
Inc.
,
July
Strike
Price
$
72.50
,
Expires
7/18/25
.........................................
10,000
70,370,000
(
1,490,000
)
Microchip
Technology,
Inc.
,
August
Strike
Price
$
80.00
,
Expires
8/15/25
.........................................
10,000
70,370,000
(
1,400,000
)
Morgan
Stanley
,
July
Strike
Price
$
140.00
,
Expires
7/18/25
....
9,800
138,042,800
(
4,508,000
)
NextEra
Energy,
Inc.
,
September
Strike
Price
$
75.00
,
Expires
9/19/25
.........................................
10,000
69,420,000
(
1,600,000
)
NextEra
Energy,
Inc.
,
August
Strike
Price
$
77.50
,
Expires
8/15/25
10,000
69,420,000
(
580,000
)
NIKE,
Inc.
,
July
Strike
Price
$
72.50
,
Expires
7/18/25
.........
10,000
71,040,000
(
1,200,000
)
Norfolk
Southern
Corp.
,
August
Strike
Price
$
270.00
,
Expires
8/15/25
.........................................
1,500
38,395,500
(
483,000
)
PNC
Financial
Services
Group,
Inc.
(The)
,
August
Strike
Price
$
190.00
,
Expires
8/15/25
............................
5,000
93,210,000
(
2,100,000
)
Procter
&
Gamble
Co.
(The)
,
August
Strike
Price
$
165.00
,
Expires
8/15/25
.........................................
5,000
79,660,000
(
965,000
)
Procter
&
Gamble
Co.
(The)
,
August
Strike
Price
$
170.00
,
Expires
8/15/25
.........................................
10,000
159,320,000
(
770,000
)
Procter
&
Gamble
Co.
(The)
,
September
Strike
Price
$
180.00
,
Expires
9/19/25
...................................
10,000
159,320,000
(
420,000
)
Schlumberger
NV
,
September
Strike
Price
$
37.50
,
Expires
9/19/25
.........................................
10,000
33,800,000
(
790,000
)
Sempra,
Inc.
,
October
Strike
Price
$
85.00
,
Expires
10/17/25
...
5,000
37,885,000
(
450,000
)
Shell
plc
,
September
Strike
Price
$
72.50
,
Expires
9/19/25
.....
10,000
70,410,000
(
1,650,000
)
Shell
plc
,
September
Strike
Price
$
77.50
,
Expires
9/19/25
.....
10,000
70,410,000
(
450,000
)
Southern
Co.
(The)
,
September
Strike
Price
$
95.00
,
Expires
9/19/25
.........................................
5,000
45,915,000
(
900,000
)
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
July
Strike
Price
$
220.00
,
Expires
7/18/25
............................
10,000
226,490,000
(
11,480,000
)
Union
Pacific
Corp.
,
August
Strike
Price
$
250.00
,
Expires
8/15/25
10,000
230,080,000
(
900,000
)
Union
Pacific
Corp.
,
September
Strike
Price
$
250.00
,
Expires
9/19/25
.........................................
5,000
115,040,000
(
1,000,000
)
US
Bancorp
,
July
Strike
Price
$
45.00
,
Expires
7/18/25
.......
10,000
45,250,000
(
1,260,000
)
US
Bancorp
,
September
Strike
Price
$
47.50
,
Expires
9/19/25
..
10,000
45,250,000
(
1,330,000
)
US
Bancorp
,
September
Strike
Price
$
50.00
,
Expires
9/19/25
..
10,000
45,250,000
(
570,000
)
Verizon
Communications,
Inc.
,
September
Strike
Price
$
46.00
,
Expires
9/19/25
...................................
10,000
43,270,000
(
500,000
)
(
90,294,875
)
Puts
-
Exchange-Traded
Equity
Options
(0.0)%
†
Accenture
plc
,
August
Strike
Price
$
285.00
,
Expires
8/15/25
...
5,000
149,445,000
(
2,150,000
)
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
45
.
a
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
a
a
Options
Written
(continued)
Puts
-
Exchange-Traded
(continued)
Equity
Options
(0.0)%
†
(continued)
Accenture
plc
,
July
Strike
Price
$
290.00
,
Expires
7/18/25
.....
2,500
74,722,500
$
(
620,000
)
Amgen,
Inc.
,
July
Strike
Price
$
275.00
,
Expires
7/18/25
.......
1,250
34,901,250
(
450,000
)
Analog
Devices,
Inc.
,
August
Strike
Price
$
190.00
,
Expires
8/15/25
.........................................
5,000
119,010,000
(
375,000
)
Apple,
Inc.
,
July
Strike
Price
$
165.00
,
Expires
7/18/25
........
10,000
205,170,000
(
70,000
)
Apple,
Inc.
,
August
Strike
Price
$
185.00
,
Expires
8/15/25
.....
10,000
205,170,000
(
2,180,000
)
ConocoPhillips
,
July
Strike
Price
$
80.00
,
Expires
7/18/25
.....
10,000
89,740,000
(
160,000
)
Eli
Lilly
&
Co.
,
August
Strike
Price
$
670.00
,
Expires
8/15/25
...
2,500
194,882,500
(
2,642,500
)
Exxon
Mobil
Corp.
,
August
Strike
Price
$
95.00
,
Expires
8/15/25
.
10,000
107,800,000
(
420,000
)
Exxon
Mobil
Corp.
