Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FCF-Q3PH
1
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Schedules
of
Investments
(unaudited)
Franklin
DynaTech
Fund
2
Franklin
Growth
Fund
6
Franklin
Income
Fund
10
Franklin
U.S.
Government
Securities
Fund
30
Franklin
Utilities
Fund
32
Notes
to
Schedules
of
Investments
34
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
June
30,
2026
Franklin
DynaTech
Fund
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
99.6%
Aerospace
&
Defense
1.3%
a
Axon
Enterprise,
Inc.
.................................
United
States
300,000
$
168,183,000
Elbit
Systems
Ltd.
...................................
Israel
100,000
75,872,000
a
Karman
Holdings,
Inc.
................................
United
States
293,989
14,675,931
a
Rocket
Lab
Corp.
...................................
United
States
1,400,000
142,310,000
401,040,931
Air
Freight
&
Logistics
0.0%
†
CH
Robinson
Worldwide,
Inc.
..........................
United
States
25,000
4,708,500
Automobiles
2.4%
a
Tesla,
Inc.
.........................................
United
States
1,700,000
715,020,000
Biotechnology
4.3%
a
Argenx
SE
........................................
Netherlands
200,000
185,372,863
a
Ascendis
Pharma
A/S
................................
Denmark
1,000,000
266,720,000
a
BeOne
Medicines
Ltd.
,
ADR
...........................
United
States
36,801
10,487,181
a
Bridgebio
Pharma,
Inc.
...............................
United
States
700,000
52,136,000
a
Insmed,
Inc.
.......................................
United
States
200,000
21,324,000
a
Ionis
Pharmaceuticals,
Inc.
............................
United
States
800,000
63,432,000
a
Krystal
Biotech,
Inc.
.................................
United
States
150,000
55,750,500
a
Natera,
Inc.
........................................
United
States
1,450,000
393,602,500
a
Revolution
Medicines,
Inc.
.............................
United
States
600,000
112,368,000
a
Samsung
Episholdings
Co.
Ltd.
.........................
South
Korea
17,520
4,902,041
a
United
Therapeutics
Corp.
.............................
United
States
225,000
121,911,750
1,288,006,835
Broadline
Retail
8.4%
a
Amazon.com,
Inc.
...................................
United
States
10,000,000
2,383,400,000
eBay,
Inc.
.........................................
United
States
100,000
11,175,000
a
MercadoLibre,
Inc.
..................................
Brazil
80,000
135,791,200
2,530,366,200
Building
Products
0.0%
†
a
Madison
Air
Solutions
Corp.
,
A
.........................
United
States
284,757
11,105,523
Capital
Markets
0.2%
a
Robinhood
Markets,
Inc.
,
A
............................
United
States
500,000
50,140,000
Communications
Equipment
1.7%
a
Arista
Networks,
Inc.
.................................
United
States
2,000,000
339,760,000
a
Lumentum
Holdings,
Inc.
..............................
United
States
200,000
171,612,000
511,372,000
Construction
&
Engineering
1.3%
Comfort
Systems
USA,
Inc.
............................
United
States
15,000
29,729,250
a
Legence
Corp.
,
A
...................................
United
States
1,700,000
144,891,000
Quanta
Services,
Inc.
................................
United
States
325,000
234,013,000
408,633,250
Diversified
Telecommunication
Services
0.2%
a
Space
Exploration
Technologies
Corp.
,
A
..................
United
States
280,777
47,973,558
Electrical
Equipment
3.7%
a
Bloom
Energy
Corp.
,
A
...............................
United
States
1,800,000
544,860,000
a
Forgent
Power
Solutions,
Inc.
,
A
........................
United
States
1,200,000
67,032,000
GE
Vernova,
Inc.
....................................
United
States
285,000
334,835,100
a
Innio
NV
..........................................
Germany
141,918
5,612,857
a
Nextpower,
Inc.
,
A
...................................
United
States
500,000
59,570,000
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)
Electrical
Equipment
(continued)
Vertiv
Holdings
Co.
,
A
................................
United
States
300,000
$
100,446,000
1,112,355,957
Electronic
Equipment,
Instruments
&
Components
5.3%
Advanced
Energy
Industries,
Inc.
.......................
United
States
350,000
130,504,500
Amphenol
Corp.
,
A
..................................
United
States
1,800,000
317,376,000
a
Celestica,
Inc.
......................................
Canada
2,000,000
729,600,000
a
Coherent
Corp.
.....................................
United
States
350,000
138,064,500
a
Fabrinet
..........................................
Thailand
200,000
112,416,000
Murata
Manufacturing
Co.
Ltd.
.........................
Japan
500,000
35,892,403
Samsung
Electro-Mechanics
Co.
Ltd.
....................
South
Korea
25,000
36,205,992
a
TTM
Technologies,
Inc.
...............................
United
States
550,000
102,861,000
1,602,920,395
Energy
Equipment
&
Services
0.7%
Baker
Hughes
Co.
,
A
.................................
United
States
1,000,000
55,500,000
a
Oceaneering
International,
Inc.
.........................
United
States
1,000,000
40,520,000
TechnipFMC
plc
....................................
United
Kingdom
2,000,000
132,600,000
228,620,000
Entertainment
0.6%
a
Netflix,
Inc.
........................................
United
States
2,250,000
160,650,000
a
Roku,
Inc.
,
A
.......................................
United
States
100,000
13,814,000
174,464,000
Financial
Services
2.4%
Mastercard,
Inc.
,
A
..................................
United
States
750,000
385,200,000
Visa,
Inc.
,
A
........................................
United
States
1,000,000
343,090,000
728,290,000
Health
Care
Equipment
&
Supplies
0.5%
a
Intuitive
Surgical,
Inc.
................................
United
States
350,000
139,188,000
a
Kestra
Medical
Technologies
Ltd.
.......................
United
States
200,000
5,088,000
144,276,000
Health
Care
Providers
&
Services
1.1%
a
Guardant
Health,
Inc.
................................
United
States
1,750,000
262,552,500
a
Hinge
Health,
Inc.
,
A
.................................
United
States
700,000
58,100,000
320,652,500
Health
Care
Technology
0.1%
a
HeartFlow,
Inc.
.....................................
United
States
750,000
22,005,000
Hotels,
Restaurants
&
Leisure
0.5%
Booking
Holdings,
Inc.
...............................
United
States
300,000
53,472,000
a
DoorDash,
Inc.
,
A
...................................
United
States
500,000
92,265,000
145,737,000
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
a
Fervo
Energy
Co.
,
A
.................................
United
States
244,468
7,145,800
Industrial
Conglomerates
0.4%
SK
Square
Co.
Ltd.
..................................
South
Korea
100,000
113,086,051
Interactive
Media
&
Services
10.9%
Alphabet,
Inc.
,
A
....................................
United
States
6,000,000
2,144,220,000
Meta
Platforms,
Inc.
,
A
...............................
United
States
2,000,000
1,126,580,000
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)
Interactive
Media
&
Services
(continued)
a
Reddit,
Inc.
,
A
......................................
United
States
50,000
$
8,679,000
3,279,479,000
IT
Services
3.0%
a
Akamai
Technologies,
Inc.
.............................
United
States
100,000
11,821,000
a
Cloudflare,
Inc.
,
A
...................................
United
States
2,000,000
490,560,000
a
MongoDB,
Inc.
,
A
...................................
United
States
50,000
16,795,000
a
Shopify,
Inc.
,
A
.....................................
Canada
3,000,000
343,225,807
a
Snowflake,
Inc.
,
A
...................................
United
States
200,000
50,900,000
913,301,807
Life
Sciences
Tools
&
Services
0.1%
a
Tempus
AI,
Inc.
,
A
...................................
United
States
750,000
43,447,500
Pharmaceuticals
2.5%
AstraZeneca
plc
....................................
United
Kingdom
100,000
18,962,000
a
Axsome
Therapeutics,
Inc.
............................
United
States
300,000
73,431,000
Eli
Lilly
&
Co.
......................................
United
States
300,000
359,829,000
a
Jazz
Pharmaceuticals
plc
.............................
United
States
450,000
108,436,500
a
Ligand
Pharmaceuticals,
Inc.
...........................
United
States
550,000
173,849,500
Royalty
Pharma
plc
,
A
................................
United
States
500,000
28,035,000
762,543,000
Semiconductors
&
Semiconductor
Equipment
31.7%
Advantest
Corp.
....................................
Japan
300,000
61,718,534
Analog
Devices,
Inc.
.................................
United
States
250,000
99,292,500
a
ARM
Holdings
plc
,
ADR
..............................
United
States
100,000
35,457,000
ASM
International
NV
................................
Netherlands
25,000
28,749,538
ASML
Holding
NV
,
ADR
..............................
Netherlands
185,000
368,046,400
Broadcom,
Inc.
.....................................
United
States
4,000,000
1,511,000,000
a
Kioxia
Holdings
Corp.
................................
Japan
50,000
29,061,496
KLA
Corp.
.........................................
United
States
2,800,000
844,788,000
Lam
Research
Corp.
.................................
United
States
2,100,000
909,993,000
Micron
Technology,
Inc.
...............................
United
States
275,000
317,429,750
Monolithic
Power
Systems,
Inc.
.........................
United
States
250,000
345,590,000
NVIDIA
Corp.
......................................
United
States
17,000,000
3,401,530,000
a
SiTime
Corp.
.......................................
United
States
100,000
74,556,000
SK
Hynix,
Inc.
......................................
South
Korea
300,000
529,374,762
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.........
Taiwan
2,000,000
955,140,000
Teradyne,
Inc.
......................................
United
States
100,000
48,384,000
a
Tower
Semiconductor
Ltd.
.............................
Israel
100,000
26,064,000
9,586,174,980
Software
8.5%
a
AppLovin
Corp.
,
A
...................................
United
States
700,000
360,661,000
a
Cadence
Design
Systems,
Inc.
.........................
United
States
500,000
187,660,000
a
Circle
Internet
Group,
Inc.
,
A
...........................
United
States
150,000
9,394,500
a
Crowdstrike
Holdings,
Inc.
,
A
...........................
United
States
200,000
152,628,000
a
Datadog,
Inc.
,
A
....................................
United
States
100,000
26,036,000
a
JFrog
Ltd.
.........................................
United
States
300,000
27,264,000
Microsoft
Corp.
.....................................
United
States
3,500,000
1,305,570,000
a
Palantir
Technologies,
Inc.
,
A
...........................
United
States
1,000,000
116,670,000
a
Palo
Alto
Networks,
Inc.
..............................
United
States
750,000
255,765,000
a
Synopsys,
Inc.
.....................................
United
States
250,000
111,517,500
2,553,166,000
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
43
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Specialty
Retail
0.1%
a
Carvana
Co.
,
A
.....................................
United
States
500,000
$
32,910,000
Technology
Hardware,
Storage
&
Peripherals
7.7%
Apple,
Inc.
........................................
United
States
4,300,000
1,244,248,000
Samsung
Electronics
Co.
Ltd.
..........................
South
Korea
100,000
22,189,724
a
Sandisk
Corp.
......................................
United
States
450,000
1,023,178,500
Seagate
Technology
Holdings
plc
.......................
United
States
50,000
48,250,000
2,337,866,224
Total
Common
Stocks
(Cost
$
11,115,828,834
)
.................................
30,076,808,011
Warrants
Warrants
0.0%
Software
0.0%
a,b
Constellation
Software,
Inc.
,
3/31/40
.....................
Canada
50,000
—
Total
Warrants
(Cost
$
–
)
....................................................
—
Total
Long
Term
Investments
(Cost
$
11,115,828,834
)
..........................
30,076,808,011
a
Short
Term
Investments
0.3%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.3%
c,d
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.597
%
.........................................
United
States
94,171,745
94,171,745
Total
Money
Market
Funds
(Cost
$
94,171,745
)
................................
94,171,745
Total
Short
Term
Investments
(Cost
$
94,171,745
)
..............................
94,171,745
a
Total
Investments
(Cost
$
11,210,000,579
)
99.9
%
...............................
$30,170,979,756
Other
Assets,
less
Liabilities
0.1
%
...........................................
17,216,130
Net
Assets
100.0%
.........................................................
$30,188,195,886
a
a
a
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
c
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
June
30,
2026
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
95.4%
Aerospace
&
Defense
3.9%
BWX
Technologies,
Inc.
..............................
United
States
822,679
$
160,134,467
Curtiss-Wright
Corp.
.................................
United
States
241,851
183,265,014
Northrop
Grumman
Corp.
.............................
United
States
313,809
159,826,062
RTX
Corp.
........................................
United
States
882,286
167,396,123
670,621,666
Beverages
1.4%
a
Monster
Beverage
Corp.
..............................
United
States
2,470,359
237,450,907
Biotechnology
0.9%
AbbVie,
Inc.
.......................................
United
States
412,189
103,723,240
a
Natera,
Inc.
........................................
United
States
208,586
56,620,670
160,343,910
Broadline
Retail
4.9%
a
Amazon.com,
Inc.
...................................
United
States
3,593,324
856,432,842
Building
Products
3.4%
Johnson
Controls
International
plc
.......................
United
States
1,898,366
277,370,257
Trane
Technologies
plc
...............................
United
States
627,414
308,160,660
585,530,917
Capital
Markets
4.3%
BlackRock,
Inc.
.....................................
United
States
175,839
169,079,749
Charles
Schwab
Corp.
(The)
...........................
United
States
1,988,917
183,517,372
Intercontinental
Exchange,
Inc.
.........................
United
States
1,277,457
157,267,731
S&P
Global,
Inc.
....................................
United
States
376,416
153,299,180
Tradeweb
Markets,
Inc.
,
A
.............................
United
States
858,052
85,513,462
748,677,494
Chemicals
2.6%
Ecolab,
Inc.
........................................
United
States
558,977
155,736,582
Linde
plc
..........................................
United
States
586,827
304,528,003
460,264,585
Commercial
Services
&
Supplies
0.7%
Republic
Services,
Inc.
,
A
.............................
United
States
583,401
124,311,085
Communications
Equipment
0.5%
Motorola
Solutions,
Inc.
...............................
United
States
191,984
79,729,035
Construction
Materials
0.9%
Martin
Marietta
Materials,
Inc.
..........................
United
States
275,292
158,760,896
Consumer
Staples
Distribution
&
Retail
1.2%
Costco
Wholesale
Corp.
..............................
United
States
220,134
205,928,753
Diversified
Telecommunication
Services
0.3%
a
Space
Exploration
Technologies
Corp.
,
A
..................
United
States
294,175
50,262,741
Electric
Utilities
2.0%
Entergy
Corp.
......................................
United
States
1,935,080
222,263,289
NextEra
Energy,
Inc.
.................................
United
States
1,488,522
130,647,576
352,910,865
Electrical
Equipment
1.9%
AMETEK,
Inc.
......................................
United
States
722,202
174,729,552
nVent
Electric
plc
...................................
United
States
868,827
147,361,747
322,091,299
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)
Electronic
Equipment,
Instruments
&
Components
3.3%
Amphenol
Corp.
,
A
..................................
United
States
3,265,613
$
575,792,884
Entertainment
1.5%
a
Netflix,
Inc.
........................................
United
States
2,705,309
193,159,062
a
Spotify
Technology
SA
................................
United
States
166,821
76,592,526
269,751,588
Financial
Services
3.2%
Mastercard,
Inc.
,
A
..................................
United
States
542,012
278,377,363
Visa,
Inc.
,
A
........................................
United
States
813,115
278,971,626
557,348,989
Ground
Transportation
1.8%
Canadian
Pacific
Kansas
City
Ltd.
.......................
Canada
1,274,013
110,393,226
Union
Pacific
Corp.
..................................
United
States
755,687
205,546,864
315,940,090
Health
Care
Equipment
&
Supplies
2.2%
Abbott
Laboratories
..................................
United
States
811,255
73,613,279
a
Intuitive
Surgical,
Inc.
................................
United
States
455,470
181,131,309
Stryker
Corp.
......................................
United
States
405,031
127,519,960
382,264,548
Health
Care
Providers
&
Services
0.7%
UnitedHealth
Group,
Inc.
..............................
United
States
310,155
128,909,723
Interactive
Media
&
Services
8.5%
Alphabet,
Inc.
,
A
....................................
United
States
1,637,756
585,284,862
Alphabet,
Inc.
,
C
....................................
United
States
1,697,852
599,902,047
Meta
Platforms,
Inc.
,
A
...............................
United
States
522,613
294,382,677
1,479,569,586
IT
Services
1.6%
a,b,c
Canva
Australia
Holdings
Pty.
Ltd.
,
B
.....................
Australia
25,413
39,181,244
a
Shopify,
Inc.
,
A
.....................................
Canada
654,269
74,704,435
a
Snowflake,
Inc.
,
A
...................................
United
States
631,514
160,720,313
274,605,992
Life
Sciences
Tools
&
Services
2.8%
Agilent
Technologies,
Inc.
.............................
United
States
800,274
106,300,395
Danaher
Corp.
.....................................
United
States
1,071,339
204,068,653
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
350,282
175,617,384
485,986,432
Machinery
2.9%
Deere
&
Co.
.......................................
United
States
278,171
176,452,210
Parker-Hannifin
Corp.
................................
United
States
226,067
221,120,654
Xylem,
Inc.
........................................
United
States
865,599
102,322,458
499,895,322
Pharmaceuticals
3.1%
AstraZeneca
plc
....................................
United
Kingdom
997,974
189,235,830
Eli
Lilly
&
Co.
