# EDGAR Filing Document

**Accession Number:** 0000038721
**File Stem:** 0001752724-25-203516
**Filing Date:** 2025-8
**Character Count:** 42097
**Document Hash:** 6b1716d7ff6a6e0ec087adff245c151f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203516.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203516

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Franklin Custodian Funds
- **CENTRAL INDEX KEY:** 0000038721

**ORGANIZATION NAME:**
- **EIN:** 132573775
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00537
- **FILM NUMBER:** 251253212

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-2000

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN CUSTODIAN FUNDS
- **DATE OF NAME CHANGE:** 20080128

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN CUSTODIAN FUNDS INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### FRANKLIN DYNATECH FUND (Series ID: S000006754)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018321 | Class A       | FKDNX           |
| C000018323 | Class C       | FDYNX           |
| C000066417 | Advisor Class | FDYZX           |
| C000068977 | Class R       | FDNRX           |
| C000128785 | Class R6      | FDTRX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Franklin Custodian Funds

- **b. Investment Company Act file number:** 811-00537

- **c. CIK number of Registrant:** 0000038721

- **d. LEI of Registrant:** 549300PYEMTLTOE2MK86

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** One Franklin Parkway

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 94403-1906

  - **Telephone number:** 650-312-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Franklin Dynatech Fund

- **b. EDGAR series identifier (if any):** S000006754

- **c. LEI of Series:** 549300ZT4KNXE58HPQ47

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $27571065467.14

**Total Liabilities:** $69282428.53

**Net Assets:** $27501783038.61

**Cash Not Reported:** $42970706.12

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000018323 | 4.11%                | 11.22%               | 7.41%                |
| Class ID C000018321 | 4.18%                | 11.29%               | 7.48%                |
| Class ID C000128785 | 4.21%                | 11.33%               | 7.51%                |
| Class ID C000066417 | 4.20%                | 11.32%               | 7.50%                |
| Class ID C000068977 | 4.16%                | 11.27%               | 7.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-43856143.47            | $984223931.27                              |
| Month 2  | $108308483.91            | $2522637281.67                             |
| Month 3  | $129091336.35            | $1793726063.39                             |