,
August
Strike
Price
$
100.00
,
Expires
8/15/25
10,000
107,800,000
(
1,070,000
)
Home
Depot,
Inc.
(The)
,
September
Strike
Price
$
330.00
,
Expires
9/19/25
.........................................
5,000
183,320,000
(
2,300,000
)
International
Business
Machines
Corp.
,
July
Strike
Price
$
245.00
,
Expires
7/18/25
...................................
5,000
147,390,000
(
55,000
)
Johnson
&
Johnson
,
September
Strike
Price
$
140.00
,
Expires
9/19/25
.........................................
10,000
152,750,000
(
1,480,000
)
Medtronic
plc
,
September
Strike
Price
$
75.00
,
Expires
9/19/25
.
5,000
43,585,000
(
205,000
)
Merck
&
Co.,
Inc.
,
September
Strike
Price
$
60.00
,
Expires
9/19/25
.........................................
10,000
79,160,000
(
360,000
)
Merck
&
Co.,
Inc.
,
July
Strike
Price
$
65.00
,
Expires
7/18/25
....
15,000
118,740,000
(
60,000
)
Merck
&
Co.,
Inc.
,
August
Strike
Price
$
75.00
,
Expires
8/15/25
.
15,000
118,740,000
(
2,700,000
)
Morgan
Stanley
,
July
Strike
Price
$
100.00
,
Expires
7/18/25
....
10,000
140,860,000
(
30,000
)
Norfolk
Southern
Corp.
,
August
Strike
Price
$
230.00
,
Expires
8/15/25
.........................................
1,500
38,395,500
(
322,500
)
Procter
&
Gamble
Co.
(The)
,
August
Strike
Price
$
155.00
,
Expires
8/15/25
.........................................
10,000
159,320,000
(
2,700,000
)
Sempra,
Inc.
,
July
Strike
Price
$
70.00
,
Expires
7/18/25
.......
5,000
37,885,000
(
125,000
)
Sempra,
Inc.
,
October
Strike
Price
$
70.00
,
Expires
10/17/25
...
5,000
37,885,000
(
800,000
)
Starbucks
Corp.
,
July
Strike
Price
$
80.00
,
Expires
7/18/25
....
10,000
91,630,000
(
170,000
)
Texas
Instruments,
Inc.
,
July
Strike
Price
$
165.00
,
Expires
7/18/25
.........................................
10,000
207,620,000
(
150,000
)
Union
Pacific
Corp.
,
August
Strike
Price
$
205.00
,
Expires
8/15/25
5,000
115,040,000
(
475,000
)
United
Parcel
Service,
Inc.
,
July
Strike
Price
$
90.00
,
Expires
7/18/25
.........................................
10,000
100,940,000
(
120,000
)
UnitedHealth
Group,
Inc.
,
August
Strike
Price
$
250.00
,
Expires
8/15/25
.........................................
10,000
311,970,000
(
2,970,000
)
Workday,
Inc.
,
July
Strike
Price
$
230.00
,
Expires
7/18/25
.....
5,000
120,000,000
(
890,000
)
(
26,050,000
)
Total
Options
Written
(Premiums
received
$
143,687,414
)
.......................
$
(
116,344,875
)
#
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.
a
A
portion
or
all
of
the
security
is
held
in
connection
with
written
option
contracts
open
at
period
end.
b
A
portion
or
all
of
the
security
is
on
loan
at
June
30,
2025.
c
Non-income
producing.
d
See
Note
4
regarding
holdings
of
5%
voting
securities.
e
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
f
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
32
g
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
June
30,
2025,
the
aggregate
value
of
these
securities
was
$30,278,796,914,
representing
40.8%
of
net
assets.
h
Perpetual
security
with
no
stated
maturity
date.
i
Income
may
be
received
in
additional
securities
and/or
cash.
j
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
k
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
l
The
rate
shown
represents
the
yield
at
period
end.
m
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
June
30,
2025
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
2.4%
U.S.
Treasury
Bonds
,
4.75
%,
2/15/37
...................................................
$
13,500,000
$
14,064,785
4.5
%,
2/15/44
....................................................
33,400,000
32,283,188
4.625
%,
5/15/54
...................................................
6,000,000
5,829,375
Total
U.S.
Government
and
Agency
Securities
(Cost
$
55,231,073
)
.................
52,177,348
Mortgage-Backed
Securities
94.9%
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
94.9%
GNMA
I,
30
Year
,
4.5
%,
4/15/40
........................................
2,773,449
2,722,680
GNMA
I,
30
Year
,
5
%,
9/15/40
..........................................
93,908,003
94,316,677
GNMA
I,
30
Year
,
5.5
%,
2/15/40
........................................
39,652,257
40,954,124
GNMA
I,
30
Year
,
6
%,
12/15/39
.........................................
36,499,940
38,359,117
GNMA
I,
30
Year
,
6.5
%,
8/15/37
........................................
7,589,500
7,856,535
GNMA
I,
30
Year
,
7
%,
9/15/32
..........................................
4,511,744
4,699,800
GNMA
I,
30
Year
,
7.5
%,
7/15/26
-
8/15/33
.................................
245,081
254,760
GNMA
I,
30
Year
,
8
%,
10/15/29
.........................................
539
556
GNMA
I,
Single-family,
30
Year
,
3.5
%,
4/15/43
-
5/15/43
......................
9,065,697
8,464,087
GNMA
I,
Single-family,
30
Year
,
4
%,
10/15/40
-
8/15/46
.......................
27,148,472
25,803,240
GNMA
I,
Single-family,
30
Year
,
4.5
%,
2/15/39
-
6/15/41
......................
51,205,513
50,231,504
GNMA
I,
Single-family,
30
Year
,
5.5
%,
10/15/48
.............................
534,734
540,111
GNMA
I,
Single-family,
30
Year
,
7.25
%,
12/15/25
............................
3,686
3,683
GNMA
I,
Single-family,
30
Year
,
7.5
%,
8/15/25
-
7/15/31
......................
491,219
497,696
GNMA
I,
Single-family,
30
Year
,
8
%,
7/15/25
-
9/15/30
........................
156,683
157,755
GNMA
II,
30
Year
,
4.5
%,
5/20/34
-
6/20/41
.................................
2,309,270
2,293,849
GNMA
II,
30
Year
,
6
%,
3/20/34
-
9/20/34
..................................
708,639
718,445
GNMA
II,
30
Year
,
6
%,
7/20/39
.........................................
16,430,367
17,160,107
GNMA
II,
30
Year
,
6.5
%,
9/20/31
-
9/20/32
.................................
587,855
608,489
GNMA
II,
30
Year
,
7
%,
7/20/32
.........................................
167,010
174,813
GNMA
II,
30
Year
,
8
%,
12/20/28
........................................
6,320
6,334
GNMA
II,
Single-family,
30
Year
,
2
%,
8/20/51
...............................
139,299,284
113,561,372
GNMA
II,
Single-family,
30
Year
,
2
%,
8/20/50
-
1/20/51
.......................
34,641,745
28,244,850
GNMA
II,
Single-family,
30
Year
,
2.5
%,
11/20/50
............................
13,153,755
10,977,644
GNMA
II,
Single-family,
30
Year
,
2.5
%,
7/20/51
.............................
60,402,152
51,381,010
GNMA
II,
Single-family,
30
Year
,
2.5
%,
8/20/51
.............................
179,642,888
152,812,541
GNMA
II,
Single-family,
30
Year
,
2.5
%,
9/20/51
.............................
72,618,247
61,772,292
GNMA
II,
Single-family,
30
Year
,
2.5
%,
10/20/51
............................
45,762,901
38,927,898
GNMA
II,
Single-family,
30
Year
,
2.5
%,
12/20/51
............................
72,956,053
62,059,249
GNMA
II,
Single-family,
30
Year
,
2.5
%,
1/20/52
.............................
29,721,144
25,282,007
GNMA
II,
Single-family,
30
Year
,
3
%,
10/20/44
..............................
15,550,548
14,104,773
GNMA
II,
Single-family,
30
Year
,
3
%,
5/20/45
...............................
11,232,393
10,103,142
GNMA
II,
Single-family,
30
Year
,
3
%,
4/20/46
...............................
15,081,949
13,553,035
GNMA
II,
Single-family,
30
Year
,
3
%,
9/20/47
...............................
12,183,417
10,912,758
GNMA
II,
Single-family,
30
Year
,
3
%,
10/20/47
..............................
19,569,768
17,548,079
GNMA
II,
Single-family,
30
Year
,
3
%,
8/20/51
...............................
85,803,406
76,041,774
GNMA
II,
Single-family,
30
Year
,
3
%,
9/20/51
...............................
22,984,916
20,369,987
GNMA
II,
Single-family,
30
Year
,
3
%,
12/20/44
-
10/20/50
......................
75,536,123
66,198,460
GNMA
II,
Single-family,
30
Year
,
3.5
%,
7/20/42
.............................
23,979,077
22,455,359
GNMA
II,
Single-family,
30
Year
,
3.5
%,
9/20/42
.............................
30,197,695
28,272,517
GNMA
II,
Single-family,
30
Year
,
3.5
%,
6/20/43
.............................
10,496,762
9,818,921
GNMA
II,
Single-family,
30
Year
,
3.5
%,
9/20/47
.............................
108,335,604
99,794,396
GNMA
II,
Single-family,
30
Year
,
3.5
%,
11/20/47
............................
72,373,948
66,891,353
GNMA
II,
Single-family,
30
Year
,
3.5
%,
10/20/40
-
1/20/49
.....................
48,593,816
45,360,192
GNMA
II,
Single-family,
30
Year
,
4
%,
10/20/41
..............................
9,622,654
9,206,895
GNMA
II,
Single-family,
30
Year
,
4
%,
11/20/41
..............................
9,141,696
8,746,702
GNMA
II,
Single-family,
30
Year
,
4
%,
5/20/47
...............................
25,984,842
24,348,022
GNMA
II,
Single-family,
30
Year
,
4
%,
6/20/47
...............................
19,877,288
18,747,840
GNMA
II,
Single-family,
30
Year
,
4
%,
7/20/47
...............................
12,697,633
11,978,730
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
45
.
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
%,
5/20/40
-
12/20/49
......................
$
53,282,066
$
50,486,699
GNMA
II,
Single-family,
30
Year
,
4
%,
6/20/52
...............................
30,808,535
28,802,273
GNMA
II,
Single-family,
30
Year
,
4.5
%,
6/20/41
.............................
8,887,985
8,774,777
GNMA
II,
Single-family,
30
Year
,
4.5
%,
7/20/41
.............................
9,818,260
9,747,410
GNMA
II,
Single-family,
30
Year
,
4.5
%,
9/20/41
.............................
14,208,779
14,106,245
GNMA
II,
Single-family,
30
Year
,
4.5
%,
10/20/41
............................
10,187,558
10,114,040
GNMA
II,
Single-family,
30
Year
,
4.5
%,
5/20/52
.............................
31,994,244
30,893,669
GNMA
II,
Single-family,
30
Year
,
4.5
%,
5/20/33
-
2/20/44
......................
29,496,481
29,214,130
GNMA
II,
Single-family,
30
Year
,
5
%,
7/20/53
...............................
23,185,930
22,846,279
GNMA
II,
Single-family,
30
Year
,
5
%,
8/20/53
...............................
27,240,470
26,831,628
GNMA
II,
Single-family,
30
Year
,
5
%,
9/20/53
...............................
21,822,851
21,479,625
GNMA
II,
Single-family,
30
Year
,
5
%,
7/20/33
-
9/20/41
.......................
24,220,040
24,547,972
GNMA
II,
Single-family,
30
Year
,
5.5
%,
7/20/53
.............................
20,838,101
20,983,880
GNMA
II,
Single-family,
30
Year
,
5.5
%,
1/20/54
.............................
41,987,356
42,194,269
GNMA
II,
Single-family,
30
Year
,
5.5
%,
5/20/54
.............................
44,440,723
44,607,300
GNMA
II,
Single-family,
30
Year
,
5.5
%,
6/20/34
-
6/20/55
......................
27,626,525
28,356,736
GNMA
II,
Single-family,
30
Year
,
6
%,
12/20/54
..............................
69,515,623
70,606,814
GNMA
II,
Single-family,
30
Year
,
6
%,
1/20/55
...............................
11,689,235
11,872,722
GNMA
II,
Single-family,
30
Year
,
6
%,
3/20/55
...............................
36,548,099
37,121,796
GNMA
II,
Single-family,
30
Year
,
6
%,
6/20/34
-
5/20/55
.......................
6,668,963
6,776,990
GNMA
II,
Single-family,
30
Year
,
6.5
%,
1/20/55
.............................
24,833,530
25,542,070
GNMA
II,
Single-family,
30
Year
,
6.5
%,
3/20/55
.............................
35,019,745
36,027,146
GNMA
II,
Single-family,
30
Year
,
6.5
%,
8/20/25
-
5/20/55
......................
7,084,765
7,391,844
GNMA
II,
Single-family,
30
Year
,
6.5
%,
6/20/55
.............................
9,710,000
9,987,041
GNMA
II,
Single-family,
30
Year
,
7
%,
2/20/28
-
7/20/33
.......................
1,155,042
1,199,215
GNMA
II,
Single-family,
30
Year
,
7.5
%,
10/20/25
-
4/20/32
.....................
93,783
96,797
GNMA
II,
Single-family,
30
Year
,
8
%,
5/20/26
-
6/20/30
.......................
41,373
42,576
2,035,948,103
Total
Mortgage-Backed
Securities
(Cost
$
2,261,151,580
)
.........................
2,035,948,103
Total
Long
Term
Investments
(Cost
$
2,316,382,653
)
.............................
2,088,125,451
a
a
a
a
a
Short
Term
Investments
2.5%
Shares
a
Money
Market
Funds
2.5%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.332
%
..................
52,731,248
52,731,248
Total
Money
Market
Funds
(Cost
$
52,731,248
)
..................................
52,731,248
Total
Short
Term
Investments
(Cost
$
52,731,248
)
................................
52,731,248
a
Total
Investments
(Cost
$
2,369,113,901
)
99.8
%
..................................
$2,140,856,699
Other
Assets,
less
Liabilities
0.2
%
.............................................
5,029,848
Net
Assets
100.0%
...........................................................
$2,145,886,547
a
See
Note
6
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),
June
30,
2025
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
99.7%
Electric
Utilities
56.7%
Alliant
Energy
Corp.
.................................
United
States
3,500,000
$
211,645,000
American
Electric
Power
Co.,
Inc.
.......................
United
States
600,000
62,256,000
Constellation
Energy
Corp.
............................
United
States
540,000
174,290,400
Duke
Energy
Corp.
..................................
United
States
2,550,000
300,900,000
Edison
International
.................................
United
States
2,850,000
147,060,000
Entergy
Corp.
......................................
United
States
4,350,000
361,572,000
Evergy,
Inc.
........................................
United
States
4,150,000
286,059,500
Eversource
Energy
..................................
United
States
1,000,000
63,620,000
Exelon
Corp.
.......................................
United
States
5,100,000
221,442,000
FirstEnergy
Corp.
...................................
United
States
3,200,000
128,832,000
a
Hawaiian
Electric
Industries,
Inc.
........................
United
States
2,702,702
28,729,722
NextEra
Energy,
Inc.
.................................
United
States
8,300,000
576,186,000
NRG
Energy,
Inc.
...................................
United
States
800,000
128,464,000
OGE
Energy
Corp.
..................................
United
States
1,600,000
71,008,000
PG&E
Corp.
.......................................
United
States
15,800,000
220,252,000
Pinnacle
West
Capital
Corp.
...........................
United
States
850,000
76,049,500
PPL
Corp.
.........................................
United
States
7,000,000
237,230,000
Southern
Co.
(The)
..................................
United
States
4,000,000
367,320,000
TXNM
Energy,
Inc.
..................................
United
States
1,500,000
84,480,000
Xcel
Energy,
Inc.
....................................
United
States
1,900,000
129,390,000
3,876,786,122
Gas
Utilities
1.4%
ONE
Gas,
Inc.
.....................................
United
States
700,000
50,302,000
Spire,
Inc.
.........................................
United
States
650,000
47,443,500
97,745,500
Independent
Power
and
Renewable
Electricity
Producers
9.7%
AES
Corp.
(The)
....................................
United
States
1,300,000
13,676,000
Clearway
Energy,
Inc.
,
C
..............................
United
States
1,400,000
44,800,000
Drax
Group
plc
.....................................
United
Kingdom
12,500,000
119,135,485
a
Talen
Energy
Corp.
..................................
United
States
200,000
58,154,000
Vistra
Corp.
........................................
United
States
2,200,000
426,382,000
662,147,485
Multi-Utilities
26.4%
Ameren
Corp.
......................................
United
States
2,119,148
203,522,974
CenterPoint
Energy,
Inc.
..............................
United
States
4,800,000
176,352,000
CMS
Energy
Corp.
..................................
United
States
1,500,000
103,920,000
Dominion
Energy,
Inc.
................................
United
States
1,800,000
101,736,000
DTE
Energy
Co.
....................................
United
States
1,300,000
172,198,000
E.ON
SE
..........................................
Germany
5,000,000
92,128,196
National
Grid
plc
....................................
United
Kingdom
7,458,333
109,478,357
NiSource,
Inc.
......................................
United
States
6,200,000
250,108,000
Northwestern
Energy
Group,
Inc.
.......................
United
States
1,300,000
66,690,000
Public
Service
Enterprise
Group,
Inc.
....................
United
States
2,000,000
168,360,000
Sempra,
Inc.
.......................................
United
States
3,650,000
276,560,500
WEC
Energy
Group,
Inc.
..............................
United
States
850,000
88,570,000
1,809,624,027
Oil,
Gas
&
Consumable
Fuels
4.2%
Cheniere
Energy,
Inc.
................................
United
States
250,000
60,880,000
DT
Midstream,
Inc.
..................................
United
States
750,000
82,432,500
Targa
Resources
Corp.
...............................
United
States
400,000
69,632,000
Williams
Cos.,
Inc.
(The)
..............................
United
States
1,200,000
75,372,000
288,316,500
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
1.3%
Essential
Utilities,
Inc.
................................
United
States
1,050,000
$
38,997,000
United
Utilities
Group
plc
..............................
United
Kingdom
3,000,000
47,108,295
86,105,295
Total
Common
Stocks
(Cost
$
3,055,785,595
)
..................................
6,820,724,929
Short
Term
Investments
0.2%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.2%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.332
%
..
United
States
13,831,210
13,831,210
Total
Money
Market
Funds
(Cost
$
13,831,210
)
................................
13,831,210
Total
Short
Term
Investments
(Cost
$
13,831,210
)
..............................
13,831,210
a
Total
Investments
(Cost
$
3,069,616,805
)
99.9
%
................................
$6,834,556,139
Other
Assets,
less
Liabilities
0.1
%
...........................................
5,754,909
Net
Assets
100.0%
.........................................................
$6,840,311,048
a
a
a
a
Non-income
producing.
b
See
Note
6
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
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
38
franklintempleton.com
Quarterly
Schedules
of
Investments
of
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
June
30,
2025,
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
June
30,
2025,
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
June
30,
2025,
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
$
47,020,698
2,353
Canva,
Inc.,
A
..............................
11/08/21
4,011,298
3,298,220
94
Canva,
Inc.,
A-3
.............................
11/08/21
160,247
131,761
8
Canva,
Inc.,
A-4
.............................
11/08/21
13,638
11,214
5
Canva,
Inc.,
A-5
.............................
11/08/21
8,524
7,008
25,413
Canva,
Inc.,
B
..............................
11/08/21
43,323,040
35,621,615
96,603
Checkout
Payments
Group
Ltd.,
B
...............
1/11/22
30,000,062
11,474,006
822,494
Gusto,
Inc.,
E
...............................
7/13/21
24,999,977
22,809,710
849,894
OneTrust
LLC,
C
............................
4/01/21
16,666,676
13,359,715
98,050
Plaid,
Inc.,
A
................................
3/31/25
19,999,906
18,973,791
540,043
Stripe,
Inc.,
B
...............................
5/18/21
21,671,052
19,441,548
1,759,545
Stripe,
Inc.,
I
...............................
3/15/23
-
5/08/23
35,426,925
63,343,620
Total
Restricted
Securities
(Value
is
1.3%
of
Net
Assets)
...............
$221,281,348
$235,492,906
2. Financial
Instrument
Valuation
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
39
franklintempleton.com
Quarterly
Schedules
of
Investments
5.
Unfunded
Loan
Commitments
Certain
or
all
Funds
enter
into
certain
credit
agreements,
all
or
a
portion
of
which
may
be
unfunded.
The
Funds
are
obligated
to
fund
these
loan
commitments
at
the
borrowers’
discretion.
Unfunded
loan
commitments
and
funded
portions
of
credit
agreements
are
marked
to
market
daily
and
any
unrealized
appreciation
or
depreciation
is
included
in
the
Statements
of
Assets
and
Liabilities
and
the
Statements
of
Operations.
Funded
portions
of
credit
agreements
are
presented
in
the
Schedules
of
Investments.
At
June
30,
2025,
unfunded
commitments
were
as
follows:
6.
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
June
30,
2025,
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/Principal
Amount*
Held
at
End
of
Period
Investment
Income
Franklin
Income
Fund
Non-Controlled
Affiliates
Dividends
Endo,
Inc.
...........
$
114,260,525
$
—
$
—
$
—
$
(20,148,059)
$
94,112,466
4,484,322
$
—
Endo,
Inc.,
Escrow
Account
..........
—
—
—
—
—
—
307,256,000
—
Total
Affiliated
Securities
(Value
is
0.1%
of
Net
Assets)
...........
$114,260,525
$—
$—
$—
$(20,148,059)
$94,112,466
$—
Borrower
Unfunded
Commitment
Franklin
Income
Fund
Clydesdale
Acquisition
Holdings,
Inc.
$
1,533,333
$
1,533,333
    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,
4.332%
$220,607,622
$2,235,799,943
$(2,314,768,037)
$—
$—
$141,639,528
141,639,528
$4,035,839
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
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
DynaTech
Fund
(continued)
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.332%
$19,487,000
$679,888,000
$(648,940,000)
$—
$—
$50,435,000
50,435,000
$1,092,591
Total
Affiliated
Securities
...
$240,094,622
$2,915,687,943
$(2,963,708,037)
$—
$—
$192,074,528
$5,128,430
Franklin
Growth
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.332%
$132,381,860
$1,437,079,934
$(1,446,258,962)
$—
$—
$123,202,832
123,202,832
$3,559,503
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.332%
$3,085,000
$113,600,000
$(114,905,000)
$—
$—
$1,780,000
1,780,000
$45,157
Total
Affiliated
Securities
...
$135,466,860
$1,550,679,934
$(1,561,163,962)
$—
$—
$124,982,832
$3,604,660
Franklin
Income
Fund
Non-Controlled
Affiliates
Dividends
Clarion
Partners
Real
Estate
Income
Fund,
Inc.,
Class
I
....
$91,974,965
$—
$—
$—
$(1,022,818)
$90,952,147
7,867,833
$4,744,303
Franklin
BSP
Real
Estate
Debt
BDC
..................
265,381,931
237,169,751
—
—
20,363,474
522,915,156
19,143,066
23,950,861
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.332%
298,170,275
12,651,841,345
(12,841,268,871)
—
—
108,742,749
108,742,749
19,653,747
Total
Non-Controlled
Affiliates
$655,527,171
$12,889,011,096
$(12,841,268,871)
$—
$19,340,656
$722,610,052
$48,348,911
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.332%
$177,261,000
$448,331,000
$(561,319,000)
$—
$—
$64,273,000
64,273,000
$2,104,049
Total
Affiliated
Securities
...
$832,788,171
$13,337,342,096
$(13,402,587,871)
$—
$19,340,656
$786,883,052
$50,452,960
6.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
41
franklintempleton.com
Quarterly
Schedules
of
Investments
7. 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
June
30,
2025,
in
valuing
the
Funds'
assets
and
liabilities carried
at
fair
value,
is
as
follows:
    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
U.S.
Government
Securities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.332%
$36,624,604
$263,471,136
$(247,364,492)
$—
$—
$52,731,248
52,731,248
$1,204,596
Total
Affiliated
Securities
...
$36,624,604
$263,471,136
$(247,364,492)
$—
$—
$52,731,248
$1,204,596
Franklin
Utilities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.332%
$31,088,886
$451,238,669
$(468,496,345)
$—
$—
$13,831,210
13,831,210
$658,464
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.332%
$—
$13,106,225
$(13,106,225)
$—
$—
$—
—
$—
Total
Affiliated
Securities
...
$31,088,886
$464,344,894
$(481,602,570)
$—
$—
$13,831,210
$658,464
Level
1
Level
2
Level
3
Total
Franklin
DynaTech
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
932,115,000
$
—
$
—
$
932,115,000
Automobiles
..........................
635,320,000
9,342,020
—
644,662,020
6.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
42
franklintempleton.com
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
DynaTech
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Common
Stocks:
(continued)
Biotechnology
.........................
$
440,976,224
$
110,716,585
$
—
$
551,692,809
Broadline
Retail
.......................
2,716,626,000
—
—
2,716,626,000
Capital
Markets
........................
434,917,000
—
—
434,917,000
Communications
Equipment
..............
143,234,000
—
—
143,234,000
Construction
&
Engineering
...............
37,808,000
—
—
37,808,000
Diversified
Consumer
Services
............
61,503,000
—
—
61,503,000
Electrical
Equipment
....................
52,915,000
—
—
52,915,000
Electronic
Equipment,
Instruments
&
Components
........................
423,387,000
—
—
423,387,000
Energy
Equipment
&
Services
.............
93,500,000
—
—
93,500,000
Entertainment
.........................
1,086,830,000
—
—
1,086,830,000
Financial
Services
......................
1,399,588,761
—
—
1,399,588,761
Ground
Transportation
..................
93,300,000
—
—
93,300,000
Health
Care
Equipment
&
Supplies
.........
691,651,500
—
—
691,651,500
Health
Care
Providers
&
Services
..........
112,917,175
—
—
112,917,175
Health
Care
Technology
.................
223,473,000
93,567,343
—
317,040,343
Hotels,
Restaurants
&
Leisure
.............
634,284,000
—
—
634,284,000
Insurance
............................
25,594,000
—
—
25,594,000
Interactive
Media
&
Services
..............
2,740,668,000
6,902,442
—
2,747,570,442
IT
Services
...........................
999,115,913
—
—
999,115,913
Life
Sciences
Tools
&
Services
............
34,311,600
14,676,353
—
48,987,953
Pharmaceuticals
.......................
500,586,800
—
—
500,586,800
Professional
Services
...................
62,300,000
—
—
62,300,000
Semiconductors
&
Semiconductor
Equipment
.
5,478,693,000
64,147,763
—
5,542,840,763
Software
.............................
6,409,604,017
—
—
6,409,604,017
Specialty
Retail
........................
75,816,000
—
—
75,816,000
Technology
Hardware,
Storage
&
Peripherals
.
512,925,000
—
—
512,925,000
Warrants
...............................
—
—
—
a
—
Short
Term
Investments
...................
192,074,528
—
—
192,074,528
Total
Investments
in
Securities
...........
$27,246,034,518
$299,352,506
b
$—
$27,545,387,024
Franklin
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
800,964,237
—
—
800,964,237
Beverages
...........................
193,502,665
—
—
193,502,665
Biotechnology
.........................
232,334,815
—
—
232,334,815
Broadline
Retail
.......................
808,091,912
—
—
808,091,912
Building
Products
......................
441,669,417
—
—
441,669,417
Capital
Markets
........................
1,024,633,496
—
—
1,024,633,496
Chemicals
...........................
581,022,741
—
—
581,022,741
Commercial
Services
&
Supplies
...........
146,131,961
—
—
146,131,961
Construction
Materials
..................
176,357,792
—
—
176,357,792
Consumer
Staples
Distribution
&
Retail
......
241,040,491
—
—
241,040,491
Electric
Utilities
........................
170,428,113
—
—
170,428,113
Electrical
Equipment
....................
275,522,058
—
—
275,522,058
Electronic
Equipment,
Instruments
&
Components
........................
748,234,922
—
—
748,234,922
Entertainment
.........................
224,304,275
—
—
224,304,275
Financial
Services
......................
796,972,384
—
—
796,972,384
Ground
Transportation
..................
502,106,424
—
—
502,106,424
Health
Care
Equipment
&
Supplies
.........
605,611,593
—
—
605,611,593
Health
Care
Providers
&
Services
..........
98,278,973
—
—
98,278,973
7. 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
Growth
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Common
Stocks:
(continued)
Health
Care
Technology
.................
$
86,581,187
$
—
$
—
$
86,581,187
Hotels,
Restaurants
&
Leisure
.............
363,125,574
—
—
363,125,574
Industrial
REITs
.......................
84,922,033
—
—
84,922,033
Interactive
Media
&
Services
..............
769,066,735
—
—
769,066,735
IT
Services
...........................
45,623,578
—
35,621,615
81,245,193
Life
Sciences
Tools
&
Services
............
645,349,701
—
—
645,349,701
Machinery
............................
627,295,305
—
—
627,295,305
Pharmaceuticals
.......................
430,576,783
—
—
430,576,783
Professional
Services
...................
84,512,416
—
—
84,512,416
Semiconductors
&
Semiconductor
Equipment
.
2,487,931,629
—
—
2,487,931,629
Software
.............................
3,098,739,806
—
49,889,345
3,148,629,151
Technology
Hardware,
Storage
&
Peripherals
.
469,082,838
—
—
469,082,838
Trading
Companies
&
Distributors
..........
210,246,708
—
—
210,246,708
Convertible
Preferred
Stocks
................
—
—
149,981,946
149,981,946
Preferred
Stocks
.........................
—
116,227,530
—
116,227,530
Short
Term
Investments
...................
124,982,832
—
—
124,982,832
Total
Investments
in
Securities
...........
$17,595,245,394
$116,227,530
c
$235,492,906
$17,946,965,830
Franklin
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
588,135,000
—
—
588,135,000
Air
Freight
&
Logistics
...................
403,760,000
—
—
403,760,000
Automobiles
..........................
—
145,650,401
—
145,650,401
Banks
...............................
910,920,000
—
—
910,920,000
Beverages
...........................
1,193,090,000
—
—
1,193,090,000
Biotechnology
.........................
1,000,372,842
—
—
1,000,372,842
Capital
Markets
........................
348,991,508
—
—
348,991,508
Chemicals
...........................
690,045,000
123,648,806
—
813,693,806
Communications
Equipment
..............
173,276,550
—
—
173,276,550
Diversified
Telecommunication
Services
.....
302,890,000
—
—
302,890,000
Electric
Utilities
........................
1,563,861,867
—
—
1,563,861,867
Energy
Equipment
&
Services
.............
169,000,000
—
—
169,000,000
Food
Products
........................
431,000,000
—
—
431,000,000
Ground
Transportation
..................
767,031,000
—
—
767,031,000
Health
Care
Equipment
&
Supplies
.........
116,807,800
—
—
116,807,800
Health
Care
Providers
&
Services
..........
132,232,000
—
—
132,232,000
Household
Products
....................
955,920,000
—
—
955,920,000
IT
Services
...........................
222,112,500
—
—
222,112,500
Machinery
............................
98,900,000
—
—
98,900,000
Media
...............................
92,794,000
—
—
92,794,000
Metals
&
Mining
.......................
204,155,000
—
—
204,155,000
Multi-Utilities
..........................
684,590,000
—
—
684,590,000
Oil,
Gas
&
Consumable
Fuels
.............
3,434,413,067
—
—
3,434,413,067
Pharmaceuticals
.......................
2,782,617,168
—
—
2,782,617,168
Semiconductors
&
Semiconductor
Equipment
.
534,350,000
—
—
534,350,000
Specialty
Retail
........................
612,341,600
—
—
612,341,600
Textiles,
Apparel
&
Luxury
Goods
..........
71,040,000
—
—
71,040,000
Management
Investment
Companies
:
Capital
Markets
........................
90,952,147
—
522,915,156
613,867,303
7. Fair
Value
Measurements
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
44
franklintempleton.com
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Equity-Linked
Securities
...................
$
—
$
14,728,558,538
$
—
$
14,728,558,538
Convertible
Preferred
Stocks
:
Aerospace
&
Defense
...................
379,440,000
—
—
379,440,000
Capital
Markets
........................
53,000,000
—
—
53,000,000
Chemicals
...........................
224,700,000
—
—
224,700,000
Electric
Utilities
........................
363,940,000
—
—
363,940,000
Financial
Services
......................
—
203,520,000
—
203,520,000
Preferred
Stocks
.........................
60,000,000
—
—
60,000,000
Convertible
Bonds
.......................
—
133,275,000
—
133,275,000
Corporate
Bonds
........................
—
26,354,981,163
—
26,354,981,163
Senior
Floating
Rate
Interests
...............
—
721,056,393
—
721,056,393
U.S.
Government
and
Agency
Securities
.......
—
5,137,112,263
—
5,137,112,263
Asset-Backed
Securities
...................
—
89,487,277
—
89,487,277
Mortgage-Backed
Securities
................
—
4,617,135,300
—
4,617,135,300
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
173,015,749
1,320,247,557
—
1,493,263,306
Total
Investments
in
Securities
...........
$19,829,694,798
$53,574,672,698
d
$522,915,156
$73,927,282,652
Liabilities:
Other
Financial
Instruments:
Options
Written
..........................
$116,344,875
$—
$—
$116,344,875
Unfunded
Loan
Commitments
...............
—
4,255
—
4,255
Total
Other
Financial
Instruments
.........
$116,344,875
$4,255
$—
$116,349,130
Franklin
U.S.
Government
Securities
Fund
Assets:
Investments
in
Securities:
e
U.S.
Government
and
Agency
Securities
.......
—
52,177,348
—
52,177,348
Mortgage-Backed
Securities
................
—
2,035,948,103
—
2,035,948,103
Short
Term
Investments
...................
52,731,248
—
—
52,731,248
Total
Investments
in
Securities
...........
$52,731,248
$2,088,125,451
$—
$2,140,856,699
Franklin
Utilities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Electric
Utilities
........................
3,876,786,122
—
—
3,876,786,122
Gas
Utilities
..........................
97,745,500
—
—
97,745,500
Independent
Power
and
Renewable
Electricity
Producers
..........................
543,012,000
119,135,485
—
662,147,485
Multi-Utilities
..........................
1,608,017,474
201,606,553
—
1,809,624,027
Oil,
Gas
&
Consumable
Fuels
.............
288,316,500
—
—
288,316,500
Water
Utilities
.........................
38,997,000
47,108,295
—
86,105,295
Short
Term
Investments
...................
13,831,210
—
—
13,831,210
Total
Investments
in
Securities
...........
$6,466,705,806
$367,850,333
f
$—
$6,834,556,139
a
Includes
financial
instruments
determined
to
have
no
value.
b
Includes
foreign
securities
valued
at
$299,352,506,
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
$116,227,530,
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
Includes
foreign
securities
valued
at
$269,299,207,
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.
e
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
7. Fair
Value
Measurements
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
45
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
June
30,
2025,
the
reconciliation
is
as
follows:
Level
3
financial
instruments,
for
the
Franklin
Growth
Fund,
include
the
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
Abbreviations
f
Includes
foreign
securities
valued
at
$367,850,333,
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.
Balance
at
Beginning
of
Period
Purchases
a
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
$
—
$
—
$
—
$
—
$
—
$
—
$
4,472,968
$
35,621,615
$
4,472,968
Software
..........
23,735,324
19,999,905
—
—
—
—
—
6,154,116
49,889,345
6,154,116
Convertible
Preferred
Stocks
:
IT
Services
........
3,015,216
—
—
—
—
—
—
432,987
3,448,203
432,987
Software
..........
89,474,848
—
—
—
—
—
—
10,038,197
99,513,045
10,038,197
Trading
Companies
&
Distributors
......
25,000,003
—
—
—
—
—
—
22,020,695
47,020,698
22,020,695
Total
Investments
in
Securities
............
$172,374,038
$19,999,905
$—
$—
$—
$—
$—
$43,118,963
$235,492,906
$43,118,963
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
Selected
Portfolio
ADR
American
Depositary
Receipt
BDC
Business
Development
Company
CME
Chicago
Mercantile
Exchange
CVR
Contingent
Value
Right
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
7. 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.