......................................
United
States
292,331
350,630,571
539,866,401
Professional
Services
0.3%
Verisk
Analytics,
Inc.
,
A
...............................
United
States
279,847
50,240,932
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)
Semiconductors
&
Semiconductor
Equipment
20.3%
a
ARM
Holdings
plc
,
ADR
..............................
United
States
671,728
$
238,174,597
ASML
Holding
NV
,
ADR
..............................
Netherlands
175,094
348,339,007
Broadcom,
Inc.
.....................................
United
States
1,522,139
574,988,007
a
Cerebras
Systems,
Inc.
,
A
.............................
United
States
150,460
33,251,660
Lam
Research
Corp.
.................................
United
States
791,509
342,984,595
Monolithic
Power
Systems,
Inc.
.........................
United
States
186,831
258,267,701
NVIDIA
Corp.
......................................
United
States
7,435,379
1,487,744,984
Texas
Instruments,
Inc.
...............................
United
States
852,563
254,123,454
3,537,874,005
Software
8.5%
a,b,c
Checkout
Payments
Group
Ltd.
,
B
.......................
United
Kingdom
96,603
10,164,976
a
Crowdstrike
Holdings,
Inc.
,
A
...........................
United
States
125,566
95,824,437
Microsoft
Corp.
.....................................
United
States
2,464,077
919,150,002
a,b,c
OpenAI
Foundation
..................................
United
States
17,336
11,921,794
a
Palo
Alto
Networks,
Inc.
..............................
United
States
433,196
147,728,500
a,b,c
Plaid,
Inc.
,
A
.......................................
United
States
98,050
25,387,469
a,b,c
Stripe,
Inc.
,
B
......................................
United
States
540,043
34,256,278
a
Synopsys,
Inc.
.....................................
United
States
539,932
240,847,467
1,485,280,923
Specialty
Retail
1.2%
a
Carvana
Co.
,
A
.....................................
United
States
1,553,513
102,252,226
a
O'Reilly
Automotive,
Inc.
..............................
United
States
1,208,829
111,321,062
213,573,288
Technology
Hardware,
Storage
&
Peripherals
3.6%
Apple,
Inc.
........................................
United
States
2,166,981
627,037,622
Trading
Companies
&
Distributors
1.0%
Fastenal
Co.
.......................................
United
States
3,563,735
171,166,192
Total
Common
Stocks
(Cost
$
4,994,457,452
)
..................................
16,608,421,512
Convertible
Preferred
Stocks
1.2%
Aerospace
&
Defense
0.5%
a,b,c
Anduril
Industries,
Inc.
,
F
..............................
United
States
1,150,134
79,304,845
a,b,c
Anduril
Industries,
Inc.
,
H
.............................
United
States
24,219
1,669,965
80,974,810
IT
Services
0.0%
†
a,b,c
Canva
Australia
Holdings
Pty.
Ltd.
,
A
.....................
Australia
2,353
3,627,808
a,b,c
Canva
Australia
Holdings
Pty.
Ltd.
,
A-3
...................
Australia
94
144,927
a,b,c
Canva
Australia
Holdings
Pty.
Ltd.
,
A-4
...................
Australia
8
12,334
a,b,c
Canva
Australia
Holdings
Pty.
Ltd.
,
A-5
...................
Australia
5
7,709
3,792,778
Software
0.7%
a,b,c
OneTrust
LLC
,
C
....................................
United
States
849,894
8,416,727
a,b,c
Stripe,
Inc.
,
I
.......................................
United
States
1,759,545
111,612,338
120,029,065
Total
Convertible
Preferred
Stocks
(Cost
$
82,957,277
)
.........................
204,796,653
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
43
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Preferred
Stocks
1.0%
Life
Sciences
Tools
&
Services
0.7%
d
Sartorius
AG
,
0
.32
%
.................................
Germany
453,990
$
119,103,686
Software
0.3%
a,b,c
Anthropic
PBC
,
H-1
..................................
United
States
93,377
54,999,940
Total
Preferred
Stocks
(Cost
$
211,961,677
)
...................................
174,103,626
Total
Long
Term
Investments
(Cost
$
5,289,376,406
)
...........................
16,987,321,791
a
Short
Term
Investments
2.5%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.5%
e,f
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.597
%
.........................................
United
States
437,480,653
437,480,653
Total
Money
Market
Funds
(Cost
$
437,480,653
)
...............................
437,480,653
Total
Short
Term
Investments
(Cost
$
437,480,653
)
.............................
437,480,653
a
Total
Investments
(Cost
$
5,726,857,059
)
100.1
%
..............................
$17,424,802,444
Other
Assets,
less
Liabilities
(
0.1
)
%
.........................................
(25,624,585)
Net
Assets
100.0%
.........................................................
$17,399,177,859
a
a
a
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
c
See
Note
3
regarding
restricted
securities.
d
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
e
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
June
30,
2026
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
23.4%
Aerospace
&
Defense
1.0%
a
Honeywell
Aerospace,
Inc.
............................
United
States
1,000,000
$
221,080,000
Lockheed
Martin
Corp.
...............................
United
States
750,000
382,095,000
Northrop
Grumman
Corp.
.............................
United
States
350,000
178,258,500
781,433,500
Air
Freight
&
Logistics
0.3%
United
Parcel
Service,
Inc.,
B
..........................
United
States
2,000,000
215,000,000
Banks
2.2%
b
Bank
of
America
Corp.
...............................
United
States
4,500,000
256,410,000
Fifth
Third
Bancorp
..................................
United
States
7,000,000
394,590,000
b
JPMorgan
Chase
&
Co.
...............................
United
States
500,000
163,665,000
PNC
Financial
Services
Group,
Inc.
(The)
.................
United
States
750,000
184,665,000
US
Bancorp
.......................................
United
States
6,500,000
392,600,000
Wells
Fargo
&
Co.
...................................
United
States
4,000,000
330,560,000
1,722,490,000
Beverages
1.2%
b
Coca-Cola
Co.
(The)
.................................
United
States
3,000,000
243,810,000
PepsiCo,
Inc.
......................................
United
States
5,000,000
677,000,000
920,810,000
Biotechnology
0.6%
b
AbbVie,
Inc.
.......................................
United
States
2,000,000
503,280,000
Capital
Markets
0.2%
BlackRock,
Inc.
.....................................
United
States
200,000
192,312,000
Chemicals
1.1%
Air
Products
and
Chemicals,
Inc.
........................
United
States
2,500,000
732,950,000
BASF
SE
.........................................
Germany
2,500,000
133,632,736
866,582,736
Communications
Equipment
0.7%
Cisco
Systems,
Inc.
.................................
United
States
4,500,000
528,570,000
Consumer
Staples
Distribution
&
Retail
0.2%
Target
Corp.
.......................................
United
States
1,500,000
195,915,000
Containers
&
Packaging
0.1%
a,c,d
Ardagh
Holdings
SA,
144A
............................
Luxembourg
12,800,000
86,749,848
Diversified
Telecommunication
Services
0.4%
Verizon
Communications,
Inc.
..........................
United
States
7,500,000
317,550,000
Electric
Utilities
2.3%
Duke
Energy
Corp.
..................................
United
States
5,000,000
632,900,000
NextEra
Energy,
Inc.
.................................
United
States
984,100
86,374,457
Southern
Co.
(The)
..................................
United
States
9,000,000
861,390,000
Xcel
Energy,
Inc.
....................................
United
States
3,000,000
240,900,000
1,821,564,457
Food
Products
0.5%
Nestle
SA,
ADR
....................................
Switzerland
3,750,000
385,087,500
Ground
Transportation
0.7%
Union
Pacific
Corp.
..................................
United
States
2,000,000
544,000,000
Health
Care
Equipment
&
Supplies
0.7%
Abbott
Laboratories
..................................
United
States
2,000,000
181,480,000
Medtronic
plc
......................................
United
States
5,000,000
391,150,000
572,630,000
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)
Health
Care
Providers
&
Services
0.5%
CVS
Health
Corp.
...................................
United
States
3,498,075
$
361,875,859
Hotels,
Restaurants
&
Leisure
0.5%
McDonald's
Corp.
...................................
United
States
1,500,000
405,465,000
Household
Products
1.4%
Procter
&
Gamble
Co.
(The)
...........................
United
States
7,500,000
1,099,800,000
Industrial
Conglomerates
0.3%
Honeywell
International,
Inc.
...........................
United
States
1,000,000
223,900,000
IT
Services
0.8%
Accenture
plc,
A
....................................
United
States
1,750,000
217,770,000
International
Business
Machines
Corp.
...................
United
States
1,500,000
421,815,000
639,585,000
Metals
&
Mining
0.3%
Freeport-McMoRan,
Inc.
..............................
United
States
3,750,000
235,837,500
Multi-Utilities
0.5%
Sempra,
Inc.
.......................................
United
States
4,500,000
417,195,000
Oil,
Gas
&
Consumable
Fuels
4.3%
Chevron
Corp.
.....................................
United
States
7,500,000
1,243,200,000
ConocoPhillips
.....................................
United
States
1,000,000
103,960,000
Exxon
Mobil
Corp.
...................................
United
States
10,000,000
1,367,200,000
Shell
plc,
ADR
......................................
United
States
4,500,000
348,930,000
TotalEnergies
SE
...................................
France
4,000,000
311,040,000
3,374,330,000
Pharmaceuticals
0.9%
Johnson
&
Johnson
.................................
United
States
1,000,000
253,970,000
Merck
&
Co.,
Inc.
...................................
United
States
3,000,000
385,500,000
Pfizer,
Inc.
.........................................
United
States
4,000,000
96,320,000
735,790,000
Specialty
Retail
1.3%
b
Home
Depot,
Inc.
(The)
...............................
United
States
3,000,000
1,058,040,000
Textiles,
Apparel
&
Luxury
Goods
0.2%
NIKE,
Inc.,
B
.......................................
United
States
3,060,000
125,613,000
Tobacco
0.2%
Philip
Morris
International,
Inc.
.........................
United
States
1,000,000
180,910,000
Total
Common
Stocks
(Cost
$14,754,867,454)
.................................
18,512,316,400
Management
Investment
Companies
0.1%
Capital
Markets
0.1%
e
Clarion
Partners
Real
Estate
Income
Fund,
Inc.,
Class
I
......
United
States
7,867,833
88,670,476
Total
Management
Investment
Companies
(Cost
$100,000,000)
.................
88,670,476
Equity-Linked
Securities
20.4%
Aerospace
&
Defense
0.2%
d
Morgan
Stanley
Finance
LLC
into
RTX
Corp.,
144A,
8%,
6/09/27
United
States
845,000
156,396,116
Air
Freight
&
Logistics
0.2%
d
Toronto-Dominion
Bank
(The)
into
United
Parcel
Service,
Inc.,
144A,
10%,
8/05/26
................................
United
States
1,380,000
148,986,439
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
Equity-Linked
Securities
(continued)
Banks
1.0%
d
Citigroup
Global
Markets
Holdings,
Inc.
into
Bank
of
America
Corp.,
144A,
8%,
3/22/27
............................
United
States
5,390,000
$
292,442,187
d
Morgan
Stanley
Finance
LLC
into
JPMorgan
Chase
&
Co.,
144A,
8%,
3/30/27
......................................
United
States
950,000
292,517,877
d
UBS
AG
into
Bank
of
America
Corp.,
144A,
8%,
3/03/27
......
United
States
3,300,000
182,720,856
767,680,920
Broadline
Retail
1.3%
d
Goldman
Sachs
Bank
USA
into
Amazon.com,
Inc.,
144A,
10%,
4/16/27
.........................................
United
States
2,110,000
471,001,850
d
J.P.
Morgan
Structured
Products
BV
into
Amazon.com,
Inc.,
144A,
9%,
1/11/27
......................................
United
States
725,000
167,031,707
d
Wells
Fargo
Bank
NA
into
Amazon.com,
Inc.,
144A,
9%,
2/26/27
United
States
1,700,000
368,216,214
1,006,249,771
Capital
Markets
0.5%
d
J.P.
Morgan
Structured
Products
BV
into
Blackrock,
Inc.,
144A,
8%,
4/01/27
......................................
United
States
226,000
217,950,659
d
Merrill
Lynch
BV
into
Charles
Schwab
Corp.
(The),
144A,
8%,
3/03/27
.........................................
United
States
1,700,000
158,655,252
376,605,911
Chemicals
0.5%
d
BofA
Finance
LLC
into
Albemarle
Corp.,
144A,
12.5%,
8/28/26
.
United
States
825,000
86,509,598
d
Toronto-Dominion
Bank
(The)
into
Albemarle
Corp.,
144A,
15%,
12/23/26
........................................
United
States
2,680,000
356,463,274
442,972,872
Communications
Equipment
0.4%
d
Morgan
Stanley
Finance
LLC
into
Cisco
Systems,
Inc.,
144A,
10%,
11/23/27
....................................
United
States
2,700,000
313,143,122
Consumer
Finance
0.4%
d
Barclays
Bank
plc
into
Capital
One
Financial
Corp.,
144A,
8%,
3/10/27
.........................................
United
States
1,485,000
298,173,151
Consumer
Staples
Distribution
&
Retail
0.4%
d
BNP
Paribas
Issuance
BV
into
Target
Corp.,
144A,
11%,
10/07/26
United
States
3,000,000
322,902,043
Diversified
Telecommunication
Services
0.3%
d
BofA
Finance
LLC
into
Comcast
Corp.,
144A,
9.5%,
2/04/27
...
United
States
8,550,000
212,796,610
Electric
Utilities
0.6%
d
Citigroup
Global
Markets
Holdings,
Inc.
into
NextEra
Energy,
Inc.,
144A,
9%,
10/05/26
................................
United
States
3,500,000
270,839,099
d
Wells
Fargo
Bank
NA
into
NextEra
Energy,
Inc.,
144A,
9.5%,
10/22/26
........................................
United
States
2,500,000
217,049,698
487,888,797
Energy
Equipment
&
Services
1.7%
d
Citigroup
Global
Markets
Holdings,
Inc.
into
Halliburton
Co.,
144A,
10%,
1/21/27
................................
United
States
8,100,000
270,827,500
d
JPMorgan
Chase
Bank
NA
into
Schlumberger
NV,
144A,
10%,
7/21/27
.........................................
United
States
6,180,000
274,675,605
d
Merrill
Lynch
BV
into
Halliburton
Co.,
144A,
8.5%,
9/21/26
.....
United
States
7,650,000
211,792,962
d
UBS
AG
into
Schlumberger
NV,
144A,
10%,
2/11/27
.........
United
States
5,050,000
237,846,387
d
Wells
Fargo
Bank
NA
into
Schlumberger
NV,
144A,
9%,
10/02/26
United
States
8,600,000
356,698,888
1,351,841,342
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)
Health
Care
Equipment
&
Supplies
0.8%
d
BNP
Paribas
Issuance
BV
into
Medtronic
plc,
144A,
7.25%,
4/27/27
.........................................
United
States
1,700,000
$
135,407,680
d
Mizuho
Markets
Cayman
LP
into
Abbott
Laboratories,
144A,
9%,
11/15/27
........................................
United
States
3,150,000
277,508,795
d
UBS
AG
into
Abbott
Laboratories,
144A,
8%,
4/12/27
.........
United
States
2,100,000
196,436,135
609,352,610
Health
Care
Providers
&
Services
0.7%
d
Merrill
Lynch
BV
into
UnitedHealth
Group,
Inc.,
144A,
9%,
9/25/26
United
States
950,000
361,590,799
d
Merrill
Lynch
BV
into
UnitedHealth
Group,
Inc.,
144A,
10%,
7/01/26
.........................................
United
States
520,000
203,271,218
564,862,017
Hotels,
Restaurants
&
Leisure
0.5%
d
Toronto-Dominion
Bank
(The)
into
Starbucks
Corp.,
144A,
9%,
1/27/27
.........................................
United
States
1,900,000
187,595,283
d
Wells
Fargo
Bank
NA
into
Starbucks
Corp.,
144A,
9%,
8/10/26
.
United
States
2,250,000
229,420,933
417,016,216
Household
Products
0.4%
d
Merrill
Lynch
BV
into
Procter
&
Gamble
Co.
(The),
144A,
7%,
4/12/27
.........................................
United
States
2,239,000
327,147,265
Interactive
Media
&
Services
0.4%
d
Mizuho
Markets
Cayman
LP
into
Meta
Platforms,
Inc.,
144A,
10%,
12/07/26
....................................
United
States
535,000
303,379,946
IT
Services
1.1%
d
Barclays
Bank
plc
into
Snowflake,
Inc.,
144A,
12.5%,
4/27/27
..
United
States
1,025,000
175,218,656
d
Citigroup
Global
Markets
Holdings,
Inc.
into
International
Business
Machines
Corp.,
144A,
8.5%,
8/21/26
...........
United
States
975,000
257,162,135
d
Morgan
Stanley
Finance
LLC
into
International
Business
Machines
Corp.,
144A,
8%,
4/08/27
....................
United
States
850,000
225,562,778
d
Wells
Fargo
Bank
NA
into
International
Business
Machines
Corp.,
144A,
11%,
5/06/27
................................
United
States
825,000
200,814,787
858,758,356
Metals
&
Mining
0.6%
d
Barclays
Bank
plc
into
Freeport-McMoRan,
Inc.,
144A,
10%,
1/27/27
.........................................
United
States
5,200,000
293,254,096
d
BNP
Paribas
Issuance
BV
into
Freeport-McMoRan,
Inc.,
144A,
10%,
8/28/26
.....................................
United
States
3,750,000
182,475,984
475,730,080
Oil,
Gas
&
Consumable
Fuels
0.2%
d
Royal
Bank
of
Canada
into
BP
plc,
144A,
10%,
10/07/26
......
United
States
3,830,000
137,372,581
Passenger
Airlines
0.1%
d
Goldman
Sachs
Bank
USA
into
Delta
Air
Lines,
Inc.,
144A,
11%,
3/31/27
.........................................
United
States
1,600,000
122,383,718
Pharmaceuticals
0.4%
d
Barclays
Bank
plc
into
Merck
&
Co.,
Inc.,
144A,
8.5%,
10/02/26
.
United
States
3,100,000
304,962,154
Semiconductors
&
Semiconductor
Equipment
3.6%
d
Bank
of
America
NA
into
Microchip
Technology,
Inc.,
144A,
11%,
9/03/26
.........................................
United
States
3,200,000
244,977,850
d
Barclays
Bank
plc
into
Microchip
Technology,
Inc.,
144A,
10%,
10/05/26
........................................
United
States
3,100,000
232,025,814
d
Barclays
Bank
plc
into
Micron
Technology,
Inc.,
144A,
10%,
9/08/26
.........................................
United
States
2,050,000
308,564,787
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)
Semiconductors
&
Semiconductor
Equipment
(continued)
d
BNP
Paribas
SA
into
Texas
Instruments,
Inc.,
144A,
9%,
7/01/26
United
States
1,300,000
$
299,004,000
d
Royal
Bank
of
Canada
into
Analog
Devices,
Inc.,
144A,
10%,
11/16/26
........................................
United
States
890,000
230,654,294
d
Royal
Bank
of
Canada
into
Texas
Instruments,
Inc.,
144A,
8.5%,
8/20/26
.........................................
United
States
1,560,000
334,177,723
d
Royal
Bank
of
Canada
into
Texas
Instruments,
Inc.,
144A,
9%,
7/21/26
.........................................
United
States
674,000
166,503,909
d
Toronto-Dominion
Bank
(The)
into
Intel
Corp.,
144A,
10.5%,
9/01/26
.........................................
United
States
8,450,000
268,488,936
d
Toronto-Dominion
Bank
(The)
into
QUALCOMM,
Inc.,
144A,
10%,
3/24/27
.........................................
United
States
1,750,000
251,705,646
d
UBS
AG
into
Marvell
Technology,
Inc.,
144A,
12%,
12/16/26
...
United
States
2,050,000
255,714,460
d
UBS
AG
into
Texas
Instruments,
Inc.,
144A,
10%,
2/24/27
.....
United
States
1,200,000
286,876,887
2,878,694,306
Software
2.6%
d
Barclays
Bank
plc
into
Salesforce,
Inc.,
144A,
9%,
3/18/27
....
United
States
1,172,000
191,856,340
d
Citigroup
Global
Markets
Holdings,
Inc.
into
Microsoft
Corp.,
144A,
9%,
3/25/27
.................................
United
States
860,000
323,924,282
d
Citigroup
Global
Markets
Holdings,
Inc.
into
Workday,
Inc.,
144A,
10%,
2/24/27
.....................................
United
States
1,200,000
149,999,613
d
Merrill
Lynch
BV
into
Salesforce,
Inc.,
144A,
10%,
2/08/27
.....
United
States
1,220,000
204,353,472
d
Mizuho
Markets
Cayman
LP
into
Microsoft
Corp.,
144A,
7.25%,
1/11/27
.........................................
United
States
650,000
250,354,140
d
Mizuho
Markets
Cayman
LP
into
Palo
Alto
Networks,
Inc.,
144A,
10%,
4/28/27
.....................................
United
States
850,000
167,514,903
d
Morgan
Stanley
Finance
LLC
into
Synopsys,
Inc.,
Senior
Note,
144A,
11%,
6/14/27
................................
United
States
345,000
157,563,170
d
Royal
Bank
of
Canada
into
Microsoft
Corp.,
144A,
8%,
4/05/27
.
United
States
675,000
250,533,596
d
Royal
Bank
of
Canada
into
Oracle
Corp.,
144A,
12.5%,
5/12/27
.
United
States
1,600,000
241,449,311
d
UBS
AG
into
Oracle
Corp.,
144A,
12%,
1/11/27
.............
United
States
740,000
112,178,495
2,049,727,322
Specialty
Retail
0.8%
d
Goldman
Sachs
Bank
USA
into
Home
Depot,
Inc.
(The),
144A,
8.25%,
10/19/27
...................................
United
States
1,050,000
361,661,878
d
Toronto-Dominion
Bank
(The)
into
Lowe's
Cos.,
Inc.,
144A,
7.5%,
8/19/26
.........................................
United
States
1,255,000
277,270,251
638,932,129
Technology
Hardware,
Storage
&
Peripherals
0.5%
d
Goldman
Sachs
Bank
USA
into
Dell
Technologies,
Inc.,
144A,
12.5%,
4/14/27
...................................
United
States
1,000,000
205,333,289
d
Mizuho
Markets
Cayman
LP
into
Dell
Technologies,
Inc.,
144A,
12%,
11/09/26
....................................
United
States
1,100,000
214,593,249
419,926,538
Textiles,
Apparel
&
Luxury
Goods
0.2%
d
Royal
Bank
of
Canada
into
NIKE,
Inc.,
144A,
9%,
3/19/27
.....
United
States
3,750,000
162,042,837
Total
Equity-Linked
Securities
(Cost
$15,411,758,080)
.........................
16,155,925,169
Convertible
Preferred
Stocks
3.5%
Aerospace
&
Defense
0.4%
Boeing
Co.
(The),
6%
................................
United
States
5,000,000
336,500,000
Capital
Markets
0.3%
Ares
Management
Corp.,
B,
6.75%
......................
United
States
3,500,000
128,275,000
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
Convertible
Preferred
Stocks
(continued)
Capital
Markets
(continued)
KKR
&
Co.,
Inc.,
D,
6.25%
.............................
United
States
3,500,000
$
139,475,000
267,750,000
Chemicals
0.3%
Albemarle
Corp.,
7.25%
..............................
United
States
4,000,000
221,400,000
Electric
Utilities
1.1%
NextEra
Energy,
Inc.,
7.234%
..........................
United
States
4,500,000
223,650,000
NextEra
Energy,
Inc.,
7.299%
..........................
United
States
3,500,000
185,990,000
NextEra
Energy,
Inc.,
7.375%
..........................
United
States
2,500,000
119,850,000
PPL
Corp.,
7%
.....................................
United
States
2,500,000
122,675,000
Southern
Co.
(The),
A,
7.125%
.........................
United
States
3,500,000
174,090,000
826,255,000
Financial
Services
0.2%
FNMA,
5.375%
.....................................
United
States
4,220
143,480,000
Interactive
Media
&
Services
0.6%
Alphabet,
Inc.,
A,
6.25%
..............................
United
States
4,500,000
229,005,000
Alphabet,
Inc.,
B,
6.25%
..............................
United
States
4,500,000
226,350,000
455,355,000
Software
0.3%
Oracle
Corp.,
D,
6.5%
................................
United
States
6,000,000
269,700,000
Trading
Companies
&
Distributors
0.3%
a,f,g
QXO,
Inc.,
C
.......................................
United
States
24,000
263,679,528
Total
Convertible
Preferred
Stocks
(Cost
$2,818,169,061)
......................
2,784,119,528
Preferred
Stocks
0.0%
†
Financial
Services
0.0%
†
FNMA,
8.25%,
S
....................................
United
States
3,000,000
32,730,000
Total
Preferred
Stocks
(Cost
$68,991,751)
....................................
32,730,000
Principal
Amount
*
Corporate
Bonds
36.8%
Aerospace
&
Defense
1.4%
Boeing
Co.
(The)
,
Senior
Bond,
3.6%,
5/01/34
..........................
United
States
25,000,000
22,509,523
Senior
Bond,
3.25%,
2/01/35
.........................
United
States
25,000,000
21,686,738
Senior
Note,
5.15%,
5/01/30
.........................
United
States
243,000,000
246,007,154
Senior
Note,
6.388%,
5/01/31
........................
United
States
30,000,000
31,884,205
Senior
Note,
6.528%,
5/01/34
........................
United
States
35,000,000
38,089,597
d
Bombardier,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
7/01/31
.........
Canada
40,000,000
41,902,920
RTX
Corp.
,
Senior
Bond
,
6.1
%
,
3/15/34
...................
United
States
25,000,000
26,832,064
Textron,
Inc.
,
Senior
Bond
,
2.45
%
,
3/15/31
................
United
States
40,000,000
36,137,746
d
TransDigm,
Inc.
,
Senior
Note,
144A,
6.375%,
5/31/33
...................
United
States
30,000,000
30,305,490
Senior
Secured
Note,
144A,
6.75%,
8/15/28
.............
United
States
100,000,000
101,120,900
Senior
Secured
Note,
144A,
6.375%,
3/01/29
............
United
States
100,000,000
101,653,100
Senior
Secured
Note,
144A,
6.875%,
12/15/30
...........
United
States
50,000,000
51,418,750
Senior
Secured
Note,
144A,
6.625%,
3/01/32
............
United
States
100,000,000
102,687,098
Senior
Secured
Note,
144A,
6%,
1/15/33
................
United
States
135,000,000
136,407,240
Senior
Sub.
Note,
144A,
6.75%,
1/31/34
................
United
States
100,000,000
102,642,400
1,091,284,925
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)
Automobile
Components
0.1%
d
Dexko
Global,
Inc.
,
Senior
Note
,
144A,
7.5
%
,
4/15/32
........
United
States
87,550,000
$
72,316,069
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Bond
,
4.875
%
,
3/15/27
.........................................
United
States
34,757,000
34,746,270
107,062,339
Automobiles
0.7%
Ford
Motor
Co.
,
Senior
Bond,
4.346%,
12/08/26
.......................
United
States
35,000,000
34,948,236
Senior
Bond,
3.25%,
2/12/32
.........................
United
States
120,000,000
105,810,082
Senior
Bond,
6.1%,
8/19/32
..........................
United
States
155,000,000
157,901,223
General
Motors
Co.
,
Senior
Bond,
5.6%,
10/15/32
.........................
United
States
25,000,000
25,597,904
Senior
Bond,
5.15%,
4/01/38
.........................
United
States
140,000,000
133,442,483
d
Rivian
Holdings
LLC
/
Rivian
LLC
/
Rivian
Automotive
LLC
,
Senior
Secured
Note
,
144A,
10
%
,
1/15/31
.....................
United
States
60,000,000
59,809,860
517,509,788
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
44,254,088
Senior
Bond,
4.571%
to
4/26/32,
FRN
thereafter,
4/27/33
...
United
States
120,000,000
117,665,350
Sub.
Bond,
5.425%
to
8/14/34,
FRN
thereafter,
8/15/35
.....
United
States
90,000,000
90,303,715
Barclays
plc
,
h
Junior
Sub.
Bond,
7.625%
to
9/14/35,
FRN
thereafter,
Perpetual
.......................................
United
Kingdom
20,000,000
20,914,680
Senior
Bond,
2.645%
to
6/23/30,
FRN
thereafter,
6/24/31
...
United
Kingdom
30,000,000
27,514,709
Senior
Bond,
5.746%
to
8/08/32,
FRN
thereafter,
8/09/33
...
United
Kingdom
100,000,000
102,839,833
Senior
Bond,
7.437%
to
11/01/32,
FRN
thereafter,
11/02/33
..
United
Kingdom
65,000,000
72,471,539
Senior
Bond,
6.692%
to
9/12/33,
FRN
thereafter,
9/13/34
...
United
Kingdom
70,000,000
75,665,837
Senior
Note,
5.501%
to
8/08/27,
FRN
thereafter,
8/09/28
....
United
Kingdom
80,000,000
80,721,287
Sub.
Bond,
7.119%
to
6/26/33,
FRN
thereafter,
6/27/34
.....
United
Kingdom
55,000,000
60,189,426
Citigroup,
Inc.
,
h
Junior
Sub.
Bond,
6.625%
to
2/14/31,
FRN
thereafter,
Perpetual
.......................................
United
States
22,370,000
22,801,226
h
FF,
Junior
Sub.
Bond,
6.95%
to
2/14/30,
FRN
thereafter,
Perpetual
.......................................
United
States
30,000,000
30,704,250
h
GG,
Junior
Sub.
Bond,
6.875%
to
8/14/30,
FRN
thereafter,
Perpetual
.......................................
United
States
85,000,000
87,097,205
h
Y,
Junior
Sub.
Bond,
4.15%
to
11/14/26,
FRN
thereafter,
Perpetual
.......................................
United
States
25,000,000
24,906,507
Senior
Bond,
6.27%
to
11/16/32,
FRN
thereafter,
11/17/33
...
United
States
75,000,000
79,980,534
Sub.
Bond,
6.174%
to
5/24/33,
FRN
thereafter,
5/25/34
.....
United
States
155,000,000
161,797,798
Sub.
Bond,
6.02%
to
1/23/35,
FRN
thereafter,
1/24/36
......
United
States
85,000,000
87,582,806
Sub.
Bond,
5.411%
to
9/18/34,
FRN
thereafter,
9/19/39
.....
United
States
30,000,000
29,669,491
JPMorgan
Chase
&
Co.
,
h,i
II,
Junior
Sub.
Bond,
FRN,
6.437%,
(3-month
SOFR
+
2.745%),
Perpetual
.......................................
United
States
35,000,000
35,111,405
h
NN,
Junior
Sub.
Bond,
6.875%
to
5/31/29,
FRN
thereafter,
Perpetual
.......................................
United
States
50,000,000
52,401,100
h
OO,
Junior
Sub.
Bond,
6.5%
to
3/31/30,
FRN
thereafter,
Perpetual
.......................................
United
States
100,000,000
102,446,100
Senior
Bond,
6.254%
to
10/22/33,
FRN
thereafter,
10/23/34
.
United
States
90,000,000
96,360,237
KeyBank
NA
,
Senior
Note,
5.85%,
11/15/27
........................
United
States
50,000,000
50,813,098
Sub.
Bond,
4.9%,
8/08/32
...........................
United
States
35,000,000
34,304,608
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Bond
,
6.037%
to
10/27/32,
FRN
thereafter
,
10/28/33
...................
United
States
70,000,000
73,787,991
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)
Truist
Financial
Corp.
,
Sub.
Bond
,
4.916%
to
7/27/32,
FRN
thereafter
,
7/28/33
.................................
United
States
95,000,000
$
93,158,172
US
Bancorp
,
Senior
Bond,
5.85%
to
10/20/32,
FRN
thereafter,
10/21/33
..
United
States
45,000,000
46,981,740
Senior
Bond,
5.836%
to
6/09/33,
FRN
thereafter,
6/12/34
...
United
States
35,000,000
36,534,631
Senior
Note,
5.775%
to
6/11/28,
FRN
thereafter,
6/12/29
....
United
States
40,000,000
40,842,786
Wells
Fargo
&
Co.
,
h
GG,
Junior
Sub.
Bond,
6.125%
to
6/14/31,
FRN
thereafter,
Perpetual
.......................................
United
States
80,000,000
80,984,240
Senior
Bond,
4.897%
to
7/24/32,
FRN
thereafter,
7/25/33
...
United
States
50,000,000
49,695,610
Senior
Bond,
5.557%
to
7/24/33,
FRN
thereafter,
7/25/34
...
United
States
70,000,000
71,710,072
Senior
Bond,
6.491%
to
10/22/33,
FRN
thereafter,
10/23/34
.
United
States
60,000,000
64,783,360
2,146,995,431
Biotechnology
0.1%
d
Genmab
A/S
/
Genmab
Finance
LLC
,
Senior
Note,
144A,
7.25%,
12/15/33
...................
Denmark
20,000,000
20,865,162
Senior
Secured
Note,
144A,
6.25%,
12/15/32
............
Denmark
80,000,000
81,573,040
102,438,202
Building
Products
0.1%
d
EMRLD
Borrower
LP
/
Emerald
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
6.625
%
,
12/15/30
........................
United
States
50,000,000
51,179,200
d
Quikrete
Holdings,
Inc.
,
Senior
Note,
144A,
6.75%,
3/01/33
....................
United
States
20,000,000
20,397,660
Senior
Secured
Note,
144A,
6.375%,
3/01/32
............
United
States
30,000,000
30,649,710
102,226,570
Capital
Markets
2.4%
Ares
Capital
Corp.
,
Senior
Note,
5.55%,
1/15/30
.........................
United
States
15,000,000
14,919,928
Senior
Note,
5.5%,
9/01/30
..........................
United
States
20,000,000
19,759,787
Senior
Note,
5.25%,
4/12/31
.........................
United
States
66,000,000
64,148,945
Senior
Note,
5.8%,
3/08/32
..........................
United
States
20,000,000
19,827,188
Ares
Strategic
Income
Fund
,
Senior
Note,
6.35%,
8/15/29
.........................
United
States
45,000,000
45,424,379
Senior
Note,
5.6%,
2/15/30
..........................
United
States
58,000,000
57,020,235
Senior
Note,
5.55%,
4/15/31
.........................
United
States
55,000,000
53,401,021
Blackstone
Private
Credit
Fund
,
Senior
Note,
5.95%,
7/16/29
.........................
United
States
35,000,000
35,023,436
Senior
Note,
5.35%,
3/12/31
.........................
United
States
67,000,000
64,446,804
Senior
Note,
5.95%,
5/15/31
.........................
United
States
55,000,000
54,168,875
Senior
Note,
6%,
1/29/32
...........................
United
States
65,000,000
64,086,743
Charles
Schwab
Corp.
(The)
,
Senior
Bond,
5.853%
to
5/18/33,
FRN
thereafter,
5/19/34
...
United
States
30,000,000
31,358,978
Senior
Note,
6.196%
to
11/16/28,
FRN
thereafter,
11/17/29
..
United
States
40,000,000
41,379,381
Goldman
Sachs
Group,
Inc.
(The)
,
h
U,
Junior
Sub.
Bond,
3.65%
to
8/09/26,
FRN
thereafter,
Perpetual
.......................................
United
States
20,000,000
20,043,930
h
Y,
Junior
Sub.
Bond,
6.125%
to
11/09/34,
FRN
thereafter,
Perpetual
.......................................
United
States
25,000,000
25,066,300
Senior
Bond,
2.65%
to
10/20/31,
FRN
thereafter,
10/21/32
..
United
States
30,000,000
26,706,988
Senior
Bond,
6.561%
to
10/23/33,
FRN
thereafter,
10/24/34
.
United
States
75,000,000
81,165,809
Senior
Bond,
5.851%
to
4/24/34,
FRN
thereafter,
4/25/35
...
United
States
65,000,000
67,427,941
Senior
Bond,
5.065%
to
1/20/36,
FRN
thereafter,
1/21/37
...
United
States
200,000,000
195,343,128
Sub.
Bond,
6.75%,
10/01/37
.........................
United
States
60,000,000
65,458,417
Sub.
Bond,
5.387%
to
2/01/36,
FRN
thereafter,
2/02/41
.....
United
States
190,000,000
185,150,812
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)
Goldman
Sachs
Private
Credit
Corp.
,
Senior
Note,
5.375%,
1/31/29
........................
United
States
50,000,000
$
49,593,678
Senior
Note,
5.875%,
1/31/31
........................
United
States
81,000,000
80,038,412
d
Senior
Note,
144A,
6.15%,
6/16/31
....................
United
States
70,000,000
69,512,798
Morgan
Stanley
,
Senior
Bond,
6.342%
to
10/17/32,
FRN
thereafter,
10/18/33
.
United
States
35,000,000
37,324,029
Senior
Bond,
5.25%
to
4/20/33,
FRN
thereafter,
4/21/34
....
United
States
220,000,000
221,447,732
Senior
Bond,
6.627%
to
10/31/33,
FRN
thereafter,
11/01/34
..
United
States
30,000,000
32,567,423
Senior
Bond,
5.073%
to
1/29/36,
FRN
thereafter,
1/30/37
...
United
States
75,000,000
73,372,152
Sub.
Bond,
5.948%
to
1/18/33,
FRN
thereafter,
1/19/38
.....
United
States
67,095,000
69,059,707
1,864,244,956
Chemicals
1.3%
d
ARC
Falcon
I,
Inc.
/
Arclin
USA
LLC
/
New
Arclin
US
Holding
Corp.
,
Senior
Secured
Note
,
144A,
9.75
%
,
3/01/33
.........
United
States
100,000,000
96,303,500
d
Bond
US
Bidco
1,
Inc.
/
Bidco
2
/
Bidco
3
/
German
Bidco
1
GmbH
/
German
Bidco
2
,
Senior
Secured
Note
,
144A,
7.125
%
,
6/15/33
.........................................
United
States
25,000,000
25,258,174
Celanese
US
Holdings
LLC
,
Senior
Bond,
7.379%,
7/15/32
........................
United
States
105,000,000
110,491,605
Senior
Note,
7.165%,
7/15/27
........................
United
States
40,000,000
40,990,560
Senior
Note,
7.55%,
11/15/30
........................
United
States
30,000,000
31,818,000
Dow
Chemical
Co.
(The)
,
Senior
Bond
,
6.3
%
,
3/15/33
........
United
States
35,000,000
36,777,586
Huntsman
International
LLC
,
Senior
Bond
,
4.5
%
,
5/01/29
.....
United
States
40,000,000
39,090,311
d
International
Flavors
&
Fragrances,
Inc.
,
Senior
Bond
,
144A,
2.3
%
,
11/01/30
....................................
United
States
24,549,000
22,152,662
d
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
United
States
38,000,000
40,577,692
d
SCIH
Salt
Holdings,
Inc.
,
Senior
Note,
144A,
6.625%,
5/01/29
...................
United
States
100,000,000
99,211,041
Senior
Secured
Note,
144A,
4.875%,
5/01/28
............
United
States
65,000,000
64,155,520
d
Tronox,
Inc.
,
Senior
Note,
144A,
4.625%,
3/15/29
...................
United
States
314,000,000
220,079,096
Senior
Secured
Note,
144A,
9.125%,
9/30/30
............
United
States
207,000,000
208,111,230
1,035,016,977
Commercial
Services
&
Supplies
0.2%
f,g
BX
Frontier
Member
II
LLC
,
6.1
%
,
12/31/60
................
United
States
84,626,155
87,020,743
d
RR
Donnelley
&
Sons
Co.
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/01/29
.........................................
United
States
50,000,000
51,889,800
138,910,543
Consumer
Finance
1.3%
h
Ally
Financial,
Inc.
,
C,
Junior
Sub.
Bond,
4.7%
to
5/14/28,
FRN
thereafter,
Perpetual
.......................................
United
States
84,000,000
81,403,762
D,
Junior
Sub.
Note,
7.1%
to
8/14/31,
FRN
thereafter,
Perpetual
.......................................
United
States
12,000,000
12,165,864
h
American
Express
Co.
,
Junior
Sub.
Bond
,
3.55%
to
9/14/26,
FRN
thereafter
,
Perpetual
...............................
United
States
20,000,000
19,921,232
Capital
One
Financial
Corp.
,
Senior
Bond,
5.268%
to
5/09/32,
FRN
thereafter,
5/10/33
...
United
States
50,000,000
50,156,242
Senior
Bond,
5.817%
to
1/31/33,
FRN
thereafter,
2/01/34
...
United
States
85,000,000
87,360,786
Senior
Note,
6.312%
to
6/07/28,
FRN
thereafter,
6/08/29
....
United
States
75,000,000
77,139,182
Senior
Note,
5.247%
to
7/25/29,
FRN
thereafter,
7/26/30
....
United
States
40,000,000
40,429,668
Senior
Note,
7.624%
to
10/29/30,
FRN
thereafter,
10/30/31
..
United
States
40,000,000
43,881,089
Ford
Motor
Credit
Co.
LLC
,
Senior
Bond,
5.113%,
5/03/29
........................
United
States
45,000,000
44,696,036
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)
Ford
Motor
Credit
Co.
LLC,
(continued)
Senior
Bond,
6.125%,
3/08/34
........................
United
States
65,000,000
$
65,451,077
Senior
Note,
4.95%,
5/28/27
.........................
United
States
85,000,000
85,063,839
Senior
Note,
6.8%,
5/12/28
..........................
United
States
92,000,000
94,663,501
Senior
Note,
7.35%,
3/06/30
.........................
United
States
45,000,000
47,607,857
Senior
Note,
6.532%,
3/19/32
........................
United
States
80,000,000
82,715,431
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond,
6.4%,
1/09/33
..........................
United
States
50,000,000
53,138,022
Senior
Note,
5.8%,
6/23/28
..........................
United
States
50,000,000
50,988,206
Senior
Note,
5.8%,
1/07/29
..........................
United
States
75,000,000
76,828,735
1,013,610,529
Containers
&
Packaging
1.5%
c,d
Ardagh
Group
SA
,
j
Secured
Note,
144A,
PIK,
11%,
12/01/30
...............
United
States
269,295,000
256,316,477
Senior
Secured
Note,
144A,
9.5%,
12/01/30
.............
United
States
169,278,000
181,069,229
c,d
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
plc
,
Senior
Note
,
144A,
4
%
,
9/01/29
.....
United
States
21,000,000
19,972,844
d
Clydesdale
Acquisition
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/32
...............................
United
States
62,000,000
60,223,712
d
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note,
144A,
9.25%,
4/15/30
...................
United
States
250,000,000
246,153,000
Senior
Secured
Note,
144A,
7.875%,
4/15/30
............
United
States
250,000,000
255,713,750
d
Sword
Purchaser
LLC
,
Senior
Secured
Note
,
144A,
8.25
%
,
4/15/33
.........................................
United
States
183,000,000
189,467,220
1,208,916,232
Diversified
REITs
0.2%
VICI
Properties
LP
,
Senior
Bond
,
5.125
%
,
5/15/32
...........
United
States
50,000,000
49,602,433
d
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
4.25
%
,
12/01/26
...................................
United
States
100,000,000
99,816,257
149,418,690
Diversified
Telecommunication
Services
1.7%
d
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond,
144A,
5.125%,
5/01/27
...................
United
States
63,872,000
63,775,515
Senior
Bond,
144A,
5%,
2/01/28
......................
United
States
165,700,000
163,709,429
Senior
Bond,
144A,
4.75%,
3/01/30
....................
United
States
140,000,000
132,813,968
Senior
Bond,
144A,
4.5%,
8/15/30
.....................
United
States
25,000,000
23,255,200
Senior
Note,
144A,
6.375%,
9/01/29
...................
United
States
180,000,000
179,920,116
Senior
Note,
144A,
7.375%,
3/01/31
...................
United
States
225,000,000
225,692,550
Senior
Note,
144A,
7%,
2/01/33
......................
United
States
100,000,000
98,151,586
d
Connect
Holding
II
LLC
,
Senior
Secured
Note
,
144A,
10.5
%
,
4/03/31
.........................................
United
States
135,000,000
135,334,395
d
PR
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
6.5
%
,
5/01/31
....................................
United
States
100,000,000
99,924,694
d
QTS
Fayetteville
I
DC1-2
LLC
/
QTS
TRS
Fayetteville
I
DC1-2
LLC
,
Senior
Secured
Bond
,
144A,
5.7
%
,
4/15/36
..........
United
States
50,000,000
47,557,830
d
RD
Michigan
Property
Owner
I
LLC
,
Senior
Secured
Bond
,
144A,
7.5
%
,
3/30/45
....................................
United
States
40,000,000
39,889,771
d
SV
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
5.875
%
,
3/01/31
...................................
United
States
65,000,000
64,104,196
Verizon
Communications,
Inc.
,
Junior
Sub.
Bond,
6.2%
to
5/13/36,
FRN
thereafter,
5/14/56
..
United
States
25,000,000
25,283,700
Junior
Sub.
Bond,
6.05%
to
5/13/33,
FRN
thereafter,
5/14/58
.
United
States
45,000,000
45,428,445
1,344,841,395
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
2.7%
American
Electric
Power
Co.,
Inc.
,
Senior
Bond
,
5.95
%
,
11/01/32
United
States
30,000,000
$
31,637,200
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Bond
,
5.25
%
,
3/15/34
.........................................
United
States
60,000,000
60,746,480
d
NRG
Energy,
Inc.
,
Senior
Bond,
144A,
3.625%,
2/15/31
...................
United
States
65,000,000
60,389,455
Senior
Bond,
144A,
6.25%,
11/01/34
...................
United
States
100,000,000
101,296,342
Senior
Bond,
144A,
6%,
1/15/36
......................
United
States
150,000,000
149,606,869
Senior
Bond,
144A,
6.125%,
5/15/36
...................
United
States
55,322,000
55,371,403
Senior
Note,
144A,
3.375%,
2/15/29
...................
United
States
48,300,000
46,092,673
Senior
Note,
144A,
5.75%,
7/15/29
....................
United
States
100,000,000
100,151,800
Senior
Note,
144A,
6%,
2/01/33
......................
United
States
140,000,000
140,801,500
Senior
Note,
144A,
5.875%,
5/15/34
...................
United
States
120,000,000
119,426,389
Senior
Secured
Bond,
144A,
7%,
3/15/33
...............
United
States
30,000,000
32,560,560
Senior
Secured
Note,
144A,
2.45%,
12/02/27
............
United
States
30,000,000
29,018,512
Pacific
Gas
and
Electric
Co.
,
Senior
Bond,
4.55%,
7/01/30
.........................
United
States
116,500,000
114,755,625
Senior
Bond,
6.15%,
1/15/33
.........................
United
States
50,000,000
52,256,341
Senior
Bond,
6.4%,
6/15/33
..........................
United
States
30,000,000
31,755,932
Senior
Note,
6.1%,
1/15/29
..........................
United
States
49,000,000
50,462,899
PG&E
Corp.
,
Senior
Secured
Note
,
5
%
,
7/01/28
............
United
States
107,284,000
106,736,272
Southern
Co.
(The)
,
Junior
Sub.
Bond,
6%
to
3/31/33,
FRN
thereafter,
4/01/58
...
United
States
85,000,000
85,228,395
2025,
Junior
Sub.
Bond,
6.375%
to
3/14/35,
FRN
thereafter,
3/15/55
.........................................
United
States
100,000,000
102,963,500
Senior
Bond,
5.7%,
10/15/32
.........................
United
States
45,000,000
46,818,921
Senior
Bond,
5.2%,
6/15/33
..........................
United
States
40,000,000
40,321,261
d
Vistra
Operations
Co.
LLC
,
Senior
Bond,
144A,
6.95%,
10/15/33
...................
United
States
75,000,000
81,647,400
Senior
Bond,
144A,
5.55%,
4/30/36
....................
United
States
50,000,000
49,773,175
Senior
Note,
144A,
3.7%,
1/30/27
.....................
United
States
28,500,000
28,350,090
Senior
Note,
144A,
4.375%,
5/01/29
...................
United
States
137,000,000
134,655,297
Senior
Note,
144A,
7.75%,
10/15/31
...................
United
States
100,000,000
104,666,500
Senior
Note,
144A,
6.875%,
4/15/32
...................
United
States
120,000,000
124,336,080
Senior
Secured
Bond,
144A,
4.3%,
7/15/29
..............
United
States
35,000,000
34,305,276
2,116,132,147
Electrical
Equipment
0.1%
Regal
Rexnord
Corp.
,
Senior
Note,
6.3%,
2/15/30
..........................
United
States
25,000,000
26,098,626
Senior
Note,
6.4%,
4/15/33
..........................
United
States
60,000,000
63,715,977
89,814,603
Energy
Equipment
&
Services
0.2%
d
USA
Compression
Partners
LP
/
USA
Compression
Finance
Corp.
,
Senior
Note
,
144A,
7.125
%
,
3/15/29
..............
United
States
40,000,000
40,991,960
d
Weatherford
International
Ltd.
,
Senior
Note,
144A,
8.625%,
4/30/30
...................
United
States
89,812,000
91,290,844
Senior
Note,
144A,
6.75%,
10/15/33
...................
United
States
55,000,000
56,146,784
188,429,588
Entertainment
0.1%
Netflix,
Inc.
,
Senior
Bond,
4.375%,
11/15/26
.......................
United
States
43,000,000
43,035,556
Senior
Bond,
4.875%,
4/15/28
........................
United
States
70,000,000
70,529,442
113,564,998
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)
Food
Products
0.3%
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
Senior
Note
,
5.75
%
,
4/01/33
...............
United
States
85,000,000
$
87,319,865
Pilgrim's
Pride
Corp.
,
Senior
Bond,
6.25%,
7/01/33
.........................
United
States
68,000,000
71,080,672
Senior
Bond,
6.875%,
5/15/34
........................
United
States
40,000,000
43,269,346
d
Post
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
2/15/32
United
States
45,000,000
45,733,995
247,403,878
Ground
Transportation
0.1%
d
Ashtead
Capital,
Inc.
,
Senior
Bond,
144A,
5.55%,
5/30/33
....................
United
Kingdom
55,000,000
55,587,925
Senior
Bond,
144A,
5.95%,
10/15/33
...................
United
Kingdom
35,000,000
36,122,005
91,709,930
Health
Care
Equipment
&
Supplies
0.5%
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
5.905
%
,
11/22/32
United
States
105,000,000
110,490,418
d
Medline
Borrower
LP
,
Senior
Note,
144A,
5.25%,
10/01/29
...................
United
States
90,000,000
89,495,478
Senior
Secured
Note,
144A,
3.875%,
4/01/29
............
United
States
110,000,000
106,880,840
d
Medline
Borrower
LP
/
Medline
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
4/01/29
..........................
United
States
49,996,000
51,088,228
357,954,964
Health
Care
Providers
&
Services
6.0%
Centene
Corp.
,
Senior
Note,
4.25%,
12/15/27
........................
United
States
28,220,000
28,086,054
Senior
Note,
4.625%,
12/15/29
.......................
United
States
141,100,000
136,949,719
Senior
Note,
3.375%,
2/15/30
........................
United
States
57,000,000
53,155,011
d
CHS/Community
Health
Systems,
Inc.
,
144A,
10.75%,
6/15/33
.............................
United
States
600,000,000
658,530,000
Secured
Note,
144A,
6.875%,
4/15/29
..................
United
States
522,000,000
513,849,596
Secured
Note,
144A,
6.125%,
4/01/30
..................
United
States
630,000,000
566,214,012
Senior
Secured
Bond,
144A,
4.75%,
2/15/31
.............
United
States
126,704,000
116,651,013
Senior
Secured
Note,
144A,
5.25%,
5/15/30
.............
United
States
57,900,000
54,674,404
Senior
Secured
Note,
144A,
10.875%,
1/15/32
...........
United
States
459,992,000
495,959,235
Senior
Secured
Note,
144A,
9.75%,
1/15/34
.............
United
States
210,000,000
219,519,510
CVS
Health
Corp.
,
Senior
Bond,
5.25%,
2/21/33
.........................
United
States
95,000,000
96,610,430
Senior
Bond,
4.78%,
3/25/38
.........................
United
States
61,925,000
58,083,852
d
DaVita,
Inc.
,
Senior
Note,
144A,
4.625%,
6/01/30
...................
United
States
150,000,000
145,405,815
Senior
Note,
144A,
6.875%,
9/01/32
...................
United
States
70,000,000
72,232,510
Senior
Note,
144A,
6.75%,
7/15/33
....................
United
States
40,000,000
41,297,760
HCA,
Inc.
,
Senior
Bond,
5.625%,
9/01/28
........................
United
States
115,000,000
116,816,387
Senior
Bond,
5.5%,
6/01/33
..........................
United
States
90,000,000
91,985,236
Humana,
Inc.
,
Senior
Bond
,
5.875
%
,
3/01/33
...............
United
States
35,000,000
36,113,917
d
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
......
Italy
50,000,000
49,380,115
d,j
MPH
Acquisition
Holdings
LLC
,
Senior
Secured
Note
,
144A,
PIK,
11.5
%
,
12/31/30
...................................
United
States
51,036,948
49,490,982
Tenet
Healthcare
Corp.
,
Senior
Bond,
6.875%,
11/15/31
.......................
United
States
55,258,000
58,942,327
Senior
Note,
6.125%,
10/01/28
.......................
United
States
356,996,000
358,619,975
d
Senior
Note,
144A,
6%,
11/15/33
......................
United
States
20,000,000
20,189,260
Senior
Secured
Note,
4.25%,
6/01/29
..................
United
States
95,000,000
92,382,197
Senior
Secured
Note,
6.125%,
6/15/30
.................
United
States
425,000,000
428,645,650
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)
Health
Care
Providers
&
Services
(continued)
Tenet
Healthcare
Corp.,
(continued)
Senior
Secured
Note,
6.75%,
5/15/31
..................
United
States
159,775,000
$
163,754,356
4,723,539,323
Hotels,
Restaurants
&
Leisure
2.1%
d
Caesars
Entertainment,
Inc.
,
Senior
Note,
144A,
4.625%,
10/15/29
..................
United
States
135,000,000
129,829,919
Senior
Note,
144A,
6%,
10/15/32
.....................
United
States
200,000,000
181,385,900
Senior
Secured
Note,
144A,
7%,
2/15/30
................
United
States
138,000,000
138,875,748
Senior
Secured
Note,
144A,
6.5%,
2/15/32
..............
United
States
170,096,000
166,052,971
d
Carnival
Corp.
Ltd.
,
Senior
Note,
144A,
5.75%,
8/01/32
....................
United
States
95,000,000
96,046,652
Senior
Note,
144A,
6.125%,
2/15/33
...................
United
States
115,000,000
116,448,423
Expedia
Group,
Inc.
,
Senior
Bond,
3.8%,
2/15/28
..........................
United
States
36,500,000
36,046,542
Senior
Note,
3.25%,
2/15/30
.........................
United
States
60,000,000
57,000,576
d
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note,
144A,
6.75%,
1/15/30
....................
United
States
97,500,000
95,686,130
Senior
Secured
Note,
144A,
4.625%,
1/15/29
............
United
States
100,000,000
97,289,040
d
Hilton
Domestic
Operating
Co.,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
4/01/32
.........................................
United
States
40,000,000
40,555,640
d
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
6.75
%
,
2/01/32
..........
United
States
59,000,000
58,908,939
d
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note
,
144A,
5.5
%
,
4/01/28
United
States
50,000,000
50,483,602
d
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
,
Senior
Bond
,
144A,
5.25
%
,
5/15/27
..........................
United
States
125,000,000
125,014,440
d
Wynn
Macau
Ltd.
,
Senior
Bond
,
144A,
5.5
%
,
10/01/27
.......
Macau
51,457,000
51,322,079
d
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note,
144A,
7.125%,
2/15/31
...................
United
States
75,000,000
79,301,659
Senior
Note,
144A,
6.25%,
3/15/33
....................
United
States
110,000,000
110,472,560
1,630,720,820
Household
Durables
0.2%
KB
Home
,
Senior
Note
,
7.25
%
,
7/15/30
...................
United
States
20,000,000
20,412,440
d
Newell
Brands,
Inc.
,
Senior
Note
,
144A,
8.5
%
,
6/01/28
.......
United
States
65,000,000
67,944,370
Shea
Homes
LP
/
Shea
Homes
Funding
Corp.
,
Senior
Note,
4.75%,
2/15/28
.........................
United
States
25,000,000
24,774,340
Senior
Note,
4.75%,
4/01/29
.........................
United
States
40,000,000
39,124,432
d
Whirlpool
Corp.
,
Senior
Secured
Note,
144A,
7.5%,
7/01/31
..............
United
States
20,000,000
20,288,960
Senior
Secured
Note,
144A,
7.875%,
7/01/34
............
United
States
20,000,000
20,132,038
192,676,580
Independent
Power
and
Renewable
Electricity
Producers
0.5%
d
Talen
Energy
Supply
LLC
,
Senior
Note,
144A,
6.125%,
5/01/31
...................
United
States
85,000,000
85,036,890
Senior
Note,
144A,
6.375%,
5/01/33
...................
United
States
95,000,000
94,919,991
Senior
Note,
144A,
6.25%,
2/01/34
....................
United
States
75,000,000
74,575,647
d,h
Vistra
Corp.
,
Junior
Sub.
Bond
,
144A,
7%
to
12/14/26,
FRN
thereafter
,
Perpetual
...............................
United
States
107,750,000
108,862,842
363,395,370
Insurance
0.3%
d
Asurion
LLC
/
Asurion
Co-Issuer,
Inc.
,
Secured
Note,
144A,
8.375%,
2/01/34
..................
United
States
90,000,000
83,377,260
Senior
Secured
Note,
144A,
8%,
12/31/32
...............
United
States
75,000,000
75,627,862
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
(continued)
d
Five
Corners
Funding
Trust
III
,
Senior
Note
,
144A,
5.791
%
,
2/15/33
.........................................
United
States
30,000,000
$
31,161,359
Prudential
Financial,
Inc.
,
Junior
Sub.
Bond
,
5.7%
to
9/14/28,
FRN
thereafter
,
9/15/48
.............................
United
States
65,000,000
65,152,360
255,318,841
IT
Services
0.4%
d
Beignet
Investor
LLC
,
Senior
Secured
Bond
,
144A,
6.581
%
,
5/30/49
.........................................
United
States
180,000,000
183,716,721
d
Cogent
Communications
Group
LLC
/
Cogent
Finance,
Inc.
,
Senior
Note
,
144A,
7
%
,
6/15/27
.......................
United
States
15,000,000
14,909,772
d
CoreWeave,
Inc.
,
Senior
Note
,
144A,
9.25
%
,
6/01/30
........
United
States
100,000,000
100,723,045
299,349,538
Media
0.5%
d
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75
%
,
4/15/28
.........................................
United
States
125,000,000
125,538,875
d
Stagwell
Global
LLC
,
Senior
Note
,
144A,
5.625
%
,
8/15/29
.....
United
States
55,000,000
53,088,227
d
Univision
Communications,
Inc.
,
Senior
Secured
Note,
144A,
7.375%,
6/30/30
............
United
States
38,000,000
38,134,064
Senior
Secured
Note,
144A,
8.5%,
7/31/31
..............
United
States
20,000,000
20,101,740
Senior
Secured
Note,
144A,
9.375%,
8/01/32
............
United
States
45,000,000
45,758,430
Senior
Secured
Note,
144A,
8.875%,
4/15/33
............
United
States
50,000,000
49,255,190
d
VZ
Secured
Financing
BV
,
Senior
Secured
Note
,
144A,
7.5
%
,
1/15/33
.........................................
Netherlands
30,000,000
28,740,480
360,617,006
Metals
&
Mining
1.2%
d
Alcoa
Nederland
Holding
BV
,
Senior
Note
,
144A,
4.125
%
,
3/31/29
United
States
101,547,000
98,970,519
ArcelorMittal
SA
,
Senior
Bond
,
6.8
%
,
11/29/32
..............
Luxembourg
55,000,000
60,375,605
d
Cleveland-Cliffs,
Inc.
,
Senior
Bond,
144A,
4.875%,
3/01/31
...................
United
States
35,000,000
32,022,095
Senior
Note,
144A,
6.875%,
11/01/29
..................
United
States
59,265,000
59,825,900
Senior
Note,
144A,
6.75%,
4/15/30
....................
United
States
19,000,000
19,030,495
Senior
Note,
144A,
7%,
3/15/32
......................
United
States
145,000,000
144,035,083
Senior
Note,
144A,
7.375%,
5/01/33
...................
United
States
71,000,000
71,015,208
Senior
Note,
144A,
7.625%,
1/15/34
...................
United
States
95,000,000
94,943,517
d
Fortescue
Treasury
Pty.
Ltd.
,
Senior
Bond,
144A,
4.375%,
4/01/31
...................
Australia
155,500,000
148,087,453
Senior
Bond,
144A,
6.125%,
4/15/32
...................
Australia
75,000,000
77,157,270
Senior
Note,
144A,
5.875%,
4/15/30
...................
Australia
62,035,000
62,839,582
Freeport-McMoRan,
Inc.
,
Senior
Bond
,
5.25
%
,
9/01/29
.......
United
States
40,000,000
40,281,912
d
Mineral
Resources
Ltd.
,
Senior
Note
,
144A,
8.5
%
,
5/01/30
....
Australia
25,000,000
25,829,436
934,414,075
Multi-Utilities
0.0%
†
Sempra,
Inc.
,
Senior
Bond
,
5.5
%
,
8/01/33
.................
United
States
20,000,000
20,570,406
Oil,
Gas
&
Consumable
Fuels
3.1%
d
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note,
144A,
9.75%,
7/15/28
....................
United
States
73,565,000
75,468,494
Senior
Note,
144A,
9.75%,
2/15/31
....................
United
States
100,000,000
105,798,300
Senior
Secured
Note,
144A,
9.25%,
7/15/29
.............
United
States
140,000,000
142,100,000
Cheniere
Energy
Partners
LP
,
Senior
Note
,
5.95
%
,
6/30/33
....
United
States
30,000,000
31,335,067
Cheniere
Energy,
Inc.
,
Senior
Note
,
5.65
%
,
4/15/34
..........
United
States
40,000,000
41,065,676
Energy
Transfer
LP
,
Senior
Bond,
5.75%,
2/15/33
.........................
United
States
30,000,000
31,073,713
Senior
Bond,
6.55%,
12/01/33
........................
United
States
25,000,000
27,060,280
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)
Energy
Transfer
LP,
(continued)
Senior
Bond,
5.6%,
9/01/34
..........................
United
States
24,400,000
$
24,913,789
d
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond,
144A,
7.25%,
2/15/35
....................
United
States
110,000,000
108,373,914
Senior
Note,
144A,
6%,
4/15/30
......................
United
States
27,000,000
26,584,000
Kinder
Morgan,
Inc.
,
Senior
Bond,
5.2%,
6/01/33
..........................
United
States
67,000,000
67,938,517
Senior
Bond,
5.4%,
2/01/34
..........................
United
States
30,000,000
30,589,400
d
Matador
Resources
Co.
,
Senior
Note,
144A,
6.5%,
4/15/32
.....................
United
States
35,000,000
35,209,650
Senior
Note,
144A,
6.25%,
4/15/33
....................
United
States
40,000,000
39,874,528
Occidental
Petroleum
Corp.
,
Senior
Bond,
6.625%,
9/01/30
........................
United
States
80,000,000
84,677,040
Senior
Bond,
6.125%,
1/01/31
........................
United
States
52,000,000
54,285,452
d
Rockies
Express
Pipeline
LLC
,
Senior
Note
,
144A,
6.75
%
,
3/15/33
.........................................
United
States
20,000,000
20,567,840
d
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
1/15/30
...................................
United
States
46,445,000
47,590,520
d
Venture
Global
LNG,
Inc.
,
h
Junior
Sub.
Bond,
144A,
9%
to
9/29/29,
FRN
thereafter,
Perpetual
.......................................
United
States
370,000,000
361,429,024
Senior
Secured
Note,
144A,
9.5%,
2/01/29
..............
United
States
72,300,000
77,853,438
Senior
Secured
Note,
144A,
7%,
1/15/30
................
United
States
140,000,000
142,853,760
Senior
Secured
Note,
144A,
8.375%,
6/01/31
............
United
States
260,000,000
270,738,842
Senior
Secured
Note,
144A,
9.875%,
2/01/32
............
United
States
217,500,000
232,281,735
d
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Bond,
144A,
7.75%,
5/01/35
.............
United
States
25,000,000
28,048,675
Senior
Secured
Note,
144A,
6.125%,
12/15/30
...........
United
States
40,000,000
40,945,520
Senior
Secured
Note,
144A,
7.5%,
5/01/33
..............
United
States
50,000,000
54,897,650
Senior
Secured
Note,
144A,
6.5%,
6/15/34
..............
United
States
79,000,000
82,339,725
Williams
Cos.,
Inc.
(The)
,
Senior
Bond,
3.5%,
11/15/30
.........................
United
States
90,000,000
85,463,825
Senior
Bond,
5.65%,
3/15/33
.........................
United
States
40,000,000
41,194,271
2,412,552,645
Passenger
Airlines
1.0%
d
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.75
%
,
4/20/29
...................
United
States
275,000,000
275,696,300
d
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
..............................
United
States
104,166,666
104,094,130
d
JetBlue
Airways
Corp.
/
JetBlue
Loyalty
LP
,
Senior
Secured
Note
,
144A,
9.875
%
,
9/20/31
..............................
United
States
240,000,000
217,696,296
United
Airlines
Holdings,
Inc.
,
Senior
Note
,
5.375
%
,
3/01/31
...
United
States
65,000,000
64,614,407
d
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
4/15/29
United
States
161,643,000
159,505,449
821,606,582
Personal
Care
Products
0.1%
d
BellRing
Brands,
Inc.
,
Senior
Note
,
144A,
7
%
,
3/15/30
.......
United
States
30,000,000
30,017,175
d
Opal
Bidco
SAS
,
Senior
Secured
Note
,
144A,
6.5
%
,
3/31/32
...
France
65,000,000
66,345,565
96,362,740
Pharmaceuticals
0.7%
d
1261229
BC
Ltd.
,
Senior
Secured
Note
,
144A,
10
%
,
4/15/32
...
United
States
122,853,000
124,512,253
d
Bausch
Health
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
11
%
,
9/30/28
.........................................
Canada
60,928,000
62,095,380
d
Endo
Finance
Holdings
LP
,
Senior
Secured
Note
,
144A,
8.5
%
,
4/15/31
.........................................
United
States
50,000,000
52,585,494
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
(continued)
d
Organon
&
Co.
/
Organon
Foreign
Debt
Co-Issuer
BV
,
Senior
Bond,
144A,
5.125%,
4/30/31
...................
United
States
85,000,000
$
84,131,785
Senior
Note,
144A,
7.875%,
5/15/34
...................
United
States
70,000,000
75,027,540
Senior
Secured
Note,
144A,
4.125%,
4/30/28
............
United
States
60,000,000
59,282,156
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note,
6.75%,
3/01/28
.........................
Israel
26,000,000
26,620,760
Senior
Note,
7.875%,
9/15/29
........................
Israel
25,000,000
26,840,325
Senior
Note,
8.125%,
9/15/31
........................
Israel
30,000,000
33,841,740
Viatris,
Inc.
,
Senior
Note
,
2.7
%
,
6/22/30
...................
United
States
40,000,000
36,516,286
581,453,719
Semiconductors
&
Semiconductor
Equipment
0.2%
Broadcom,
Inc.
,
Senior
Bond,
4.3%,
11/15/32
.........................
United
States
80,000,000
77,511,527
Senior
Note,
3.469%,
4/15/34
........................
United
States
35,000,000
31,440,122
d
Qnity
Electronics,
Inc.
,
Senior
Note,
144A,
6.25%,
8/15/33
....................
United
States
20,000,000
20,373,720
Senior
Secured
Note,
144A,
5.75%,
8/15/32
.............
United
States
35,000,000
35,230,162
164,555,531
Software
1.0%
d
Cloud
Software
Group
LLC
,
Secured
Note,
144A,
9%,
9/30/29
.....................
United
States
65,000,000
63,140,470
Senior
Secured
Note,
144A,
6.5%,
3/31/29
..............
United
States
150,000,000
145,653,192
d
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
..........
United
States
68,200,000
58,008,670
Oracle
Corp.
,
Senior
Bond,
6.25%,
11/09/32
........................
United
States
95,000,000
97,680,096
Senior
Bond,
5.2%,
9/26/35
..........................
United
States
100,000,000
93,661,882
Senior
Bond,
5.7%,
2/04/36
..........................
United
States
150,000,000
145,320,957
Salesforce,
Inc.
,
Senior
Bond
,
5.55
%
,
3/15/36
..............
United
States
190,000,000
189,934,233
793,399,500
Specialized
REITs
0.2%
American
Tower
Corp.
,
Senior
Bond
,
5.65
%
,
3/15/33
.........
United
States
80,000,000
82,649,225
Crown
Castle,
Inc.
,
Senior
Bond
,
5.1
%
,
5/01/33
.............
United
States
60,000,000
59,524,621
d
Millrose
Properties,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
8/01/30
..
United
States
50,000,000
50,710,000
192,883,846
Specialty
Retail
0.1%
Lowe's
Cos.,
Inc.
,
Senior
Bond,
2.625%,
4/01/31
........................
United
States
40,000,000
36,447,097
Senior
Bond,
3.75%,
4/01/32
.........................
United
States
48,000,000
45,511,841
Senior
Bond,
5%,
4/15/33
...........................
United
States
17,000,000
17,073,508
99,032,446
Technology
Hardware,
Storage
&
Peripherals
0.2%
Dell
International
LLC
/
EMC
Corp.
,
Senior
Bond,
5.75%,
2/01/33
.........................
United
States
40,000,000
41,581,110
Senior
Note,
5.3%,
10/01/29
.........................
United
States
55,000,000
55,928,301
HP,
Inc.
,
Senior
Bond
,
5.5
%
,
1/15/33
.....................
United
States
35,000,000
35,750,030
133,259,441
Textiles,
Apparel
&
Luxury
Goods
0.3%
d,j
Beach
Acquisition
Bidco
LLC
,
Senior
Note
,
144A,
PIK,
10
%
,
7/15/33
.........................................
United
States
231,890,694
251,860,412
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
0.2%
BAT
Capital
Corp.
,
Senior
Bond,
2.726%,
3/25/31
........................
United
Kingdom
25,000,000
$
22,849,093
Senior
Bond,
6.421%,
8/02/33
........................
United
Kingdom
53,500,000
57,854,716
Senior
Note,
2.259%,
3/25/28
........................
United
Kingdom
37,812,000
36,392,710
Philip
Morris
International,
Inc.
,
Senior
Bond,
5.75%,
11/17/32
........................
United
States
41,000,000
42,957,607
Senior
Bond,
5.375%,
2/15/33
........................
United
States
25,000,000
25,670,945
185,725,071
Trading
Companies
&
Distributors
0.8%
d,k
EquipmentShare.com,
Inc.
,
Secured
Note
,
144A,
7.125
%
,
7/01/34
United
States
75,000,000
73,784,134
d
Herc
Holdings,
Inc.
,
Senior
Note,
144A,
7%,
6/15/30
......................
United
States
35,000,000
36,268,841
Senior
Note,
144A,
7.25%,
6/15/33
....................
United
States
30,000,000
31,297,710
d
QXO
Building
Products,
Inc.
,
Senior
Note,
144A,
6.5%,
7/15/31
.....................
United
States
80,000,000
81,578,089
Senior
Note,
144A,
6.875%,
7/15/34
...................
United
States
75,000,000
77,038,164
United
Rentals
North
America,
Inc.
,
Senior
Bond,
4.875%,
1/15/28
........................
United
States
140,000,000
139,623,260
Senior
Bond,
3.875%,
2/15/31
........................
United
States
30,000,000
28,363,767
Senior
Bond,
3.75%,
1/15/32
.........................
United
States
31,000,000
28,761,785
d
Senior
Note,
144A,
5.375%,
11/15/33
..................
United
States
29,475,000
29,053,431
d
Senior
Secured
Note,
144A,
6%,
12/15/29
...............
United
States
73,800,000
75,050,762
600,819,943
Total
Corporate
Bonds
(Cost
$28,351,593,525)
................................
29,141,600,520
Senior
Floating
Rate
Interests
1.3%
Aerospace
&
Defense
0.0%
†
l
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
J,
6.12%,
(1-month
SOFR
+
2.5%),
2/28/31
.............................
United
States
19,698,492
19,724,297
l
Building
Products
0.1%
EMRLD
Borrower
LP,
First
Lien,
Second
Amendment
Incremental
CME
Term
Loan,
5.894%,
(1-month
SOFR
+
2.25%),
8/04/31
.
United
States
54,090,877
54,110,079
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B3,
5.894%,
(1-month
SOFR
+
2.25%),
2/10/32
.....................
United
States
39,500,000
39,516,393
93,626,472
a
a
a
a
a
a
l
Chemicals
0.1%
SCIH
Salt
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
6.35%,
(6-month
SOFR
+
2.75%),
1/31/29
.....................
United
States
19,800,375
19,847,203
Tronox
Finance
LLC,
First
Lien,
2024
CME
Term
Loan,
B,
6.182%,
(1-month
SOFR
+
2.5;
3-month
SOFR
+
2.5),
9/30/31
United
States
26,273,427
21,562,996
41,410,199
a
a
a
a
a
a
l
Containers
&
Packaging
0.1%
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Closing
Date
CME
Term
Loan,
B,
6.894%,
(1-month
SOFR
+
3.25%),
4/01/32
...................................
United
States
90,822,431
87,454,281
Mauser
Packaging
Solutions
Holding
Co.,
First
Lien,
2025
CME
Term
Loan,
7.12%,
(1-month
SOFR
+
3.5%),
4/15/30
.......
United
States
19,847,328
19,596,160
107,050,441
a
a
a
a
a
a
l
Health
Care
Equipment
&
Supplies
0.4%
Medline
Borrower
LP,
First
Lien,
2030
Refinancing
CME
Term
Loan,
5.884%,
(12-month
SOFR
+
2%),
10/23/30
..........
United
States
19,750,501
19,648,391
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)
l
Health
Care
Equipment
&
Supplies
(continued)
TPG,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.995%,
(3-month
SOFR
+
2.25%),
4/07/33
............................
United
States
115,000,000
$
112,676,425
TPG,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
8.745%,
(3-month
SOFR
+
5%),
4/07/34
...............................
United
States
200,000,000
198,376,000
330,700,816
a
a
a
a
a
a
Health
Care
Providers
&
Services
0.0%
†
l
MPH
Acquisition
Holdings
LLC,
First
Lien,
Exchange
First
Out
CME
Term
Loan,
7.675%,
(3-month
SOFR
+
3.75%),
12/31/30
United
States
30,072,067
30,172,357
Media
0.0%
†
l
Charter
Communications
Operating
LLC,
First
Lien,
CME
Term
Loan
B5,
5.942%,
(3-month
SOFR
+
2.25%),
12/15/31
......
United
States
19,700,000
19,452,568
Oil,
Gas
&
Consumable
Fuels
0.1%
l
Venture
Global
Calcasieu
Pass
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.954%,
(6-month
SOFR
+
3.25%),
4/11/33
.........
United
States
100,000,000
100,410,000
Passenger
Airlines
0.2%
l
American
Airlines,
Inc.,
First
Lien,
2026
CME
Term
Loan,
6.666%,
(3-month
SOFR
+
3%),
5/30/33
.......................
United
States
120,000,000
118,725,000
Personal
Care
Products
0.2%
l
OPAL
US
LLC,
First
Lien,
CME
Term
Loan,
B6,
6.232%,
(3-month
SOFR
+
2.5%),
4/28/32
.............................
United
States
138,951,750
139,026,089
Textiles,
Apparel
&
Luxury
Goods
0.1%
l
Beach
Acquisition
Bidco
LLC,
First
Lien,
CME
Term
Loan,
B1,
6.394%,
(1-month
SOFR
+
2.75%),
9/13/32
..............
United
States
44,775,281
45,071,246
Total
Senior
Floating
Rate
Interests
(Cost
$1,047,646,671)
......................
1,045,369,485
U.S.
Government
and
Agency
Securities
7.9%
U.S.
Treasury
Bonds
,
6.75%,
8/15/26
...................................
United
States
250,000,000
250,847,798
6.5%,
11/15/26
...................................
United
States
250,000,000
252,328,023
6.625%,
2/15/27
..................................
United
States
250,000,000
254,234,297
6.375%,
8/15/27
..................................
United
States
250,000,000
256,279,298
4.125%,
8/15/53
..................................
United
States
750,000,000
655,297,852
m
5.07%,
11/15/54
..................................
United
States
1,000,000,000
245,696,550
4.5%,
11/15/54
...................................
United
States
500,000,000
465,537,110
4.75%,
5/15/55
...................................
United
States
750,000,000
727,646,482
4.625%,
11/15/55
.................................
United
States
500,000,000
475,742,190
U.S.
Treasury
Notes
,
3.875%,
8/15/33
..................................
United
States
1,500,000,000
1,458,837,885
4.25%,
5/15/35
...................................
United
States
1,250,000,000
1,235,400,388
Total
U.S.
Government
and
Agency
Securities
(Cost
$6,262,045,996)
............
6,277,847,873
Asset-Backed
Securities
0.1%
Passenger
Airlines
0.1%
United
Airlines
Pass-Through
Trust
,
2020-1,
A,
5.875%,
10/15/27
.........................
United
States
31,115,417
31,499,039
2023-1,
A,
5.8%,
1/15/36
............................
United
States
45,531,401
47,399,089
78,898,128
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$76,545,692)
.............................
78,898,128
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
5.1%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
2.4%
FHLMC
Pool,
30
Year,
5%,
11/01/54
.....................
United
States
519,635,311
$
512,928,560
FHLMC
Pool,
30
Year,
5%,
5/01/53
-
12/01/54
..............
United
States
371,467,815
366,654,818
FHLMC
Pool,
30
Year,
5.5%,
6/01/53
-
2/01/55
.............
United
States
930,245,559
936,212,925
FHLMC
Pool,
30
Year,
6%,
9/01/55
......................
United
States
91,143,396
93,300,081
1,909,096,384
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
1.0%
FNMA,
30
Year,
4%,
8/01/49
...........................
United
States
20,076,423
19,097,765
FNMA,
30
Year,
5%,
5/01/53
-
11/01/53
...................
United
States
308,431,757
305,105,917
FNMA,
30
Year,
5.5%,
7/01/53
-
11/01/54
.................
United
States
246,156,023
247,663,747
FNMA,
30
Year,
6%,
8/01/55
...........................
United
States
202,772,559
207,570,675
779,438,104
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
1.7%
GNMA
II,
Single-family,
30
Year,
5.5%,
5/20/53
-
12/20/55
.....
United
States
860,250,498
866,073,531
GNMA
II,
Single-family,
30
Year,
6%,
8/20/55
-
1/20/56
.......
United
States
463,755,027
474,083,860
1,340,157,391
Total
Mortgage-Backed
Securities
(Cost
$3,984,109,467)
.......................
4,028,691,879
Total
Long
Term
Investments
(Cost
$72,875,727,697)
..........................
78,146,169,458
a
Short
Term
Investments
0.9%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Commercial
Papers
0.1%
d,m
Canadian
Imperial
Bank
of
Commerce
,
144A,
3.64%
,
7/01/26
..
Canada
100,000,000
99,989,890
Total
Commercial
Papers
(Cost
$100,000,000)
................................
99,989,890
a
a
a
U.S.
Government
and
Agency
Securities
0.6%
m
U.S.
Treasury
Bills
,
3.05%,
7/07/26
...................................
United
States
175,000,000
174,896,108
3.32%,
7/14/26
...................................
United
States
250,000,000
249,677,527
424,573,635
Total
U.S.
Government
and
Agency
Securities
(Cost
$424,571,540)
..............
424,573,635
Shares
Money
Market
Funds
0.2%
e,n
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.597%
.........................................
United
States
170,315,947
170,315,947
Total
Money
Market
Funds
(Cost
$170,315,947)
...............................
170,315,947
Total
Short
Term
Investments
(Cost
$694,887,487
)
.............................
694,879,472
a
Total
Investments
(Cost
$73,570,615,184)
99.5%
..............................
$78,841,048,930
Options
Written
(0.1)%
.....................................................
(66,620,289)
Other
Assets,
less
Liabilities
0.6%
...........................................
449,504,374
Net
Assets
100.0%
.........................................................
$79,223,933,015
a
a
a
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
29
See
Abbreviations
on
page
43
.
a
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
Options
Written
(0.1)%
Calls
-
Exchange-Traded
Equity
Options
(0.1)%
AbbVie,
Inc.,
August
Strike
Price
$250.00,
Expires
8/21/26
....
10,000
251,640,000
$
(11,350,000)
Bank
of
America
Corp.,
June
Strike
Price
$65.00,
Expires
6/17/27
20,000
113,960,000
(6,440,000)
Coca-Cola
Co.
(The),
September
Strike
Price
$85.00,
Expires
9/18/26
.........................................
10,000
81,270,000
(
1,730,000)
Home
Depot,
Inc.
(The),
October
Strike
Price
$400.00,
Expires
10/16/26
........................................
5,000
176,340,000
(2,762,128)
JPMorgan
Chase
&
Co.,
June
Strike
Price
$350.00,
Expires
6/17/27
.........................................
5,000
163,665,000
(12,450,000)
(
34,732,128)
Puts
-
Exchange-Traded
Equity
Options
(0.0)%
†
Alphabet,
Inc.,
August
Strike
Price
$320.00,
Expires
8/21/26
...
10,000
353,330,000
(5,740,000)
Amazon.com,
Inc.,
August
Strike
Price
$230.00,
Expires
8/21/26
10,000
238,340,000
(9,730,000)
Broadcom,
Inc.,
September
Strike
Price
$320.00,
Expires
9/18/26
5,000
188,875,000
(6,045,000)
JPMorgan
Chase
&
Co.,
September
Strike
Price
$280.00,
Expires
9/18/26
.........................................
5,000
163,665,000
(1,230,000)
Microsoft
Corp.,
October
Strike
Price
$300.00,
Expires
10/16/26
10,000
373,020,000
(5,278,161)
QUALCOMM,
Inc.,
July
Strike
Price
$155.00,
Expires
7/17/26
..
5,000
92,395,000
(800,000)
QUALCOMM,
Inc.,
July
Strike
Price
$175.00
,
Expires
7/17/26
..
5,000
92,395,000
(3,065,000)
(31,888,161)
Total
Options
Written
(Premiums
received
$54,714,923)
........................
$
(66,620,289)
#
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
Non-income
producing.
b
A
portion
or
all
of
the
security
is
held
in
connection
with
written
option
contracts
open
at
period
end.
c
See
Note
4
regarding
holdings
of
5%
voting
securities.
d
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,
2026,
the
aggregate
value
of
these
securities
was
$33,723,205,268,
representing
42.6%
of
net
assets.
e
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
f
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
g
See
Note
3
regarding
restricted
securities.
h
Perpetual
security
with
no
stated
maturity
date.
i
The
coupon
rate
shown
represents
the
rate
at
period
end.
j
Income
may
be
received
in
additional
securities
and/or
cash.
k
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
l
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
m
The
rate
shown
represents
the
yield
at
period
end.
n
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
June
30,
2026
Franklin
U.S.
Government
Securities
Fund
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
30
a
a
Principal
Amount
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
2.6%
U.S.
Treasury
Bonds
,
4.75
%,
2/15/37
...................................................
$
13,500,000
$
13,883,906
4.5
%,
2/15/44
....................................................
33,400,000
31,818,719
4.625
%,
5/15/54
...................................................
6,000,000
5,699,414
Total
U.S.
Government
and
Agency
Securities
(Cost
$
55,022,700
)
.................
51,402,039
Mortgage-Backed
Securities
94.2%
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
94.2%
GNMA
I,
30
Year
,
4.5
%,
4/15/40
........................................
2,519,238
2,490,818
GNMA
I,
30
Year
,
5
%,
9/15/40
..........................................
81,238,042
81,861,143
GNMA
I,
30
Year
,
5.5
%,
2/15/40
........................................
32,967,943
34,244,319
GNMA
I,
30
Year
,
6
%,
12/15/39
.........................................
30,398,070
32,181,548
GNMA
I,
30
Year
,
6.5
%,
8/15/37
........................................
5,794,890
5,974,910
GNMA
I,
30
Year
,
7
%,
9/15/32
..........................................
3,222,947
3,351,037
GNMA
I,
30
Year
,
7.5
%,
3/15/27
-
8/15/33
.................................
127,217
131,102
GNMA
I,
30
Year
,
8
%,
10/15/29
.........................................
276
280
GNMA
I,
Single-family,
30
Year
,
3.5
%,
4/15/43
-
5/15/43
......................
7,850,740
7,240,458
GNMA
I,
Single-family,
30
Year
,
4
%,
10/15/40
-
8/15/46
.......................
23,974,503
22,802,731
GNMA
I,
Single-family,
30
Year
,
4.5
%,
2/15/39
-
6/15/41
......................
45,223,300
44,617,480
GNMA
I,
Single-family,
30
Year
,
5.5
%,
10/15/48
.............................
523,705
532,600
GNMA
I,
Single-family,
30
Year
,
7.5
%,
9/15/26
-
7/15/31
......................
364,424
371,332
GNMA
I,
Single-family,
30
Year
,
8
%,
10/15/29
-
9/15/30
.......................
87,173
88,751
GNMA
II,
30
Year
,
4.5
%,
5/20/34
-
6/20/41
.................................
2,036,909
2,016,790
GNMA
II,
30
Year
,
6
%,
3/20/34
-
9/20/34
..................................
482,506
482,239
GNMA
II,
30
Year
,
6
%,
7/20/39
.........................................
13,851,716
14,516,597
GNMA
II,
30
Year
,
6.5
%,
9/20/31
-
9/20/32
.................................
445,165
461,560
GNMA
II,
30
Year
,
7
%,
7/20/32
.........................................
124,021
128,095
GNMA
II,
30
Year
,
8
%,
12/20/28
........................................
1,325
1,333
GNMA
II,
Single-family,
30
Year
,
2
%,
8/20/51
...............................
127,110,379
104,379,169
GNMA
II,
Single-family,
30
Year
,
2
%,
8/20/50
-
6/20/51
.......................
29,843,059
24,517,944
GNMA
II,
Single-family,
30
Year
,
2.5
%,
11/20/50
............................
12,588,893
10,576,988
GNMA
II,
Single-family,
30
Year
,
2.5
%,
7/20/51
.............................
55,057,877
47,121,008
GNMA
II,
Single-family,
30
Year
,
2.5
%,
8/20/51
.............................
163,759,170
140,152,051
GNMA
II,
Single-family,
30
Year
,
2.5
%,
9/20/51
.............................
66,077,032
56,551,292
GNMA
II,
Single-family,
30
Year
,
2.5
%,
10/20/51
............................
41,628,668
35,627,383
GNMA
II,
Single-family,
30
Year
,
2.5
%,
12/20/51
............................
66,574,923
56,977,032
GNMA
II,
Single-family,
30
Year
,
3
%,
10/20/44
..............................
14,022,286
12,733,646
GNMA
II,
Single-family,
30
Year
,
3
%,
5/20/45
...............................
10,108,942
9,138,325
GNMA
II,
Single-family,
30
Year
,
3
%,
4/20/46
...............................
13,642,249
12,266,687
GNMA
II,
Single-family,
30
Year
,
3
%,
9/20/47
...............................
11,031,149
9,903,209
GNMA
II,
Single-family,
30
Year
,
3
%,
10/20/47
..............................
17,672,471
15,879,396
GNMA
II,
Single-family,
30
Year
,
3
%,
8/20/51
...............................
77,997,235
69,375,250
GNMA
II,
Single-family,
30
Year
,
3
%,
9/20/51
...............................
20,789,165
18,491,090
GNMA
II,
Single-family,
30
Year
,
3
%,
12/20/44
-
10/20/50
......................
69,016,894
60,647,851
GNMA
II,
Single-family,
30
Year
,
3.5
%,
7/20/42
.............................
21,440,217
20,137,886
GNMA
II,
Single-family,
30
Year
,
3.5
%,
9/20/42
.............................
27,021,928
25,380,456
GNMA
II,
Single-family,
30
Year
,
3.5
%,
6/20/43
.............................
9,445,089
8,857,625
GNMA
II,
Single-family,
30
Year
,
3.5
%,
9/20/47
.............................
98,550,346
90,747,240
GNMA
II,
Single-family,
30
Year
,
3.5
%,
10/20/40
-
1/20/49
.....................
43,665,971
40,756,587
GNMA
II,
Single-family,
30
Year
,
4
%,
5/20/47
...............................
23,442,162
22,281,792
GNMA
II,
Single-family,
30
Year
,
4
%,
6/20/47
...............................
17,866,637
16,971,689
GNMA
II,
Single-family,
30
Year
,
4
%,
7/20/47
...............................
11,402,547
10,838,675
GNMA
II,
Single-family,
30
Year
,
4
%,
5/20/40
-
12/20/49
......................
64,685,690
61,698,934
GNMA
II,
Single-family,
30
Year
,
4.5
%,
7/20/41
.............................
8,743,429
8,656,389
GNMA
II,
Single-family,
30
Year
,
4.5
%,
9/20/41
.............................
12,640,686
12,512,252
GNMA
II,
Single-family,
30
Year
,
4.5
%,
10/20/41
............................
9,169,825
9,074,770
GNMA
II,
Single-family,
30
Year
,
4.5
%,
5/20/52
.............................
28,626,484
27,763,396
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
U.S.
Government
Securities
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
31
See
Abbreviations
on
page
43
.
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
%,
5/20/33
-
2/20/44
......................
$
34,084,841
$
33,695,982
GNMA
II,
Single-family,
30
Year
,
5
%,
7/20/53
...............................
20,462,993
20,286,644
GNMA
II,
Single-family,
30
Year
,
5
%,
8/20/53
...............................
24,098,846
23,870,759
GNMA
II,
Single-family,
30
Year
,
5
%,
9/20/53
...............................
19,546,472
19,361,469
GNMA
II,
Single-family,
30
Year
,
5
%,
7/20/33
-
9/20/41
.......................
20,443,170
20,652,988
GNMA
II,
Single-family,
30
Year
,
5
%,
5/20/54
...............................
20,402,129
20,165,188
GNMA
II,
Single-family,
30
Year
,
5
%,
11/20/54
..............................
17,674,174
17,457,642
GNMA
II,
Single-family,
30
Year
,
5
%,
12/20/54
..............................
31,318,238
30,963,524
GNMA
II,
Single-family,
30
Year
,
5.5
%,
7/20/53
.............................
16,939,264
17,149,951
GNMA
II,
Single-family,
30
Year
,
5.5
%,
1/20/54
.............................
34,316,359
34,695,577
GNMA
II,
Single-family,
30
Year
,
5.5
%,
2/20/54
.............................
33,658,397
34,030,341
GNMA
II,
Single-family,
30
Year
,
5.5
%,
3/20/54
.............................
33,642,511
33,981,549
GNMA
II,
Single-family,
30
Year
,
5.5
%,
5/20/54
.............................
34,262,440
34,546,461
GNMA
II,
Single-family,
30
Year
,
5.5
%,
6/20/34
-
6/20/55
......................
29,661,275
30,257,777
GNMA
II,
Single-family,
30
Year
,
5.5
%,
8/20/55
.............................
54,301,176
54,644,525
GNMA
II,
Single-family,
30
Year
,
6
%,
6/20/54
...............................
10,520,867
10,804,567
GNMA
II,
Single-family,
30
Year
,
6
%,
10/20/54
..............................
10,501,400
10,764,518
GNMA
II,
Single-family,
30
Year
,
6
%,
6/20/34
-
6/20/55
.......................
8,531,226
8,727,438
GNMA
II,
Single-family,
30
Year
,
6
%,
7/20/55
...............................
59,790,249
61,114,274
GNMA
II,
Single-family,
30
Year
,
6
%,
10/20/55
..............................
18,697,669
19,217,422
GNMA
II,
Single-family,
30
Year
,
6.5
%,
5/20/54
.............................
7,917,722
8,230,464
GNMA
II,
Single-family,
30
Year
,
6.5
%,
6/20/54
.............................
24,405,490
25,457,415
GNMA
II,
Single-family,
30
Year
,
6.5
%,
2/20/27
-
6/20/55
......................
9,397,276
9,827,320
GNMA
II,
Single-family,
30
Year
,
7
%,
2/20/28
-
7/20/33
.......................
885,828
915,369
GNMA
II,
Single-family,
30
Year
,
7.5
%,
10/20/26
-
4/20/32
.....................
67,952
69,596
GNMA
II,
Single-family,
30
Year
,
8
%,
8/20/26
-
6/20/30
.......................
16,075
16,551
1,874,416,446
Total
Mortgage-Backed
Securities
(Cost
$
2,061,099,051
)
.........................
1,874,416,446
Total
Long
Term
Investments
(Cost
$
2,116,121,751
)
.............................
1,925,818,485
a
a
a
a
a
Short
Term
Investments
3.0%
Shares
a
Money
Market
Funds
3.0%
a,b
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.597
%
.............
59,138,518
59,138,518
Total
Money
Market
Funds
(Cost
$
59,138,518
)
..................................
59,138,518
Total
Short
Term
Investments
(Cost
$
59,138,518
)
................................
59,138,518
a
Total
Investments
(Cost
$
2,175,260,269
)
99.8
%
..................................
$1,984,957,003
Other
Assets,
less
Liabilities
0.2
%
.............................................
5,001,958
Net
Assets
100.0%
...........................................................
$1,989,958,961
a
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited),
June
30,
2026
Franklin
Utilities
Fund
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
32
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
99.4%
Electric
Utilities
59.6%
Alliant
Energy
Corp.
.................................
United
States
3,500,000
$
267,015,000
American
Electric
Power
Co.,
Inc.
.......................
United
States
600,000
82,086,000
Constellation
Energy
Corp.
............................
United
States
975,000
242,160,750
Duke
Energy
Corp.
..................................
United
States
2,550,000
322,779,000
Edison
International
.................................
United
States
2,200,000
163,790,000
Entergy
Corp.
......................................
United
States
4,276,992
491,255,301
Evergy,
Inc.
........................................
United
States
4,150,000
358,684,500
Eversource
Energy
..................................
United
States
1,000,000
72,270,000
Exelon
Corp.
.......................................
United
States
5,200,000
242,424,000
FirstEnergy
Corp.
...................................
United
States
3,200,000
152,128,000
NextEra
Energy,
Inc.
.................................
United
States
8,200,000
719,714,000
NRG
Energy,
Inc.
...................................
United
States
800,000
116,848,000
OGE
Energy
Corp.
..................................
United
States
2,181,395
106,146,681
PG&E
Corp.
.......................................
United
States
15,800,000
265,756,000
Pinnacle
West
Capital
Corp.
...........................
United
States
1,000,000
107,000,000
PPL
Corp.
.........................................
United
States
6,900,000
250,815,000
Southern
Co.
(The)
..................................
United
States
4,000,000
382,840,000
TXNM
Energy,
Inc.
..................................
United
States
200,000
11,356,000
Xcel
Energy,
Inc.
....................................
United
States
2,500,000
200,750,000
4,555,818,232
Gas
Utilities
0.7%
ONE
Gas,
Inc.
.....................................
United
States
700,000
53,949,000
Independent
Power
and
Renewable
Electricity
Producers
5.8%
Clearway
Energy,
Inc.
,
C
..............................
United
States
1,200,000
41,016,000
Drax
Group
plc
.....................................
United
Kingdom
10,000,000
100,677,555
Vistra
Corp.
........................................
United
States
1,900,000
301,397,000
443,090,555
Multi-Utilities
28.2%
Ameren
Corp.
......................................
United
States
2,200,000
248,688,000
Black
Hills
Corp.
....................................
United
States
500,000
37,200,000
CenterPoint
Energy,
Inc.
..............................
United
States
4,800,000
211,392,000
CMS
Energy
Corp.
..................................
United
States
1,600,300
122,422,950
Dominion
Energy,
Inc.
................................
United
States
2,000,000
136,580,000
DTE
Energy
Co.
....................................
United
States
1,300,000
198,081,000
E.ON
SE
..........................................
Germany
5,000,000
102,819,477
National
Grid
plc
....................................
United
Kingdom
4,000,000
65,974,919
NiSource,
Inc.
......................................
United
States
5,650,000
268,657,500
Northwestern
Energy
Group,
Inc.
.......................
United
States
1,400,000
100,268,000
Public
Service
Enterprise
Group,
Inc.
....................
United
States
2,050,000
166,378,000
Sempra,
Inc.
.......................................
United
States
3,977,900
368,791,109
WEC
Energy
Group,
Inc.
..............................
United
States
1,100,000
128,447,000
2,155,699,955
Oil,
Gas
&
Consumable
Fuels
3.2%
DT
Midstream,
Inc.
..................................
United
States
650,000
95,381,000
Targa
Resources
Corp.
...............................
United
States
300,000
80,442,000
Williams
Cos.,
Inc.
(The)
..............................
United
States
900,000
66,906,000
242,729,000
Water
Utilities
1.9%
Essential
Utilities,
Inc.
................................
United
States
1,250,000
47,887,500
United
Utilities
Group
plc
..............................
United
Kingdom
5,864,975
101,769,198
149,656,698
Total
Common
Stocks
(Cost
$
3,142,727,773
)
..................................
7,600,943,440
Franklin
Custodian
Funds
Schedule
of
Investments
(unaudited)
Franklin
Utilities
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
33
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Convertible
Preferred
Stocks
0.2%
Oil,
Gas
&
Consumable
Fuels
0.2%
a,b
Form
Energy,
Inc.
,
G
.................................
United
States
1,483,020
$
15,000,006
Total
Convertible
Preferred
Stocks
(Cost
$
15,000,006
)
.........................
15,000,006
Total
Long
Term
Investments
(Cost
$
3,157,727,779
)
...........................
7,615,943,446
a
Short
Term
Investments
0.2%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.2%
c,d
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.597
%
.........................................
United
States
17,458,982
17,458,982
Total
Money
Market
Funds
(Cost
$
17,458,982
)
................................
17,458,982
Total
Short
Term
Investments
(Cost
$
17,458,982
)
..............................
17,458,982
a
Total
Investments
(Cost
$
3,175,186,761
)
99.8
%
................................
$7,633,402,428
Other
Assets,
less
Liabilities
0.2
%
...........................................
11,734,265
Net
Assets
100.0%
.........................................................
$7,645,136,693
a
a
a
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
34
franklintempleton.com
Quarterly
Schedules
of
Investments
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)
35
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,
2026,
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,
2026,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
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
$
79,304,845
24,219
Anduril
Industries,
Inc.,
H
......................
5/12/26
1,669,965
1,669,965
93,377
Anthropic
PBC,
H-1
..........................
5/28/26
54,999,940
54,999,940
2,353
Canva
Australia
Holdings
Pty.
Ltd.,
A
.............
11/08/21
4,011,298
3,627,808
94
Canva
Australia
Holdings
Pty.
Ltd.,
A-3
............
11/08/21
160,247
144,927
8
Canva
Australia
Holdings
Pty.
Ltd.,
A-4
............
11/08/21
13,638
12,334
5
Canva
Australia
Holdings
Pty.
Ltd.,
A-5
............
11/08/21
8,524
7,709
25,413
Canva
Australia
Holdings
Pty.
Ltd.,
B
.............
11/08/21
43,323,040
39,181,244
96,603
Checkout
Payments
Group
Ltd.,
B
...............
1/11/22
30,000,062
10,164,976
849,894
OneTrust
LLC,
C
............................
4/01/21
16,666,676
8,416,727
17,336
OpenAI
Foundation
..........................
10/03/25
7,454,480
11,921,794
98,050
Plaid,
Inc.,
A
................................
3/31/25
19,999,906
25,387,469
540,043
Stripe,
Inc.,
B
...............................
5/18/21
21,671,052
34,256,278
1,759,545
Stripe,
Inc.,
I
...............................
3/15/23
-
5/08/23
35,426,926
111,612,338
Total
Restricted
Securities
(Value
is
2.2%
of
Net
Assets)
...............
$260,405,757
$380,708,354
2. Financial
Instrument
Valuation
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
36
franklintempleton.com
Quarterly
Schedules
of
Investments
4.
Holdings
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,
2026,
investments
in
“affiliated
companies”
were
as
follows:
Principal
Amount
*
/
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Income
Fund
84,626,155
BX
Frontier
Member
II
LLC,
6.1%,
12/31/60
........
3/17/26
$
84,626,155
$
87,020,743
24,000
QXO,
Inc.,
C
...............................
3/23/26
-
6/25/26
240,010,552
263,679,528
Total
Restricted
Securities
(Value
is
0.4%
of
Net
Assets)
...............
$324,636,707
$350,700,271
*
In
U.S.
dollars
unless
otherwise
indicated.
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
Ardagh
Holdings
SA,
144A
$
—
$
121,449,785
a
$
(50,769,771)
$
11,220,376
$
4,849,458
$
86,749,848
12,800,000
$
—
Interest
Ardagh
Group
SA,
Secured
Note,
144A,
PIK,
11%,
12/01/30
...
—
249,987,837
a
—
—
6,328,640
256,316,477
269,295,000
18,551,358
Ardagh
Group
SA,
Senior
Secured
Note,
144A,
9.5%,
12/01/30
......
—
162,733,604
a
—
—
18,335,625
181,069,229
169,278,000
10,497,587
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
plc,
Senior
Note,
144A,
4%,
9/01/29
115,118,624
1,167,704
a
(96,571,250)
6,516,258
(6,258,492)
19,972,844
21,000,000
1,526,111
Ardagh
Packaging
Finance
PLC
/
Ardagh
Holdings
USA
Inc.,
Senior
Secured
Note,
144A,
4.125%,
8/15/26
.....
250,887,000
—
(249,047,985)
a
—
(1,839,015)
—
b
—
1,221,458
Total
Affiliated
Securities
(Value
at
End
of
Period
is
0.7%
of
Net
Assets)
.
$366,005,624
$535,338,930
$(396,389,006)
$17,736,634
$21,416,216
$544,108,398
$31,796,514
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
include
accretion,
amortization,
and/or
other
cost
basis
adjustments.
b
As
of
June
30,
2026,
no
longer
held
by
the
fund.
3.
Restricted
Securities
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
37
franklintempleton.com
Quarterly
Schedules
of
Investments
5.
Investments
in
Affiliated
Management
Investment
Companies
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
June
30,
2026,
investments
in
affiliated
management
investment
companies
were
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
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
DynaTech
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.597%
............
$46,741,591
$2,819,561,853
$(2,772,131,699)
$—
$—
$94,171,745
94,171,745
$2,675,738
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.597%
............
$55,963,000
$336,173,000
$(392,136,000)
$—
$—
$—
—
$524,086
Total
Affiliated
Securities
...
$102,704,591
$3,155,734,853
$(3,164,267,699)
$—
$—
$94,171,745
$3,199,824
Franklin
Growth
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.597%
............
$52,469,504
$3,320,168,862
$(2,935,157,713)
$—
$—
$437,480,653
437,480,653
$6,085,538
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.597%
............