### Schedule of Portfolio Investments

| Name                                                   | Title                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)    | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ServiceTitan, Inc.                                     | ServiceTitan, Inc., Class A                            | CUSIP: 81764X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    800000 | NS      | $85744000.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems, Inc.                           | Cadence Design Systems, Inc.                           | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |   1500000 | NS      | $462225000.00  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp.                                     | Lam Research Corp.                                     | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |   2000000 | NS      | $194680000.00  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                                         | Alphabet, Inc., Class A                                | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |   6000000 | NS      | $1057380000.00 | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co. Ltd.            | Taiwan Semiconductor Manufacturing Co. Ltd.            | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   1100000 | NS      | $249139000.00  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings, Inc.                             | Crowdstrike Holdings, Inc., Class A                    | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |    250000 | NS      | $127327500.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp.                                         | Amphenol Corp., Class A                                | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |   1600000 | NS      | $158000000.00  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets, Inc.                                | Robinhood Markets, Inc., Class A                       | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |   1250000 | NS      | $117037500.00  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Ligand Pharmaceuticals, Inc.                           | Ligand Pharmaceuticals, Inc.                           | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |    160000 | NS      | $18188800.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                           | NVIDIA Corp.                                           | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |  19000000 | NS      | $3001810000.00 | 10.91%            |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                                       | Amazon.com, Inc.                                       | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |  10000000 | NS      | $2193900000.00 | 7.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd.                                               | Sea Ltd.                                               | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |   1500000 | NS      | $239910000.00  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Doximity, Inc.                                         | Doximity, Inc., Class A                                | CUSIP: 26622P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2000000 | NS      | $122680000.00  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp.                                              | KLA Corp.                                              | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |    200000 | NS      | $179148000.00  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnipFMC plc                                         | TechnipFMC plc                                         | CUSIP: N/A<br>LEI: 549300D5I93QWCJTCK36       | Long             | EC               | CORP              | GB        |   1000000 | NS      | $34440000.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                                        | Eli Lilly & Co.                                        | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |    600000 | NS      | $467718000.00  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp.                                          | Stryker Corp.                                          | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |     50000 | NS      | $19781500.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp.                                | Boston Scientific Corp.                                | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |    900000 | NS      | $96669000.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed, Inc.                                           | Insmed, Inc.                                           | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |    400000 | NS      | $40256000.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit, Inc.                                           | Intuit, Inc.                                           | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |    250000 | NS      | $196907500.00  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake, Inc.                                        | Snowflake, Inc., Class A                               | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |     50000 | NS      | $11188500.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova, Inc.                                       | GE Vernova, Inc.                                       | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |    100000 | NS      | $52915000.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple, Inc.                                            | Apple, Inc.                                            | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |   2500000 | NS      | $512925000.00  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp.                                          | Moody's Corp.                                          | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |     50000 | NS      | $25079500.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash, Inc.                                         | DoorDash, Inc., Class A                                | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |   1200000 | NS      | $295812000.00  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Root, Inc.                                             | Root, Inc., Class A                                    | CUSIP: 77664L207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    200000 | NS      | $25594000.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp.                                       | Fair Isaac Corp.                                       | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |     30000 | NS      | $54838800.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Software, Inc.                           | Constellation Software, Inc.                           | CUSIP: 21037X134<br>LEI: 549300B6PYHMCTDWQV29 | Long             |  | CORP              | CA        |     50000 | NS      | $0.00          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Uber Technologies, Inc.                                | Uber Technologies, Inc.                                | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |   1000000 | NS      | $93300000.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA                                  | Spotify Technology SA                                  | CUSIP: N/A<br>LEI: 549300B4X0JHWV0DTD60       | Long             | EC               | CORP              | LU        |    200000 | NS      | $153468000.00  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                                              | Argenx SE                                              | CUSIP: N/A<br>LEI: 7245009C5FZE6G9ODQ71       | Long             | EC               | CORP              | NL        |    200000 | NS      | $110716584.76  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Mastercard, Inc.                                       | Mastercard, Inc., Class A                              | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |   1700000 | NS      | $955298000.00  | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| INSTITUTIONAL FIDUCIARY TRUST                          | INSTITUTIONAL FIDUCIARY TRUST                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |  51164936 | NS      | $51164936.45   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify, Inc.                                          | Shopify, Inc., Class A                                 | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |   5000000 | NS      | $576684413.44  | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla, Inc.                                            | Tesla, Inc.                                            | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |   2000000 | NS      | $635320000.00  | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks, Inc.                                  | Arista Networks, Inc.                                  | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |   1400000 | NS      | $143234000.00  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Tempus AI, Inc.                                        | Tempus AI, Inc., Class A                               | CUSIP: 88023B103<br>LEI: 2549009LA0KWRAGQBX50 | Long             | EC               | CORP              | US        |    540000 | NS      | $34311600.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: —       |