$2,570,000
$16,599,000
$(19,169,000)
$—
$—
$—
—
$19,552
Total
Affiliated
Securities
...
$55,039,504
$3,336,767,862
$(2,954,326,713)
$—
$—
$437,480,653
$6,105,090
Franklin
Income
Fund
Non-Controlled
Affiliates
Dividends
Clarion
Partners
Real
Estate
Income
Fund,
Inc.,
Class
I
....
$90,558,756
$—
$—
$—
$(1,888,280)
$88,670,476
7,867,833
$4,744,303
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.597%
............
50,647,897
7,127,371,109
(7,007,703,059)
—
—
170,315,947
170,315,947
3,076,540
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
38
franklintempleton.com
Quarterly
Schedules
of
Investments
6. Fair
Value
Measurements
The Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the Funds' financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
    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
Income
Fund
(continued)
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.597%
............
$111,490,000
$492,427,000
$(603,917,000)
$—
$—
$—
—
$936,739
Total
Affiliated
Securities
...
$252,696,653
$7,619,798,109
$(7,611,620,059)
$—
$(1,888,280)
$258,986,423
$8,757,582
Franklin
U.S.
Government
Securities
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.597%
............
$40,759,933
$267,337,269
$(248,958,684)
$—
$—
$59,138,518
59,138,518
$1,086,118
Total
Affiliated
Securities
...
$40,759,933
$267,337,269
$(248,958,684)
$—
$—
$59,138,518
$1,086,118
Franklin
Utilities
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.597%
............
$18,834,175
$529,468,221
$(530,843,414)
$—
$—
$17,458,982
17,458,982
$941,677
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.597%
............
$—
$3,337,125
$(3,337,125)
$—
$—
$—
—
$2,654
Total
Affiliated
Securities
...
$18,834,175
$532,805,346
$(534,180,539)
$—
$—
$17,458,982
$944,331
5.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
39
franklintempleton.com
Quarterly
Schedules
of
Investments
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,
2026,
in
valuing
the
Funds'
assets
and
liabilities carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
DynaTech
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
$
401,040,931
$
—
$
—
$
401,040,931
Air
Freight
&
Logistics
...................
4,708,500
—
—
4,708,500
Automobiles
..........................
715,020,000
—
—
715,020,000
Biotechnology
.........................
1,097,731,931
190,274,904
—
1,288,006,835
Broadline
Retail
.......................
2,530,366,200
—
—
2,530,366,200
Building
Products
......................
11,105,523
—
—
11,105,523
Capital
Markets
........................
50,140,000
—
—
50,140,000
Communications
Equipment
..............
511,372,000
—
—
511,372,000
Construction
&
Engineering
...............
408,633,250
—
—
408,633,250
Diversified
Telecommunication
Services
.....
47,973,558
—
—
47,973,558
Electrical
Equipment
....................
1,112,355,957
—
—
1,112,355,957
Electronic
Equipment,
Instruments
&
Components
........................
1,530,822,000
72,098,395
—
1,602,920,395
Energy
Equipment
&
Services
.............
228,620,000
—
—
228,620,000
Entertainment
.........................
174,464,000
—
—
174,464,000
Financial
Services
......................
728,290,000
—
—
728,290,000
Health
Care
Equipment
&
Supplies
.........
144,276,000
—
—
144,276,000
Health
Care
Providers
&
Services
..........
320,652,500
—
—
320,652,500
Health
Care
Technology
.................
22,005,000
—
—
22,005,000
Hotels,
Restaurants
&
Leisure
.............
145,737,000
—
—
145,737,000
Independent
Power
and
Renewable
Electricity
Producers
..........................
7,145,800
—
—
7,145,800
Industrial
Conglomerates
................
—
113,086,051
—
113,086,051
Interactive
Media
&
Services
..............
3,279,479,000
—
—
3,279,479,000
IT
Services
...........................
913,301,807
—
—
913,301,807
Life
Sciences
Tools
&
Services
............
43,447,500
—
—
43,447,500
Pharmaceuticals
.......................
762,543,000
—
—
762,543,000
Semiconductors
&
Semiconductor
Equipment
.
8,937,270,650
648,904,330
—
9,586,174,980
Software
.............................
2,553,166,000
—
—
2,553,166,000
Specialty
Retail
........................
32,910,000
—
—
32,910,000
Technology
Hardware,
Storage
&
Peripherals
.
2,315,676,500
22,189,724
—
2,337,866,224
Warrants
...............................
—
—
—
b
—
Short
Term
Investments
...................
94,171,745
—
—
94,171,745
Total
Investments
in
Securities
...........
$29,124,426,352
$1,046,553,404
c
$—
$30,170,979,756
Franklin
Growth
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
670,621,666
—
—
670,621,666
Beverages
...........................
237,450,907
—
—
237,450,907
Biotechnology
.........................
160,343,910
—
—
160,343,910
Broadline
Retail
.......................
856,432,842
—
—
856,432,842
Building
Products
......................
585,530,917
—
—
585,530,917
Capital
Markets
........................
748,677,494
—
—
748,677,494
Chemicals
...........................
460,264,585
—
—
460,264,585
6. Fair
Value
Measurements
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
40
franklintempleton.com
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Growth
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Commercial
Services
&
Supplies
...........
$
124,311,085
$
—
$
—
$
124,311,085
Communications
Equipment
..............
79,729,035
—
—
79,729,035
Construction
Materials
..................
158,760,896
—
—
158,760,896
Consumer
Staples
Distribution
&
Retail
......
205,928,753
—
—
205,928,753
Diversified
Telecommunication
Services
.....
50,262,741
—
—
50,262,741
Electric
Utilities
........................
352,910,865
—
—
352,910,865
Electrical
Equipment
....................
322,091,299
—
—
322,091,299
Electronic
Equipment,
Instruments
&
Components
........................
575,792,884
—
—
575,792,884
Entertainment
.........................
269,751,588
—
—
269,751,588
Financial
Services
......................
557,348,989
—
—
557,348,989
Ground
Transportation
..................
315,940,090
—
—
315,940,090
Health
Care
Equipment
&
Supplies
.........
382,264,548
—
—
382,264,548
Health
Care
Providers
&
Services
..........
128,909,723
—
—
128,909,723
Interactive
Media
&
Services
..............
1,479,569,586
—
—
1,479,569,586
IT
Services
...........................
235,424,748
—
39,181,244
274,605,992
Life
Sciences
Tools
&
Services
............
485,986,432
—
—
485,986,432
Machinery
............................
499,895,322
—
—
499,895,322
Pharmaceuticals
.......................
539,866,401
—
—
539,866,401
Professional
Services
...................
50,240,932
—
—
50,240,932
Semiconductors
&
Semiconductor
Equipment
.
3,537,874,005
—
—
3,537,874,005
Software
.............................
1,403,550,406
—
81,730,517
1,485,280,923
Specialty
Retail
........................
213,573,288
—
—
213,573,288
Technology
Hardware,
Storage
&
Peripherals
.
627,037,622
—
—
627,037,622
Trading
Companies
&
Distributors
..........
171,166,192
—
—
171,166,192
Convertible
Preferred
Stocks
................
—
—
204,796,653
b
204,796,653
Preferred
Stocks
:
Life
Sciences
Tools
&
Services
............
—
119,103,686
—
119,103,686
Software
.............................
—
—
54,999,940
54,999,940
Short
Term
Investments
...................
437,480,653
—
—
437,480,653
Total
Investments
in
Securities
...........
$16,924,990,404
$119,103,686
d
$380,708,354
$17,424,802,444
Franklin
Income
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
781,433,500
—
—
781,433,500
Air
Freight
&
Logistics
...................
215,000,000
—
—
215,000,000
Banks
...............................
1,722,490,000
—
—
1,722,490,000
Beverages
...........................
920,810,000
—
—
920,810,000
Biotechnology
.........................
503,280,000
—
—
503,280,000
Capital
Markets
........................
192,312,000
—
—
192,312,000
Chemicals
...........................
732,950,000
133,632,736
—
866,582,736
Communications
Equipment
..............
528,570,000
—
—
528,570,000
Consumer
Staples
Distribution
&
Retail
......
195,915,000
—
—
195,915,000
Containers
&
Packaging
.................
—
86,749,848
—
86,749,848
Diversified
Telecommunication
Services
.....
317,550,000
—
—
317,550,000
Electric
Utilities
........................
1,821,564,457
—
—
1,821,564,457
Food
Products
........................
385,087,500
—
—
385,087,500
Ground
Transportation
..................
544,000,000
—
—
544,000,000
Health
Care
Equipment
&
Supplies
.........
572,630,000
—
—
572,630,000
Health
Care
Providers
&
Services
..........
361,875,859
—
—
361,875,859
Hotels,
Restaurants
&
Leisure
.............
405,465,000
—
—
405,465,000
Household
Products
....................
1,099,800,000
—
—
1,099,800,000
6. Fair
Value
Measurements
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
41
franklintempleton.com
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Industrial
Conglomerates
................
$
223,900,000
$
—
$
—
$
223,900,000
IT
Services
...........................
639,585,000
—
—
639,585,000
Metals
&
Mining
.......................
235,837,500
—
—
235,837,500
Multi-Utilities
..........................
417,195,000
—
—
417,195,000
Oil,
Gas
&
Consumable
Fuels
.............
3,374,330,000
—
—
3,374,330,000
Pharmaceuticals
.......................
735,790,000
—
—
735,790,000
Specialty
Retail
........................
1,058,040,000
—
—
1,058,040,000
Textiles,
Apparel
&
Luxury
Goods
..........
125,613,000
—
—
125,613,000
Tobacco
.............................
180,910,000
—
—
180,910,000
Management
Investment
Companies
.........
88,670,476
—
—
88,670,476
Equity-Linked
Securities
...................
—
16,155,925,169
—
16,155,925,169
Convertible
Preferred
Stocks
:
Aerospace
&
Defense
...................
336,500,000
—
—
336,500,000
Capital
Markets
........................
267,750,000
—
—
267,750,000
Chemicals
...........................
221,400,000
—
—
221,400,000
Electric
Utilities
........................
826,255,000
—
—
826,255,000
Financial
Services
......................
—
143,480,000
—
143,480,000
Interactive
Media
&
Services
..............
455,355,000
—
—
455,355,000
Software
.............................
269,700,000
—
—
269,700,000
Trading
Companies
&
Distributors
..........
—
—
263,679,528
263,679,528
Preferred
Stocks
.........................
32,730,000
—
—
32,730,000
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
1,091,284,925
—
1,091,284,925
Automobile
Components
.................
—
107,062,339
—
107,062,339
Automobiles
..........................
—
517,509,788
—
517,509,788
Banks
...............................
—
2,146,995,431
—
2,146,995,431
Biotechnology
.........................
—
102,438,202
—
102,438,202
Building
Products
......................
—
102,226,570
—
102,226,570
Capital
Markets
........................
—
1,864,244,956
—
1,864,244,956
Chemicals
...........................
—
1,035,016,977
—
1,035,016,977
Commercial
Services
&
Supplies
...........
—
51,889,800
87,020,743
138,910,543
Consumer
Finance
.....................
—
1,013,610,529
—
1,013,610,529
Containers
&
Packaging
.................
—
1,208,916,232
—
1,208,916,232
Diversified
REITs
......................
—
149,418,690
—
149,418,690
Diversified
Telecommunication
Services
.....
—
1,344,841,395
—
1,344,841,395
Electric
Utilities
........................
—
2,116,132,147
—
2,116,132,147
Electrical
Equipment
....................
—
89,814,603
—
89,814,603
Energy
Equipment
&
Services
.............
—
188,429,588
—
188,429,588
Entertainment
.........................
—
113,564,998
—
113,564,998
Food
Products
........................
—
247,403,878
—
247,403,878
Ground
Transportation
..................
—
91,709,930
—
91,709,930
Health
Care
Equipment
&
Supplies
.........
—
357,954,964
—
357,954,964
Health
Care
Providers
&
Services
..........
—
4,723,539,323
—
4,723,539,323
Hotels,
Restaurants
&
Leisure
.............
—
1,630,720,820
—
1,630,720,820
Household
Durables
....................
—
192,676,580
—
192,676,580
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
363,395,370
—
363,395,370
Insurance
............................
—
255,318,841
—
255,318,841
IT
Services
...........................
—
299,349,538
—
299,349,538
Media
...............................
—
360,617,006
—
360,617,006
Metals
&
Mining
.......................
—
934,414,075
—
934,414,075
Multi-Utilities
..........................
—
20,570,406
—
20,570,406
Oil,
Gas
&
Consumable
Fuels
.............
—
2,412,552,645
—
2,412,552,645
Passenger
Airlines
.....................
—
821,606,582
—
821,606,582
6. Fair
Value
Measurements
(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
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Corporate
Bonds:
(continued)
Personal
Care
Products
.................
$
—
$
96,362,740
$
—
$
96,362,740
Pharmaceuticals
.......................
—
581,453,719
—
581,453,719
Semiconductors
&
Semiconductor
Equipment
.
—
164,555,531
—
164,555,531
Software
.............................
—
793,399,500
—
793,399,500
Specialized
REITs
......................
—
192,883,846
—
192,883,846
Specialty
Retail
........................
—
99,032,446
—
99,032,446
Technology
Hardware,
Storage
&
Peripherals
.
—
133,259,441
—
133,259,441
Textiles,
Apparel
&
Luxury
Goods
..........
—
251,860,412
—
251,860,412
Tobacco
.............................
—
185,725,071
—
185,725,071
Trading
Companies
&
Distributors
..........
—
600,819,943
—
600,819,943
Senior
Floating
Rate
Interests
...............
—
1,045,369,485
—
1,045,369,485
U.S.
Government
and
Agency
Securities
.......
—
6,277,847,873
—
6,277,847,873
Asset-Backed
Securities
...................
—
78,898,128
—
78,898,128
Mortgage-Backed
Securities
................
—
4,028,691,879
—
4,028,691,879
Short
Term
Investments
...................
170,315,947
524,563,525
—
694,879,472
Total
Investments
in
Securities
...........
$20,960,610,239
$57,529,738,420
e
$350,700,271
$78,841,048,930
–
–
–
–
Liabilities:
Other
Financial
Instruments:
Options
Written
..........................
$66,620,289
$—
$—
$66,620,289
Total
Other
Financial
Instruments
.........
$66,620,289
$—
$—
$66,620,289
Franklin
U.S.
Government
Securities
Fund
Assets:
Investments
in
Securities:
a
U.S.
Government
and
Agency
Securities
.......
$
—
$
51,402,039
$
—
$
51,402,039
Mortgage-Backed
Securities
................
—
1,874,416,446
—
1,874,416,446
Short
Term
Investments
...................
59,138,518
—
—
59,138,518
Total
Investments
in
Securities
...........
$59,138,518
$1,925,818,485
$—
$1,984,957,003
Franklin
Utilities
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Electric
Utilities
........................
4,555,818,232
—
—
4,555,818,232
Gas
Utilities
..........................
53,949,000
—
—
53,949,000
Independent
Power
and
Renewable
Electricity
Producers
..........................
443,090,555
—
—
443,090,555
Multi-Utilities
..........................
1,986,905,559
168,794,396
—
2,155,699,955
Oil,
Gas
&
Consumable
Fuels
.............
242,729,000
—
—
242,729,000
Water
Utilities
.........................
47,887,500
101,769,198
—
149,656,698
Convertible
Preferred
Stocks
................
—
—
15,000,006
15,000,006
Short
Term
Investments
...................
17,458,982
—
—
17,458,982
Total
Investments
in
Securities
...........
$7,347,838,828
$270,563,594
f
$15,000,006
$7,633,402,428
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
financial
instruments
determined
to
have
no
value.
c
Includes
foreign
securities
valued
at
$1,046,553,404,
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
$119,103,686,
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
Includes
foreign
securities
valued
at
$133,632,736,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
6. Fair
Value
Measurements
(continued)
Franklin
Custodian
Funds
Notes
to
Schedules
of
Investments
(unaudited)
43
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,
2026
,
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
as
well
as
the
fair
value
of
assets
and/or
liabilities
derived
from
recent
transactions,
private
transaction
prices,
or
non-public
third-party
pricing
information
that
is
unobservable
.
Abbreviations
f
Includes
foreign
securities
valued
at
$270,563,594,
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
b
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
........
$
41,833,356
$
—
$
—
$
—
$
—
$
—
$
—
$
(2,652,112)
$
39,181,244
$
(2,652,112)
Software
..........
48,961,336
7,454,480
—
—
—
—
—
25,314,701
81,730,517
25,314,701
Convertible
Preferred
Stocks
:
Aerospace
&
Defense
.
53,092,601
1,669,965
—
—
—
—
—
26,212,244
80,974,810
26,212,244
IT
Services
........
4,049,504
—
—
—
—
—
—
(256,726)
3,792,778
(256,726)
Software
..........
101,900,085
—
(15,627,064)
—
—
—
(9,372,912)
43,128,956
120,029,065
38,744,852
Preferred
Stocks
:
Software
..........
—
54,999,940
—
—
—
—
—
—
54,999,940
—
Total
Investments
in
Securities
............
$249,836,882
$64,124,385
$(15,627,064)
$—
$—
$—
$(9,372,912)
$91,747,063
$380,708,354
$87,362,959
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
Selected
Portfolio
ADR
American
Depositary
Receipt
CME
Chicago
Mercantile
Exchange
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
6. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.