| Descartes Systems Group, Inc. (The)                    | Descartes Systems Group, Inc. (The)                    | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |   1000000 | NS      | $101645000.00  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                                        | ASML Holding NV                                        | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |    200000 | NS      | $160278000.00  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Pro Medicus Ltd.                                       | Pro Medicus Ltd.                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    500000 | NS      | $93567343.24   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| HealthEquity, Inc.                                     | HealthEquity, Inc.                                     | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |    200000 | NS      | $20952000.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Scout24 SE                                             | Scout24 SE                                             | CUSIP: N/A<br>LEI: 5493007EIKM2ENQS7U66       | Long             | EC               | CORP              | DE        |     50000 | NS      | $6902441.66    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Carvana Co.                                            | Carvana Co., Class A                                   | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |    225000 | NS      | $75816000.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems, Inc.                                    | Veeva Systems, Inc., Class A                           | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |    350000 | NS      | $100793000.00  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX Corp.                                           | ROBLOX Corp., Class A                                  | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1500000 | NS      | $157800000.00  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurora Innovation, Inc.                                | Aurora Innovation, Inc., Class A                       | CUSIP: 051774107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1500000 | NS      | $7860000.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera, Inc.                                           | Natera, Inc.                                           | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1500000 | NS      | $253410000.00  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise, Inc.                                  | Axon Enterprise, Inc.                                  | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |    925000 | NS      | $765844500.00  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| ASM International NV                                   | ASM International NV                                   | CUSIP: N/A<br>LEI: 7245001I22ND6ZFHX623       | Long             | EC               | CORP              | NL        |    100000 | NS      | $64147763.36   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                         | Broadcom, Inc.                                         | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |   4500000 | NS      | $1240425000.00 | 4.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Biologics Co. Ltd.                             | Samsung Biologics Co. Ltd.                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     20000 | NS      | $14676353.34   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                   | Meta Platforms, Inc., Class A                          | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |   2250000 | NS      | $1660702500.00 | 6.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Kestra Medical Technologies Ltd.                       | Kestra Medical Technologies Ltd.                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    300000 | NS      | $4974000.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot, Inc.                                          | HubSpot, Inc.                                          | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |    250000 | NS      | $139157500.00  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Life360, Inc.                                          | Life360, Inc.                                          | CUSIP: 532206109<br>LEI: 254900VO9VDOQBQAHF07 | Long             | EC               | CORP              | US        |    350000 | NS      | $22837500.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals, Inc.                          | Alnylam Pharmaceuticals, Inc.                          | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |    100000 | NS      | $32609000.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies, Inc.                            | Palantir Technologies, Inc., Class A                   | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |   1200000 | NS      | $163584000.00  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S                                    | Ascendis Pharma A/S                                    | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |    375000 | NS      | $64725000.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet, Inc.                                         | Fortinet, Inc.                                         | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |   1100000 | NS      | $116292000.00  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                                          | Netflix, Inc.                                          | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |    400000 | NS      | $535652000.00  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Monday.com Ltd.                                        | Monday.com Ltd.                                        | CUSIP: N/A<br>LEI: 984500MDAFVD86E3B328       | Long             | EC               | CORP              | IL        |    350000 | NS      | $110068000.00  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Affirm Holdings, Inc.                                  | Affirm Holdings, Inc., Class A                         | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100000 | NS      | $6914000.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services, Inc.                                  | Quanta Services, Inc.                                  | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |    100000 | NS      | $37808000.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals, Inc.                           | Vertex Pharmaceuticals, Inc.                           | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |    100000 | NS      | $44520000.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices, Inc.                                   | Analog Devices, Inc.                                   | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |   1000000 | NS      | $238020000.00  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics, Inc.                                 | Verisk Analytics, Inc., Class A                        | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |    200000 | NS      | $62300000.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Duolingo, Inc.                                         | Duolingo, Inc., Class A                                | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    150000 | NS      | $61503000.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories, Inc.                               | IDEXX Laboratories, Inc.                               | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |     50000 | NS      | $26817000.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software, Inc.                               | Guidewire Software, Inc.                               | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |    300000 | NS      | $70635000.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp.                                         | AppLovin Corp., Class A                                | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |   1100000 | NS      | $385088000.00  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumine Group, Inc.                                     | Lumine Group, Inc.                                     | CUSIP: 55027C106<br>LEI: 984500E3C44B9D44M738 | Long             | EC               | CORP              | CA        |    500000 | NS      | $17561960.71   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow, Inc.                                       | ServiceNow, Inc.                                       | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |    800000 | NS      | $822464000.00  | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ARM Holdings plc                                       | ARM Holdings plc                                       | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Long             | EC               | CORP              | GB        |    200000 | NS      | $32348000.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Corcept Therapeutics, Inc.                             | Corcept Therapeutics, Inc.                             | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               | CORP              | US        |    200000 | NS      | $14680000.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Lab Corp.                                       | Rocket Lab Corp.                                       | CUSIP: 773121108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    600000 | NS      | $21462000.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                                        | Microsoft Corp.                                        | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |   4500000 | NS      | $2238345000.00 | 8.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Celestica, Inc.                                        | Celestica, Inc.                                        | CUSIP: 15101Q207<br>LEI: 549300J3CG5T6RZWLN53 | Long             | EC               | CORP              | CA        |   1400000 | NS      | $218554000.00  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Circle Internet Group, Inc.                            | Circle Internet Group, Inc., Class A                   | CUSIP: 172573107<br>LEI: 254900HFVVR6NPMQVN93 | Long             | EC               | CORP              | US        |    118300 | NS      | $21446607.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: —       |
| Klaviyo, Inc.                                          | Klaviyo, Inc., Class A                                 | CUSIP: 49845K101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1000000 | NS      | $33580000.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre, Inc.                                     | MercadoLibre, Inc.                                     | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |    200000 | NS      | $522726000.00  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Hinge Health, Inc.                                     | Hinge Health, Inc., Class A                            | CUSIP: 433313103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    520100 | NS      | $26915175.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: —       |
| Intuitive Surgical, Inc.                               | Intuitive Surgical, Inc.                               | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |   1000000 | NS      | $543410000.00  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Oceaneering International, Inc.                        | Oceaneering International, Inc.                        | CUSIP: 675232102<br>LEI: 549300L6PH74701W0R30 | Long             | EC               | CORP              | US        |   1000000 | NS      | $20720000.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD Co. Ltd.                                           | BYD Co. Ltd., Class H                                  | CUSIP: N/A<br>LEI: 5299005557VL7ULJ7A69       | Long             | EC               | CORP              | CN        |    600000 | NS      | $9342019.99    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Baker Hughes Co.                                       | Baker Hughes Co., Class A                              | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1000000 | NS      | $38340000.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings, Inc.                                 | Booking Holdings, Inc.                                 | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |     50000 | NS      | $289462000.00  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Tradeweb Markets, Inc.                                 | Tradeweb Markets, Inc., Class A                        | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2000000 | NS      | $292800000.00  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Karman Holdings, Inc.                                  | Karman Holdings, Inc.                                  | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    800000 | NS      | $40296000.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Tyler Technologies, Inc.                               | Tyler Technologies, Inc.                               | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |    200000 | NS      | $118568000.00  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health, Inc.                                  | Guardant Health, Inc.                                  | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |   1250000 | NS      | $65050000.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys, Inc.                                         | Synopsys, Inc.                                         | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |    750000 | NS      | $384510000.00  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa, Inc.                                             | Visa, Inc., Class A                                    | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |   1050000 | NS      | $372802500.00  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Software, Inc.                           | Constellation Software, Inc.                           | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |     85000 | NS      | $311673948.96  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Institutional Fiduciary Trust - Money Market Portfolio | Institutional Fiduciary Trust - Money Market Portfolio | CUSIP: 457756500<br>LEI: 549300M4TP89K77LG374 | Long             | STIV             | RF                | US        | 101643682 | NS      | $101643682.46  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Caris Life Sciences, Inc.                              | Caris Life Sciences, Inc.                              | CUSIP: 142152107<br>LEI: 549300LX5LO78M5VPY43 | Long             | EC               | CORP              | US        |    204200 | NS      | $5456224.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chime Financial, Inc.                                  | Chime Financial, Inc., Class A                         | CUSIP: 16935C109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    331100 | NS      | $11426261.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| MakeMyTrip Ltd.                                        | MakeMyTrip Ltd.                                        | CUSIP: N/A<br>LEI: 529900DNT8HNJ7RYUO60       | Long             | EC               | CORP              | MU        |    500000 | NS      | $49010000.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Toast, Inc.                                            | Toast, Inc., Class A                                   | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |   1200000 | NS      | $53148000.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Reddit, Inc.                                           | Reddit, Inc., Class A                                  | CUSIP: 75734B100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    150000 | NS      | $22585500.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce, Inc.                                       | Salesforce, Inc.                                       | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |    100000 | NS      | $27269000.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solutions, Inc.              | Kratos Defense & Security Solutions, Inc.              | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |   2250000 | NS      | $104512500.00  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare, Inc.                                       | Cloudflare, Inc., Class A                              | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |   2100000 | NS      | $411243000.00  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems, Inc.                         | Monolithic Power Systems, Inc.                         | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |    250000 | NS      | $182845000.00  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks, Inc.                               | Palo Alto Networks, Inc.                               | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |   2000000 | NS      | $409280000.00  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Celestica, Inc.                                        | Celestica, Inc.                                        | CUSIP: 15101Q207<br>LEI: 549300J3CG5T6RZWLN53 | Long             | EC               | CORP              | CA        |    300000 | NS      | $46833000.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** Franklin Custodian Funds

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer